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Goldman Sachs CEO forecasts small business survival in the storm

In Washington on Tuesday to meet with small businesses, Goldman Sachs CEO David Solomon told Axios that some of the survival pivots entrepreneurs have made in the past year will last past the pandemic.

What he's saying: "A lot of small businesses have had to make some investment in digitization and technology to connect to their customers more digitally than directly," Solomon said. "Some of that will last and will help their businesses."


Why it matters: Goldman Sachs research has documented how Washington sluggishness has hurt small businesses amid shutdowns and has quantified the rougher road for entrepreneurs who are women and people of color.

The ability to adapt is one of the biggest survival traits: Solomon told me about a business that went from making leather bags to making masks, and he met today with a restaurateur who now basically runs a delivery business.

  • Solomon recently visited a Chick-fil-A where the drive-thru overflowed, but the parking lot had an army of workers taking orders on iPads.

One level deeper ... On additional stimulus, Solomon said:"I think that there's probably a good chance we're going to need more to help us get to the light at the end of the tunnel and get past the pandemic. ... My guess is we'll have to do a little bit more."

  • On the gap between the markets and the real economy: "I do think the recovery just won't be a straight line. I think the markets are pricing in ... everything working perfectly as we come out of this. And I'm sure there'll be bumps along the way."
  • On the Goldman Sachs push for sustainability and inclusive growth, now run globally by Dina Powell McCormick: "There's ... enormous demand from our clients for ideas, capital, thoughts and advice on how they can be transitioning their businesses and participate in a more sustainable society."
  • On involving the private sector more to distribute COVID vaccines: "If the states aren't getting as much vaccine out there as necessary, going to private industry and asking for private industry's help to execute on a vaccine plan might be a way of accelerating our ability to get vaccine into people's arms."

Schumer: Trump impeachment trial to start week of Feb. 8

The Senate will begin former President Trump's impeachment trial the week of Feb. 8, Majority Leader Chuck Schumer announced Friday on the Senate floor.

Why it matters: Trump is the only president in U.S. history to be impeached twice for “incitement of insurrection" after a violent pro-Trump mob breached the U.S. Capitol, resulting in five deaths.

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CDC shifts COVID vaccine guidance, expanding minimum interval between doses for exceptional cases

Patients can space out the two doses of the coronavirus vaccine by up to six weeks if it’s "not feasible" to follow the shorter recommended window, according to updated guidance from the Centers for Disease and Control and Prevention.

Driving the news: With the prospect of vaccine shortages and a low likelihood that supply will expand before April, the latest changes could provide a path to vaccinate more Americans — a top priority for President Biden.

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Texas attorney general sues Biden administration over deportation freeze

Texas Attorney General Ken Paxton is suing the Biden administration in federal district court over its 100-day freeze on deporting unauthorized immigrants, and asking for a temporary restraining order.

Between the lines: The freeze went into effect Friday, temporarily halting most immigration enforcement in the U.S. In the lawsuit, Paxton claims the move "violates the U.S. Constitution, federal immigration and administrative law, and a contractual agreement between Texas" and the Department of Homeland Security.

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Biden administration unveils 3-pronged plan to combat domestic extremism

White House press secretary Jen Psaki announced at a briefing on Friday that the Biden administration will roll out a three-pronged, interagency plan to assess and combat the thread by domestic violence extremism.

Why it matters: The federal government's approach to domestic extremism has come under scrutiny in the wake of the Jan. 6 attacks on the Capitol by a pro-Trump mob. In his inaugural address, Biden repudiated political extremism, white supremacy and domestic terrorism, vowing to defeat them.

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Senate confirms retired Gen. Lloyd Austin as defense secretary

The Senate voted 93-2 on Friday to confirm retired Gen. Lloyd Austin as secretary of defense. Sens. Mike Lee (R-Utah) and Josh Hawley (R-Mo.) were the sole "no" votes.

Why it matters: Austin is the first Black American to lead the Pentagon and President Biden's second Cabinet nominee to be confirmed.

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House will transmit article of impeachment to Senate on Monday, Schumer says

Senate Majority Leader Chuck Schumer (D-N.Y.) announced that the House will deliver the article of impeachment against former President Trump for "incitement of insurrection" on Monday.

Why it matters: The Senate is constitutionally required to begin the impeachment trial at 1 p.m. the day after the article is transmitted. Minority Leader Mitch McConnell (R-Ky.) had been pushing for the trial to begin in mid-February, arguing that it will force the Senate to delay other important business.

This story is breaking news. Please check back for updates.

Private equity bets on delayed tax reform in Biden administration

In normal times, private equity would be nervous about Democratic Party control of both the White House and Congress. But in pandemic-consumed 2021, the industry seems sanguine.

Driving the news: Industry executives and lobbyists paid very close attention to Treasury Secretary nominee Janet Yellen's confirmation hearings this week, and came away convinced that tax reform isn't on the near-term agenda.

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New Energy Department roles look to animate Biden's campaign themes

The burst of Biden administration staffing picks announced yesterday revealed that the Energy Department (DOE) has newly created roles that reflect what President Biden called campaign priorities.

Driving the news: One new position is "director of energy jobs," which is being filled by Jennifer Jean Kropke. She was previously the first director of workforce and environmental engagement with Local 11 of the International Brotherhood of Electrical Workers.

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