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Domestic Terrorism and the Attack on the U.S. Capitol [January 13, 2021]
From the Document: "On January 6, 2021, a large group of individuals breached the U.S. Capitol security while Congress was in session. Members were voting on whether or not to certify President-elect Joe Biden's election victory, and many participants in the attack allegedly intended to thwart this effort. According to media coverage, violent participants injured scores of District of Columbia Metropolitan Police and U.S. Capitol Police officers and killed one, while four civilians have died as well. In light of this incident and the violent threat to the operation of the U.S. Congress, policymakers may be interested in whether this incident may be treated as domestic terrorism and if the participants are domestic terrorists, among other issues. This Insight discusses whether or not participants and their actions may be categorized as domestic terrorists and domestic terrorism, respectively, and issues around designating domestic fringe groups, such as the Boogaloo Bois and Proud Boys who were allegedly involved in the attack, as terrorist organizations. It concludes with possible next steps for Congress."
Library of Congress. Congressional Research Service
Sacco, Lisa N.
2021-01-13
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Federal Communications Commission in the Incoming Biden Administration: Issues and New Directions [Updated January 12, 2021]
From the Introduction: "The Federal Communications Commission (FCC) in the incoming Biden Administration may take different positions on several key topics than the FCC under the Trump Administration, including Section 230 of the Communications Act of 1934, as amended (Section 230), net neutrality, and 5G [fifth generation technology]. The recent confirmation of President Donald Trump's nominee to join the FCC, Nathan Simington, and Chairman Ajit Pai's resignation on Inauguration Day will leave the agency with a 2-2 split between Democratic and Republican commissioners. The FCC typically has five members, with two commissioners and a chairperson from the President's party. Democrats are due to effectively take control of the Senate majority and would typically be handling an FCC nominee of the incoming President's party. Current commissioner Jessica Rosenworcel has been mentioned as a strong contender for agency chairperson."
Library of Congress. Congressional Research Service
Figliola, Patricia Moloney
2021-01-12
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U.S. Role in the World: Background and Issues for Congress [Updated January 12, 2021]
From the Introduction: "This report provides background information and issues for Congress regarding the U.S. role in the world, meaning the overall character, purpose, or direction of U.S. participation in international affairs and the country's overall relationship to the rest of the world. The U.S. role in the world can be viewed as establishing the overall context or framework for U.S. policymakers for developing, implementing, and measuring the success of U.S. policies and actions on specific international issues, and for foreign countries or other observers for interpreting and understanding U.S. actions on the world stage. [...] The issue for Congress is whether the U.S. role in the world has changed, and if so, what implications this might have for the United States and the world. Congress's decisions regarding the U.S. role in the world could have significant implications for numerous policies, plans, programs, and budgets, and for the role of Congress relative to that of the executive branch in U.S. foreign policymaking."
Library of Congress. Congressional Research Service
O'Rourke, Ronald
2021-01-12
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U.S. Foreign Assistance to Latin America and the Caribbean: FY2021 Appropriations [Updated January 11, 2021]
From the Summary: "The United States provides foreign assistance to Latin American and Caribbean countries to support development and other U.S. objectives. U.S. policymakers have emphasized different strategic interests in the region at different times, from combating Soviet influence during the Cold War to promoting democracy and open markets, as well as countering illicit narcotics, since the 1990s. The Trump Administration sought to reduce foreign aid significantly and refocus U.S. assistance efforts in some parts of the region to address U.S. domestic concerns, such as irregular migration. For the most part, however, Congress did not adopt the Administration's proposals."
Library of Congress. Congressional Research Service
Meyer, Peter J.; Martin, Rachel L.
