Roundtable Weekly – Page 72 – The Real Estate Roundtable

Stopgap Funding To Keep Government Open Until Dec. 11; House Democrats Pass Revised COVID-19 Stimulus Bill as Pandemic Relief Negotiations Continue

Posted on October 3, 2020October 27, 2023 by Trey Jackson

A stopgap measure to fund the government until Dec. 11 at current spending levels passed the Senate Wednesday and was signed by President Trump early Thursday morning, narrowly avoiding an Oct. 1 government shutdown before the election. (Reuters, Sept. 30 and Bloomberg, Oct. 1)

The “Continuing Resolution,” which passed the House last week, includes short-term funding extensions (with no policy changes) for surface transportation funding, the National Flood Insurance Program, and the EB-5 Regional Center Program. (Rountable Weekly, Sept. 25, Text of H.R. 8337 and Section-by-section summary of the legislation)
As the government operations funding bill advanced this week, House Speaker Nancy Pelosi (D-CA) met face-to-face with Treasury Secretary Steven Mnuchin about an additional COVID-19 relief package for the first time since August.
Disagreements between Democrats and Republicans continued over the cost of a relief package, leading House Democrats Thursday night to pass a largely symbolic $2.2 trillion COVID-19 relief bill by a narrow 214-207 vote. Eighteen Democrats voted against the measure, which is a scaled-down version of the $3 trillion HEROES Act passed by the House in May. The Senate is unlikely to consider the package. (Forbes and NBC News, Oct. 1)

President Trump’s positive test for the coronavirus today adds great uncertainty to the political landscape and “changes the dynamic” of the pandemic relief talks, according to Pelosi. “We always have to find a path, that is our responsibility to do so, and I believe that we will,” she said. (Washington Post, Oct 2)
The White House has seemed willing to engage House Democrats in hopes of a deal, yet attracting enough support from Senate Republicans to pass another relief package over $1 trillion is a significant challenge.
Senate Finance Committee Chairman Chuck Grassley (R-IA) yesterday said, “There’s a real revulsion among Republicans to going above $1 trillion and even $1trillion is real difficult.” (CNN, Sept. 30)
Another issue in the negotiations remains Senate Majority Leader Mitch McConnell’s (R-KY) insistence on a liability shield for businesses that are concerned about unlimited COVID-related lawsuits after reopening. McConnell said yesterday, “I’d like to see another rescue package. We’ve been trying for months to get there. I wish them well.” (AP, Oct. 1)

House lawmakers will depart Washington today until after the election – unless they are summoned back to vote on a COVID-19 legislative package deal. The Senate is scheduled to remain in session next week as confirmation hearings begin Oct. 12 for Judge Amy Coney Barrett, the President’s nominee for the US Supreme Court.

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Roundtable Interview with US-EPA Administrator Covers ENERGY STAR, Coronavirus Guidance, and Brownfields Redevelopment in Opportunity Zones

Posted on October 3, 2020October 27, 2023 by Trey Jackson

U.S. Environmental Protection Agency (EPA) Administrator, Andrew Wheeler, above right, met yesterday with Real Estate Roundtable President and CEO, Jeffrey D. DeBoer, above left, to discuss a wide range of energy and environmental policy matters that impact the U.S. real estate sector. (Video on Roundtable’s YouTube page)

DeBoer interviewed Wheeler at The Roundtable’s offices in Washington, D.C., as part of a series of “listening sessions” between EPA and stakeholders. Their discussion covered:

EPA’s development of a standardized process to systematically calculate the economic costs and environmental benefits of its regulatory programs (video at 3:29);
A “science transparency” regulation that makes the scientific studies relied upon by EPA available to the public (video at 4:56);
Wheeler’s implementation of a “lean management” system to streamline the agency’s procedures for project permitting and environmental reviews (video at 8:15);

