Stalled progress in a $2 trillion piece of legislation, a federal inquiry into “buy now, pay later” programs, a continued blockade on an SBA nominee, surging COVID-19 cases in New England, and an executive order on climate actions in Connecticut are among the top business news items this morning.
National
President Joe Biden issued a statement Thursday acknowledging that the $2 trillion social policy and environmental bill is currently in a holding pattern as Democrats seek to resolve differences within their party. Biden struck an optimistic tone, saying he believes the party will be able to reach a consensus and pass the legislation.
The Consumer Financial Protection Bureau is opening an inquiry into several popular “buy now, pay later” programs, which have grown more popular with the surge in e-commerce brought on by changing retail models and the COVID-19 pandemic. The CFPB will look into factors such as how the option affects consumer debt, what consumer data is collected, and what consumer protection laws may affect the model.
Senate Republicans are again blocking consideration of Biden’s pick of Dilawar Syed for deputy administrator of the U.S. Small Business Administration, whose nomination has been stalled in committee for more than nine months. Democrats have expressed frustrations about the lengthy blockade, saying it denies the SBA of a qualified candidate and holds up other committee business as well.
Connecticut
Connecticut and three other New England states are experiencing some of the worst COVID-19 surges in the nation despite having some of the highest proportions of fully vaccinated residents. However, the high vaccination rates have also helped to tamp down on hospitalizations and deaths due to the virus in these states.
Governor Ned Lamont has signed a sweeping executive order directing Connecticut agencies to cut their carbon emissions through steps such as a statewide battery bus fleet, building codes, and increasing resilience and carbon sequestration in forests and agriculture. Lamont says the directed actions will also help Connecticut prepare for the anticipated impact of climate change on the state.