2021-01-11
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COVID-19 Relief Assistance to Small Businesses: Issues and Policy Options [Updated January 8, 2021]
From the Summary: "The U.S. Small Business Administration (SBA) administers several types of programs to support small businesses, including direct disaster loan programs for businesses, homeowners, and renters; loan guaranty and venture capital programs; management and technical assistance training programs; and contracting programs. Congressional interest in these programs has always been high, primarily because small businesses are viewed as a means to stimulate economic activity and create jobs, but it has become especially acute in the wake of the Coronavirus Disease 2019 (COVID-19) pandemic's widespread adverse economic impact on the national economy. This report provides a brief description of the SBA's programs and examines congressional action to assist small businesses during and immediately following the Great Recession (2007- 2009) and during the COVID-19 pandemic."
Library of Congress. Congressional Research Service
Dilger, Robert Jay, 1954-; Lindsay, Bruce R.; Lowry, Sean
2021-01-08
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Defense Primer: The United States Space Force [Updated January 8, 2021]
From the Document: "On December 20, 2019, the United States Space Force (USSF) became the sixth branch of the Armed Forces. The Space Force was established within the Department of the Air Force (DAF) with the enactment of the FY2020 National Defense Authorization Act (NDAA). The Secretary of the Air Force is responsible for organizing, training, and equipping the Space Force and the United States Air Force (USAF), two separate and distinct military uniformed services. The current Chief of Space Operations (CSO) is General John W. 'Jay' Raymond, who serves as the principal uniformed advisor for all space activities to the Secretary of the Air Force."
Library of Congress. Congressional Research Service
McCall, Stephen M.
2021-01-08
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CARES Act Title IV Financial Assistance Ends [January 8, 2021]
From the Document: "Under Title IV of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act, P.L. 116-136), the U.S. Department of the Treasury made loans to specified industries and investments in Federal Reserve programs, authorized until the end of 2020. While Coronavirus Disease 2019 (COVID-19) confirmed cases and deaths continue to reach new highs, financial conditions stabilized shortly after enactment of the CARES Act. This raised the question of whether assistance should be extended at least until the pandemic ended or allowed to expire because financial stability had been restored. The December COVID-19-related relief package (specifically, Division N, Title X, of P.L. 116-260) did not change the year-end expiration date and permanently closed down all but one of the Fed programs backed by CARES funding. In effect, those programs may be revived only by a future act of Congress and not at the Federal Reserve and Treasury Secretary's discretion. This Insight provides some preliminary observations on Title IV assistance."
Library of Congress. Congressional Research Service
Labonte, Marc; Scott, Andrew P.
2021-01-08
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Global Economic Effects of COVID-19 [Updated January 8, 2021]
From the Summary: "In the months since the COVID-19 [coronavirus disease 2019] outbreak was first diagnosed, it has spread to over 200 countries and all U.S. states. The pandemic has negatively affected global economic growth beyond anything experienced in nearly a century. Estimates so far indicate the virus could reduce global economic growth to an annualized rate of -4.5% to -6.0% in 2020, with a partial recovery of a rate of 2.5% to 5.2% in 2021. [...] The full economic impact of the pandemic likely will remain unclear until the negative health effects peak. This report provides an overview of the global economic costs to date and the response by governments and international institutions to address these effects."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-; Weiss, Martin A.; Schwarzenberg, Andres B. . . .
2021-01-08
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Inauguration Security and Operations [Updated January 8, 2021]
From the Introduction: "Since the 20th Amendment was ratified, the oath of office for President of the United States has been administered every four years at noon on January 20. In 2021, the President-elect Joseph R. Biden and Vice President-elect Kamala D. Harris are to be officially sworn in at noon on Wednesday, January 20. Planning for the 2021 inauguration is being challenged by the ongoing Coronavirus Disease 2019 (COVID- 19) pandemic and the events at the U.S. Capitol on January 6, 2021, during Congress's counting and certification of the November 2020 presidential election electoral votes. Inauguration security and operations adjustments to traditional ceremonies, customs, and practices are being made. This In Focus presents information related to 2021 inauguration security and operations based on past inaugural activities and announced activities to date. Additional security details are expected to be implemented due to the Capitol security breach. This document will be updated if they are publicly announced."
