Legislative Actions - COVID-19: High Net Worth Investors
No publicly-available information could be found regarding legislative actions taken by the United States government in the wake of COVID-19 that are expected to have a lasting impact on high net worth investors even after a thorough search through news articles, reports, government websites, and databases. Some helpful findings, as well as the methodology used for this research, are available below.
- H.R. 6201, or the Families First Coronavirus Response Act, is a federal mandate that requires businesses with 500 and fewer employees to grant 12 weeks of paid leave to its employees. Businesses from various industries such as the printing industry are worried that this would lead to an acceleration of layoffs and closures and are urging Congress to formulate a federal emergency program for businesses affected by this mandate.
- Lawmakers are facing pressure to introduce legislation aimed towards helping mitigate the economic impact of the COVID-19 outbreak. This pressure is caused by the growing number of airlines canceling flights, travelers canceling plans, and schools and workplaces announcing closures.
- Other legislative actions being considered by Congress include unemployment insurance for furloughed workers, delay of the April 15 tax deadline, as well as a suspension of business payroll taxes.
- As of March 20, 23 states, as well as the District of Columbia, have already enacted or adopted legislation to support state action concerning COVID-19. This includes workforce protection or medical coverage, disease surveillance, isolation and quarantine, and other related actions taken by the Governor in a state of emergency.
- Stock market experts are advising investors to begin preparing for an eventual recession amidst the COVID-19 pandemic. United Capital CEO Joe Duran states that the stock market has already priced in for a likely recession and urges investors to consider buying stocks now.
After several hours of research, information on legislative actions taken by the US government concerning COVID-19 that are expected to have a lasting impact on high net worth investors could not be found in the public domain. We were able to find a compilation of State-level legislative actions as well as news articles that details the actions the government has taken concerning COVID-19, however, the information we found was focused more on the impact of COVID-19 to the general US population instead of just specific groups of people. Seeing as the public health emergency concerning COVID-19 was only declared on the 31st of January and continues to be an ongoing situation worldwide, it is likely that information on legislative actions that have an impact on certain groups of people like high net worth investors will become more available in the future as more information is made available on the public domain. Nevertheless, we have made attempts to gather relevant findings with what is currently available to us.
We looked up reports on the US economy in light of COVID-19 under the assumption that these reports may include information on how the government's actions may have impacted investors. We were able to find a report on the impact of the pandemic on businesses across the globe, however, this report gave no information relevant to this project. We then scoured news articles from credible sites such as Manning-Napier and The Hill for insights on the economic impact of COVID-19 in the US and what legislative actions the government has taken regarding this. We specifically looked for articles that make mention of how this has affected high net worth investors. We were able to find that the Federal Reserve has announced a $1.5 trillion funding program to help keep the financial system of the US functioning properly and that investors are being advised by experts to prepare for a likely recession, however, no information relevant to the project was found. After an extensive search through publicly-available news articles, reports, and databases, insights on legislative moves taken by the US government concerning COVID-19 that are expected to have a lasting impact on high net worth investors could not be found.