Your guide to how Washington shapes business and the economy
 | FRI, DEC 17, 2021 | | | Good afternoon,
The Senate is likely going to blow its Christmas deadline to pass President Biden's sweeping climate and social package. House Speaker Nancy Pelosi came out against banning lawmakers from owning individual stocks. And the U.S. blacklisted 34 Chinese companies and entities over human-rights violations. Here are some of the stories we are following at CNBC Politics: - Build Back Better ... later: Democrats' $1.75 trillion plan to invest in the social safety net and the battle against climate change has hit yet another roadblock in the Senate. Previously, Majority Leader Chuck Schumer wanted his chamber to pass a version of the measure by Christmas. But Christmas is next week, and Biden and conservative Democratic Sen. Joe Manchin, who has already won several concessions in negotiations, don't look like they're any closer to a deal.
CNBC Politics Reporter Jacob Pramuk writes: "Failure to pass the plan in 2021 will have immediate impacts. The enhanced child tax credit of up to $300 a month per child will expire at the end of the year unless Congress extends it. The last payments to families went out Wednesday, and the Build Back Better Act would renew them for a year."
- More Chinese entities blacklisted: The Commerce Department this week slapped new trade restrictions on 34 Chinese entities, citing human rights violations. It was the latest step in Washington's pressure campaign against Beijing over the Chinese government's treatment of the religious and ethnic minority Uyghurs in China's Xinjiang province. The U.S. also cited national security interests in its latest rule directed at China.
CNBC National Security Reporter Amanda Macias writes: "The Commerce Department accused China's Academy of Military Medical Sciences and 11 of its research institutes of using biotechnology 'to support Chinese military end uses and end users, to include purported brain-control weaponry,' according to a notice in the Federal Register."
- 'Free market' faux pas: The House speaker, a Democrat, said this week that she is against banning members of Congress and their spouses from owning stock in individual companies. "We're a free market economy," Pelosi said. "They should be able to participate in that." Her comments triggered a wave of condemnation, as critics pointed out that everyday participants in the U.S. economy don't have the kind of access to classified and potentially market-moving information that lawmakers do.
CNBC Politics Reporter Dan Mangan writes: "Pelosi's dismissal of the idea of a stock purchase ban came in response to a question about a Business Insider investigative report this week on share ownership by lawmakers, and after controversies over stock purchases by a number of senators since the beginning of the Covid-19 pandemic." Thanks for reading CNBC Politics. Have a great weekend. Thoughts? Tips? Email us at CNBCPolitics@nbcuni.com. Have friends or colleagues who might like this newsletter? They can sign up here. |
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