Library of Congress. Congressional Research Service
Reese, Shawn; Straus, Jacob R.; Finch, Christina Miracle
2021-01-08
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House of Representatives Vacancies: How Are They Filled? [January 8, 2021]
From the Document: "Vacancies in the office of U.S. Representative occur when an incumbent Member dies, resigns, or leaves office for any reason before the end of their term. Multiple special elections to fill vacancies in the House of Representatives typically take place in each Congress. The same procedures apply if a Representative-elect dies between the election and the day on which the new Congress to which they were elected convenes."
Library of Congress. Congressional Research Service
Neale, Thomas H.
2021-01-08
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USMCA: Labor Provisions [Updated January 8, 2021]
From the Document: "The U.S.-Mexico-Canada Agreement (USMCA) entered into force on July 1, 2020, replacing the North American Free Trade Agreement (NAFTA). USMCA establishes new and updated provisions on the protection of worker rights and enforcement of labor commitments. Congress approved implementing legislation for USMCA (H.R. 5430) on December 19, 2019. President Trump signed the legislation into law on January 29, 2020 (P.L. 116-113). The protection of worker rights and the enforceability of labor provisions were a major congressional concern throughout the USMCA negotiations and remained an issue after the three countries concluded the agreement in September 2018."
Library of Congress. Congressional Research Service
Villarreal, M. Angeles; Cimino-Isaacs, Cathleen D.
2021-01-08
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Regulating Contaminants Under the Safe Drinking Water Act (SDWA) [January 8, 2021]
From the Introduction: "Detections of unregulated contaminants (e.g., per- and polyfluoroalkyl substances [PFAS] and 1,4-dioxane) in public water supplies have raised questions about the quality of drinking water and increased congressional interest in the Environmental Protection Agency's (EPA's) efforts to regulate contaminants under the Safe Drinking Water Act (SDWA). Congress enacted SDWA in 1974 to address the quality of public drinking water supplies and protect public health. A key part of the act is the authority for EPA to regulate contaminants in public water supplies. [...] This report discusses the SDWA provisions relevant to how EPA evaluates contaminants to determine whether a contaminant warrants a 'national primary drinking water regulation' (NPDWR), provides an overview of the regulatory development process, and analyzes certain issues that may affect implementation of this section. In addition to the agency's work related to contaminant regulation, EPA has issued other SDWA regulations applicable to public water systems. These include regulations to reduce lead content in drinking water pipes and plumbing and to increase consumer information and public notification about drinking water quality and compliance. The report is primarily limited to EPA's implementation of the process outlined in SDWA Section 1412 'National Drinking Water Regulations' for evaluating contaminants for regulation."
Library of Congress. Congressional Research Service
Humphreys, Elena H.
2021-01-08
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Protection of Federal Government Officials [Updated January 8, 2021]
From the Overview: "In the aftermath of the breach of the U.S. Capitol security on January 6, 2021--while a joint session of Congress was counting and certifying the 2020 presidential election electoral votes--and in response to increased political tension across the nation, there is renewed congressional interest in protective details for government officials. Attacks against political leaders and other public figures have been an ongoing security issue in the United States. Since the U.S. Secret Service (USSS) started protecting Presidents in 1906, seven assaults or assassination attempts have occurred, with one resulting in a death (President John F. Kennedy). Prior to USSS protection, three sitting Presidents had been assassinated (Abraham Lincoln, James Garfield, and William McKinley). In addition, official records and news accounts show that there have been at least 20 attacks against Members of Congress since 1789."
Library of Congress. Congressional Research Service
Reese, Shawn; Nagel, Jared C.
