
Updates
The latest news and advocacy information for industrial bankers.
Senate considers revised rescue plan
The Senate will be voting well into the weekend on amendments to H.R. 1319, the American Rescue Plan Act. Senate Democrats have agreed to a number of changes to the House bi
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.
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.
House committees speed through budget work
With a deadline of February 16, twelve House committees marked up legislation this week to apportion the $1.9 trillion in COVID relief approved by the House and Senate.
Senate, House approve $1.9 trillion relief plan through reconciliation
You’d think something called “vote-a-rama” would be more fun. The Senate voted to proceed on S.Con.Res. 5, a resolution that lays out the budget framework for President Biden’s $1.9 billion COVID relief package, on Tuesday, and took its final vote on the resolution after 5:00 this morning.
Careful, fire will burn you
The four members of the Securities and Exchange Commission, which currently lacks a confirmed chair, issued a statement today reminding investors that “extreme stock price volatility has the potential to expose investors to rapid and severe losses and undermine market confidence.”
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.
Washington prepares for change
We admit it: current events exceed our vocabulary. If you saw any news at all this week, you already know that the House of Representatives voted 232-197 on Wednesday to impeach President Donald J. Trump, whose term ends at noon next Wednesday.
Farewell to a friend
The relentless pace of events over the past year has made it hard to stop and note individual losses as they’ve happened. But we would be remiss if we didn’t pay our respects to our dear friend and mentor Richard Bates, Disney’s longtime man in Washington. It would not be an exaggeration to say that this office wouldn’t exist if not for Richard.
COVID relief/omnibus spending legislation passes, veto watch begins
You should already have received our summary of the massive bill Congress passed on Monday night: $900 billion in COVID-19 relief, $1.4 trillion to fund government operations for FY 2021, and dozens of unrelated authorizations added to a must-pass piece of legislation.
FDIC finishes long-awaited rules on brokered funds, ILCs
Banks and some of their deposit-gathering businesses won additional regulatory relief Tuesday when the Federal Deposit Insurance Corp. finalized a new framework for classifying brokered deposits enabling a broader set of companies to escape restrictions.
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.
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.”
House, Senate choose leaders for 117th Congress
Although party control of the Senate remains undetermined, Democrats and Republicans on both sides of Capitol Hill elected their respective leaders this week. We’ll see few changes.
Neither hurricane, nor pandemic, nor . . .
It’s been a rough week, as Hurricane Eta hit Florida and hundreds of thousands of Americans — that’s not a typo, it’s hundreds of thousands — tested positive for COVID-19. We hope that you and yours are safe and sound.
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.
Wear your mask!
Some of us were still awake last night when the President announced that he and the First Lady had tested positive for COVID-19. This morning, Senator Mike Lee (R-UT) announced that he had tested positive as well.
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.
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.
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.