A president’s power over financial matters is limited, President Donald Trump discovered when he, while the country waited for Congress to work out a larger package that never came.
Biden won’t have the power – or likely access to enough unspent federal stimulus money – to direct. Typically, Congress only approves large-value budgetary expenditures, such as incentives and . But in limited circumstances, the incumbent president can use an executive order or memo to establish temporary rules. This is what Biden could do in the worst case scenario.
(Here’s more on that, including possible . This is what happens when a bill is accepted .)
Learn about the kinds of incentives that Biden could bring through executive orders alone. For more information on another round of direct payments, click here, How much to your specific household, and in another round. This story was recently updated.
Biden could recover additional unemployment benefits
Biden hasan extension of the authorized under the . Trump signed an order in August to extend unemployment benefits beyond July 31, at a lower weekly level. Since the power to spend rests with Congress and not the president, Biden should find a source of funding for the aid, much like Trump did in August when he tapped unused FEMA money for his renewal.
(Treasury Secretary Steven Mnuchin cut off another source of funding for Biden’s possible executive action that was available for the Federal Reserve to use emergency loans when he requested that the Fed return unused funds from the program to the Treasury.)
Increase the minimum wage, starting with federal contractors
During Biden’s campaign, the president-to-be spoke of raising the federal minimum wage to $ 15 an hour, up from the current $ 7.25 an hour. Without Congressional support, Biden will not be able to raise the federal minimum wage, but he could achieve some of it by raising the minimum wage of workers on federal contracts.
According to Heidi Shierholz, senior economist and policy director at the Economic Policy Institute, Biden could achieve the increase through an executive order. The hourly increase could affect the wages of 5 million workers, Shierholz estimated.
Temporarily suspend student loan payments without interest
With a deferral for student loan repayments that expire on December 31, Kon Biden and extend the delay until 2021. This means that students can delay the repayment of loans until further in 2021.
In addition to a short-term fix, Biden could also look into student loan forgiveness, based on a plan he outlined in his emergency action plan to save the economy, in which he suggested canceling a minimum of $ 10,000 for federal student loans.
Stop exposures on unpaid rent
If Congress hasn’t held back the deportations soonerexpires Dec. 31, Biden can also use an executive order to prevent landlords from evicting their tenants for not paying rent during the pandemic. Tenants can be evicted for other reasons.
The precedent set by the Trump administration was to invoke a rare law enforced by the Centers for Disease Control aimed at limiting the spread of disease by keeping people at home and out of homeless shelters or the state boundaries. to exceed.
Some of what Biden will be able to accomplish soon will depend on the Georgia Senate run-offs, which could potentially give Democrats a little control over the Senate if both Democratic challengers win.
With the, here’s what we know , unless Congress acts, and what things stand for .