2021-01-08
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Azerbaijan and Armenia: The Nagorno-Karabakh Conflict [January 7, 2021]
From the Introduction: "In autumn 2020, a six-week war fundamentally reshaped the dynamics of a decades-old conflict between Azerbaijan and Armenia over the disputed region of Nagorno-Karabakh (or Mountainous Karabakh, also known in Armenian as Artsakh) and surrounding territories internationally recognized as part of Azerbaijan. [...] This report focuses on the Azerbaijan-Armenia conflict, the autumn 2020 war, and related U.S. policy. It first provides brief historical background and then discusses the post-1994 conflict resolution process and the relationships of Azerbaijan and Armenia with regional powers Russia and Turkey. In addition, the report provides analysis of the autumn 2020 war, the November 2020 cease-fire agreement, and the war's domestic impact in Armenia and Azerbaijan. The report then discusses U.S. responses to the war, longer-term U.S. policy toward the conflict, and the role of Congress."
Library of Congress. Congressional Research Service
Welt, Cory; Bowen, Andrew S.
2021-01-07
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Employee Retention and Employee Retention and Rehiring Tax Credits [January 7, 2021]
From the Document: "The March 2020 Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136) included an employee retention tax credit designed to help businesses retain employees during the Coronavirus Disease 2019 (COVID-19) public health emergency. The credit was modified and expanded in December 2020, becoming the employee retention and rehiring tax credit, in the COVID-related Tax Relief Act of 2020 (enacted as Subtitle B to Title II of Division N of the Consolidated Appropriations Act, 2021; P.L. 116-260)."
Library of Congress. Congressional Research Service
Sherlock, Molly F.
2021-01-07
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Budget Reconciliation Process: Stages of Consideration [Updated January 7, 2021]
From the Summary: "The purpose of the reconciliation process is to enhance Congress's ability to bring existing spending, revenue, and debt limit laws into compliance with current fiscal priorities and goals established in the annual budget resolution. In adopting a budget resolution, Congress is agreeing upon its budgetary goals for the upcoming fiscal year. Because it is in the form of a concurrent resolution, however, it is not presented to the President or enacted into law. As a consequence, any statutory changes concerning spending or revenues that are necessary to implement these policies must be enacted in separate legislation. Budget reconciliation is an optional congressional process that operates as an adjunct to the budget resolution process and occurs only if reconciliation instructions are included in the budget resolution. Reconciliation instructions are the means by which Congress can establish the roles that specific committees will play in achieving these budgetary goals. Reconciliation consists of several different stages, which are described in this report."
Library of Congress. Congressional Research Service
Lynch, Megan Suzanne; Saturno, James
2021-01-07
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Defense Primer: Procurement [Updated January 7, 2021]
From the Background: "While the common use of the word procurement implies a process of obtaining goods or services, national security practitioners generally use the word to refer to a specific title within the annual National Defense Authorization Act (NDAA) and defense appropriations legislation."
Library of Congress. Congressional Research Service
Peters, Heidi M.; McGarry, Brendan W.
2021-01-07
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Defense Primer: Military Pay Raise [Updated January 7, 2021]
From the Document: "The phrase 'military pay raise,' frequently used in discussions of military compensation, almost always refers to the annual increase in basic pay for members of the uniformed services. By law, basic pay is automatically increased at the start of each calendar year by an amount linked to the change in the Employment Cost Index (ECI), although the President or Congress may override this statutory adjustment."
Library of Congress. Congressional Research Service
Kapp, Lawrence
2021-01-07
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Section 301 of the Trade Act of 1974 [Updated January 7, 2021]
From the Document: "Section 301 of the Trade Act of 1974 (19 U.S.C. §2411) grants the Office of the United States Trade Representative (USTR) a range of responsibilities and authorities to investigate and take action to enforce U.S. rights under trade agreements and respond to certain foreign trade practices. Prior to the Trump Administration and since the conclusion of the Uruguay Round of multilateral trade negotiations in 1995, which established the World Trade Organization (WTO), the United States has used Section 301 authorities primarily to build cases and pursue dispute settlement at the WTO. However, President Trump has been more willing to act unilaterally under these authorities to promote what the Administration considers to be 'free,' 'fair,' and 'reciprocal' trade. The Trump Administration's use of Section 301 has been the subject of congressional and broader international debate. The Administration has attributed this shift in policy to a large and persistent gap between U.S. and foreign government practices that may disadvantage or discriminate against U.S. firms. In addition, the Administration has justified many of its recent tariff actions--particularly those against China--by pointing to alleged weaknesses in WTO dispute settlement procedures and the inadequacy or nonexistence of WTO rules to address certain Chinese trade practices. It has also cited the failure of past trade negotiations and agreements to enhance reciprocal market access for U.S. firms and workers."
