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 PelosiMissouri woman seen with Pelosi sign charged in connection with Capitol riots Boebert communications director resigns amid Capitol riot: report Revising the pardon power — let the Speaker and Congress have voices MORE (D-Calif.), Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellBoebert communications director resigns amid Capitol riot: report Urgency mounts for new voting rights bill Senate Democrats leery of nixing filibuster MORE (R-Ky.), Senate Minority Leader Charles SchumerChuck SchumerBiden and the new Congress must protect Americans from utility shutoffs 'Almost Heaven, West Virginia' — Joe Manchin and a 50-50 Senate Democrats looking to speed through Senate impeachment trial MORE (D-N.Y.) and House Minority Leader Kevin McCarthyKevin McCarthySasse, in fiery op-ed, says QAnon is destroying GOP Democrats seize on GOP donor fallout Boebert communications director resigns amid Capitol riot: report 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 TrumpFacebook temporarily bans ads for weapons accessories following Capitol riots Sasse, in fiery op-ed, says QAnon is destroying GOP Section 230 worked after the insurrection, but not before: How to regulate social media 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.