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Firm-Level Risk Exposures and Stock Returns in the Wake of COVID-19
From the Abstract: "Firm-level stock returns differ enormously in reaction to COVID-19 [coronavirus disease 2019] news. We characterize these reactions using the 'Risk Factors' discussions in pre-pandemic 10-K filings and two text-analytic approaches: expert-curated dictionaries and supervised machine learning (ML). Bad COVID-19 news lowers returns for firms with high exposures to travel, traditional retail, aircraft production and energy supply - directly and via downstream demand linkages - and raises them for firms with high exposures to healthcare policy, e-commerce, web services, drug trials and materials that feed into supply chains for semiconductors, cloud computing and telecommunications. Monetary and fiscal policy responses to the pandemic strongly impact firm-level returns as well, but differently than pandemic news. Despite methodological differences, dictionary and ML approaches yield remarkably congruent return predictions. Importantly though, ML operates on a vastly larger feature space, yielding richer characterizations of risk exposures and outperforming the dictionary approach in goodness-of-fit. By integrating elements of both approaches, we uncover new risk factors and sharpen our explanations for firm-level returns. To illustrate the broader utility of our methods, we also apply them to explain firm-level returns in reaction to the March 2020 Super Tuesday election results."
Becker Friedman Institute for Research in Economics
Davis, Steven J.; Hansen, Stephen; Seminario-Amez, Cristhian
2021-02-03
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Status of U.S.-Russian Nuclear Arms Control Talks [Updated February 3, 2021]
From the Introduction: "The New START Treaty [Strategic Arms Reduction Treaty] would have expired on February 5, 2021, unless the United States and Russia agreed to extend it for up to five years. On January 21, 2021, the Biden Administration announced that it would seek a five-year extension of New START, leading to an exchange of diplomatic notes and the formal extension of the treaty on February 3, 2021. The State Department noted that the extension was a first step that would provide 'the stability and predictability [needed] to enhance and expand discussions with Russia and China.' The United States and Russia held several meetings during 2020 to discuss New START extension and a framework for a future agreement, but did not reach an agreement. In April 2019, President Trump had called for expanded arms control efforts with Russia and China, both to capture all types of Russian weapons and to bring China into the process. In December 2019, Russian President Vladimir Putin had indicated that he would extend New START for five years, without preconditions; Russian officials also noted that the countries could address other weapons systems in separate talks after extending New START."
Library of Congress. Congressional Research Service
Woolf, Amy F.
2021-02-03
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Road to Recovery: Ramping Up COVID-19 Vaccines, Testing, and Medical Supply Chain, Hearing Before the Subcommittee on Health of the Committee on Energy and Commerce, House of Representatives, One Hundred Seventeenth Congress, First Session, February 3, 2021
This is from the February 2, 2021 hearing on "Road to Recovery: Ramping Up COVID-19 [coronavirus disease 2019] Vaccines, Testing, and Medical Supply Chain" before the U.S. House of Representatives Committee on Energy and Commerce, Subcommittee on Health. From the Opening Statement of Chairman Frank Pallone, Jr: "There is no more pressing issue to begin with than the ongoing COVID-19 pandemic, our response so far, and our need to increase vaccinations, testing, and mitigation, and building a robust supply chain. This pandemic is taking a devastating toll on families and communities all around our nation. More than 440,000 Americans have died from this terrible virus, and the Centers for Disease Control and Prevention has projected that number will grow to more than 500,000 before the end of the month. As Americans, we mourn every loss. As Members of Congress, we must do everything we can to ensure this new Administration has all the tools and resources it needs to crush COVID-19." Statements, letters, and materials submitted for the record include those of the following: Luciana Borio, Greg Burel, Michael O. Leavitt, and Julie Morita.
United States. Congress. House. Committee on Energy and Commerce
2021-02-03
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GameStop-Related Market Volatility: Policy Issues [February 3, 2021]
From the Document: "Video game chain GameStop triggered a market frenzy in early 2021 when its stock price rapidly increased from around $18 to well over $400 in intraday trading. The developments soon spread to some other stocks and markets. The episode raises several policy issues, including social media's influence over investment decisions, zero-commission trading, short selling, investor protection, market functionality, and financial stability."
