See bottom of email for analyst certification and important disclosures.
Brief Summary of Relief Legislation from Capital Hill
The Senate has finally released the official section by section analysis of the legislation designed to give widespread relief to the current coronavirus emergency. It contains provisions ranging from expanded unemployment, $500 billion stabilization fund for American industry, help for small businesses, money for state and local governments, money for hospitals. The goal is for the Senate to pass the bill this afternoon or evening, and then for the legislation to go to the House. However to get a bill passed today the Senate would have to waive its rules that allows members to have unlimited debate, limit debate and have a vote.
At the present time the House is not in session; therefore, the only way to get the bill passed quickly is under the parliamentary process known as Unanimous Consent. Just as the words imply any single member of the House, who is on the floor of the House, can object and stop the bill. If this happens many members of the House will need to return to DC to have an actual vote in the House. Today’s comments by NY Governor Cuomo, that the bill does nothing for NY, may make it more difficult to get a Unanimous Consent agreement; but we should know more later today.