Updates

The latest news and advocacy information for industrial bankers.

House to vote on COVID-19 relief package

The House of Representatives will vote tonight on President Biden’s $1.9 trillion COVID-19 relief package. The House bill includes language to raise the federal minimum wage to $15/hour by 2025, but Senate Parliamentarian Elizabeth MacDonough ruled yesterday that including that language in the Senate bill would violate the Senate rule that protects the bill from filibuster.

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Life on Mars?

It was not exactly a snow—er, slow news week, and we send our warmest wishes to friends in Texas who are still waiting for power, water, and a break in the weather. But the most exciting news of the week was the Perseverance Mars Rover landing, 140 million miles away. The average temperature on the surface of Mars is about -80F, just for comparison.

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The greatest there ever was

We feel a baseball-sized hole in the world today. His career lasted 23 years, his record lasted 30 years, but his legend lives forever. We raise our caps to Henry Aaron, Hammerin’ Hank, who retired with 755 home runs and a lifetime batting average of .305, o never got that much attention until people realized he was within striking distance of Babe Ruth’s home-run record. His life of quiet, consistent excellence, often in the face of race-based hatred, will be a model for generations.

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So close, so far

It’s rare to find something as universally supported as the Paycheck Protection Program, created by the CARES Act earlier this year. As Senate Small Business Committee Chairman Marco Rubio (R-FL) said at a hearing yesterday, the PPP has been the single most effective part of the CARES Act, and one of the most effective federal fiscal programs in US history.

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Sorry, Santa, no emotional support reindeer

If Santa’s flying commercial this year, he’ll have to leave the reindeer at home, or else check them as cargo. This week the Department of Transportation announced a final rule that that, for the purposes of all things aircraft-related defines service animals as “a dog that is individually trained to do work or perform tasks for the benefit of a person with a disability.”

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We’re still sifting through the election results, waiting for vote counts to finish in several states

We’re still sifting through the election results, waiting for vote counts to finish in several states — Alaska, Arizona, Georgia, New York, Nevada, North Carolina, and Pennsylvania, specifically, though states will not certify the results of their elections until next week at the earliest, and in some cases not until December.

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A pioneer passes

Supreme Court Justice Ruth Bader Ginsburg lies in state at the U.S. Capitol this afternoon. “Women belong in all places where decisions are being made,” she said, making it all the more appropriate that she is the first woman ever to lie in state at the Capitol. Before she became the second woman Supreme Court justice, she argued the landmark cases that established that the 14th Amendment’s “equal protection” includes protection from discrimination on the basis of gender.

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FHFA will extend moratoria on foreclosures, evictions if needed, Calabria says

Appearing before the House Financial Services Committee on Wednesday, Federal Housing Finance Agency (FHFA) Director Mark Calabria said that if necessary, he will extend the moratoria on foreclosures and evictions for homes and multifamily housing financed by Fannie Mae and Freddie Mac past December 31.

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Governors ask for more pandemic relief

The governors of Kansas, Guam, New Mexico, and Minnesota appeared before the House Financial Services Committee yesterday to ask for additional federal funding to support their pandemic responses. Despite federal assistance from the CARES Act and other measures, states are facing deficits from a combination of emergency-related expenses and reduced revenues.

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