Library of Congress. Congressional Research Service
Schwarzenberg, Andres B.
2021-01-07
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Section 301: Tariff Exclusions on U.S. Imports from China [Updated January 7, 2021]
From the Document: "In 2018, the U.S. Trade Representative (USTR) determined, pursuant to an investigation under 'Section 301' (Title III of the Trade Act of 1974, 19 U.S.C. §§2411-2420), that China's acts, policies, and practices related to technology transfer, intellectual property (IP), and innovation are unreasonable or discriminatory and burden or restrict U.S. commerce. To counter them and obtain their elimination, the Trump Administration imposed, under Section 301, four rounds of increased tariffs on approximately two-thirds of U.S. imports from China. However, to avoid harm to U.S. interests, the USTR instituted 'tariff exclusions' for certain U.S. imports that would otherwise be subject to tariffs. This is the first time that the agency has established an exclusion request process, and several Members of Congress have raised concerns about its implementation."
Library of Congress. Congressional Research Service
Schwarzenberg, Andres B.
2021-01-07
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Latin America and the Caribbean: U.S. Policy and Issues in the 116th Congress [Updated January 7, 2021]
From the Summary: "The United States maintains strong linkages with neighboring Latin America and the Caribbean based on geographic proximity and diverse U.S. interests, including economic, political, and security concerns. The United States is a major trading partner and source of foreign investment for many countries in the region, with free-trade agreements enhancing economic linkages with 11 countries. The region is a large source of U.S. immigration, both legal and illegal; proximity and economic and security conditions are major factors driving migration. Curbing the flow of illicit drugs has been a key component of U.S. relations with the region for more than four decades and currently involves close security cooperation with Mexico, Central America, and the Caribbean. U.S. support for democracy and human rights in the region has been long-standing, with current focus on Cuba, Nicaragua, and Venezuela. Overall, although the region has made significant advances over the past four decades in terms of both political and economic development, notable challenges remain and some countries have experienced major setbacks, most prominently Venezuela. The Coronavirus Disease 2019 (COVID-19) pandemic has had widespread economic, social, and political effects in the region. By the end of 2020, the region reported over 507,000 deaths (almost 28% of deaths worldwide)."
Library of Congress. Congressional Research Service
Sullivan, Mark P.; Beittel, June S.; Meyer, Peter J. . . .
2021-01-07
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Mexico: Background and U.S. Relations [Updated January 7, 2021]
From the Introduction: "Congress has maintained interest in Mexico, a neighboring country and top trading partner with which the United States has a close but complex relationship. In recent decades, U.S.-Mexican relations have improved as the countries have become close trade partners and worked to address crime, migration, and other issues of shared concern. Nevertheless, the history of U.S. military and diplomatic intervention in Mexico and the asymmetry in the relationship has continued to provoke periodic tension. For example, the U.S. investigation into and October 2020 arrest of Mexico's former defense minister damaged trust between the two governments. Congress remains concerned about the effects of organized-crime-related violence in Mexico on U.S. security interests and about U.S. citizens' safety in Mexico, and it has increased oversight of U.S.-Mexican security cooperation. Congress may continue to appropriate foreign assistance for Mexico and oversee bilateral efforts to address illegal drug flows, unauthorized migration, environmental issues, and the Coronavirus Disease 2019 (COVID-19) pandemic. Implementation of the United States-Mexico-Canada Free Trade Agreement (USMCA) and its labor commitments, Mexico's treatment of U.S. energy firms, and border environmental and water issues may receive oversight attention. This report provides an overview of political and economic conditions in Mexico, followed by overviews of selected issues of congressional interest in Mexico: security and foreign aid, extraditions, human rights, trade, migration, energy, border environmental, water, and health."
