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Biden signs bill awarding Congressional Gold Medals to officers who responded to Jan. 6 attack

Aug. 05, 2021 10:38PM EST
Dan Ackermann

President Biden signed legislation awarding Congressional Gold Medals to the law enforcement officers who defended the Capitol during the Jan. 6 insurrection.

Why it matters: The Congressional Gold Medal is Congress' "highest expression of national appreciation," notes the New York Times.

The big picture: "To all of them, on behalf of a grateful nation: thank you, thank you, thank you for protecting our Capitol — and maybe even more importantly, for protecting our Constitution," Biden said ahead of the signing.

  • "The tragedy of that day deserves the truth above all else. We cannot allow history to be rewritten. We cannot allow the heroism of these officers to be forgotten," Biden said.

The state of play: Last month, law enforcement officers gave emotional testimony of their experiences defending the Capitol before the Jan. 6 select committee investigating the riot.

  • Four officers who responded to the events of Jan. 6 have died by suicide.

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McConnell says Senate will vote on new small business relief funding before election

Senate Majority Leader Mitch McConnell (R-Ky.) issued a statement on Tuesday saying that the Senate's "first order of business" when it returns on Oct. 19 will be to vote on "targeted relief for American workers," including new funding for the small business Paycheck Protection Program (PPP).

Why it matters: House Democrats, Senate Republicans and the Trump administration are still very far apart on key elements of a relief deal, and any push for smaller, more targeted legislation is more of a political maneuver than any thing else.

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How central banks can save the world

The trillion-dollar gap between actual GDP and potential GDP is a gap made up of misery, unemployment, and unfulfilled promise. It's also a gap that can be eradicated — if central banks embrace unconventional monetary policy.

  • That's the message from Eric Lonergan and Megan Greene, two economists who reject the idea that central banks have hit a "lower bound" on interest rates. In fact, they reject the idea that "interest rates" are a singular thing at all, and they fullthroatedly reject the idea — most recently put forward by New York Fed president Bill Dudley — that the Fed is "out of firepower."

Why it matters: If Lonergan and Greene are right, then central banks have effectively unlimited ammunition in their fight to increase inflation and employment. They are limited only by political will.

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Government officials await Trump's next firing

Via Twitter

President Trump was enraged by a Wall Street Journal scoop that Attorney General Bill Barr worked "for months" during the campaign to conceal the federal investigation of Hunter Biden.

The state of play: The president is re-exploring options for replacing Barr, and Saturday morning tweeted this rebuke: "Why didn’t Bill Barr reveal the truth to the public, before the Election, about Hunter Biden[?]"

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