On The Money: Biden urges Congress to pass Democrats’ COVID-19 relief package | Fears of double-dip recession rise | SEC’s Clayton to resign at end of 2020

Happy Monday 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—Biden urges Congress to pass Democrats’ COVID-19 relief package: President-elect Joe Biden on Monday urged Congress to pass a coronavirus relief package, touting legislation House Democrats passed earlier this year that is opposed by Republicans.

“Right now, Congress should come together and pass a COVID relief package like the HEROES Act that the House passed six months ago,” Biden said during remarks in Wilmington, Del. “Once we shut down the virus and deliver economic relief to workers and businesses, then we can start to build back better than before.”

The background: 

• House Democrats passed a $3 trillion version of the HEROES Act in May and passed a $2.2 trillion, slimmed-down version of the package in October. Both versions of the package include money for state and local governments, enhanced unemployment benefits, and a second round of stimulus payments.
• Republicans have criticized the Democratic packages, arguing that they are too expensive.

Biden urged Democrats and Republicans to work together, saying he thinks the public wants politicians to cooperate.

“The refusal of Democrats and Republicans to cooperate with one another is not due to some mysterious force beyond our control. It’s a conscious decision. It’s a choice that we make,” he said. “If we can decide not to cooperate, then we can decide to cooperate.”

The Hill’s Naomi Jagoda has more here.

The risk: Biden’s call for cooperation comes as a sharp spike in COVID-19 cases across the U.S. is threatening the economic recovery and increasing the odds of a double-dip recession.

• Daily coronavirus infections surpassed 100,000 for the first time earlier this month and have already surged past the 150,000 mark. 
• At the same time, congressional leaders appear increasingly unlikely to strike a deal on another COVID-19 relief package, even as another round of key unemployment benefits is set to expire in the coming weeks.

Economists across the political spectrum have consistently warned that sustained growth is dependent on getting the coronavirus under control, with many now viewing the rise in infections with heightened concern.

“It’s alarming, to put it mildly,” said Beth Ann Bovino, chief U.S. economist at S&P Global. “If this spreads and governments are forced to go back to lockdown measures, this very fragile recovery is sure to fail.”

The Hill’s Niv Elis explains why here.

LEADING THE DAY

Third GOP senator comes out against controversial Trump Fed nominee: Sen. Lamar Alexander (R-Tenn.) said on Monday that he opposes Judy Shelton’s nomination to the Federal Reserve Board, but he won’t be in Washington this week to vote against her.

“I oppose the nomination of Judy Shelton because I am not convinced that she supports the independence of the Federal Reserve Board as much as I believe the Board of Governors should. I don’t want to turn over management of the money supply to a Congress and a President who can’t balance the federal budget,” Alexander said in a statement.

Why it matters now: Alexander, who is retiring at the end of his term, is the third GOP senator to oppose Shelton. GOP Sens. Susan Collins (Maine) and Mitt Romney (Utah) have also said they will vote against her.

Why it may not matter that much in the end: Alexander’s opposition comes after Senate Majority Leader Mitch McConnell (R-Ky.) teed up a vote on Shelton’s long-stalled nomination for this week. That vote is expected to take place Wednesday, and with Sen. Lisa Murkowski (R-Alaska) announcing on Thursday that she would support Shelton’s nomination, Trump’s Federal Reserve pick appeared to be on a path to confirmation after being stuck in limbo for months.

SEC’s Clayton will depart as chairman at end of 2020: Securities and Exchange Commission (SEC) Chairman Jay Clayton announced Monday that he will step down at the end of 2020, creating a key financial regulatory vacancy shortly before President-elect Joe Biden is set to take office.

Clayton will leave the SEC with roughly 18 months left in his term as chief of the federal government’s stock market and securities industry regulator. 

• A registered independent, Clayton was nominated by President Trump in January 2017 and confirmed to lead the SEC in May of that year. 
• Clayton’s announcement comes several months after he sought to leave the SEC and return home as the U.S. Attorney for New York’s Southern District, but the plan fell apart after Trump fired his potential predecessor.
• Clayton’s nomination to serve as U.S. attorney was a rare moment of political backlash for an official who had been largely seen as a consensus-seeking, mild-mannered regulator.

What comes next: Clayton’s departure could give Trump a narrow window to appoint and confirm a replacement before the president is set to leave office on Jan. 20. If Trump and Republicans are unable to coalesce around a new chairman, or if Democrats capture control of the Senate after Georgia’s runoff elections, Biden will likely take office with the chance to appoint a new commissioner and Democratic chairman.

I have more here.

GOOD TO KNOW

• Stocks kicked off Monday with major gains after Moderna announced that its coronavirus vaccine candidate was 94.5 percent effective, according to preliminary data, boosting hopes of a quicker rebound from the COVID-19 recession.
• President-elect Joe Biden held a virtual meeting with major industry CEOs and labor union leaders on Monday to discuss the economic recovery during the coronavirus pandemic.
• Tech advocates in Washington are eager to work with the incoming Biden administration and reverse many of President Trump’s immigration policies, especially those that created barriers for high skilled visa holders.
• Leaders of China, Japan, and 13 other countries in the region signed a trade agreement on Sunday, a move that draws the region’s economies closer together and sets a new obstacle against U.S. influence in the region.

ODDS AND ENDS

• President-elect Joe Biden’s win could have a big impact on Great Britain, which is seeking to finalize its departure from the European Union, given Biden’s support for the Northern Ireland peace process and his circle’s chilly relationship with Prime Minister Boris Johnson. 
• The Trump administration is advancing oil exploration in the Arctic National Wildlife Refuge (ANWR) in a move critics see as an attempt to lock in drilling before President-elect Joe Biden takes office in January.