Library of Congress. Congressional Research Service
Su, Eva
2021-02-03
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Biden Administration's Initial Presidential Directives in Context [February 3, 2021]
From the Document: "The beginning of the Biden Administration has brought a steady stream of presidential directives that have drawn significant public attention for their speed and range of purposes. A review of the pace with which recent presidential Administrations issued executive orders shows the Biden Administration issued more executive orders than its predecessors during the first week of a first term. This Insight provides a brief overview of activity in the first week of President Joe Biden's term and what it might mean for the rest of his Administration."
Library of Congress. Congressional Research Service
Wilhelm, Ben
2021-02-03
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International Trade and Finance: Overview and Key Issues for the 117th Congress [February 3, 2021]
From the Introduction: "International trade and finance shape the everyday material life of people in the United States. How goods, services, and money crisscross the globe can determine the success of U.S. industry and agriculture, the financial security of U.S. households, the goods and services available to U.S. consumers, the strength of the U.S. dollar, and the health of the global environment. International trade and finance are also tools for securing U.S. foreign policy and national security interests. Since World War II, the United States has used trade policy to promote overall global economic growth and strengthen links to its allies, sanctions to isolate its adversaries, and participation in international institutions to establish an open rules-based global economy intended to encourage peaceful, stable, and expanding economic engagement in the world. Congress is in a unique position to set U.S. trade policy given its constitutional authority for legislating and overseeing international commerce."
Library of Congress. Congressional Research Service
Schwarzenberg, Andres B.; Casey, Christopher A.
2021-02-03
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CFPB Finalizes Two New Debt Collection Regulations [February 3, 2021]
From the Document: "The Consumer Financial Protection Bureau (CFPB) recently finalized two new regulations to implement the Fair Debt Collection Practices Act (FDCPA; 15 U.S.C. §§1692-1692f), which seeks to 'eliminate abusive debt collection practices by debt collectors.' On November 30, 2020, the CFPB issued a final rule on how debt collectors may communicate with consumers. On January 19, 2020, the CFPB published a second rule clarifying what information debt collectors must disclose to consumers. This Insight provides an overview of the debt collection market and its regulation and analyzes major parts of the CFPB's two new rules."
Library of Congress. Congressional Research Service
Cooper, Cheryl R.
2021-02-03
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Defense Primer: The National Technology and Industrial Base [Updated February 3, 2021]
From the Document: "The National Technology and Industrial Base (NTIB) consists of the people and organizations engaged in national security and dual-use research and development (R&D), production, maintenance, and related activities within the United States, Canada, the United Kingdom, and Australia. The NTIB, as established by 10 U.S.C. §2500, is intended to support national security objectives of the United States, including supplying military operations; conducting advanced R&D and systems development to ensure technological superiority of the U.S. Armed Forces; securing reliable sources of critical materials; and developing industrial preparedness to support operations in wartime or during a national emergency. [...] Officials from the United States and other NTIB member countries have stated that, while coordination is moving in the right direction, the industrial bases are not meaningfully integrated. Furthermore, some contend that the NTIB currently falls short of the aspiration of a seamless integration of the 'transfer of knowledge, goods, and services' called for in the FY2017 NDAA [National Defense Authorization Act]. Potential related considerations for Congress include the following options. [1] Establish a governing body of NTIB members; [...] [2] Amend laws affecting integration of the NTIB; [...] [and 3] Increase international cooperation[.]"
Library of Congress. Congressional Research Service
Peters, Heidi M.
2021-02-03
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Defense Primer: Department of Defense Contractors [Updated February 3, 2021]
From the Document: "Throughout its history, the Department of Defense (DOD) has relied on contractors to support a wide range of military operations. A 'defense contractor', as defined by the Code of Federal Regulations, is 'any individual, firm, corporation, partnership, association, or other legal non-Federal entity that enters into a contract directly with the DOD to furnish services, supplies, or construction' (see 32 C.F.R. 158.3, 'Definitions'). Within the defense policy community, the term 'contractor' is commonly used in two different contexts. The word can describe the private companies with which DOD contracts to provide goods and services. It can also describe individuals hired by DOD--usually through private companies, which are also considered contractors in the previous context--to perform specific tasks. The term 'contractor' does not refer to military servicemembers, civilian DOD career employees, or civilian political appointees. Operations over the past 30 years have highlighted the central role that contractors play in supporting U.S. troops, both in terms of the number of contractors and the type of work being performed. During recent U.S. military operations in Iraq and Afghanistan, contractors frequently accounted for 50% or more of the total DOD presence in-country."
