It’s unclear whether lawmakers will find the time or willingness to craft a bill to prohibit congressional stock trading before the November midterms. Today we also look at the most recent jobless claims numbers and Congress voting to cut off Russian trade.
But first, see why Pink Floyd is releasing a new song in 2022.
Welcome to On The Money, your nightly guide to everything affecting your bills, bank account and bottom line. For The Hill, we’re Sylvan Lane, Aris Folley and Karl Evers-Hillstrom. Someone forward you this newsletter? Subscribe here.
House panel questions stock trading ban proposals
Members of the House Administration Committee raised questions Thursday about proposals to prohibit lawmakers from trading stocks.
The lukewarm response to the idea points to a potential struggle to craft legislation, even as a congressional stock trading ban has widespread public support.
A few of the panel’s Democrats voiced support or a desire to explore the proposal further. Some of the committee’s Republicans attacked the proposal, arguing that it would imperil less wealthy lawmakers’ finances.
- Speaker Nancy Pelosi (D-Calif.) tasked the committee with examining potential overhauls to existing stock trading rules amid public outcry.
- Rep. Rodney Davis (R-Ill.), the committee’s ranking member, lamented that many proposals would require lawmakers to either divest from their stocks or put them in a qualified blind trust. He said blind trusts are expensive to set up and maintain, and selling off an entire portfolio would incur a substantial tax hit.
- Rep. Zoe Lofgren (D-Calif.), the committee’s chairwoman, said that she is not sure what kind of bill will emerge from the hearing, where most of the witnesses called on Congress to pass an outright stock trading ban.
Following the hearing, Democratic co-sponsors of stock trading ban bills held a press conference urging lawmakers to swiftly work out the differences between various proposals and craft a final bill before November’s midterms, noting that time is quickly running out.
The background: Several polls released this year have shown that more than two-thirds of Americans, including a majority of Republicans and Democrats, back a stock trading ban. But the two most popular stock trading bills in the House each have fewer than 60 co-sponsors.
Karl has the details here.
Read more: Democrats make last-ditch effort to ban stock trading by lawmakers
LAYING OFF THE LAYOFFS
Jobless claims fall to 166K
New weekly claims for unemployment insurance fell to the lowest level since 1968 at the end of March, according to data released Thursday by the Labor Department.
In the week ending April 2, the seasonally adjusted total of new claims for jobless benefits fell to 166,000, a decline of 5,000 from the previous week.
Lowest in decades: Seasonally adjusted weekly jobless claims have fallen to the lowest level since the week ending Nov. 30, 1968, when 162,000 Americans filed to start a new cycle of unemployment insurance.
A grain of salt: Jobless claims have fallen steadily through 2022 as businesses seek to hire and retain as many workers as possible amid historic demand for labor.
Companies have avoided laying off workers, even those initially hired for seasonal roles, as job openings outnumber jobseekers nearly 2 to 1.
While firms are still hiring from a smaller pool of workers than before the pandemic, the U.S. added almost 1.8 million jobs in the first three months of March and pushed the unemployment rate to 3.6 percent, 0.1 percentage points higher than in February 2020.
Sylvan breaks it down here.
UNANIMOUS
Senate votes 100-0 to limit trade with Russia, ban oil imports
The Senate on Thursday unanimously passed a package to end normal trade relations with Russia and Belarus and codify the administration’s ban on Russian oil imports, capping off weeks of negotiations that had stalled the legislation.
- Senators voted 100-0 on two bills. The first ends permanent normal trade relations with Russia and Belarus. The second bill, which also passed 100-0, codifies the Biden administration’s ban on Russian oil imports.
- The House followed and passed the bills Thursday, sending them to President Biden for a signature.
Senators were under pressure to reach an agreement before they leave town on Thursday for a two-week break and as Russia continues its weeks-long bloody invasion of Ukraine.
That pressure only grew this week after photos emerged over the weekend of destruction in Bucha, a town northwest of Ukraine’s capital, including images of people lying dead in the streets and in mass graves, triggering widespread condemnation.
Read more here from The Hill’s Jordain Carney.
VIRTUAL EVENT INVITE
The Hill’s Future of Jobs Summit — Tuesday, April 12 at 1:00 PM ET
The COVID-19 pandemic sparked a revolution in work. Two years later, workers and employers are still looking for answers to questions surrounding the future of jobs. How can companies stay ahead of the curve and what does that mean for upskilling and transitioning workers into new, in-demand jobs? Join us for The Hill’s Future of Jobs summit as we discuss the evolving workforce of tomorrow. RSVP today.
RESTAURANT RELIEF
House passes bill to provide relief to restaurants impacted by pandemic
The House passed legislation on Thursday that would provide $42 billion to replenish a fund created during the COVID-19 pandemic to help restaurants recover from the hit to their businesses.
Lawmakers passed the bill mostly along party lines, 223-203. Four Democrats opposed the bill, while six Republicans voted for it.
The bill would replenish the Restaurant Revitalization Fund, which provided $28.6 billion in aid to more than 100,000 restaurants but wasn’t enough to cover 278,000 applications requesting a total of more than $72.2 billion.
The measure would also provide $13 billion for a new Hard Hit Industries Award Program for small businesses that weren’t eligible for other pandemic aid programs.
The Hill’s Cristina Marcos has more here.
Good to Know
The general counsel of the National Labor Relations Board (NLRB) will seek to have mandatory anti-union meetings during work hours banned.
Jennifer Abruzzo, a President Biden appointee, said in a memo released Thursday that the meetings violate the National Labor Relations Act.
Here’s what else we have our eye on:
- Senate Finance Committee Chair Ron Wyden (D-Ore.) and committee member Rob Portman (R-Ohio) introduced legislation on Thursday that would bar foreign tax credits for companies that pay income taxes to Russia and Belarus.
- The Biden administration on Thursday finalized a decision to significantly limit Medicare coverage of a controversial new Alzheimer’s drug amid a fierce debate over its effectiveness.
- Truck drivers at Walmart could see their salaries jump up to $110,000 annually, as the retail giant announced fresh investments in the company’s Private Fleet program.
- Democratic senators said a deal has been reached to prevent Senate cafeteria workers from losing their jobs, just days after they said they received notices from their employer that they were being laid off.
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.