ENERGY STAR building ratings, and EPA’s corollary Tenant Space program that will launch on October 13. Wheeler stated he is a “strong” ENERGY STAR proponent, expanding the program to cover tenant spaces was “the right thing to do” – and that these platforms must remain voluntary to spur technological innovations deployed in buildings and manufacturing. ( video at 12:40);
EPA’s development of COVID-related guidance to help the economy re-open, such as updated Portfolio Manager benchmarking instructions to account for recent changes in building occupancy and hours of operations, EPA’s approvals of cleaning and disinfecting products to combat COVID-19, and information on flushing pipes and plumbing systems to maintain indoor water quality (see, e.g., Roundtable Weekly, July 31, 2020 and May 22, 2020) (video at 15:45)
Public-private partnerships to re-develop Brownfield sites in economically-distressed “opportunity zones” created under the 2017 Tax Cuts and Jobs Act. Wheeler remarked that every dollar EPA invests in a Brownfields clean-up leverages up to an estimated $20 dollars in private sector investment capital for surrounding low-income neighborhoods. ( video at 18:40)
Also yesterday, EPA career staff spoke to The Roundtable’s Sustainability Policy Advisory Committee (SPAC) regarding the imminent launch of the ENERGY STAR Tenant Space program on October 13. Opportunities to certify high performance design and construction of leased office spaces will become a permanent EPA offering, and stem from the so-called “Tenant Star” law Congress passed in 2015 with the Roundtable’s strong backing. (Commercial Property Executive, May 4, 2015)

The Roundtable participates in EPA’s Smart Sectors Program, the agency’s platform to collaborate with industry sectors to protect the environment and public health though sensible, cost-effective regulatory and incentive programs. (EPA news release, Oct. 3, 2017)

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Roundtable Board of Directors Approves RER Leadership; Establishes Equity, Diversity and Inclusion Committee

Posted on October 2, 2020October 10, 2023 by Trey Jackson

The Real Estate Roundtable’s 24-member Board of Directors has approved John F. Fish (CEO & Chairman, Suffolk), above right, as the organization’s Chair-Elect, to begin his term as Chairman of the Roundtable in mid-2021. The Board also approved, effective immediately, Jodie W. McLean (CEO, Edens) as its Secretary and Jeff T. Blau (CEO, Related Companies) as the Chair of the organization’s newly established Equity, Diversity and Inclusion (ED&I) Committee.

Chair-Elect Fish will succeed current Roundtable Chair Debra A. Cafaro (Chairman and Chief Executive Officer, Ventas, Inc.), above left, whose term expires July 1, 2021. “The Board of Directors of The Real Estate Roundtable is excited to announce John Fish as our Chair-Elect and Jodie McLean as our Secretary,” said Cafaro. “John has been an active Board member and has played a key role in developing our policy agenda. He is active on a bipartisan basis with policymakers, and his experiences and accomplishments across business, government and philanthropy give John a broad perspective that will benefit the Roundtable and our members. John’s emphasis on labor force issues, infrastructure, and the need to level the educational and economic opportunities for all Americans are particularly relevant as The Roundtable develops and advocates fact-based policies that create jobs and inclusive economic growth,” Cafaro added.
Mr. Fish stated, “I am honored to have the opportunity to serve as Roundtable Chair-Elect, work with the talented team and follow Debra Cafaro’s impressive record of policy accomplishments in Washington. I have seen the effectiveness of the organization in advocating shared industry concerns to lawmakers and regulators, and strongly believe it is essential for The Real Estate Roundtable to continue its engagement at all levels of policy-making as the nation comes together to address new economic, societal and health challenges.” (Roundtable news release, Sept. 30 and Roundtable video)About Fish and McLean

