LGN FEDERAL UPDATE: MAY 18

House Passes $3 Trillion Stimulus Bill

The House passed a $3 trillion Democratic economic stimulus bill on Friday that Senate leadership and President Trump have already rejected, making it less likely to trigger bipartisan negotiations in the immediate future. The measure, passed 208-199, would give cash-strapped states and local governments more than $1 trillion while providing most Americans with a new round of $1,200 checks. House Speaker Nancy Pelosi said it should be the basis of talks with the GOP-controlled Senate and White House, which have called for a “pause” to allow earlier coronavirus recovery spending to work.

President Trump and Republican congressional leaders have acknowledged that some sort of further economic stimulus will likely be necessary as the economy continues to shed jobs. The number of people filing for unemployment benefits since March now exceeds 36 million. “Phase four is going to happen but it’s […]

2020-06-01T16:05:43-05:00May 18, 2020|

LGN FEDERAL UPDATE: MAY 11

Congress in Early Stages of Developing Fourth Relief Package

The Senate is back today with plans to continue considering President Trump’s nominations and legislation to reinstate some expired surveillance programs, but little formal talk of a fourth coronavirus relief package. After backing almost $3 trillion to offset the economic impact of the coronavirus, Senate Majority Leader Mitch McConnell and other Republicans have begun raising alarms about the deficit and characterizing a new relief package as an “if, not when” proposition.

The House could return with a vote on another coronavirus response bill, but no schedule or legislation has been released so far. Moderates and progressives in the House majority were still debating the contents of a possible bill late last week, with leadership considering proposals including extending unemployment benefits and providing more cash payments to individuals.

Speaker Nancy Pelosi said last week there will also […]

2020-06-01T16:07:35-05:00May 12, 2020|

FEDERAL RESERVE ANNOUNCES MUNICIPAL LIQUIDITY FACILITY PROGRAM

On Thursday, April 9, the Federal Reserve took actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic.

One of the actions that the Federal Reserve is taking is geared toward helping state and local governments manage cash flow stresses caused by the coronavirus pandemic by establishing a Municipal Liquidity Facility (the “Facility”).  Pursuant to the Facility, a Federal Reserve Bank will commit to lend up to $500 billion to special purpose vehicle (“SPV”) on a recourse basis.  The SPV will in turn purchase “Eligible Notes” directly from Eligible Issuers.  The SPV will have the ability to purchase up to $500 billion of Eligible Notes.  States, the District of Columbia, counties with a population of at least two million residents, and […]

2020-05-07T17:44:11-05:00Apr 14, 2020|

LGN FEDERAL CORONAVIRUS UPDATE

Senate Approves Second Coronavirus Bill
Senators this afternoon voted 90-8 to approve the House’s second coronavirus bill, which provides for free virus testing, requires paid leave from companies with fewer than 500 employees, and bolsters unemployment and food assistance and gives states billions of dollars in aid. President Trump is expected to promptly sign the bill into law.

The Senate agreed with an “overwhelming bipartisan vote” to the House-passed bill (H.R. 6201). A summary of H.R. 6201, as passed by the House on Saturday, March 14, can be found here. A summary of paid leave provisions, incorporating changes made by technical correction, can be found here.

The centerpiece of the bill gives workers at companies with fewer than 500 employees up to 12 weeks of paid family and sick leave to deal with issues involving the coronavirus, including staying home to care for children home […]

2020-06-01T16:10:02-05:00Mar 18, 2020|

LGN FEDERAL CORONAVIRUS UPDATE

Senate Looks to Approve Coronavirus Bill This Week
The Senate this week will consider an economic relief plan, backed by President Trump, to deal with the spreading coronavirus. The House-passed package includes free testing for everyone who needs it, and two weeks of paid sick leave to allow people with the virus to stay home from work and avoid infecting co-workers. It also includes enhanced jobless benefits, increased food aid for children, senior citizens and food banks, and higher funding for Medicaid benefits. Speaker Nancy Pelosi said that while the Senate works on the House bill, her chamber’s leaders will begin working on an additional emergency response measure.

Senate Majority Leader Mitch McConnell said in a statement shortly after Saturday’s House vote that the Senate “will need to carefully review” the House measure. “I believe the vast majority of senators in both parties will agree we should act […]

2020-06-01T16:11:15-05:00Mar 16, 2020|
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