Happy Monday 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 — McConnell not certain there will be a fifth coronavirus package: Senate Majority Leader Mitch McConnell (R-Ky.) on Monday cast doubt on whether negotiators would be able to break the impasse on a fifth coronavirus package, though he said that he thinks there needs to be another bill.
“We do need another bill and I’m hoping that this impasse will end soon. …[But] I can’t tell you yet here today whether there’s going to be additional relief for health care providers,” McConnell said at an event in Kentucky.
“I’m hoping what we’re talking about today is not that last tranche that we will make, but as of the moment, today, I can’t tell you with certainty we’re going to reach an agreement,” he said, adding that the talks had been “further complicated” by the November elections.
McConnell’s remarks come after negotiations between the Trump administration and congressional Democrats derailed earlier this month amid deep policy and political differences.
The Hill’s Jordain Carney has more here.
VIRTUAL EVENT ANNOUNCEMENT: ON THE AGENDA: AFFORDABLE HOUSING
A place to call home has always been a basic need and yet the lack of safe, affordable housing remains an issue today. On the sidelines of the 2020 Conventions, The Hill will host discussions on what can be done to ensure all Americans have access to a safe and affordable home. Tuesday, August 18 at 1PM EDT former HUD Sec. Julián Castro and Rep. Suzan DelBene join us for the DNC; stay tuned for details on the RNC edition on Tuesday, August 25 at 1PM EDT.
LEADING THE DAY
States expected to roll out weekly $300 unemployment boost in late August: President Trump’s promised top-up in unemployment benefits is expected to begin rolling out the last weekend in August, a full month after a larger benefit expired, according to the Federal Emergency Management Agency (FEMA), which will administer the funds.
- Though Trump advertised the new top-up at $400, only $300 was set to come from FEMA, with the rest coming from states’ existing relief funds. Many states voiced opposition to the plan, citing the immense damage the pandemic has caused to their finances.
- Treasury Secretary Steven Mnuchin initially said the additional funds would be available immediately, but then revised his estimate to say it would take two weeks.
- The FEMA document cited Labor Department figures estimating that on average, the benefits would start rolling out three weeks after the Aug. 8 order was signed, setting the average start date at Aug. 29.
The Hill’s Niv Elis tells us why here.
Navarro blasts ‘stupid’ Kodak execs amid insider trading probe into loan: White House trade adviser Peter Navarro ripped Eastman Kodak amid an investigation into whether executives illegally disclosed information about a federal loan to produce pharmaceutical products.
“What happened at Kodak was probably the dumbest decisions made by executives in corporate history,” Navarro said in a Monday interview with CNBC. “You can’t fix stupid. You can’t even anticipate that degree of stupidity.”
- The Securities and Exchange Commission (SEC) is investigating whether Kodak executives violated insider trading laws when disclosing a $765 million loan from the federal government.
- While the loan was announced on July 28, the company’s stock skyrocketed in price the prior day as the volume of Kodak shares traded increased drastically.
- The U.S. International Development Finance Corporation announced on Aug. 7 that it was pausing the loan to Kodak after news of the SEC probe and the announcement of an internal company investigation came out earlier that day.
“We loved that project,” said Navarro, who has called for boosting U.S. production of pharmaceuticals to reduce the country’s reliance on imports, particularly from China.
“We don’t know why that happened or what they did. Let the investigation happen,” he continued. “We’re not looking in the rearview mirror.”
GOOD TO KNOW
- Caroline A. Crenshaw was sworn in Monday as the Securities and Exchange Commission’s (SEC) second Democratic member, giving the five-person panel a full roster for the first time since 2018.
- The S&P 500 came close to hitting a record high Monday but fell 4 points shy of its February peak.
- The Commerce Department’s Bureau of Industry and Security on Monday announced further steps to push back against Chinese telecommunications company Huawei and blacklisted 38 Huawei affiliate groups.
- The business models for Uber, Lyft and dozens of other gig worker companies that have sprouted up over the last decade are up in the air after a California judge ruled that rideshare drivers must be classified as employees rather than contractors.
- Postmaster General Louis DeJoy has agreed to testify before the House Oversight and Reform Committee about recently implemented cost-cutting measures at the U.S. Postal Service that have sparked fears that some ballots might not be delivered in time for Election Day.