On The Money – Lawmakers rally against Russian oil imports
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Today’s big deal: Lawmakers from both sides are calling on the United States to reject Russian energy imports despite the potential domestic cost. We’ll also look at more companies leaving Russia and infighting among Republicans over a controversial tax plan.
But first, your guide for President BidenJoe BidenRubio jumps SOTU on COVID-19 test mandate: ‘I don’t have time’ Arizona GOP asks court to strike down voting-by-mail system US views Putin’s nuclear threat as posturing MOREState of the Union Address.
Bipartisan push to end Russian oil imports
A bipartisan push for the United States to stop importing oil from Russia is gaining momentum with the introduction of two bills amid Moscow’s bloody invasion of Ukraine.
The risks: The Biden administration may be hesitant to restrict oil imports because fuel prices — especially at the gas pump — have been a politically sensitive issue.
It’s unclear whether the Biden administration will ultimately take action to cut off US oil imports, with the president saying last week that sanctions against Russia were “designed to allow energy payments to continue.”
Rachel Frazin of The Hill see you here.
Visa and Mastercard block Russian banks from networks
Several Russian financial institutions are blocked from the Mastercard and Visa networks after governments around the world announced sanctions following Russia’s invasion of Ukraine.
The sanctions targeted the Russian president Vladimir PoutineVladimir Vladimirovich PutinMcCarthy slams GOP members who spoke at White Nationalist conference: ‘Unacceptable’ Overnight Defense & National Security – Ukraine stands tall as Russian frustration grows Ukrainian leaders urge lawmakers to support no-fly zone PLUSthe Russian Foreign Minister, some Russian banks in the SWIFT international banking system, Russian elites and their families, sovereign debt and a host of financial institutions, among others.
Read more by Caroline Vakil of The Hill.
Dig deeper: Here are the private companies that have gestures against Russia
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McConnell takes aim at fellow GOP Senator Scott’s plan
Senate Minority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellMcCarthy criticizes GOP members who spoke at white nationalist conference: ‘Unacceptable’ Manchin joins Senate GOP in blocking bill guaranteeing access to abortion McConnell will meet with the Biden’s nominee for Supreme Court Wednesday MORE (R-Ky.) distanced himself Tuesday from an agenda released by Sen. Rick Scott (Florida), who chairs the GOP campaign arm in the Senate.
McConnell, speaking at a weekly executives press conference, was asked about Scott’s proposal. Scott was at the press conference but left after speaking and when McConnell received the question about him.
The background: Scott took out his 11 point plan last week, saying he was not supposed to represent the NRSC or the Senate GOP conference more broadly.
- One of the proposals called on all Americans to pay taxes, even a small amount. Scott clarified that this would not apply to the elderly or those who are not “able-bodied”.
- The plan drew pushback from Democrats and Republicans alike, dominating a closed meeting of GOP leaders on Monday night, sources confirmed to The Hill.
“We will not have on our agenda a bill that raises taxes on half the American people and cuts Social Security and Medicare within five years. the Republican majority in the Senate,” McConnell said.
Here is more by Jordan Carney of The Hill.
Target raises starting pay to $24 an hour for some jobs
US retailer Target has announced it will adopt a minimum wage system that will pay company employees up to $24 an hour.
In a statement Monday, the Minneapolis-based retailer said the new minimum wage will range from $15 to $24, depending on employment and the local market.
The system is also part of Target’s plan to spend an additional $300 million on its workforce, which includes expanded access to health care coverage and an enhanced employee benefits package.
Some of Target’s rivals, including Walmart and Costco, have raised their minimum hourly wages for employees during the COVID-19 pandemic. Olafimihan Oshin of the Hill everything here.
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Good to know
MLB and its players’ union, the Major League Baseball Players Association, failed to reach an agreement on a new collective bargaining agreement (CBA), resulting in cancellation of the league’s opening day and select regular season games, ESPN reported.
At a press conference on Tuesday, league commissioner Rob Manfred told reporters that the players’ union had rejected the CBA’s final offer presented to them.
Here’s what else we’ve got our eyes on:
That’s all for today. Thanks for reading and check out The Hill’s Finance page for the latest news and coverage. We’ll see you on Wednesday.