On The Money: Treasury announces efforts to help people get stimulus payments | Senate panel unanimously advances Yellen nomination for Treasury | Judge sets ground rules for release of Trump taxes
Happy Friday 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 administration announces efforts to help people get their stimulus payments: The Treasury Department on Friday announced new efforts to help people get coronavirus stimulus payments they haven’t yet received.
The announcement from Treasury comes after President Biden signed an executive order that directs federal agencies to take further action to address the pandemic-related economic downturn.
- Treasury said Friday that it will build on the IRS’s previous work to establish web tools that nonfilers can use to provide information to the agency so that they can receive their payments.
- The department also said that it would reach out to people who may not have internet access or may not speak English.
- Treasury also said it plans to reach out to households that were issued paper checks or debit cards that haven’t yet been cashed or activated.
- And it said it plans to conduct research to figure out which groups of potentially eligible households have not yet received payments, in an effort to help it and the IRS target their outreach efforts.
The Hill’s Naomi Jagoda has more here.
The move to help link Americans with their stimulus checks is one of several executive actions Biden has taken to fight the economic impact of the pandemic.
- The president on Friday signed an executive order expanding the scope of nutrition assistance programs, an effort to address a growing hunger crisis caused by the COVID-19 pandemic, and boosting worker protections.
- He also took steps to lay the groundwork to increase the minimum wage for federal employees and contractors to $15 per hour.
LEADING THE DAY
Senate panel unanimously advances Yellen nomination for Treasury: The Senate Finance Committee on Friday unanimously advanced Janet YellenJanet Louise YellenOn The Money: Pelosi says House will move immediately on COVID-19 relief | Biden faces backlash over debt | 900,000 more Americans file for unemployment benefits GOP senator calls Biden’s COVID-19 relief plan a ‘non-starter’ What Biden’s Cabinet picks mean for the hardest-hit US industry MORE’s nomination to be Treasury secretary, moving President Biden’s choice for a key Cabinet position that much closer to confirmation.
The committee approved the nomination by a vote of 26-0.
- Yellen has an extensive background in economic policy, having previously served as chair of the Federal Reserve and the Council of Economic Advisers.
- If confirmed, as is widely expected, she would be the first woman to be Treasury secretary.
- Democrats praised Yellen’s qualifications and her support for substantial coronavirus relief. Republicans did not raise questions about her qualifications but more about Biden’s spending and tax proposals.
“There’s no doubt about the qualifications of Dr. Yellen,” said Finance Committee Chairman Chuck GrassleyChuck GrassleyFinance Committee vote on Yellen nomination scheduled for Friday Democrats swear in three senators to gain majority Yellen champions big spending at confirmation hearing MORE (R-Iowa). “That’s not to say, however, that I do not have concerns, but they’re policy concerns.”
The Hill’s Niv Elis, Naomi Jagoda and I have more here.
ON TAP NEXT WEEK
Modern Credit Systems, Alternative Data & the American Dream
For many Americans who lack access to traditional credit, the traditional markers of stability and success may remain out of reach. Some have suggested incorporating alternative data like cell phone, utility, and rent payments in credit scores. What guardrails can ensure consumer protection? Can alternative data be used to increase access to credit for underserved families? What needs to be done for lenders to become comfortable using alternative data in credit underwriting? Suze Orman, John Hope Bryant, Reps. Joyce BeattyJoyce Birdson BeattyThe Hill’s Morning Report – Biden’s crisis agenda hits headwinds K Street navigates virtual inauguration week Urgency mounts for new voting rights bill MORE (D-OH) and Patrick McHenryPatrick Timothy McHenryGOP at crossroads after Capitol siege Leaving on a high note: Outgoing NRCC head looks to build on 2020 Trump Georgia call divides House GOP MORE (R-NC) headline a conversation on modernizing the credit system. RSVP today
GOOD TO KNOW
ODDS AND ENDS
- Paypal on Thursday took down the account of Jenna Ryan, a Texas woman who reportedly flew a private plane to the Capitol riot, after she claimed she raised $1,000 for legal fees and other losses due to her arrest.
- The U.S. Chamber of Commerce, in a joint campaign with the Bipartisan Policy Center, launched a six-figure advertising campaign on Thursday to urge Congress to enact an ambitious infrastructure package.