Prime policymakers and enterprise leaders will assemble nearly subsequent week for the DealBook DC Coverage Challenge, to debate the way forward for politics, the financial system, markets and extra. Register here to join us, from anywhere in the world, free of charge.
Coverage prescriptions
With a brand new administration in place in Washington, the actual work — and debate — about coverage priorities begins in earnest. We’ve assembled a number of the most influential gamers in that dialog to hitch us as a part of a two-day occasion, the DealBook DC Policy Project, that begins on Monday.
Between a well being disaster and a associated financial downturn, there are essential coverage questions on the way in which ahead. And it’s not simply in regards to the stimulus wanted to reboot the financial system within the brief time period, however the insurance policies essential to create a sustainable and sturdy restoration. Every part from taxes to labor, commerce, competitors and markets is on the desk.
This mission started in December with a sequence of round-table conversations with consultants about climate policy, U.S.-China relations, the future of capitalism and more. Beginning on Monday, we’re going to drill down on specifics with a sequence of resolution makers to grasp how they consider probably the most urgent challenges we face. My hope is that there will probably be classes to remove from the classes that advance the nationwide dialog and make us all suppose a bit extra deeply about our function in creating options.
The agenda is beneath. I hope you can join us.
Monday, Feb. 22, 9 a.m. – 9:30 a.m.
Treasury Secretary Janet Yellen on the highway to restoration
The trail out of the pandemic is paved with debt. On high of the $1.9 trillion financial assist plan that’s working its method by way of Congress, the White Home is elevating the prospect of one other huge spending bundle focused on infrastructure. Though the financial system is recovering faster than expected, it stays fragile and uneven.
Navigating this path is Janet Yellen, the previous Federal Reserve chair who took over as Treasury secretary final month. She faces strain to cut back the deficit that ballooned in the course of the worst of the pandemic downturn and to handle fears that aggressive spending could stoke inflation as pent-up demand is unleashed. Along with getting the financial system again on its ft, Ms. Yellen’s to-do checklist contains reviewing the deregulation of Wall Avenue beneath former President Donald J. Trump, resetting U.S. commerce relations and incorporating inclusivity, the climate and other priorities into policymaking in a extra complete method than has been tried earlier than.
Additional studying:
“The Daily” did a deep dive on Ms. Yellen’s biography, and the way her background informs her desirous about why “the smartest thing we can do is act big,” as she mentioned at her affirmation listening to.
Monday, Feb. 22, 2:30 P.m. – 3 P.m.
Lawyer Basic Letitia James of New York on the facility of accountability
Letitia James has extra high-profile instances and investigations on her plate as we speak than most attorneys will handle in a lifetime. The best way she makes use of her energy additionally highlights how states can form nationwide coverage.
The New York state lawyer common sued Amazon this week, accusing it of failing to guard warehouse employees amid the pandemic, undaunted by the corporate’s pre-emptive swimsuit to block the charges. Her recent inquiry into nursing residence deaths uncovered the truth that New York had severely underreported the numbers. Her workplace can be taking over the New York Police Division over its dealing with of racial justice protests final 12 months and is investigating fraud in Donald Trump’s business dealings in a civil swimsuit which will turn out to be a prison matter. She is suing the National Rifle Association and its management over claims of misconduct.
She is main a coalition of state attorneys common taking on Facebook, accusing the tech large of illegally crushing competitors. And yesterday, she additionally joined with different A.G.s to induce Congress to cancel federal student loan debt within the title of shopper safety.
And that’s simply the brief checklist.
Additional studying:
When Ms. James was elected in 2018, she shattered a trio of racial and gender barriers: the primary girl in New York to be elected lawyer common, the primary Black girl to be elected to statewide workplace and the primary Black particular person to function lawyer common.
Monday, Feb. 22, 3:30 P.m. – 4 P.m.
Ed Bastian of Delta on the way forward for journey
Final 12 months was “the hardest 12 months in Delta’s historical past,” in accordance with Ed Bastian, the airline’s chief government. The provider reported a lack of greater than $12 billion as journey floor to a halt in the course of the pandemic. However in contrast to its rivals, Delta has been in a position to avoid mass furloughs, and it turned down a bailout mortgage, opting as a substitute to boost cash by tapping its loyalty program.
Along with feeling the pandemic’s financial results, the airline business is on the middle of well being coverage debates, like one over making masks mandatory, which airways have welcomed, and one other over requiring coronavirus exams earlier than journey, which they have resisted for home flights.
