Overnight Finance

On The Money — White House previews new sanctions on Russia

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Happy Tuesday and welcome to On The Money, your nightly guide to everything affecting your bills, bank account and bottom line. Subscribe here.

Today’s Big Deal: President Biden and European allies are set to announce new economic sanctions on Russia when he arrives in Europe this week. We’ll also look at the state of play on COVID-19 relief funding and more trouble for Elon Musk.

For The Hill, we’re Sylvan Lane, Aris Folley and Karl Evers-Hillstrom. Reach us at slane@thehill.comafolley@thehill.com and kevers@thehill.com

Let’s get to it.

 

Biden, allies to announce new sanctions on Russia

White House national security adviser Jake Sullivan said Tuesday that President Biden and U.S. allies would announce new sanctions on Russia for its invasion of Ukraine when the president travels to Brussels later this week.

“He will join our partners in imposing further sanctions on Russia and tightening the existing sanctions to crack down on evasion and to ensure robust enforcement,” Sullivan told reporters during a press briefing.

Sullivan declined to provide details about specific sanctions, saying he wouldn’t get ahead of the announcement that would be made in conjunction with U.S. allies on Thursday.

Still, he emphasized that the measures would involve enforcing current sanctions by “ensuring that there is joint effort to crack down on evasion, sanctions busting, on any attempt by any country to help Russia basically undermine, weaken, or get around the sanctions.” 

The background: Biden is slated to attend an emergency NATO meeting, meet with the other Group of Seven (G-7) leaders, and address a European Council summit on Thursday in Brussels. He’ll also travel to Poland and meet with Polish President Andrzej Duda the following day.

The Hill’s Morgan Chalfant has more here

 

LET’S MAKE A DEAL

Schumer working with GOP to try to get deal on coronavirus aid 

Senate Majority Leader Charles Schumer (D-N.Y.) said Tuesday he is working with Sen. Mitt Romney (R-Utah) and other Republicans to try to find a way to pay for new coronavirus relief funding after it was dropped from a massive government spending bill earlier this month. 

“We are trying to get COVID relief. I’m working with Senator Romney and other Republicans in good faith to find some pay-fors that are acceptable to Democrats and Republicans in the House and the Senate. We hope to get it done,” Schumer told reporters.

Congressional leaders initially agreed to include in a massive government funding bill roughly $15 billion in response to the Biden administration‘s request for new funding for vaccines, treatments and testing.

The funds would have been paid for with some of the money coming from shifting around funding allocated for state and local governments as part of previous coronavirus relief bills.

But the money was stripped out of the bill amid pushback from House Democrats from states that would have seen funds taken away. 

The Hill’s Jordain Carney fills us in here. 

 

FREEZE TAG

Student loan borrowers saved nearly $200B from repayment freeze: analysis 

Student loan borrowers have saved close to $200 billion under a repayment freeze that started during the pandemic, a new analysis found, but researchers believe those borrowers will struggle to make repayments once the freeze is lifted. 

An analysis by researchers from the Federal Reserve Bank of New York released on Tuesday found that an estimated $195 billion had been saved by close to 37 million student borrowers since a student repayment freeze began in March 2020. 

The Hill’s Caroline Vakil has more here

 

WAGE WOES

Nearly a third of all U.S. workers make less than $15 an hour, and women, Black and Hispanic workers are significantly more likely to earn low wages than white men, according to new research by Oxfam. 

A report from the organization released Monday found that 31.9 percent of the U.S. workforce makes sub-$15 an hour wages, with broad racial, gender and geographic disparities that closely correlate to state-level policies. 

Nationally, the report found that 40 percent of working women earn less than $15 an hour, compared to 25 percent of men in the workforce. 

Racial and ethnic disparities are similarly striking: 26 percent of white workers make less than $15 an hour, compared to 46 percent of Hispanic workers and 47 percent of Black workers.  

The Hill’s Rafael Bernal breaks it down

 

GOOD TO KNOW

A Securities and Exchange Commission (SEC) regulator urged a federal judge to not let Tesla CEO and founder Elon Musk leave an agreement that requires his Twitter use be monitored, Reuters reported

In a court filing, the SEC told U.S. District Judge Alison Nathan that Musk has not met the requirements to set aside the 2018 agreement with the commission, which required his attorneys to approve tweets of his that could be material to his company. 

Here’s what else we have our eye on:

  • The NFL granted its teams permission to seek blockchain sponsorships, but will still restrict promotions using cryptocurrency and fan tokens.
  • Republicans have launched a series of voter registration drives at gas stations in different parts of the country in a bid to draw attention to an issue they see as a political liability for President Biden heading into the November midterm elections. 

 

That’s it for today. Thanks for reading and check out The Hill’s Finance page for the latest news and coverage. We’ll see you tomorrow. 

Tags Charles Schumer Elon Musk Jake Sullivan Joe Biden Mitt Romney

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