Library of Congress. Congressional Research Service
Peters, Heidi M.
2021-02-03
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Defense Primer: Acquiring Specialty Metals and Sensitive Materials [Updated February 3, 2021]
From the Document: "Some metals (such as titanium and tungsten) and metal alloys, as well as strong permanent magnets known as rare earth magnets, are critical to U.S. Department of Defense (DOD) operations. These materials are frequently integrated into components (e.g., integrated circuits, electrical wiring, or optoelectronic devices) or structures (e.g., aircraft fuselages or ship hulls) of the military platforms and weapon systems that enable warfighting capabilities. There are few, and, in some cases, no known alternatives for many of these materials, which often have unique physical properties, such as high material strength coupled with low density, or resistance to various forms of corrosion. Many of these materials are subject to 'sourcing restrictions or prohibitions' in DOD acquisitions. Congress established these restrictions or prohibitions to protect the domestic materials industry and ensure the United States maintains critical production capabilities and capacity within the defense industrial base. Statutory restrictions establish that some items that incorporate certain metals and metal alloys known as specialty metals generally must be produced or manufactured in the United States. Other statutory prohibitions establish that some items that incorporate certain sensitive materials may not be acquired from specified sources."
Library of Congress. Congressional Research Service
Peters, Heidi M.
2021-02-03
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COVID-19: Financial Relief and Assistance Resources for Renters [Updated February 3, 2021]
From the Document: "On September 4, 2020, the Centers for Disease Control and Prevention (CDC) published an order (2020-19654) in the 'Federal Register', temporarily halting residential evictions nationwide through December 31, 2020, for covered renters. The CDC published an FAQs [frequently asked questions] document related to this order. On December 27, 2020, the Consolidated Appropriations Act, 2021 (P.L. 116-260) was enacted. Division N of the act extends the CDC eviction moratorium order through January 31, 2021 (§502) and provides $25 billion for emergency rental assistance to be administered by state and local governments (§501). On January 29, 2021, the CDC issued an order extending the eviction moratorium through March 31, 2021. This order also extends application to American Samoa, which was not covered by the previous order. These actions follow the expiration of a previous federal eviction moratorium. The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136) provided a temporary federal moratorium on eviction filings for nonpayment of rent against renters residing in federally assisted properties or properties with federally backed mortgages. This moratorium went into effect upon enactment of the CARES Act on March 27, 2020, and lasted for 120 days (through July 24, 2020). Landlords were required to provide at least 30 days' notice before renters must vacate the property (not before August 23, 2020)."
Library of Congress. Congressional Research Service
Minter, Alyse N.
2021-02-03
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Environmental Provisions in Free Trade Agreements (FTAs) [Updated February 3, 2021]
From the Overview: "Linkages between trade and environmental protection have long been a concern to some U.S. policymakers and stakeholders. The central question is whether trade liberalization (i.e., the removal of barriers on the free exchange of goods and services between nations) advances shared economic and environmental goals. Some observers argue that economic expansion brought on by trade liberalization adversely affects the environment. Among other concerns, they contend that for developing countries, international competition may lead them to adopt less stringent environmental standards or to engage in more polluting activities. Thus, they claim that environmental provisions are necessary in trade agreements to help raise or maintain international standards and protect U.S. businesses and workers from perceived unfair competition. Other policymakers and stakeholders believe that trade liberalization and environmental protection can be mutually supportive. They argue that while economic growth may adversely affect the environment during the initial stages of industrialization, it can also provide resources to mitigate such effects as countries develop. They also argue that trade liberalization can support U.S. environmental goals through the elimination of tariffs on environmental goods, and the reduction of trade-distorting subsidies."
Library of Congress. Congressional Research Service
Lattanzio, Richard K.; Fergusson, Ian F.
