Updates

The latest news and advocacy information for industrial bankers.

Senate plans to vote on infrastructure next week

Senate Majority Leader Chuck Schumer said yesterday that he wants the Senate to start voting next Wednesday on a $579 billion infrastructure package. He also wants agreement from Senate Democrats by Wednesday on how to move forward with the $3.5 trillion budget agreement that he, Senate Banking Committee Chairman Bernie Sanders (D-VT), and Senator Mark Warner (D-VA) announced on Tuesday.

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House approves major infrastructure package

Yesterday the House of Representatives voted 221-201 to approve H.R. 3684, the INVEST in America Act, which would provide more than $700 billion over five years for surface transportation programs, climate change mitigation, rural bridges, new safety requirements for all forms of transportation, and a pilot program to test a national vehicle miles traveled (VMT) tax.

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Masks off!

The Capitol Hill complex has reached an 85% vaccination rate against COVID-19, which means that vaccinated House members, staff, and visitors no longer need to wear masks in the Capitol or the House office buildings. The House of Representative’s Attending Physician, Brian Monahan, announced the new guidance today. Masks had been encouraged but never required on the Senate side.

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Executive Order calls for climate risk disclosure and management policies

President Joe Biden issued an Executive Order on Climate-Related Financial Risk yesterday that calls for “consistent, clear, intelligible, comparable, and accurate disclosure of climate-related financial risk” throughout both the private and public sectors. The EO calls for the development within 120 days of a government-wide strategy to measure, assess, mitigate, and disclose climate-related financial risk to federal government programs and assets.

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Press Release Renee Leta Press Release Renee Leta

House Financial Services Committee reaffirms the Regulatory Oversight and Strengths of Industrial Banks

Yesterday, the US House Financial Services Committee (HFSC) conducted a hearing “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions.” Federal regulators offered verbal and written testimony regarding their views on various matters confronting financial institutions. FDIC Chairman Jelena McWilliams fielded several questions regarding industrial banks, which her agency supervises.

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Tai calls for “holistic” approach to trade, legislators urge renewal of TPA, GSP

US Trade Representative Katherine C. Tai spent about eight hours before the Senate Finance Committee and House Ways & Means Committee this week, answering questions about the Biden administration’s “worker-centric” trade policy, the status of 301 tariff exemptions (under review), the need to reauthorize the Trade Promotion Authority and the Generalized System of Preferences, and how the administration plans to respond to Chinese forced labor practices and trade abuses.

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