• President Donald Trump and Senate Majority Leader Mitch McConnell (R-Ky.) are expected to back the bipartisan $908 billion coronavirus relief package set to be unveiled today, according to Sen. Bill Cassidy (R-La.), with lawmakers closing in on an agreement on $300 in additional weekly jobless benefits but leaving out an extra round of $1,200 in direct payments. The direct cash payments would be punted to congressional negotiators in 2021, even though Sen. Bernie Sanders (I-Vt.), and others have said that they could oppose the bill if the aid is not included in the package. (The Associated Press)

• A House Democratic leadership aide said a one-week continuing resolution that would keep the government open through Dec. 18 is expected to pass soon, allowing for additional time to negotiate a long-term funding measure. With the Friday deadline to avert a government shutdown looming, Republicans and Democrats are continuing to negotiate issues such as funding for the border wall with Mexico and environmental provisions. (The Wall Street Journal)

• The watchdog for the U.S. International Development Finance Corp. found no evidence of wrongdoing at the agency for granting a $765 million loan to Eastman Kodak Co. to produce ingredients for generic drugs, according to a copy of the assessment reviewed by a media outlet. Anthony Zakel, the DFC’s inspector general, said he found no conflicts of interest or “any evidence of misconduct” from officials who signed off on the plans, which have been indefinitely suspended, but an aide to Sen. Elizabeth Warren (D-Mass.), who had asked for the investigation, said the inspector general didn’t review any possible interactions between the White House and other political appointees about the loan and didn’t determine whether the agency had enough safeguards to avoid waste or abuse of taxpayer funds. (The Wall Street Journal)

Exclusive: U.S. preparing new sanctions on Chinese officials over Hong Kong crackdown – sources
Humeyra Pamuk and Matt Spetalnick, Reuters

Up to 14 people, including officials of China’s parliament, or National People’s Congress, and members of the CCP, would likely be targeted by measures such as asset freezes and financial sanctions, two sources said.

Unemployment, sick leave and housing aid are set to expire in weeks, threatening Americans with sudden financial ruin
Tony Romm, The Washington Post

More than two dozen federal stimulus programs crafted to help cash-strapped workers and businesses weather the coronavirus pandemic are set to expire in a matter of weeks, adding urgency to congressional negotiations over a new $908 billion relief package that might help break months of political deadlock.

Biden economic adviser stokes fear on left over Wall Street-friendly past
Victoria Guida and Zachary Warmbrodt, Politico

Joe Biden’s first order of business as president will be convincing Congress to approve massive new government spending to pull the country out of an economic crisis. But the man he has put in charge of his economic policy was on the side of deficit hawks during the last recovery, which is sparking concern among progressives now.

Bailouts for big firms fuel push for more small business relief
Zachary Warmbrodt, Politico

The Trump administration’s latest revelation that large companies obtained billions of dollars in emergency loans intended for small businesses is spurring lawmakers to tighten up a key payroll support program in the next round of economic relief.

States become worker safety watchdogs as pandemic worsens
Katherine Landergan and Katy Murphy, Politico

States are increasingly bypassing the federal government and imposing their own rules to protect workers from the coronavirus, creating a patchwork of regulations that could serve as a blueprint for new national standards promised by President-elect Joe Biden.

DeVos suspends student federal loan payments through January
Collin Binkley, The Associated Press

The Trump administration on Friday suspended all federal student loan payments through the end of January and kept interest rates at 0%, extending a moratorium that started early in the pandemic but was set to expire at the end of this month.

Brexit crunch time: stand-off puts EU-UK trade deal on a knife edge
Gabriela Baczynska et al., Reuters

Post-Brexit trade talks hung in the balance on Monday as Britain and the European Union made a last-ditch attempt to bridge significant differences and reach a deal that would avoid a disorderly exit in just 24 days.

Foreign Bribery Enforcement on Track for Record-Breaking Year
Dylan Tokar, The Wall Street Journal

The U.S. Department of Justice’s enforcement of a key antibribery law has reached an all-time high despite the challenges posed by the coronavirus, an official said.

Fed’s Evans, Disappointed by Jobs Data, Isn’t Ready for More Fed Stimulus
Michael S. Derby, The Wall Street Journal

Federal Reserve Bank of Chicago President Charles Evans said Friday that although the latest job creation data is disappointing, he wasn’t yet ready to call for changes in central-bank monetary policy.

Biden economic team faces challenge in delivering help to Black communities
Marty Johnson and Sylvan Lane, The Hill

President-elect Joe Biden’s economic team faces a daunting task in delivering policies that will help Black and other minority communities who have been disproportionately rocked by the pandemic.

Stocks Slide as Pound Drops on Brexit Deadlock: Markets Wrap
Anchalee Worrachate and Adam Haigh, Bloomberg

Outside of Europe, markets were generally weaker. S&P 500 futures pointed to losses after the benchmark closed at an all-time high last week. Investors are still closely monitoring for any sign that lawmakers will pass another stimulus bill.