2021-02-03
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Fiscal Policy in the COVID-19 Economic Recovery [February 3, 2021]
From the Document: "Congress is currently considering a new stimulus package to address the economic recovery. As of December 2020, the unemployment rate for private nonagricultural workers was 6.7%, down from 13.3% in May and 14.7% in April, but significantly above the 4.4% rate in March before the Coronavirus Disease 2019 (COVID-19) pandemic began to affect the economy. COVID-19 infections and deaths, while slowing in the late spring of 2020, began to rise steeply in the fall and winter."
Library of Congress. Congressional Research Service
Gravelle, Jane
2021-02-03
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U.S.-China Relations [Updated February 3, 2021]
From the Overview: "The Joseph R. Biden Administration has signaled significant continuity with the Donald J. Trump Administration in its view of the challenge the People's Republic of China (PRC or China) poses to U.S. interests. In written responses to questions from Senators, thenSecretary of State-nominee Antony J. Blinken described China as 'engaged in conduct that blunts our technological edge, threatens our alliances and our influence in international organizations, and is designed to make America and its allies more dependent on China, and China less dependent on America and our allies.' Blinken has also stated that he believes China's treatment of its Uyghur ethnic minority constitutes genocide. Secretary of Defense Lloyd Austin, at his own confirmation hearing, called China 'the most significant threat going forward.' China is 'already a regional hegemon,' he said, and seeks to become 'the preeminent power in the world in the not-too-distant future.' Biden did not immediately schedule a call with China's top leader, Xi Jinping, instead prioritizing calls to allies and partners and Russian President Vladimir Putin. The Biden Administration is reviewing the Trump Administration's China actions. It has pledged to work closely with U.S. allies and partners; re-engage with the United Nations; ensure the U.S. military's competitive edge over China's; put democratic values at the center of foreign policy; and make investments at home in American workers, infrastructure, education, and innovation."
Library of Congress. Congressional Research Service
Lawrence, Susan V.; Sutter, Karen M.
2021-02-03
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New START Treaty: Central Limits and Key Provisions [Updated February 3, 2021]
From the Summary: "The United States and Russia signed the New START [Strategic Arms Reduction Treaty] Treaty on April 8, 2010. After more than 20 hearings, the U.S. Senate gave its advice and consent to ratification on December 22, 2010, by a vote of 71-26. Both houses of the Russian parliament--the Duma and Federation Council-- approved the treaty in late January 2011 and it entered into force on February 5, 2011. Both parties met the treaty's requirement to complete the reductions by February 5, 2018. On February 3, 2021, the two parties agreed to extend the treaty for five years, as permitted in the treaty text. [...] The Obama Administration and outside analysts argued that New START strengthens strategic stability and enhances U.S. national security. Critics, however, questioned whether the treaty would serve U.S. national security interests[.] [...] The 2018 Nuclear Posture Review confirmed that the United States would continue to implement the treaty, at least through 2021. The Trump Administration raised questions about the value of the treaty and suggested that the United States might allow it to lapse while negotiating a new treaty that would include Russia and China, and capture all types of Russian nuclear weapons. It eventually sought, but failed, to negotiate a short-term extension in the latter half of 2020. The incoming Biden Administration announced that it would seek a five-year extension of the treaty, and Russia accepted this proposal."
Library of Congress. Congressional Research Service
Woolf, Amy F.
2021-02-03
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Public Good, Bad Policies, and Tough Times: When Profit and Public Interests Collide
From the Document: "The recent Texas blizzard, which left millions without power and is responsible for at least 70 deaths, is just the latest in a long line of failures wrought by privatization of the public good - a system designed to maximize corporate profits while providing minimal benefits or protections to public health. As we see time and again, when calamities, such as infectious disease pandemics, natural disasters, and severe weather strike, privatized systems fail to respond adequately. This brief highlights just a couple of recent examples, describes how these failures undermine public trust and erode democracy, and ends by providing suggestions for how we can rethink policies to value people over profits instead of valuing profits over people."
Syracuse University. Lerner Center for Public Health Promotion
Brown, Austin McNeill; Monnat, Shannon M.