The business over all is shedding greater than $150 million every day, and it gained’t flip round meaningfully till high-margin business travel picks up. However some consultants say company journey might by no means absolutely get well, with in-person conferences completely changed by video conferences.
Additional studying:
“Leadership is not a popularity contest,” Mr. Bastian advised our Nook Workplace columnist, in a wide-ranging interview about managing the corporate by way of booms and busts.
Monday, Feb. 22, 4 P.m. – 4:30 P.m.
Steve Ballmer of USAFacts on stimulus by the numbers
Since stepping down as Microsoft’s chief government in 2014, Steve Ballmer has stored busy because the N.B.A.’s most energetic team owner. He has additionally based USAFacts, a nonprofit group devoted to presenting essential knowledge about america in easy-to-read codecs.
The concept behind the group, whose tasks embrace a yearly scorecard for the U.S. modeled on company annual reviews, is to offer People the necessary details about their authorities that they should make knowledgeable political selections. Working with teachers and different consultants, Mr. Ballmer’s group goals, in his phrases, to “work out what the federal government actually does” with taxpayers’ cash.
Additional studying:
The place $3.4 trillion in financial aid — the equal of $10,300 for each American — has been spent over the previous 12 months.
Tuesday, Feb. 23, 12:30 P.m. – 1 P.m.
Karen Lynch of CVS Well being on the vaccine rollout
Karen Lynch took over CVS Well being this month because the pharmacy chain takes middle stage in efforts to battle the pandemic. It’s working with the federal government to distribute the coronavirus vaccine in its shops, in addition to in nursing houses and assisted-living services. To assist in these efforts, the corporate hired 15,000 staff on the finish of final 12 months.
President Biden has warned of “gigantic” logistical hurdles to the rollout. CVS, which might add $1 billion in profit over the following 12 months from this system, additionally goals to achieve underserved communities, which have been disproportionately affected by the pandemic.
Additional studying:
The job market for pharmacists is booming as chains rush to employees as much as deal with demand for vaccinations.
Tuesday, Feb. 23, 2:30 P.m. – 3 P.m.
Vlad Tenev of Robinhood and Jay Clayton, former S.E.C. chairman, on the markets
Nothing captured Wall Avenue’s consideration extra in latest weeks than meme-stock mania, because the online game retailer GameStop and different unlikely firms briefly turned the most well liked issues within the markets. On the middle of the frenzy was the net brokerage Robinhood, which has attracted thousands and thousands of customers with commission-free trades however drew outrage amongst its customers when it halted buying and selling in GameStop and different shares on the peak of the mania.
Vlad Tenev, a Robinhood co-founder and its chief government, has been thrust into the highlight. He confronted hours of hostile questioning at a congressional listening to on Thursday about Robinhood’s enterprise practices, which introduced consideration to usually obscure issues like fee for order move, clearinghouse deposit necessities and the timing of commerce settlements. Mr. Tenev has referred to as for modifications to a few of these practices whereas defending others.
Becoming a member of him is Jay Clayton, the veteran Wall Avenue lawyer who led the Securities and Alternate Fee in the course of the Trump administration. From the beginning of his tenure, Mr. Clayton mentioned that his mission was defending “the long-term pursuits of the Major Avenue investor.” To that finish, the fee cracked down on cryptocurrency frauds on his watch. What the S.E.C. does now — if something — to handle one other potential episode of meme-stock turmoil (or one thing prefer it) is open to debate. (Mr. Clayton has since rejoined company America, changing into the lead independent director of Apollo World Administration.)
Additional studying:
Citadel Securities is a shadowy agency that handles greater than 1 / 4 of all inventory buying and selling within the U.S. (together with a big share of Robinhood’s trades), making it a key participant in debates about the way forward for market construction.
Tuesday, Feb. 23, 5:30 P.m. – 6 P.m.
Senator Mitt Romney on discovering frequent floor
In stark contrast to lots of his social gathering colleagues, Senator Mitt Romney, Republican of Utah, crossed social gathering strains to vote to convict President Donald Trump on articles of impeachment, twice.
Mr. Romney additionally not too long ago proposed a family benefit program that would offer month-to-month funds of as much as $350 per youngster, which was met with approval from many Democrats. It compared favorably to a plan from President Biden.
Though some have accused him of a being a Republican in name only, Mr. Romney is in actual fact politically conservative and works with members on the proper wing of his social gathering. He’s drafting a bill with Senator Tom Cotton of Arkansas that will increase the minimal wage whereas forbidding companies to rent undocumented immigrants. That is typical of Mr. Romney’s method, insofar because it speaks to considerations on either side of the aisle.
