Congress. The House and Senate are both in session this week. The House plans to consider numerous bills from the Judiciary and Natural Resources Committees and potentially legislation related to trade with Russia. Meanwhile, the Senate plans to confirm Shalanda Young as director of the Office of Management and Budget (OMB) this week. The House will also introduce an updated, standalone COVID-19 relief bill this week, but it remains to be seen whether it would have enough GOP support in the Senate. Additionally, now that Congress has wrapped up its work on the FY22 appropriations bills, House and Senate Democrats are going to resume their focus on USICA, BBB, and election reform. Hearings for the week include examining nominations, advancing public transportation through the bipartisan infrastructure package, the role of forest management in reducing catastrophic wildfires, the role of USDA programs in addressing climate change, proposals for WRDA 2022, and federal support for HBCUs.
Appropriations. The House passed the $1.5 trillion appropriations package last Wednesday, and the Senate passed the bill late Thursday. Given that it takes some time for legislation to head from Capitol Hill to the White House, President Joe Biden signed a short-term continuing resolution into law on Friday to avoid a government shutdown. He plans to sign the omnibus package, which includes the FY22 appropriations bills and aid to Ukraine, this week. The House and Senate will now turn their attention to the FY23 appropriations process, though it still remains to be seen when the President’s FY23 Budget Request will be released.
Supreme Court. Judge Ketanji Brown Jackson’s confirmation hearings will begin a week from today. Until then, she will continue to meet with senators on Capitol Hill throughout this week. Biden Administration. Jake Sullivan, the White House’s National Security Advisor, will meet with China’s top diplomat, Yang Jiechi, in Rome, Italy today to discuss Russia’s ongoing invasion of Ukraine. Sullivan will separately also meet with Luigi Mattiolo, the diplomatic advisor to Italian Prime Minister Mario Draghi, to continue discussing a coordinated international response to Russia’s invasion of Ukraine.
Last Week in the Nation’s Capital
CONGRESS
Budget & Appropriations
Senate Gives Final OK to $1.5T Government Funding Bill: The Senate passed a $1.5 trillion package last Thursday night that funds the federal government through September and delivers $14 billion to help Ukraine, clearing the bill for President Joe Biden’s signature. (Politico)
Young to Receive Confirmation Vote: The Senate today plans to vote onShalanda Young’s nomination to serve as Director of the Office of Management and Budget (OMB). (Clark Hill Insight)
Health
Government Scientists Prep to Slash Covid Research in Funding Gap: Scientists at the National Institutes of Health are scrambling to decide whether all its coronavirus research and development can continue after Congress dropped new funding from its sweeping budget bill. There are immediate implications for government trials on Covid-19 therapies, tests and vaccines that run out of funds as soon as this month, according to an internal email obtained by POLITICO. (Politico)
Banking & Housing
Fed Up – Inside the Senate’s Banking Brawl: Pat Toomey (R-PA) will help advance all but one of President Joe Biden’s Federal Reserve nominees. At least one Democrat wants his party to take the deal. “If they’re willing to move four out of five? Take it and run with it. It’s a win,” Sen. Joe Manchin (D-WV) said in an interview about the group of nominees paralyzed by Republicans’ Toomey-led boycott. “I’ll take a win any time I get it.” (Politico)
Banking Republicans Call on Biden Administration to Pause Financial Regulatory Efforts That Threaten America’s Energy Security: As Russia’s invasion of Ukraine highlights the problem with the United States and our allies buying Russian energy, U.S. Senate Banking Committee Republicans are calling on President Biden and his administration to pause all financial regulatory efforts targeting America’s energy security. The senators’ request comes as reports indicate the Securities and Exchange Commission (SEC) plans to propose its climate risk rule as early as next week. (Clark Hill Insight)
Crypto/Blockchain
Warren Crafts Bill Targeting Cryptocurrency in Russia Sanctions: As the U.S. searches for new ways to punish Russia for invading Ukraine, Sen. Elizabeth Warren (D-MA), is crafting legislation she hopes will make it harder to use cryptocurrency to evade sanctions. The proposal, still in draft form, has taken on new urgency as bipartisan concerns grow that members of Moscow’s elite might be able to sidestep sanctions by using digital currencies. It aims to force companies to choose between doing business in the U.S. or with sanctioned people and entities by threatening secondary sanctions on foreign crypto exchanges. (NBC News)
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