2021-02-03
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Executive Order 14010: Creating a Comprehensive Regional Framework to Address the Causes of Migration, to Manage Migration Throughout North and Central America, and to Provide Safe and Orderly Processing of Asylum Seekers at the United States Border
From the Document: "For generations, immigrants have come to the United States with little more than the clothes on their backs, hope in their hearts, and a desire to claim their own piece of the American Dream. These mothers, fathers, sons, and daughters have made our Nation better and stronger. The United States is also a country with borders and with laws that must be enforced. Securing our borders does not require us to ignore the humanity of those who seek to cross them. The opposite is true. We cannot solve the humanitarian crisis at our border without addressing the violence, instability, and lack of opportunity that compel so many people to flee their homes. Nor is the United States safer when resources that should be invested in policies targeting actual threats, such as drug cartels and human traffickers, are squandered on efforts to stymie legitimate asylum seekers. Consistent with these principles, my Administration will implement a multipronged approach toward managing migration throughout North and Central America that reflects the Nation's highest values."
United States. Office of the Federal Register
Biden, Joseph R., Jr.
2021-02-02
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Trial Memorandum of the United States House of Representatives in the Impeachment Trial of President Donald J. Trump [February 2, 2021]
From the Introduction: "This trial arises from President Donald J. Trump's incitement of insurrection against the Republic he swore to protect. The House of Representatives has impeached him for that constitutional offense. To protect our democracy and national security--and to deter any future President who would consider provoking violence in pursuit of power--the Senate should convict President Trump and disqualify him from future federal officeholding. On January 6, 2021, with Vice President Michael Pence presiding, Congress assembled to perform one of its most solemn constitutional responsibilities: the counting of electoral votes for President of the United States. This ritual has marked the peaceful transfer of power in the United States for centuries. Since the dawn of the Republic, no enemy--foreign or domestic--had ever obstructed Congress's counting of the votes. No President had ever refused to accept an election result or defied the lawful processes for resolving electoral disputes. Until President Trump. In a grievous betrayal of his Oath of Office, President Trump incited a violent mob to attack the United States Capitol during the Joint Session, thus impeding Congress's confirmation of Joseph R. Biden, Jr. as the winner of the presidential election."
United States. Congress. House. Committee on the Judiciary
2021-02-02
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S. Doc. 117-2: Proceedings of the United States Senate in the Impeachment Trial of Donald John Trump: Part I, February 2, 2021
This Senate document outlines Part I of the impeachment proceedings against Donald J. Trump, which includes: [1] Precept; [2] Writ of Summons; [3] Return of Service; [4] Answer of Donald John Trump to Article of Impeachment; and [5] Trial Memorandum of Untied States House of Representatives.
United States. Government Publishing Office
2021-02-02
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Coast Guard Cutter Procurement: Background and Issues for Congress [Updated February 2, 2021]
From the Summary: "The Coast Guard's program of record (POR), which dates to 2004, calls for procuring 8 National Security Cutters (NSCs), 25 Offshore Patrol Cutters (OPCs), and 58 Fast Response Cutters (FRCs) as replacements for 90 aging Coast Guard high-endurance cutters, medium-endurance cutters, and patrol craft. The Coast Guard's proposed FY2021 budget requested a total of $597 million in procurement funding for the NSC, OPC, and FRC programs; Congress provided a total of $837 million for FY2021, with the additional $240 million being for the FRC program."
Library of Congress. Congressional Research Service
O'Rourke, Ronald
2021-02-02
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Introduction to U.S. Economy: Monetary Policy [February 2, 2021]
From the Document: "The Federal Reserve (Fed), the nation's central bank, is responsible for monetary policy. This In Focus explains how monetary policy works. Typically, when the Fed wants to stimulate the economy, it makes policy more expansionary by reducing interest rates. When it wants to make policy more contractionary or tighter, it raises rates."
Library of Congress. Congressional Research Service
Labonte, Marc
2021-02-02
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Federal Economic Development and COVID-19 Recovery: Issues and Policy Options [February 2, 2021]
From the Document: "States and local governments traditionally lead U.S. economic development efforts, with the federal government selectively intervening to address significant need. However, the 2019 Coronavirus Disease (COVID-19) pandemic has caused pervasive social and economic dislocation and extreme subnational fiscal stress, straining existing federal economic development structures. This Insight examines current federal economic development policy and outlines various options for addressing a potentially lengthy pandemic recovery, or future such long-term challenges."
