Federal Reserve Transparency Act of 2021 This bill establishes requirements regarding audits of certain financial agencies performed by the Government Accountability Office (GAO). Specifically, the bill directs the GAO to complete, within 12 months, an audit of the Federal Reserve Board and Federal Reserve banks. In addition, the bill allows the GAO to audit the Federal Reserve Board and Federal Reserve banks with respect to (1) international financial transactions; (2) deliberations, decisions, or actions on monetary policy matters; (3) transactions made under the direction of the Federal Open Market Committee; and (4) discussions or communications among Federal Reserve officers, board members, and employees regarding any of these matters.
Sponsored bills
Healthy Workplaces Act This bill allows tax credits for employer expenses for protecting employees from COVID-19 (i.e., coronavirus disease 2019). Specifically, the bill allows a credit against certain employment taxes equal to 50% of the sum of qualified employee protection expenses, workplace reconfiguration expenses, and education and training expenses paid by the employer during a calendar quarter. The bill also allows a 50% income tax credit for qualified workplace reconfiguration expenses incurred by an employer in 2020. The bill defines qualified workplace reconfiguration expenses to include amounts paid by an employer to evaluate, design, and reconfigure retail space and employee work areas for the primary purpose of preventing the spread of COVID-19. The evaluation, design, and reconfiguration must be completed before January 1, 2022.
Railroad Employee Equity and Fairness Act or the REEF Act This bill permanently exempts payments made from the Railroad Unemployment Insurance Account from sequestration. Sequestration is a process of automatic, usually across-the-board spending reductions under which budgetary resources are permanently cancelled to enforce specific budget policy goals. Currently, this exemption ends 30 days after the termination of the COVID-19 national emergency period.
This joint resolution proposes an amendment to the Constitution to require that the Supreme Court consist of nine Justices.
Earmark Elimination Act of 2021 This bill establishes a point of order in the Senate against considering legislation that includes an earmark. An earmark is generally any congressionally directed spending, tax benefit, or tariff benefit that benefits a specific entity, state, locality, or congressional district other than through a statutory or administrative formula or competitive award process. The point of order may be waived by an affirmative vote of two-thirds of the Senate. If the point of order is successfully raised and sustained, the earmark must be stricken from the legislation.
Safe Step Act This bill requires a group health plan to establish an exception to medication step-therapy protocol in specified cases. A medication step-therapy protocol establishes a specific sequence in which prescription drugs are covered by a group health plan or a health insurance issuer. A request for such an exception to the protocol must be granted if (1) an otherwise required treatment has been ineffective, (2) such treatment is expected to be ineffective and delaying effective treatment would lead to irreversible consequences, (3) such treatment will cause or is likely to cause an adverse reaction to the individual, (4) such treatment is expected to prevent the individual from performing daily activities or occupational responsibilities, (5) the individual is stable based on the prescription drugs already selected, or (6) there are other circumstances as determined by the Employee Benefits Security Administration. The bill requires a group health plan to implement and make readily available a clear process for an individual to request an exception to the protocol, including required information and criteria for granting an exception. The bill further specifies timelines under which plans must respond to such requests.
Higher Wages for American Workers Act of 2021 This bill increases the federal minimum wage, permanently establishes the E-Verify system and requires its use, and contains other related provisions. Specifically, the bill increases the minimum wage to $10 per hour, phased in over three years (five years for businesses with fewer than 20 employees), up from $7.25 per hour. The bill also phases in over three years an increase of the minimum wage for new employees less than 20 years old from $4.25 to $6 per hour, and increases the length of time an employee may be paid this lower minimum wage. Both minimum wages shall be adjusted for inflation every two years. All employers shall use E-Verify to electronically verify the employment eligibility of new employees, with phased-in deadlines that generally require all employers to comply within 18 months of this bill's enactment. This bill provides for various requirements related to E-Verify, including requiring employers to examine and verify certain identifying documents belonging to the employee. The bill increases civil penalties for various violations related to hiring, recruiting, and referring ineligible employees. Repeated violators may be debarred from receiving federal contracts, grants, or cooperative agreements. The bill also increases criminal fines for violators that engage in a pattern or practice of violations. If a state does not provide the Department of Homeland Security access to that state's driver's license and identity card information for E-Verify purposes, that state (and its local government entities) shall be ineligible for certain grants related to public works and economic development.
Main Street Tax Certainty Act This bill makes permanent the tax deduction for qualified business income. (Under current law, the deduction expires after December 31, 2025.) Qualified business income is defined as the net amount of qualified items of income, gain, deduction and loss with respect to any trade or business, excluding capital gains or losses, dividends, interest income, or income earned outside the U.S.
New Markets Tax Credit Extension Act of 2021 This bill makes the new markets tax credit permanent. It also modifies the credit to (1) provide for an inflation adjustment to the limitation amount for the credit after 2021, and (2) allow an offset against the alternative minimum tax for the credit (determined with respect to qualified equity investments initially made after 2020).
This resolution recognizes Black History Month as an opportunity to reflect on U.S. history and to commemorate the contributions of African Americans. It calls for the United States to (1) honor the contribution of pioneers who helped to ensure its legacy; and (2) move forward as a nation "indivisible, with liberty and justice for all."