On Tuesday, the True Lender Congressional Review Act (CRA), which empowers Congress to reverse recently finalized federal regulations, to overturn the Trump Administration’s True Lender Rule, passed in a 52-47 vote. The “True Lender” rule, introduced by the Office of the Comptroller of the Currency’s (OCC) last year, provides a clear test to decide when a bank is the “true lender” in situations when it partners with a third party, such as a fintech business, to provide loans to consumers. Read more on the rule here.
Yesterday, the Senate Committee on Finance held a hearing on the President’s 2021 trade policy agenda. Ambassador Katherine Tai’s written testimony can be found here.
After the weaker-than-expected jobs report came out last week, many lawmakers, including Sen. Joe Manchin (D-W.Va.), are growing skeptical of extending the added $300 unemployment benefit. With Republicans not expected to support the benefit, and without Sen. Manchin’s vote, it is unlikely that Democrats will be able to pass the extension through reconciliation.
The Federal Communications Commission (FCC) will open applications for the Emergency Broadband Benefit subsidy. This is a $3.2 billion effort to help low-income households struggling with monthly broadband bills.
Happening on the Hill
The House Committee on Small Business will hold a hearing on Small Business Innovation Research and Small Business Technology Transfer Programs. Today at 11:00 AM.
The House Committee on Ways and Means will hold a hearing on The Biden Administration’s 2021 Trade Policy Agenda Today at 10:00 AM.
The Senate Committee on Health, Education, Labor and Pensions will hold a hearing on Retirement Security: Building a Better Future Today at 10:00 AM.
The Senate Committee on the Judiciary will hold a meeting on executive business Today at 10:00 AM.
Bills of Interest
- Rep. Kelly Robin (D-IL-2) introduced a bill to amend the Workforce Innovation and Opportunity Act to provide funding, on a competitive basis, for summer and year-round employment opportunities for youth ages 14 through 24.
- Rep. Ed Perlmutter (D-CO-7) introduced a bill providing for consideration of the bill (H.R. 2547) to expand and enhance consumer, student, servicemember, and small business protections with respect to debt collection practices.
- Rep. Andy Barr (R-KY-6) introduced a bill to amend the FAST Act to add activities relating to the extraction, recovery, or processing of certain materials to the definition of a critical project, and for other purposes.
- Sen. Gary Peters (D-MI) introduced a bill to require a report on the feasibility and benefits of establishing a supply chain center of excellence.
- Sen. Roger Marshall (R-KS) introduced a bill to shorten the extension, and the amount, of Federal Pandemic Unemployment Compensation in order to get Americans back to work.
- Sen. Gary Peters (D-MI) introduced a bill to require a report on defense and aerospace manufacturing supply chains.
- Sen. Chris Van Hollen (D-MD) introduced a bill to amend the Securities Act of 1934 to require country-by-country reporting.
At The Agencies
U.S. Department of the Treasury
U.S. Department of the Treasury issues readout of Secretary Janet L. Yellen’s Call with French Minister of Finance, the Economy, and the Recovery Bruno Le Maire
U.S. Department of Commerce
U.S. Department of Commerce announces that Biden-Harris Administration Approves First Major Offshore Wind Project in U.S. Waters.