Goldman Plots Florida Base for Asset Management in a Blow to New York
Sridhar Natarajan, Bloomberg

Goldman Sachs Group Inc. is weighing plans for a new Florida hub to house one of its key divisions, in another potential blow to New York’s stature as the de facto home of the U.S. financial industry.

Capital One stops ‘risky’ buy-now-pay-later credit card transactions
Byron Kaye, Reuters

Capital One Financial Corp (CapOne) has barred customers using its credit cards to clear buy-now-pay-later (BNPL) debt as the transactions bear unacceptable risk, it told Reuters, making it the first to distance itself from the finance alternative.

U.S. bank lobby spends $1 million on ad blitz for Republican Perdue in Georgia Senate runoff
Pete Schroeder, Reuters

The largest U.S. bank lobby group is spending $1 million on television ads to boost Republican Senator David Perdue in a bid to ensure the Senate remains in Republican hands after Georgia election runoffs in January, according to federal filings.

A race against the clock to extend credit unions’ liquidity backstop
Aaron Passman, American Banker

Changes made to the National Credit Union Administration’s Central Liquidity Facility this spring as part of the Coronavirus Aid, Relief and Economic Stimulus Act are set to expire on Dec. 31. Industry groups have spent months pushing for an extension, but with little success so far. As a result, time is running out for lawmakers to take action before thousands of credit unions lose a liquidity backstop.

Inside the Retreat of Jamie Dinan’s York, a One-Time Star Hedge Fund
Juliet Chung, The Wall Street Journal

In a letter to investors that same day, Mr. Dinan said the decision would leave York with $8.5 billion in private-equity and other businesses, which are less subject to short-term performance pressure and investor defections. Those businesses had raised $2.6 billion recently, he wrote.

Black Millennials fueled a surprising 2020 home-buying surge for African Americans
Chauncey Alcorn, CNN Business

A November National Association of Realtors analysis showed 5% of Americans who bought homes during the first three quarters of 2020 were Black, only one percentage point higher than 2019. Yet US Census data shows this cohort raised the home ownership rate for all Black Americans by more than two percentage points over the same time frame.

Congress struggles to fix tax mess caused by people working from home
Brian Faler, Politico

Lawmakers are pushing to sort out a tax mess created by millions of people working from home during the coronavirus pandemic — and fears are rising that Congress will fail to reach a solution before tax filing season.

U.S. Watchdogs Seek Takeover Of Bankrupt Cryptocurrency Firm Cred
Andrew Scurria, The Wall Street Journal

Justice Department bankruptcy watchdogs are seeking the appointment of a chapter 11 trustee to wrest control of cryptocurrency platform Cred Inc. and investigate its collapse.

Ethereum Becoming More Than Crypto Coder Darling, Grayscale Says
Joanna Ossinger, Bloomberg

While Bitcoin’s record-high grabs attention, its crypto compatriot Ethereum is continuing to broaden its appeal beyond the software programming crowd.

Paysafe Is Near a $9 Billion Deal to Go Public
Paula Sambo and Gillian Tan, Bloomberg

A blank-check firm led by billionaire Bill Foley is nearing a deal to merge with Paysafe Group Ltd., a transaction that would take public the online payments firm backed by Blackstone Group Inc. and CVC Capital Partners, according to people with knowledge of the matter.

A $900 Billion Plan Would Help the Economy, but Not Fix It
Jim Tankersley and Ben Casselman, The New York Times

While a compromise package gaining steam in Congress would provide urgent help to the economy, some people and businesses would be left out in the cold.

Payrolls Take a Covid Break
The Editorial Board, The Wall Street Journal

The jobs report for November was disappointing, although nowhere nearly as much as the politicians claimed on Friday. Democrats and Republicans leapt on the news as justification for the $1 trillion spending bill they want to pass before the end of the year.

The fund-management industry now wants the U.S. to take the lead on ESG investing — here’s what it says the Biden administration should do
Eric J. Pan, MarketWatch

President-elect Joe Biden clearly plans to recalibrate how the United States engages on key international issues, especially climate change. One immediate place to start: promote a global regulatory framework for corporate disclosures on environmental, social, and corporate governance (ESG) factors.

Investigation into Multiple Allegations That Secretary of Commerce Wilbur L. Ross, Jr., Failed to Comply with His Ethics Agreement and Violated Conflict of Interest Laws
U.S. Department of Commerce Office of Inspector General Office of Investigations

As a primary matter, our office sought to determine whether, how, and on what date Secretary Ross divested certain financial interests as required by the ethics agreement he signed on January 15, 2017, as amended on January 31, 2017 (the “Ethics Agreement”). We also investigated actions Secretary Ross took while he held such financial interests, taking into consideration the advice he received from Department ethics officials with respect to limitations on meetings with representatives of certain entities. Finally, our office investigated specific allegations related to Secretary Ross’s short sale of shares in Navigator Holdings Ltd. to determine whether he violated any laws related to the sale of these securities.