Labor
Federal Reserve
Federal Reserve activity would be unaffected, meaning the central bank could still raise interest rates at its next meeting Nov. 1.
Financial Regulators
The Federal Trade Commission would stop “the vast bulk of its competition and consumer protection investigations.”The Securities & Exchange Commission wouldn’t review or approve registrations from investment advisers, broker-dealers, transfer agents, rating organizations, investment companies and municipal advisors.
IRS
The Internal Revenue Service has yet to release plans for this potential shutdown. Previous plans said the agency would use funds from President Joe Biden’s Inflation Reduction Act to keep employees paid and working. A union representing IRS workers has said new plans are being discussed that would involve some furloughs. Businesses and individuals who requested six-month extensions for their tax returns in April are still required to file by Oct. 16.
Emergency Relief
A shutdown would “create an increased risk” Federal Emergency Management Agency relief funds would be depleted, and “complicate new emergency response efforts if additional catastrophic disasters occur.”
Energy & Environment
The Interior Department would retain limited discretion to issue permits for energy projects on federal lands and waters when user fees are attached. A funding lapse would paralyze other work to develop required environmental analyses for energy projects, highways and other infrastructure. The Environmental Protection Agency may be able to continue some IRA-funded activities as well as other exempted work, such as settlement-funded cleanup at some Superfund sites. The White House has warned most EPA-led inspections at hazardous waste sites, as well as drinking water and chemical facilities, would stop. The Energy Information Administration, which publishes snapshots of US oil inventories and fuel demand, would continue to collect and publish data on schedule — at least initially.
Transportation & Travel
Travelers could face delays as air traffic controllers and Transportation Security Administration officers working without pay could lead to higher rates of no-shows, as happened in 2019.Amtrak would keep transporting passengers. Passports and visas would still be issued at consular offices worldwide, provided “there are sufficient fees to support operations.”
Defense
Efforts “to defend the nation and conduct ongoing military operations” would continue, but most civilian Defense Department employees would be on furlough. Burials and tours at Arlington National Cemetery would continue.
Health & Social Security
Covid-19 response and research, including vaccine and therapeutic development, would carry on under the Department of Health & Human Services. The National Institutes of Health might have to postpone clinical trials for diseases like cancer or Alzheimer’s, according to the White House. Medicine-price negotiations could be sent into disarray, as some drugmakers face an Oct. 2 deadline to report data to Medicare for use in determining new prices. Food stamps for low-income people, the disabled, and others could be delayed. Social Security checks would be delivered, and applications for benefits processed, but people would not be able to verify benefits or replace Medicare cards.
Parks
Housing
“Nearly all” Department of Housing and Urban Development fair housing work would stop, as would some monthly subsidy programs, including potentially for public housing operations. HUD’s work for the Federal Housing Administration’s insured mortgages portfolio and Ginnie Mae’s work in the secondary mortgage market would be unaffected.
Review or issuance of loans under the Small Business Administration would cease, including those for women-owned and service-disabled, veteran-owned small businesses. Commerce Department collection of decennial census data probably would continue, as would forecasting and warnings around weather, water, and climate.
https://www.zerohedge.com/markets/here-what-stops-and-what-doesnt-when-government-shuts-down-weekend
No comments:
Post a Comment