COVID-19 Washington Update: May 19, 2020
Kelley Drye Client Advisory
May 19, 2020
The following outlines today's federal government activities in response to COVID-19, including President Trump’s new Executive Order directing agencies to provide regulatory relief to aid the economic recovery as well as
 

Congress

Today, Federal Reserve Chairman Powell and Treasury Secretary Mnuchin testified before the Senate Banking Committee in a hearing on the CARES Act. Chairman Powell told Senators the Fed’s forthcoming Main Street Lending Program will be up and running by the end of the month (or perhaps a day or two into June). In light of ongoing uncertainty about the timing of the recovery, neither Chairman Powell nor Secretary Mnuchin ruled out using additional CARES Act funding to expand existing lending facilities or to create new facilities, as necessary. Among other topics, Senators raised questions and concerns about the Paycheck Protection Program (particularly access for small lenders), SBA’s EIDL program, and aid to state and local governments.

Also today, President Trump traveled to Capitol Hill to join Senate Republicans for their weekly policy lunch. After the lunch, President Trump told the press he is focused on the economic recovery with states now opening up. Republicans continue to express their desire to evaluate the implementation of previous COVID-relief measures before determining next steps.

Recent Congressional Statements / Letters
 
Other Stakeholder Statements / Letters
   

White House / Agency Activity

White House
 
Department of the Treasury
 
Small Business Administration
 
Department of Labor
 
Department of Health and Human Services
 
Food and Drug Administration
 
Centers for Medicare and Medicaid Services
 
National Institutes of Health
 
Department of Homeland Security
 
Customs and Border Protection
 
  • Today, the United States and Canada announced they would keep their border closed to non-essential travel until June 21; the restrictions were originally put in place March 21

Federal Housing Finance Agency
 
Department of Commerce
 
Department of Agriculture
 
Consumer Financial Protection Commission
 
Securities and Exchange Commission
   

Federal Reserve

Testimony by Chair Powell on the Federal Reserve's response to the coronavirus and the CARES Act, May 19, 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.