On The Money: House Democrats unveil $3 trillion coronavirus relief package | SCOTUS divided in Trump financial records case | Fed under pressure to speed up, expand emergency loans

On The Money: House Democrats unveil $3 trillion coronavirus relief package | SCOTUS divided in Trump financial records case | Fed under pressure to speed up, expand emergency loans
© AFP/Pool

Happy Tuesday and welcome to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

See something I missed? Let me know at slane@thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.

Write us with tips, suggestions and news: slane@thehill.com, njagoda@thehill.com and nelis@thehill.com. Follow us on Twitter: @SylvanLane, @NJagoda and @NivElis.

ADVERTISEMENT

THE BIG DEAL — House Democrats unveil $3 trillion coronavirus relief package: House Democrats on Tuesday unveiled their latest round of coronavirus relief legislation as they seek to put pressure on Republicans to start negotiations for additional measures to contain the pandemic’s impact on U.S. workers.

The 1,815-page, roughly $3 trillion legislation is a grab bag of top Democratic priorities ranging from funding for food assistance, state and local governments, contingency plans for vote by mail in the November elections, another round of direct stimulus payments to individuals and hazard pay for essential workers on the front lines of the pandemic. The Hill’s Cristina Marcos walks us through the bill here.

The goal: The House Democrats’ legislation is meant to lay the marker for their priorities heading into future talks with Republicans and the White House, although most of its provisions are not expected to become law.

READ: House Democrats' $3 trillion coronavirus relief package

But first, House Democratic leaders will have to get progressives on board.

ADVERTISEMENT

More on the new Democratic relief package:

  • Under the Democrats’ bill, most households would be eligible for another round of direct payments, this time for $1,200 per individual and $2,400 per married couple, plus an additional $1,200 per dependent, up to three dependents. The maximum payment amount a family could receive would be $6,000.
  • The new coronavirus relief package released by House Democrats Tuesday would continue to add $600 to weekly unemployment benefits through the end of 2020.

LEADING THE DAY

Supreme Court divided over fight for Trump's financial records: The Supreme Court on Tuesday appeared divided over President TrumpDonald John TrumpTrump suggests some states may 'pay nothing' as part of unemployment plan Trump denies White House asked about adding him to Mount Rushmore Trump, US face pivotal UN vote on Iran MORE’s assertion that the broad powers he enjoys as the nation’s chief executive override subpoenas for his financial records and tax returns.

Trump’s standoff with a trio of Democratic-led House committees and Manhattan prosecutors over his financial paper trail saw the justices raise divergent concerns about presidential immunity, congressional oversight and the power of prosecutors to gather evidence linked to a sitting president.

  • The court’s more conservative justices tended to focus on the risk of granting Congress overly broad powers, including the potential for presidential harassment, while liberal justices aired concerns about placing unduly restrictive limits on lawmakers.
  • One area of apparent common ground, though, was the view that the cases, which asked the justices to draw lines between the governmental powers, had handed them a difficult constitutional task.

The Hill’s John Kruzel takes us to the historic arguments.

Fed faces bipartisan pressure to speed up, expand emergency loans: The Federal Reserve is facing bipartisan pressure to quickly launch and expand two emergency lending programs designed to help businesses and local governments avoid bankruptcy during the pandemic-driven economic downturn.

During a Tuesday hearing, members of the Senate Banking Committee urged the Fed’s top regulatory official, Randal Quarles, to roll out the Main Street Lending Program and Municipal Liquidity Facility as soon as possible, with access to a wider array of potential borrowers.

  • The bipartisan $2.2 trillion Coronavirus Aid, Relief and Economic Security Act signed into law on March 27 ordered the Fed to create two unprecedented emergency lending facilities for local governments and small businesses, backstopped with up to $454 billion in credit protection from the Treasury Department.
  • Amid the partisan battle over another economic rescue bill, lawmakers are eager for the bank to launch each program with more than a month of economic damage sustained since the Fed first outlined its plans for the two new lending facilities.

“I'm very interested and, frankly, concerned about how quickly we can get the Main Street facility and the municipal facility active and operating,” said Sen. Mike CrapoMichael (Mike) Dean CrapoTop GOP senator urges agencies to protect renters, banks amid coronavirus aid negotiations Chamber of Commerce, banking industry groups call on Senate to pass corporate diversity bill Senate panel advances Trump Fed nominee who recently supported gold standard MORE (R-Idaho), the Banking Committee chairman. I have more here.

GOOD TO KNOW

ODDS AND ENDS