On The Money: Congressional leaders to meet on government funding, COVID relief | Small businesses say worst of pandemic yet to come | Fed joins global network to fight climate change

On The Money: Congressional leaders to meet on government funding, COVID relief | Small businesses say worst of pandemic yet to come | Fed joins global network to fight climate change
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Happy Tuesday and welcome back to On The Money. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

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THE BIG DEAL—Congressional leaders to meet on government funding, coronavirus relief as deadline looms: Top congressional leaders are meeting on Tuesday as they try to finalize a mammoth government funding bill and work out an agreement on coronavirus relief

Speaker Nancy PelosiNancy PelosiOvernight Defense: Military sexual assault reform bill has votes to pass in Senate l First active duty service member arrested over Jan. 6 riot l Israeli troops attack Gaza Strip Hillicon Valley: Colonial pipeline is back online, but concerns remain | Uber, Lyft struggle with driver supply | Apple cuts controversial hire Ocasio-Cortez on Taylor Greene: 'These are the kinds of people that I threw out of bars all the time' MORE (D-Calif.), Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellOn The Money: Biden, Senate GOP take step toward infrastructure deal as other plans hit speed bumps Senate GOP to give Biden infrastructure counteroffer next week Masks shed at White House; McConnell: 'Free at last' MORE (R-Ky.), Senate Minority Leader Charles SchumerChuck SchumerBiden 'encouraged' by meeting with congressional leaders on infrastructure Republicans welcome the chance to work with Democrats on a bipartisan infrastructure bill Cheney sideshow distracts from important battle over Democrats' partisan voting bill MORE (D-N.Y.) and House Minority Leader Kevin McCarthyKevin McCarthyRoy to challenge Stefanik for Cheney's old position Stefanik shake-up jump-starts early jockeying for committee posts Why Cheney was toppled, and what it says about the GOP and Trump's claims MORE (R-Calif.) met at 4 p.m. and are expected to meet again at 7:30 p.m.

  • The meeting comes as appropriators are hoping to file text of an agreement on an omnibus funding bill, which would keep the government open until Oct. 1, on Tuesday, setting up votes in the House as soon as Wednesday. 
  • Congress has until Friday night to pass another funding bill or the government will shut down. 
  • As of Monday night there were still two sticking points for a funding deal: A push to include an agreement on surprise medical billing and wage requirements on public works deals. 

The Hill’s Jordain Carney brings us up to speed here.


Small businesses say worst of pandemic yet to come: survey: A significant majority of small businesses say they think that the worst of the pandemic is yet to come, according to a survey by the Chamber of Commerce and MetLife.

  • According to the survey, 62 percent of small business owners said they thought more difficult times were ahead, expressing concerns about the economy, the fate of their businesses, and their mental health.
  • The survey found that minority business owners reported they were more concerned, with 41 percent expressing high levels of concern about the pandemic's effect on their business, as compared to 31 percent of nonminority owners.
  • Seventy-four percent of the small business respondents said that they would need more federal relief to succeed in 2021.

“The impact of coronavirus continues to take a devastating toll on America’s small businesses," said Neil Bradley, executive vice president and chief policy officer at the U.S. Chamber of Commerce. "In fact, half of them say they can operate for a year or less before closing permanently.” The Hill’s Niv Elis has more here.

Fed joins global network to fight climate change through financial system: The Federal Reserve Board announced Tuesday that it has joined an international network of central banks and regulators devoted to fighting climate change through the global financial system.

The Fed is now a member of the Network of Central Banks and Supervisors for Greening the Financial System (NGFS), the bank announced Tuesday. The Fed board approved the decision to join the NGFS by a 6-0 vote on Dec. 7. 

"As we develop our understanding of how best to assess the impact of climate change on the financial system, we look forward to continuing and deepening our discussions with our NGFS colleagues from around the world," said Fed Chairman Jerome Powell, a Republican first appointed to the Fed by former President Obama and elevated to chairman by President TrumpDonald TrumpProject Veritas surveilled government officials to expose anti-Trump sentiments: report Cheney: Fox News has 'a particular obligation' to refute election fraud claims The Memo: What now for anti-Trump Republicans? MORE.

The background: 

  • The Fed’s formal admission to the NGFS was widely anticipated after Powell and other Fed officials said the bank was seeking to join the group.
  • Fed officials began participating in NGFS conferences and activities more than a year ago but had not formally joined the network.
  • Financial sector critics and environmentalists have long called on banks and regulators to take a more aggressive role in fighting climate change and forcing the financial sector to reckon with the risks it can pose to their operations.

I have more on the Fed’s move and what it means for financial regulation here.



  • The Trump administration on Tuesday finalized its rollback of standards for showerheads following a string of public complaints from the president about low-flow fixtures designed to save water.