Mr. Fish is the Chairman and CEO of Suffolk, which is a national real estate and construction enterprise that invests, innovates and builds, providing value throughout the entire building lifecycle. Suffolk is one of the largest builders and privately held companies in the country, with main offices in the Northeast, New York, Florida, Texas and California. The company services clients in the aviation/transportation, science and technology, mission critical, commercial, education, healthcare, gaming and government sectors. Mr. Fish is a former Chair of the Federal Reserve Board of Boston, current Chair of Brigham and Women’s Hospital and member of the Mass General Brigham’s Executive Committee, and is serving his second term as Chairman of the Board of Trustees at Boston College.
Jodie W. McLean, above, is Chief Executive Officer of EDENS, one of the nation’s leading private owners, operators and developers of retail real estate. She is responsible for EDENS’ strategy to move the portfolio to major urban centers, creating a portfolio of assets that are the center of community life. Ms. McLean currently serves on the Board of Directors of the Federal Reserve Bank of Richmond. She also serves on the boards of Cushman & Wakefield and Extended Stay America, as well as boards of several other institutions and charities. Equity, Diversity and Inclusion Commitment of RER
On his appointment as the Chair of the Real Estate Roundtable’s newly created Equity, Diversity and Inclusion Committee, Mr. Blau, above right, said, “As leaders, it is our obligation to enact fundamental change. I am honored to chair the ED&I committee and am eager to listen and be guided by diverse voices and perspectives as we work together to promote an industry that is reflective of the society we live in.”

Roundtable Present and CEO, Jeffrey D. DeBoer commented, “I am delighted with these Board leadership decisions and, in particular, I look forward to implementing recommendations from our ED&I Committee that will help advance equal economic opportunities for all.” (Roundtable news release, Sept. 30)

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Powell and Mnuchin Urge More Congressional Pandemic Fiscal Relief; Fed Releases FAQs on Main Street Lending Program; Democrats Considering New COVID-19 Package

Posted on September 26, 2020October 27, 2023 by Trey Jackson

Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jay Powell

Federal Reserve Chairman Jay Powell (right) and Treasury Secretary Steven Mnuchin (left) testified before House and Senate committees this week to discuss the government’s pandemic response. Powell offered no option for administrative changes to the Main Street Lending Program (MSLP) credit lending facility while Mnuchin strongly urged Congress to repurpose unused COVID-19 relief funds in another legislative pandemic aid package. (BGov, Sept. 23 and Reuters, Sept. 24)

Recommendations to improve access to the MSLP were a focus of recent testimony by Roundtable President and CEO’s Jeffrey DeBoer on behalf of the industry before the Senate Banking Committee. (Roundtable Weekly, Sept. 11)

On Sept. 23, policymakers on the House Oversight and Reform Select Subcommittee on the Coronavirus Crisis questioned Powell about the efficacy of the MSLP, which has only utilized about 0.3% of its $600 billion capacity. (BGov, Sept. 23)

Powell responded about the MSLP that the Fed has done “… basically all of the things we can think of that are clear gains (but) we are looking to do more.” He added, “… but I would say the things that we have done have been really to widen the appeal of that program and its effectiveness … there is nothing major that we see now that would be consistent with opening it up…” (BGov and CQ Committee transcript, Sept. 23)

Fed Updates MSLP FAQs

Federal Reserve Building DC

The Fed on Sept. 18 issued new guidance to banks for the MSLP in an attempt to encourage increased lending. The central bank’s revised “Frequently Asked Questions” for the MSLP emphasize that lender underwriting should look back to the borrower’s pre-pandemic condition and forward to their post-pandemic prospects. The FAQs also seek to clarify the Board and Department of Treasury’s expectations regarding lender underwriting. (Fed news release)

In a news conference announcing the FAQs, Powell said, “I would say it may be that further support for commercial real estate will require further action for Congress – from Congress.”

During his three committee appearances this week, Powell consistently emphasized that more fiscal relief is needed from Congress to sustain an economic recovery from the pandemic. Mnuchin struck a similar theme in his two committee appearances while urging Congress to pass a new package that would reuse unused funds from previous COVID-19 relief authorizations for urgent needs.

