Policy News – February 4, 2021

A group of Republican Senators met with President Biden last night to discuss a potential middle ground for another COVID relief bill. President Biden has promoted a $1.9 trillion measure proposed in January. The plan builds on prior COVID relief measures but incorporates much-slimmer proposals than in the original stimulus package. The GOP Senators have proposed a $618 billion package. Talks will continue with staffers and Congressmen as both sides aim to pass a relief bill.

President Biden has released an outline on steps he hopes to take on immigration reform. The proposal would launch a Family Reunification Task Force and issue an Executive Order on regional migration and legal immigration, creating a pathway to citizenship for undocumented immigrants. 

The Congressional Budget Office (OMB) released an overview of the economic outlook of the country for the next 10 years yesterday. The office predicted that the U.S. economy will return to its pre-pandemic size by the middle of this year, even if more relief aid is not passed by Congress. They now expect the unemployment rate to fall to 5.3% at the end of the year, down from an estimated projection of 8.4% in July. Read the full overview here.

As negotiations continue in Congress and the White House on another round of COVID relief, Americans should buckle in for months of negotiations as Congress works to balance how much money the economy needs with what the country can afford.

Happening on the Hill

The House Small Business Committee will hold a virtual organizational meeting on Thursday, February 4 at 9:30 AM.

The House Small Business Committee will hold a virtual hearing on the State of Small Business in the Era of Covid-19. The hearing will take place on Thursday, February 4 at 10:00 AM.

The House Financial Services Committee will hold a hybrid committee organizational meeting to appoint Majority and Minority members to subcommittees. The meeting will take place Wednesday, February 3 at 11:00 AM.

The House Financial Services Committee will hold A virtual hearing on More than a Shot in the Arm: The Need for Additional COVID-19 Stimulus. The hearing will take place on Thursday February 4 at 10:00 AM.

The House Financial Services Committee will be holding a virtual hearing on Supporting Small and Minority-Owned Businesses Through the Pandemic. The hearing will take place on Thursday February 4 at 3:00 PM.

 

The Senate

The Senate Committee on Small Business and Entrepreneurship will hold a hearing on the Nomination of Isabella Casillas Guzman to be Administrator of the Small Business Administration. The hearing will take place on  Wednesday, February 3 at 10:30 AM.

The Senate Committee on Health, Education, Labor, and 

Pensions will be holding a hearing to consider the Nomination of Marty Walsh to serve as Secretary of Labor. The hearing will take place on Thursday, February 4 at 10:00 AM.

 

Bills of Interest

  • Rep. John Yarmuth (D-KY-3) introduced a bill establishing the congressional budget for the United States Government for fiscal year 2021 and setting forth the appropriate budgetary levels for fiscal years 2022 through 2030.
  • Rep. Suzanne Bonamici (D-OR-1) introduced a bill promote registered apprenticeships and other work-based learning programs for small and medium-sized businesses within in-demand industry sectors, through the establishment and support of industry or sector partnerships.
  • Rep. Matt Cartwright (D-PA-8) introduced a bill to direct the Secretary of Labor to provide for an emergency temporary standard that requires operators to develop and implement a comprehensive infectious disease exposure control plan to protect miners from exposure to SARS-CoV-2, and for other purposes.
  • Rep. Bill Posey (R-FL-8) introduced a bill to amend the Internal Revenue Code of 1986 to require inclusion of the taxpayer’s social security number to claim the refundable portion of the child tax credit.
  • Rep. Bobby Rush (D-IL-1) introduced a bill to direct the Secretary of Labor to fund youth workforce investment activities for certain local areas, and for other purposes.

 

At the Agencies

U.S. Department of the Treasury

 

The U.S. Treasury Department published a readout of Secretary of the Treasury Janet L. Yellen’s Call with Canadian Deputy Prime Minister and Finance Minister Taro Aso of Japan. 

The U.S. Treasury Department published a readout of Secretary of the Treasury Janet L. Yellen’s Call with Italian Minister of Economy and Finance Roberto Gualtieri.  

The U.S. Treasury Department announces marketable borrowing estimates.

The U.S. Treasury Department issued an economy statement for the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association.