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Business News Roundup, May 19, 2021

The Treasury seeks to sell business leaders on the White House’s infrastructure plan, a hearing on the role of CDFIs and MDIs, a business coalition to find ways to assist workers with child and elder care, and why some workers are not returning to their old jobs are among the top business news items this morning.


Treasury Secretary Janet Yellen is pitching the Biden administration’s $2.3 trillion infrastructure plan to business leaders in a bid to win support for the measure, which includes increasing the corporate tax rate from 21 percent to 28 percent. Businesses have been largely cool to this idea, preferring instead to fund infrastructure improvements by raising user fees.

A subcommittee of the House Committee on Small Business held a hearing examining the role of community development financial institutions and minority development institutions in small business lending. These institutions have had a growing role in providing access to capital for traditionally underserved entrepreneurs, and some lawmakers are looking to find ways to strengthen them through Small Business Administration programs and other means.

Business trends

More than 200 major businesses have formed the Care Economy Business Council, which seeks to improve workplace culture and public policies to better meet employees’ child and elder care needs. This issues proved especially pressing during the COVID-19 pandemic, with many workers – primarily women – leaving the workforce to care for a loved one.

The Associated Press spoke with several employees who are not returning to their former jobs as hiring picks back up. The article notes how many people are taking the pandemic disruption, as well as the financial security offered by enhanced unemployment benefits, to pursue a career change.

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