Library of Congress. Congressional Research Service
Seelke, Clare Ribando
2021-01-07
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U.S. Role in the World: Background and Issues for Congress [Updated January 6, 2021]
From the Introduction: "This report provides background information and issues for Congress regarding the U.S. role in the world, meaning the overall character, purpose, or direction of U.S. participation in international affairs and the country's overall relationship to the rest of the world. The U.S. role in the world can be viewed as establishing the overall context or framework for U.S. policymakers for developing, implementing, and measuring the success of U.S. policies and actions on specific international issues, and for foreign countries or other observers for interpreting and understanding U.S. actions on the world stage. [...] The issue for Congress is whether the U.S. role in the world has changed, and if so, what implications this might have for the United States and the world. Congress's decisions regarding the U.S. role in the world could have significant implications for numerous policies, plans, programs, and budgets, and for the role of Congress relative to that of the executive branch in U.S. foreign policymaking."
Library of Congress. Congressional Research Service
O'Rourke, Ronald
2021-01-06
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Election Day: Frequently Asked Questions [Updated January 6, 2021]
From the Summary: "Election Day is the day legally established to select public officials in the United States. General elections for federal offices--President, Vice President, and U.S. Congress--are held on the Tuesday after the first Monday in November in even-numbered years. Citizens vote for President and Vice President every four years, Representatives every two years, and Senators every six years; this excludes special elections to fill unexpired terms. State and local elections are often but not always held on the same day as federal elections. This report provides responses to frequently asked questions about the history and current legal status of Election Day. It discusses how the first federal elections were held, how a single Election Day for federal offices was established in the 19th century, why the Tuesday after the first Monday in November was selected as Election Day, and related issues."
Library of Congress. Congressional Research Service
Leubsdorf, Ben
2021-01-06
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Defense Primer: The NDAA Process [Updated January 6, 2021]
From the Document: "The National Defense Authorization Act (NDAA) provides authorization of appropriations for the Department of Defense (DOD), nuclear weapons programs of the Department of Energy, DOD elements of the Intelligence Community, and defense-related activities at other federal agencies. In addition to serving as an authorization of appropriations, the NDAA establishes defense policies and restrictions, and addresses organizational administrative matters related to the DOD. Unlike an appropriations bill, the NDAA does not provide budget authority for government activities. Nevertheless, historically it has provided a fairly reliable indicator of congressional sentiment on subsequent appropriations for particular programs. FY2021 was the 60th consecutive fiscal year for which a defense authorization was enacted. This regular enactment of complex legislation for six decades depends upon close adherence to process and consistency in procedures, schedules, and protocols."
Library of Congress. Congressional Research Service
Heitshusen, Valerie; McGarry, Brendan W.
2021-01-06
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Changes in the Arctic: Background and Issues for Congress [Updated January 6, 2021]
From the Introduction: "The diminishment of Arctic sea ice has led to increased human activities in the Arctic, and has heightened interest in, and concerns about, the region's future. Issues such as geopolitical competition in the region between the United States, Russia, and China; increased military operations in the region by the United States, Russia, and other Arctic countries; growth in commercial shipping through the Arctic; and oil, gas, and mineral exploration in the Arctic could cause the region in coming years to become an arena of international cooperation, tension, and/or competition. The United States, by virtue of Alaska, is an Arctic country and has substantial political, economic, energy, environmental, and other interests in the region. Decisions that Congress makes on Arctic-related issues could significantly affect these interests. This report provides an overview of Arctic-related issues for Congress, and refers readers to more in-depth CRS [Congressional Research Service] reports on specific Arctic-related issues. Congressional readers with questions about an issue discussed in this report should contact the author or authors of the section discussing that issue. The authors are identified by footnote at the start of each section."
Library of Congress. Congressional Research Service
O'Rourke, Ronald; Comay, Laura B.; Folger, Peter (Peter Franklin) . . .
