President Donald Trump signed a bill containing $900 billion in pandemic relief, the White House said, triggering the flow of aid to individuals and businesses and averting the risk of a partial government shutdown on Tuesday.
In addition to aid to stem the economic effects of the pandemic, the legislation Congress passed Monday also includes $1.4 trillion in government spending to fund federal agencies through the end of the fiscal year in September. The government had been operating on temporary spending authority that expires after the end of the day Monday.
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Tim Long is a Managing Director in Financial Services. He has deep knowledge of financial services regulation with hands on experience in all bank supervision and policy related matters. He retired from the OCC after a 31 year career in which he oversaw virtually all of the agencys bank supervision and policy units. He has extensive experience in large and complex bank supervision, regional financial institutions and community banking. In his most recent role with the OCC, Tim served as Senior Deputy Comptroller for Bank Supervision Policy and Chief National Bank Examiner. He was a key advisor to the Comptroller and a member of the OCCs Executive Committee. Tim was also a key advisor to the U.S. Department of the Treasury during the recent financial crisis. He served as the Regulatory Council chair of the Troubled Asset Relief Program (TARP) Capital Purchase Program and was a member of the Financial Stability Oversight Council Deputies Committee created under the Dodd-Frank Act. Earlier in his tenure with the OCC, Tim also held the positions of Senior Deputy Comptroller for Midsize/Community Bank Supervision and Deputy Comptroller for Large Bank Supervision, and was the examiner-in-charge of several large, complex national banks.
The combined $2.3 trillion package was the product of intense negotiations, from which Trump was largely absent until he surprised lawmakers of both parties by demanding bigger stimulus payments for individuals after the bill was already passed.
Trump said in the statement announcing the signing that the GOP Senate had agreed to vote on increasing the $600 individual payments and two other, unrelated matters dealing with social media and his unfounded allegations of voter fraud.
His delay in signing it means those aid payments will likely be later than Treasury Secretary Steven Mnuchin had promised and may cut a week from the supplemental unemployment benefits that were part of the package and scheduled to end in March.
The virus relief package will likely be the last major legislation signed by Trump, whose re-election hopes were dashed in large part due to his handling of the pandemic.
President-elect Joe Biden has said he will push for even more stimulus after taking office early next year, but it remains unclear whether Republicans in Congress would go along. Control of the Senate will be determined by the outcome of two runoff elections in Georgia on Jan 5.
Lawmakers approved the government funding and additional relief at the last possible moment before they were set to leave Washington for a year-end break. Business leaders have called on Congress to pass more stimulus for months, saying that restaurants, theaters, mom-and-pop stores and airlines were being decimated by closures and restrictions as Covid-19 cases spiked in the U.S.
Senate Majority Leader Mitch McConnell, House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer announced a relief deal on Sunday after more than a week of frantic talks sparked by a bipartisan group of senators who drafted their own compromise proposal and urged their leaders to act. Treasury Secretary Steven Mnuchin, representing the administration, also was involved in the talks.
Trump surprised even his fellow Republicans on Tuesday by tweeting a video saying that he wanted Congress to increase the size of stimulus payments for individuals to $2,000, from the $600 in the bill Congress passed. He also complained about federal spending on foreign aid and international programs, even though those funds were allocated as part of the bipartisan appropriations process for funding the government.