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PRESENTED BYBY JOHN BRESNAHAN, ANNA PALMER AND JAKE SHERMAN THE TOPHappy Tuesday morning. New: With thousands of Russian troops massed near the Ukrainian border, U.S. officials are rushing to shore up the Ukrainian government’s financial position. Secretary of State Antony Blinken issued this statement late Monday:
National Security Adviser Jake Sullivan had briefed House and Senate leaders on the loan guarantee Monday. This latest economic move comes on top of dramatically increased U.S. military aid to Ukraine during the last few months. And lawmakers have discussed a “Lend Lease” program to boost that military support even further modeled after the famous World War II program that – ironically – helped keep the Soviet Union afloat at a critical time. FWIW: Reuters report from Moscow just before 4 a.m.:
The FT’s Polina Ivanova in Kyiv put it this way:
The front pages of the New York Times – as always, we included it below – has a story that Russia is now seeking negotiations with the West. Russian President Vladimir Putin is set to meet with German Chancellor Olaf Scholz today. So the tone of this dangerous situation has again shifted slightly. But U.S. policymakers remain very wary of Putin and his intentions. We asked Senate Foreign Relations Committee Chair Robert Menendez (D-N.J.) on Monday about signals from Russian Foreign Minister Sergey Lavrov that the Russians may be open to talks. Menendez: “I think it’s all a ‘dog-and-pony show.’” Meaning don’t trust what the Russians say, watch what they do. Hello partisanship, my old friend Last week, the narrative around D.C. was that bipartisanship was breaking out in Congress. Well, that was last week. The Senate has run smack into a partisan wave this week, making life more difficult for Senate Majority Leader Chuck Schumer and the Democrats. Nothing – and we mean absolutely nothing – is simple or easy in a 50-50 Senate. Check out what’s going on right now: → After weeks of negotiations, Republicans and Democrats have been unable to find agreement on a package of sanctions on Russia. There was internal debate in both parties about whether sanctions should come before or after a Russian invasion of Ukraine. Congress did what it does best and settled on doing nothing. In fact, after weeks of saying that a sanctions package would be the only way to show the world that the United States was united in its resolve to punish Russia for malign behavior, the chamber is going to settle for passing a non-binding resolution expressing praise for Ukraine. Senators from both parties say that President Joe Biden has all the sanction authority he needs. They’ve gone from in a hurry to pass sanctions to one chamber passing a non-binding resolution. Asked if such a resolution would send a message that the Senate is divided at a crucial moment, Sen. Mark Warner (D-Va.), the chairman of the Intelligence Committee, cast doubt on whether Russian President Vladimir Putin is “following the ins and outs of the legislative process in D.C.” → The federal government runs out of money on Friday, and the Senate is suddenly stuck on two unrelated government funding snafus. Our reporting tells us that this will get resolved and there won’t be a government shutdown, but it just shows once again the endless minefield that is a 50-50 Senate. Sen. Marsha Blackburn (R-Tenn.) has a hold on a three-week stopgap funding bill because she believes – based on a media report – that the Biden administration is trying to set aside money to hand out crack pipes. The White House, Health and Human Services Department and Office of National Drug Policy all say it’s not the case. But Blackburn says she’s waiting on the Biden administration to respond formally to her concerns before dropping her hold. Separately, Sen. Mike Lee (R-Utah) and several other GOP senators are demanding a vote on an amendment to ban the federal government from funding a vaccine mandate for federal workers, contractors and the military. Again, neither of these issues is going to shut down the government, but these kinds of last-minute snafus are standard operating procedure for the Senate. ”I never saw anything like this when I first came here, that people were far more interested in the sound bite than they are in helping the country,” complained Senate Appropriations Committee Chair Patrick Leahy (D-Vt.), who has been in the Senate since 1975. We’ll get a clearer idea of what’s in store for the next few days following today’s party lunches. → A major U.S. Postal Service reform bill, which passed the House with 120 GOP votes, is now delayed in the Senate because of Sen. Rick Scott (R-Fla.). Scott objected to Senate Majority Leader Chuck Schumer’s request to fix a technical error in the bill because he said the legislation is flawed. Of course, objecting to this technical correction won’t change the bill – it will only delay it for a few weeks. This is a great illustration of just how fleeting some moments are on Capitol Hill, and how quickly the tone and tenor of the institution can change. Schumer and the White House did get a win on Monday when the Senate invoked cloture on Robert Califf’s nomination for FDA commissioner. There will be a final vote today on that nomination. Schumer also filed cloture on two Pentagon nominees that Sen. Josh Hawley (R-Mo.) had placed a hold on: Celeste Wallander for Assistant Defense Secretary for International Security Affairs, and David Honey to Defense Deputy Under Secretary for Research and Engineering. Hawley has been seeking Senate hearings on the botched U.S. withdrawal from Afghanistan last summer, but Democrats have complained loudly that the Missouri Republican was