2021-01-06
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Resources for Tracking Federal COVID-19 Spending [Updated January 6, 2021]
From the Summary: "Congress has responded to the Coronavirus Disease 2019 (COVID-19) pandemic with supplemental appropriations measures providing relief and assistance to individuals and families, state and local governments, businesses, health care providers, and other entities. [...] This report provides selected sources for tracking COVID-19 relief and assistance spending. It includes links to and information on government sources detailing spending amounts at various levels, including consolidated spending by multiple government agencies, spending by individual government agencies, and spending to specific recipients and geographies. The sources themselves are large government databases, individual agencies, oversight entities, and selected nongovernmental entities that attempt to repackage information on spending amounts obtained from available government sources. Due to the continually evolving nature of information provided by sources that track federal COVID-19 spending, this report may be updated frequently."
Library of Congress. Congressional Research Service
Teefy, Jennifer; Kreiser, Maria
2021-01-06
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COVID-19: Presidential Order Deferring Individual Payroll Taxes [Updated January 6, 2021]
From the Document: "On August 8, 2020, President Trump issued a presidential memorandum ordering the deferral of individual payroll tax obligations from September 1, 2020, through December 31, 2020. The deferral was for employees with biweekly compensation of generally less than $4,000. The memorandum directed the Secretary of the Treasury to issue guidance to implement this policy. On August 28, 2020, guidance was provided in IRS [Internal Revenue Service] Notice 2020-65. This Insight discusses the individual payroll tax deferral outlined in the memorandum, including issues related to repayment of deferred amounts; compares this order to the business payroll tax deferral provided in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act, P.L. 116-136); and addresses questions related to potential economic effects."
Library of Congress. Congressional Research Service
Sherlock, Molly F.; Marples, Donald J.
2021-01-06
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Treasury and Federal Reserve Financial Assistance in Title IV of the CARES Act (P.L. 116-136) [Updated January 6, 2021]
From the Introduction: "On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act; H.R. 748) into law as P.L. 116-136. The CARES Act is a wide-ranging act to provide relief to consumers, small businesses, and certain industries amid the economic fallout of COVID-19 [coronavirus disease 2019], which featured unprecedented business disruptions. Title IV of the CARES Act contains numerous provisions aimed broadly at stabilizing the economy and helping affected households and businesses. It has received considerable attention for containing funding for industry and financial services. Specifically, Section 4003 directs the Department of the Treasury (Treasury) and the Federal Reserve (Fed) to make up to $500 billion available to support various businesses in the aviation sector as well as the financial system. [...] This report provides an overview of Section 4003 and related provisions and explains the terms and conditions associated with the assistance. Additionally, it discusses the funds made available in Section 4112 of Title IV for worker support at air carriers and related businesses."
Library of Congress. Congressional Research Service
Scott, Andrew P.; Labonte, Marc; Tang, Rachel Y. . . .
2021-01-06
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Section 199A Deduction: Economic Effects and Policy Options [January 6, 2021]
From the Introduction: "A key aim of the tax revision enacted in December 2017 (P.L. 115-97, often referred to as the Tax Cuts and Jobs Act, or TCJA) was to reduce the federal tax burden on corporate and noncorporate businesses. Many of the reduction's backers predicted that it would give businesses an added incentive to hire more workers and invest more in tangible and intangible depreciable assets. The law sought to reduce the business tax burden in two ways. [...] This report addresses the Section 199A deduction's possible economic effects. More specifically, it mainly addresses the deduction's impact on (1) investment and employment, (2) horizontal and vertical equity in the federal income tax, and (3) tax administration (as it concerns the cost to taxpayers of complying with tax laws and the cost to the federal government of enforcing such compliance). The report ends with a discussion of policy options for Congress, as it considers whether the deduction should be retained beyond 2025 and whether and how to modify it if the deduction is retained."
Library of Congress. Congressional Research Service
Guenther, Gary L.
2021-01-06