Library of Congress. Congressional Research Service
Cecire, Michael H.
2021-02-02
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Maximizing Assistance from the Federal Emergency Management Agency to Respond to COVID-19: Memorandum for the Secretary of Homeland Security [and] the Administrator of the Federal Emergency Management Agency, February 2, 2021
From the Document: "Consistent with the nationwide emergency declaration concerning the coronavirus disease 2019 (COVID-19) pandemic on March 13, 2020, it is the policy of my Administration to combat and respond to COVID-19 with the full capacity and capability of the Federal Government to protect and support our families, schools, and businesses, and to assist State, local, Tribal, and territorial governments to do the same, including through emergency and disaster assistance available from the Federal Emergency Management Agency (FEMA)."
United States. Office of the Federal Register
Biden, Joseph R., Jr.
2021-02-02
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Department of State, Foreign Operations, and Related Programs: FY2021 Budget and Appropriations [Updated February 2, 2021]
From the Summary: "Each year, Congress considers 12 distinct appropriations measures to fund federal programs and activities. One of these is the Department of State, Foreign Operations, and Related Programs (SFOPS) bill, which includes funding for U.S. diplomatic activities, cultural exchanges, development and security assistance, and participation in multilateral organizations, among other international activities. On February 10, 2020, the Trump Administration submitted to Congress its SFOPS budget proposal for FY2021, totaling $44.12 billion (including $158.90 million in mandatory State Department retirement funds). None of the requested SFOPS funds were designated as Overseas Contingency Operations (OCO) funds. The Administration's FY2021 request was about 3% higher than its FY2020 request for SFOPS accounts but nearly 24% below the FY2020 SFOPS funding level enacted by Congress (including COVID-19 [coronavirus disease 2019] supplemental funds, which were enacted after the FY2021 request was submitted)."
Library of Congress. Congressional Research Service
Gill, Cory R.; Lawson, Marian Leonardo; Morgenstern, Emily M.
2021-02-02
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E.O. 14005: Bolstering Federal Government Purchase of American Products and Services [February 2, 2021]
From the Document: "On January 25, 2021, President Joe Biden issued Executive Order (E.O.) 14005 to advance the policy that the U.S. government should 'use terms and conditions of Federal financial assistance awards and Federal procurements to maximize the use of goods, products, and materials produced, and services offered in, the United States.' Although the E.O. has broad applicability, this Insight focuses exclusively on the Buy American Act (BAA) as applied to federal procurement and discusses selected provisions of the E.O. As may occur during a presidential transition, E.O. 14005 revoked two executive orders and superseded a third that also promoted Buy American policies and were issued by President Biden's immediate predecessor."
Library of Congress. Congressional Research Service
Halchin, L. Elaine
2021-02-02
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U.S.-Japan Relations [Updated February 2, 2021]
From the Overview: "Japan, a U.S. treaty ally since 1951, is a significant partner of the United States in several foreign policy areas, particularly security and trade. Shared security goals range from meeting the challenge of an increasingly powerful China to countering threats from North Korea. The U.S.-Japan mutual defense treaty grants the United States the right to base U.S. troops--currently numbering around 50,000--and other military assets on Japanese territory in return for a U.S. pledge to protect Japan's security. The two countries collaborate through multiple bilateral and multilateral institutions on issues such as science and technology, global health, energy, and agriculture. Japan is the fourth largest U.S. trading partner and largest source of foreign direct investment into the United States, and its investors are the largest foreign holders of U.S. Treasury securities. The U.S.-Japan relationship remains strong, and recent leadership transitions in both capitals could smooth relations and deepen cooperation across a greater set of issues. Whereas alliance relations under former President Trump and former Prime Minister Shinzo Abe relied heavily on personal rapport between leaders, President Biden and Prime Minister Yoshihide Suga may revert to a more traditional partnership that relies more on institutionalized ties. [...] In the short term, the countries will confront the expiration of their existing cost-sharing agreement for hosting the U.S. military in Japan."
Library of Congress. Congressional Research Service
Chanlett-Avery, Emma; Manyin, Mark E.; Williams, Brock R. . . .