Mnuchin told the Senate Banking Committee this week that up to $380 billion could be repurposed. “It would not cost an extra penny,” Mnuchin said. (Reuters, Sept 24)

During the Sept. 24 hearing, Senate Banking Committee Chairman Mike Crapo (R-ID) in his opening statement referred to the committee’s earlier hearing on Sept. 9 on “The Status of the Federal Reserve Emergency Lending Facilities.”
Chairman Crapo said, “Jeff DeBoer (above) President and CEO of the Real Estate Roundtable painted a bleak picture of the condition of the commercial real estate market. He said, ‘It is impacting their ability to meet their debt service obligations which increases pressure on financial institutions, pension fund investors and others.’ And he said, ‘It is pushing property values down to the detriment of local governments. It is causing much stress to pools for commercial mortgage backed securities and it is threatening to result in countless commercial property foreclosures. The situation must be addressed.’” (Crapo’s Opening Statement, Sept. 24 and DeBoer’s testimony and Q&A, Sept. 9)

Crapo added, “Negotiating toward a realistic package that can actually get passed and signed into law would best serve the American people during this difficult time.”

Mnuchin told the Senate Committee that he and House Speaker Nancy Pelosi (D-CA) have “agreed to continue to have discussions.” (Wall Street Journal, Sept. 24)

Democrats Considering New Aid Proposal

House Speaker Nancy Pelosi (D-CA)

Pelosi has directed her committee chairs this week to assemble a scaled back coronavirus relief package of approximately $2.4 trillion that could be used for as a basis for potential discussions with the White House and Senate Republicans. (Politico, BGov, and The Hill, Sept 24)

Negotiations over a COVID-19 relief bill between Democrats and Republicans broke down in August over a nearly $1 trillion gulf between their proposals.

The House passed a $3.4 trillion package in May (H.R. 6800), which is more than the $1.5 trillion President Trump indicated he would support and much larger than a $650 billion package supported by Senate Republicans.

House Democrats could vote on a new plan next week, which would appease lawmakers from battleground election states anxious to pass a pandemic aid package before adjourning to campaign – despite chances that a Democrat-only plan is unlikely to attract Republican support.

Speaker Pelosi said last week that the House would remain in session until an agreement is reached, and House Majority Leader Steny Hoyer (D-MD) clarified that Representatives would be on call to return to the Capitol on short notice in the event a deal is reached. (BGov, Sept. 15)

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Representative Steve Stivers Anticipates a Pandemic Risk Insurance Bill by Early 2021

Posted on September 26, 2020October 27, 2023 by Trey Jackson

Rep. Steve Stivers (R-OH) discussed prospects for developing and enacting a federal pandemic risk-business continuity insurance program in an interview with Roundtable President and CEO Jeffrey DeBoer during the organization’s Fall Meeting this week. (Video of the interview)

Rep. Stivers is the Ranking Member on the House Committee on Financial Services’ Subcommittee on Housing, Community Development and Insurance and played a key role in last year’s seven-year extension of the Terrorism Risk Insurance Act (TRIA).

DeBoer noted that the COVID-19 crisis has highlighted the lack of insurance availability for business continuity coverage for catastrophic pandemic events. Most business interruption insurance policies are denying pandemic risk-related claims, raising urgent concerns among policyholders – including owners of real estate, the event industry and professional sporting leagues.

Rep. Stivers emphasized the problem is growing worse and stated, “We’ve seen business interruption insurance not being willing to cover any pandemics. I think you’re going to start to see lenders … requiring some type of pandemic coverage in their loan covenants in the coming years.”

While a number of legislative proposals have been introduced – including the Pandemic Risk Insurance Act of 2020 (H.R. 6983) – many are based on TRIA, which presents stark differences compared to pandemic risk. Rep. Stivers notes in the interview how the scale and size of a terrorism attack and a pandemic are fundamentally different. He also notes how a mandatory make-available clause that is part of the TRIA legislation is not currently part of a pandemic risk insurance bill.

