COVID-19 Washington Update: May 18, 2020
Kelley Drye Client Advisory
May 18, 2020
The following federal government’s activity in response to COVID-19 has occured since our last update on May 15th. Of note, late Friday, the Treasury Department released its Paycheck Protection Program loan forgiveness application (links below).
 

Congress

Late Friday evening, the House passed its $3 trillion Heroes Act by a largely party-line vote of 208-199. See Speaker Pelosi’s Saturday Dear Colleague here.
 
  • The bill remains a nonstarter in the Republican-controlled Senate, which isn’t expected to move forward on another relief bill for at least a few more weeks.

Today, the bipartisan Congressional Oversight Commission published its initial report, as mandated by the CARES Act.

The Senate is in session this week, focused on clearing additional nominations. The House is not in session this week, but will return for a few days next week to consider the Senate-passed FISA reauthorization.

See our Friday update for a listing of COVID-related hearings in both chambers this week. One of the biggest newsmakers is likely to be tomorrow morning’s Senate Banking Committee remote hearing on the Quarterly CARES Act Report to Congress, with Treasury Secretary Mnuchin and Federal Reserve Chairman Powell scheduled to testify. See Secretary Mnuchin’s prepared statement here.

Recent Congressional Statements / Letters
 
Other Stakeholder Letters / Statements
   

White House / Agency Activity

White House
 
Department of the Treasury
 
Internal Revenue Service
 
Department of Labor
 
Food and Drug Administration
 
National Institutes of Health
 
Housing and Urban Development
 
Environmental Protection Agency
 
Federal Emergency Management Agency
 
Federal Trade Commission
   

Federal Reserve

Periodic Report: Update on Outstanding Lending Facilities Authorized by the Board under Section 13(3) of the Federal Reserve Act, May 15, 2020

Regulators temporarily change the supplementary leverage ratio to increase banking organizations' ability to support credit to households and businesses in light of the coronavirus response, May 15, 2020
 

State / Local Activity

Given the plethora of state and local actions, we recommend MultiState’s COVID-19 Policy Tracker as a comprehensive tool to monitor the response.