2021-02-02
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South Korea: Background and U.S. Relations [Updated February 2, 2021]
From the Overview: "South Korea (officially the Republic of Korea, or ROK) is one of the United States' most important strategic and economic partners in Asia. The U.S.-ROK Mutual Defense Treaty, signed in 1953 at the end of the Korean War, commits the United States to help South Korea defend itself, particularly from North Korea (officially the Democratic People's Republic of Korea, or DPRK). The alliance also helps the United States promote its interests in East Asia and around the globe, including by deploying ROK troops to U.S.-led military conflicts in the Middle East. Approximately 28,500 U.S. troops are based in the ROK. [...] Policy cooperation between the United States and South Korea was inconsistent under the administrations of Donald Trump and Moon Jae-in. President Moon, a progressive, was elected in May 2017 after a decade of conservative rule. President Biden has called for reinvigorating the alliance, suggesting he would abandon President Trump's repeated use of punitive tariffs against allies like Seoul and his demand for a five-fold increase in South Korea's payments for the costs of hosting U.S. troops. Unlike Trump, Biden has not signaled an interest in demanding new concessions in the KORUS FTA [U.S.-South Korea Free Trade Agreement] or withdrawing U.S. troops from South Korea. Bilateral difficulties could surface, however, over North Korea policy. Moon's government favors easing sanctions against Pyongyang, a stance that could create tensions with Washington."
Library of Congress. Congressional Research Service
Manyin, Mark E.; Chanlett-Avery, Emma; Williams, Brock R.
2021-02-02
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Trump Administration's 'Zero Tolerance' Immigration Enforcement Policy [Updated February 2, 2021]
From the Introduction: "In recent years, Central American migrant families have been arriving at the U.S.-Mexico border in relatively large numbers, many seeking asylum. While some request asylum at U.S. ports of entry, others do so after attempting to enter the United States illegally between U.S. ports of entry. On May 7, 2018, then-Attorney General Jeff Sessions announced that the Department of Justice (DOJ) implemented a 'zero tolerance' policy toward illegal border crossing, both to discourage illegal migration into the United States and to reduce the burden of processing asylum claims that Trump Administration officials contended are often fraudulent. Under the zero tolerance policy, DOJ prosecuted 100% of adult aliens apprehended crossing the border illegally, making no exceptions for whether they were asylum seekers or accompanied by minor children. [...] This report briefly reviews the statutory authority for prosecuting persons who enter the United States illegally and the policies and procedures for processing apprehended illegal border entrants and any accompanying children. It explains enforcement policies under past administrations and then discusses the Trump Administration's zero tolerance policy on illegal border crossers and the attendant family separations. The report concludes by presenting varied policy perspectives on the zero tolerance policy and briefly reviews recent related congressional activity."
Library of Congress. Congressional Research Service
Kandel, William
2021-02-02
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Executive Order 14012: Restoring Faith in Our Legal Immigration Systems and Strengthening Integration and Inclusion Efforts for New Americans
From the Document: "Consistent with our character as a Nation of opportunity and of welcome, it is essential to ensure that our laws and policies encourage full participation by immigrants, including refugees, in our civic life; that immigration processes and other benefits are delivered effectively and efficiently; and that the Federal Government eliminates sources of fear and other barriers that prevent immigrants from accessing government services available to them. Our Nation is enriched socially and economically by the presence of immigrants, and we celebrate with them as they take the important step of becoming United States citizens. The Federal Government should develop welcoming strategies that promote integration, inclusion, and citizenship, and it should embrace the full participation of the newest Americans in our democracy."
United States. Office of the Federal Register
Biden, Joseph R., Jr.
2021-02-02
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Executive Order 14011: Establishment of Interagency Task Force on the Reunification of Families
From the Document: "It is the policy of my Administration to respect and value the integrity of families seeking to enter the United States. My Administration condemns the human tragedy that occurred when our immigration laws were used to intentionally separate children from their parents or legal guardians (families), including through the use of the Zero-Tolerance Policy. My Administration will protect family unity and ensure that children entering the United States are not separated from their families, except in the most extreme circumstances where a separation is clearly necessary for the safety and well-being of the child or is required by law."
United States. Office of the Federal Register
Biden, Joseph R., Jr.
2021-02-02
