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On the Money — SCOTUS strikes down Biden vax-or-test rules

On the Money — SCOTUS strikes down Biden vax-or-test rules
Written by Publishing Team

Happy Thursday and welcome to On The MoneyYour overnight guide to everything that affects your bills, bank account, and bottom line. Subscribe here: thehill.com/newsletter-signup.

Today’s big deal: The Supreme Court just got away President BidenJoe Biden Gallego Jan. 6 Hooligans: “F—them” Psaki: Why is the Republican Party afraid of presidential debates? Biden calls on employers to enforce vaccinations despite Supreme Court ruling overPrivate sector vaccine mandate. We’ll also look at progress toward an annual spending deal, Lyle Brainard’s confirmation hearing, and a major victory for fraudulent student debtors.

But first, find out why the Republican Party “Nice guy” Senator I got a ‘jerk’ call by an ex President TrumpDonald Trump Gallego Jan. 6 Hooligans: “F—them” Psaki: Why is the Republican Party afraid of presidential debates? Democracy depends on life support — and the Republican Party wants to pull the plug even more.

For The Hill, we’re Sylvain Lane, Aris Foley, and newest member of the OTM team Karl Evers-Hillstrom – reporter for The Hill business and lobbying group. You’ve probably seen his byline here a few times before and we’d love to have him join us forever. Reach us on slane@thehill.com or Tweet embedAnd afolley@thehill.com or Tweet embed And kevers@thehill.com or Tweet embed.

Let’s go to it.

One Biden mandate blocked, one still stands

The Supreme Court on Thursday temporarily blocked the Biden administration’s authorization of a vaccine or testing for large employers, but allowed the authorization of a vaccine for health service providers at facilities that receive federal funding.

The Biden administration has argued that both policies are necessary to vaccinate as many people as possible against COVID-19. President Biden has indicated his impatience with Americans who refuse to vaccinate against the coronavirus and that the rules are meant to enforce the problem in order to make workplaces safer.

While the lower courts were divided, the conservative majority ruled that an employer’s mandate for a vaccine or test was an override. The judges said the challengers, a coalition of corporations and 27 states led by Republicans, were likely to succeed on merit.

Nathaniel Wexel and John Cruzell break down Verdict here.

Today’s Driving

Business groups score major victory with OSHA ruling

The Supreme Court ruling is a victory for trade associations that sued to block the requirement for a vaccine or test, which would cover more than 80 million workers.

Business groups have said they cannot afford to lose unvaccinated workers who do not comply with the mandate amid a tight labor market. They also warned that employers would struggle to find enough COVID-19 tests to comply with the alternative testing option.

“This is an important acknowledgment that OSHA’s base is very broad,” said Doug Kantor, general counsel at the National Convenience Store Association. “Companies are doing their part to promote vaccination and safety practices. We appreciate the Supreme Court’s recognition that OSHA should not push regulatory requirements that cannot be met and will exacerbate labor shortages.”

  • The main components of the state It came into effect on Monday, including a workplace mask requirement for unvaccinated workers, before the Supreme Court blocked the rule and sent it back to a lower court on Thursday.
  • The ruling does not prevent employers from setting their own vaccination requirements, as large companies such as United Airlines and Tyson Foods have done.

Trade unions that have been pressing for enhanced worker protections criticized the ruling. Mary Kay Henry, president of the Service Employees International Federation, has accused the Supreme Court majority of “capitulating to companies that try to manipulate the rules against workers permanently”.

Karl More on the repercussions here.

on the hill

Fed Brainard faces GOP pressure on climate stances

Federal Reserve Board Member Lyle Brainard sought to confirm Republican senators said Thursday that the central bank will not cut funding to the fossil fuel industry or penalize the banks it serves if she becomes the bank’s No. 2 official.

During a confirmation hearing before the Senate Banking Committee, Brainard insisted that the Fed would not attempt to craft climate policy as it considers the potential financial risks of climate change despite the Republican Party’s fierce reaction to those plans.

“We are not going to tell banks which sectors to lend to or which sectors not to, but we want to make sure that they measure, monitor and manage their physical risk in many large financial institutions,” Brainard said.

the background:

While Brainard may not need any GOP support to be confirmed in the narrowly Democratic-controlled Senate, Republican concerns about her approach to climate-related financial risks could block her path to the vice presidency. Sylvan explains here.

Four corners play the ball

Negotiators report progress toward 2022 spending deal

Senate and House of Representatives negotiators say they are close to reaching agreement on setting the highest spending figure for the package of appropriations to fund the government after February 18 and avoiding shutdown.

  • Top Democrats and Republicans on the Senate and House appropriations committees met Thursday morning to chart a course for agreement on a comprehensive government funding bill for fiscal year 2022 and said they would meet again soon.
  • Negotiators at the so-called “Four Corners” say they are optimistic about a deal.

“I think we have a good chance of getting together on this,” the deputy. Kay GrangerNorville (Kay) Kay Granger, negotiators report progress toward 2022 spending deal Democrats return with a long to-do list. (Texas), the top Republican member of the House Appropriations Committee, told reporters as she headed to the meeting. here more From Alexander Bolton.

supply chain pain

Producer prices grew 9.7% in 2021

Producer prices rose 9.7% in 2021, according to data released by the Department of Labor on Thursday, the fastest annual increase recorded over the year.

  • The final demand producer price index, which measures prices charged for goods and services that are not part of other products, rose about 10 percent last year, as a sharp economic recovery strained supply chains.
  • The increase represents the fastest annual jump in the PPI since the Labor Department began compiling data in 2010.
  • However, the producer price index rose only 0.2 percent in December on a seasonally adjusted basis.

here More about data.

good to know

An agreement between a coalition of state attorneys general and Navient, one of the largest student loan companies in the United States, resulted in a settlement that would waive the loans. for 66000 borrowers.

The agreement announced Thursday ends several state lawsuits and cancels loans totaling $1.7 billion, according to the Wall Street Journal. Mostly forgiven private education loans were issued between 2002 and 2010 before defaulting.

Here are the other things we’re watching:

  • House Democrats are urging the Internal Revenue Service (IRS) to begin eliminating unaddressed revenue backlogs. with low-income Americans, days after the Treasury warned that tax refunds and other services could be delayed this year due to “tremendous challenges.”
  • New weekly claims for unemployment benefits jumped by 23,000 During the first full week of January, according to data released on Thursday by the Ministry of Labor.

That’s it for today. Thank you for reading and checking out The Hill’s Finance page For the latest news and coverage. OK see you tomorrow.

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