Policy News – July 1, 2020

The window for Paycheck Protection Program (PPP) closed yesterday, June 30, 2020.  As of Monday evening, the program had about $134 billion in available liquidity remaining. To view the PPP approvals report through June 27,2020, click here. 

the Department of Labor announced that it is proposing a new exemption for investment advice fiduciaries that would allow these fiduciaries to give additional options for retirement using Impartial Conduct Standards. In short, Impartial Conduct Standards are reasonable compensation standards. The forthcoming exemptions will be published in the Federal Register for notice and comment soon. To view the full release, click here. 

In other news, the House Financial Services Committee will hold a Full Committee hearing entitled, “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response,” this afternoon. The witnesses for the virtual hearing include, the Department of the Treasury Secretary, Steve Mnuchin and the Board of Governors of the Federal Reserve System Chair, Jerome Powell. To watch the hearing live, click here. 

Finally, amid the Department of Treasury’s news release to encourage taxpayers to file their taxes by July 15, 2020, the Senate Finance Committee is set to hold a hearing entitled, “2020 Filing Season and IRS COVID-19 Recovery.” The witness for the virtual hearing will include, the Internal Revenue Service Commissioner, Charles P. Rettig. To watch the hearing live, click here. 

 

COMMITTEE PROCEEDINGS

House Committee on Small Business

  • On Wednesday, July 1, at 10 AM, the Committee will hold a hearing titled, “The Economic Injury Disaster Loan Program: Status Update from the Administration.” 
  • On Thursday, July 2, at 10 AM, the Committee will hold a hearing titled “Supply Chain Resiliency”

House Committee on Financial Services

  • Today, at 12:30 PM, the Committee will hold a hearing titled “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response.”

Senate Committee on Banking, Housing, and Urban Affairs

  • Today, at 10 AM, the Committee will hold a hearing titled, “The Digitization of Money and Payments.”

 

BILLS OF INTEREST

  • Rep. Ann Wagner (R-MO-2) introduced HR 7413 to direct the Administrator of the Small Business Administration to establish or certify a calculator that assists lenders and recipients with paycheck protection program loan forgiveness.
  • Rep. Mike Thompson (D-CA-5) introduced HR 7412 to establish a temporary voluntary program for support of insurers providing business interruption insurance coverage during the COVID-19 pandemic.
  • Rep. Cedric Richmond (D-LA-2) introduced HR 7409 to temporarily extend participation in the 8(a) program of the Small Business Administration.
  • Rep. Chrissy Houlahan (D-PA-6) introduced HR 7403 to amend the Small Business Act to exempt certain contracts awarded to small business concerns from category management requirements.
  • Rep. Ross Spano (R-FL-15) introduced HR 7397 to amend the Small Business Act to provide that certain chambers of commerce and destination marketing organizations are eligible for loans under the paycheck protection program.
  • Sen. Ron Wyden (D-OR) introduced S 4095 to provide emergency benefits for broadband service during periods relating to COVID-19.

 

AT THE AGENCIES

U.S. Department of Labor

  • The Department of Labor released a statement titled “DOL Offers Webinars for Business Owners, Employers, and Other Stakeholders on Coronavirus- Paid Sick Leave.” 
  • The Department of Labor released a statement titled “DOL Issues Interim Final Rule to Implement Provisions of the United States- Mexico- Canada Agreement.”
  • The Department of Labor released a statement titled “DOL Proposes to Improve Investment Advice and Enhance Financial Choices for Workers and Retirees.”

 

U.S. Department of the Treasury

  • The Department of the Treasury posted a news release titled “Statement from Secretary Steven T. Mnuchin on the Primary Market Corporate Credit Facility.”