The House of Representatives passed legislation in September to try and stop states from banning or limiting the sale of gas-powered cars. The Preserving Choice in Vehicle Purchases Act (H.R. 1435) passed by a 222-190 vote, with Republicans largely in favor, and is a reaction to California’s 2022 mandate that all new cars sold in the state after 2035 must be zero-emission vehicles, though the bill did not mention California or its mandate specifically. The state’s air resources board acknowledged that the move is “aggressive” and described its timeline to eliminate new gas-powered car sales by 2035 as “ambitious but…

Democrats achieved a major victory this past summer when Congress passed the Inflation Reduction Act (IRA), a modified version of the Biden administration’s Build Back Better plan. Among its aims, the IRA will attempt to curb rising levels of inflation by reducing the federal deficit. It will also increase spending on climate change and clean energy solutions as well as address prescription drug and tax reform. Biden, who signed the bill into law in mid-August, called it “one of the most significant laws in our history.” He added during the signing ceremony that with this new law, “the American people…

As cryptocurrency becomes more popular, some lawmakers are calling for increased regulation of these digital assets. However, the unique aspects of cryptocurrency have even the most supportive industry stakeholders warning that any new rules must be created thoughtfully and with a light touch rather than leaning on existing banking rules. The use of cryptocurrency, a form of digital currency, has grown rapidly. By the end of 2021, the crypto market nearly surpassed $3 trillion, up from $14 billion five years before. Roughly 16% of Americans also report having invested in, traded or used this type of currency, according to a…

In February, the House passed legislation aimed at bolstering America’s competitiveness with China and strengthening the country’s supply chain. A companion bill passed the Senate in June 2021 but is now caught up in a partisan divide and larger debate over how to handle America’s technology industry and the country’s economic policy toward China. The America COMPETES Act (H.R. 4521) passed in a 222-210 vote, with one Republican voting in favor and one Democrat voting no. The bill includes $52 million to support the domestic manufacturing of semiconductors, the computer chips that are often used in cars and computers. The…

In December 2021, Congress raised the nation’s debt ceiling by $2.5 trillion so that the federal government would not default on its financial obligations. President Joe Biden signed the bill into law, ensuring that the U.S. will make good on its fiscal commitments into 2023. However, the contentious lead-up to the bill’s passage left many questioning the effectiveness and necessity of a U.S. debt ceiling. Initially created to help constrain the nation’s borrowing, the U.S. debt ceiling defines the amount of money the U.S. government can borrow to pay its obligations, including Social Security and Medicare benefits; military and civilian…

Early in the COVID-19 pandemic, policymakers instituted a moratorium on evictions, arguing that people needed to stay in their homes regardless of their ability to pay rent to control the spread of the disease and the economic impacts of lockdowns. A Congressionally instituted eviction moratorium, however, expired in July 2020. After Congress failed to pass an extension in time the U.S. Centers for Disease Control and Prevention (CDC) then issued an emergency order keeping the moratoriums in place, citing the Public Health Service Act of 1944. That order proved controversial, pitting the welfare of renters against the potential income loss…

The federal gas tax, which hasn’t been raised since 1993, currently stands at 18.4 cents per gallon. Revenue from that tax funds improvements of U.S. roads, bridges and mass transit systems but has left the government short of all the money needed to keep transportation networks in a state of good repair. According to the Congressional Budget Office, the Highway Trust Fund, which is largely funded by the gas tax, could be insolvent by the end of 2022. Now a bipartisan group of senators is proposing raising the federal gas tax to fund infrastructure improvements. Proposals to raise the tax…

President Joe Biden announced this spring that he plans to raise the corporate tax rate to help fund his more than $2 trillion infrastructure bill. Supporters of the plan argued that it would help support American workers and families because corporations would be putting money back into the U.S. economy. Detractors of the higher tax rate, however, said that a greater tax burden on corporations could lead to job losses and a weakened economy. Under the Trump administration, the corporate tax rate was cut from 35% to 21%. Biden has announced he would increase the rate to 28%. Biden touted…

President Joe Biden took steps toward making good on a campaign promise to tackle student loan debt this spring. The move, however, faced critics from the left, with some saying the president had not gone far enough to help debt-burdened graduates, and the right, which argued that the government should not waive student debt. In March, the Biden administration announced that it would cancel $1 billion in student loan debt for 72,000 borrowers who attended schools that closed abruptly or that used illegal or deceptive practices. The move streamlined the process for borrowers applying for assistance after a Trump-era policy…