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The House voted to block a national rail shutdown and provide rail workers with paid sick leave. We’ll also look at Powell’s newest remarks on rate hikes, who’s getting Trump’s tax returns and another round of record corporate profits.
But first, learn more about Pelosi’s newly anointed successor.
Welcome to On The Money, your nightly guide to everything affecting your bills, bank account and bottom line. For The Hill, we’re Sylvan Lane, Aris Folley and Karl Evers-Hillstrom. House votes to avert strike, give paid sick leave
The House passed a bill on Wednesday to avert a railway strike, taking the first major step in avoiding a walkout of workers that would have drastic effects on the U.S. economy as it heads into the holiday season.
The chamber passed the resolution in a 290-137 vote, sending it to the Senate for consideration just over one week out from the Dec. 9 strike deadline.
In a subsequent vote, lawmakers passed a separate measure that would give rail workers seven days of paid sick leave per year, addressing a chief concern unions and progressives had with the agreement. Just three Republicans joined all Democrats present in supporting the measure.
It’s increasingly likely that President Biden will sign a bill to block a rail strike and force through a contract by the end of the week.
The Senate is set to pass a companion bill Thursday, though it’s unlikely Democrats would find enough GOP support for the paid sick leave measure.
Either way, the nation is on track to avoid a rail shutdown that would devastate U.S. supply chains in the middle of the holidays.
Congress overrides workers: Lawmakers will soon force through a contract that train workers at one of the largest labor unions voted down, citing an absence of paid sick leave along with long and unpredictable hours. Rail unions have complained that railroad executives refused to meet their demands because they knew this exact scenario would play out.
Karl and Mychael Schnell have more here.
SLOW DOWN?
Powell: Fed will keep raising rates, but at slower pace
Federal Reserve Chair Jerome Powell said Wednesday the central bank will keep raising interest rates to fight inflation but at a slower pace, signaling a slowdown in rate hikes that have raised costs on new mortgages and car payments to slow the economy.
