Policy News – March 25, 2020

After a long weekend of negotiations, the Senate failed to pass the third economic relief stimulus package to further combat the economic fallout out of COVID-19. The 47-47 procedural vote fell short of the 60 vote threshold to pass the package that included provisions on corporations receiving federal assistance, stock buybacks and executive pay, unemployment insurance and worker protections.  

House Democrats, led by House Leader Pelosi (D-CA), are expected to move forward with their own version of an economic stimulus package, a package that could rival the $1.6 trillion proposed in the Senate relief bill.  

Last week, Senator Gary Peters (D-MI) introduced S.3551, a bill to help small businesses access capital and create jobs by reauthorizing the successful State Small Business Credit Initiative. Senator Ben Cardin (D-MD) also introduced S.3554, a bill to provide assistance to small businesses impacted by COVID-19.

In other news, last week the Small Business Roundtable (SBR), a coalition of leading small business and entrepreneurship organizations, sent a letter to congressional leadership urging policymakers to keep small businesses at the forefront of discussion for the economic stimulus package. Sign on to the letter to support the over 30 million American small businesses by emailing [email protected].

Finally, the House of Representatives is expected to extend their recess to protect legislative members and their staff from COVID-19. 

 

FLOOR PROCEEDINGS

House: Not in Session

              The House is not in session. 

Senate: In Session

 

COMMITTEE PROCEEDINGS

House Committee on Financial Services

  • POSTPONED: the Subcommittee on National Security, International Development, and Monetary Policy will hold a hearing titled, “A Review of Domestic and International Approaches to Digital Currencies.”
  • POSTPONED: the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets will hold a hearing titled, “The End of LIBOR: Transitioning to an Alternative Interest Rate Calculation for Mortgages, Student Loans, Derivatives, and Other Financial Products.”

Senate Committee on Banking, Housing, and Urban Affairs

  • POSTPONED: the full Committee will hold a hearing titled, “Oversight of the Office of the Comptroller of the Currency.”
  • POSTPONED: the Subcommittee on Economic Policy will hold a hearingtitled, “US – China: Winning the Economic Competition.”

Senate Committee on Health, Education, Labor, and Pensions

  • POSTPONED: the Full Committee will hold a hearing titled, “An Emerging Disease Threat: How the U.S. Is Responding to COVID-19, the Novel Coronavirus – Part 2.”
     

Bills of Interest

  • Senator Gary Peters (D-MI) introduced S.3551 a bill to help small businesses access capital and create jobs by reauthorizing the successful State Small Business Credit Initiative.
  • Senator Ben Cardin (D-MD) introduced S.3554 a bill to provide assistance to small businesses impacted by COVID-19, and for other purposes.
  • Senator Debbie Stabenow (D-MI) introduced S.3555 a bill to expand the trade adjustment assistance for workers program, and for other purposes.

 

AT THE AGENCIES

U.S. Department of Labor

  • The Department released a news release titled, “U.S. Department of the Treasury, IRS and the U.S. Department of Labor Announce Plan to Implement Coronavirus-Related Paid Leave for Workers and Tax Credits for Small and Midsize Businesses to Swiftly Recover the Cost of Providing Coronavirus-Related Leave”

U.S. Department of the Treasury

  • The Department released a news release titled, “Treasury and Federal Reserve Board Expand Measures to Enhance Liquidity and Flow of Credit to American Workers, Households, and Businesses”
  • The Department released a news released titled, “Treasury and IRS Delay Federal Tax Day from April 15 to July 15 Due to COVID-19 Outbreak”