hurting President Joe BIden’s ability to have his nominees in place at top Pentagon posts during the Russia-Ukraine crisis. Looks like Democrats are willing to fight this out now. And we’re closely watching today’s action in the Senate Banking Committee. The panel is set to take up the nomination of Jay Powell for a second term as Federal Reserve chair, as well several other Biden picks for the Board of Governors. These include Sarah Bloom Raskin – wife of Rep. Jamie Raskin (D-Md.) – and Lisa Cook. Republicans strongly oppose both nominees. Cook would be the first Black woman in that high-profile role. Reminder: Wednesday, we’re interviewing Commerce Secretary Gina Raimondo on the future of American innovation. In-person spots are filled, but you can still tune in virtually! RSVP here. PRESENTED BY GLOBAL X ETFs Finding Opportunity in the Green Economy While tech companies were celebrated as drivers of the pandemic stock market rally, the next economic cycle could be led by green infrastructure. Particularly, the potential around renewable energy, where supportive government policies and private sector innovation are helping bend installation costs lower. Explore our outlook on the case for renewables, the areas poised to benefit, and how investors might participate in the growth of this theme. We’re coming to SXSW! We’re headed to Austin! Punchbowl News will be at SXSW on March 11-13. We want to see you! We’ll be moderating panels and would love to meet up with our community. Got a fun pop up experience we should visit? Happy hour we should attend? Partnership idea? Send us your info. NEWS Key Pelosi ally moves on Hill unionization Rep. Zoe Lofgren (D-Calif.), the chair of the House Administration Committee, is asking the Capitol’s workplace authority to clarify regulations as to how congressional aides might unionize, the first official step by a lawmaker that could allow staff to band together and organize. Here’s the letter, which is floating around Capitol Hill. We obtained a copy on Monday. The letter is signed by Lofgren, a close ally of Speaker Nancy Pelosi. It essentially asks the Office of Congressional Workplace Rights to clarify 1996 regulations that allowed congressional aides to unionize and bargain collectively. This update will give a clear roadmap as to how aides in House personal offices and committee staffers might organize. Here’s the key excerpt:
Following passage of the 1995 Congressional Accountability Act – a landmark bill that required Congress to abide by many of the same laws it had long exempted itself from – the issue of whether congressional aides could unionize was a hot topic. The CAA allowed legislative support agency employees, including the U.S. Capitol Police, the Library of Congress and GAO, to unionize, and they did. For congressional aides working in personal offices and congressional committees, the Office of Compliance – now the OCWR – ruled that they could unionize as well. The House would have to pass a resolution covering the House side, and the Senate the same for its aides. This was never done, however. Rep. Andy Levin (D-Mich.) has introduced a resolution to do just that. It has more than 140 cosponsors. The resolution has been referred to the House Administration Committee for any legislative action. This letter, however, shows that Lofgren is taking proactive steps to clarify these regulations first. → We are pretty firmly against Valentine’s Day political content, but what the hell, we’ll show you this one. Club for Growth is running an anti-Pat McCrory ad in the North Carolina GOP primary. The spot, which is running across the state, says that McCrory, as governor, appointed Democrats to jobs and cozied up to Democratic lobbyists. Club has endorsed Rep. Ted Budd (R-N.C.) for the Senate seat. Thanks to AdImpact for the spot. FRONTS MOMENTS 9:50 a.m.: President Joe Biden will get his daily intelligence briefing. 2 p.m.: Biden will speak to the National Association of Counties at the Washington Hilton. … Senate leadership will speak after their respective party lunches. 3 p.m.: Jen Psaki will brief. CLIP FILE NYT → “U.S. Requests Extradition of Former Honduran President,” by Joan Suazo and Maria Abi-Habib in Tegucigalpa, Honduras → News Analysis: “Court Filing Started a Furor in Right-Wing Outlets, but Their Narrative Is Off Track,” by Charlie Savage → “2020 Election Denier Will Run for Top Elections Position in Colorado,” by Azi Paybarah WaPo → “Inside the White House preparations for a Russian invasion,” by Ellen Nakashima and Ashley Parker WSJ → “Elon Musk Gave $5.7 Billion of Tesla Shares to Charity Last Year,” by Rebecca Elliott and Meghan Bobrowsky AP → “Canada’s Trudeau invokes emergency powers to quell protests,” by Rob Gillies and Ted Shaffrey in Ottawa, Ontario Politico → “Stefanik starts quieting her doubters as House GOP messaging chief,” by Olivia Beavers PRESENTED BY GLOBAL X ETFs Finding Opportunity in the Green Economy Supportive government policies and private sector innovation are helping renewables become more affordable, paving the way for wider adoption. Investors looking to align with this emerging theme might consider the Global X Renewable Energy Producers ETF (RNRG), which invests in companies involved in wind, solar, biofuels and more – all in a single trade. Enjoying Punchbowl News AM? Subscribe 10 friends with your unique link (below) and get a Punchbowl News hat! Your referral link is: Or share via You currently have: 0 referrals
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Visit the archiveAt Wells Fargo, we cover more rural markets than many large banks, and nearly 30% of our branches are in low- or moderate-income census tracts. What we say, we do. See how.