Rep Steve Stivers remote interview with RER

Rep. Stivers (above) also said he expects a modified legislative approach to H.R. 6983 may be successful: “I believe in the first six months of next year we should have something (legislation) out of the House and pending in the Senate with the Senate starting to take action.”
Both DeBoer and Stivers agreed that a federal business continuity insurance program should be put into place before there is a recurrence of pandemic or government-ordered shutdown in response to a different natural catastrophe.

The Roundtable is working with industry partners such as Nareit and other stakeholders through the newly formed Business Continuity Coalition (BCC) to develop with policymakers an effective federal insurance program that provides the economy with the coverage it needs to provide business continuity coverage in the face of pandemic risk. . (Video of DeBoer’s discussion with Rep. Stivers)

DeBoer also asked the Congressman, as a member of the House Financial Services Committee, about the prospects for a pandemic relief bill. Rep. Stivers responded, “I believe there will be a pandemic relief bill in the lame-duck session. The most important things to me are number one, liability protection for businesses that open. Number 2 – some help for our state and local governments that have seen a hit in their revenues. I’d like to see us add money for infrastructure … and for people who continue to struggle.”

He continued, “Instead of (increasing) unemployment insurance … I would rather see us do a temporary rental assistance program and I think it should apply to commercial as well as residential. There’s already an eviction moratorium, but if you can’t evict somebody but you don’t get help for your rent, then you’re picking tenants over landlords and I’d like to see us fix that problem and do a temporary rental assistance program.”

Pressure for policymakers to act on another round of pandemic aid is growing since negotiations between Democrats and Republicans stalled in August. (See story below on Coronavirus Response)

# # #

House Approves Government Funding Until Dec. 11 and Passes Comprehensive Energy Package

Posted on September 26, 2020October 27, 2023 by Trey Jackson

The House of Representatives on Tuesday night passed a bipartisan Continuing Resolution (CR) by a vote of 359-57 to extend federal government funding through December 11 and avoid a government shutdown at the end of the month. (Text of H.R. 8337 and Section-by-section summary of the legislation)

The CR includes short-term funding extensions (with no policy changes) for surface transportation funding, the National Flood Insurance Program, and the EB-5 Regional Center Program.

The Senate is expected to pass the CR next week and send it to President Trump for his signature before FY’2021 starts on October 1, 2020.

Energy Package Passes

The House yesterday also passed a comprehensive energy package (H.R.4447) that includes sections on building energy codes, federal energy data regarding commercial buildings, and grant programs for underserved communities and green infrastructure. The measure passed with mostly Democratic support by a 220-185 vote. (CQ, Sept. 24)
One of the major goals of the legislative package is to reduce carbon dioxide emissions by 80% by 2050. (BGov, Sept. 16)

The Clean Economy and Jobs Innovation Act includes a section – strongly supported by The Roundtable – that would require the U.S. Environmental Protection Agency (EPA) and the U.S. Energy Information Administration (EIA) to report to Congress through a “coordination agreement” regarding each agency’s separate collection of data regarding commercial building energy consumption.

Coordination between the agencies is critical because the EIA’s Commercial Buildings Energy Consumption Survey (CBECS) provides data that underpins EPA’s ENERGY STAR building scores, which impact nearly 35,000 buildings nationwide, representing more than 5 billion square feet of commercial space. (ENERGY STAR Facts and Stats)

The House bill also includes Roundtable-backed provisions that would bring greater transparency to how the U.S. Department of Energy provides federal recommendations to develop building energy codes, which state and local governments may ultimately adopt through a long-established process. (Roundtable Weekly, June 19, 2019)

The White House on Sept. 21 stated its opposition to H.R. 4447. Among the reasons for its veto threat, the Administration believes that the bill sets “rigid targets” on Federal buildings to reduce water and energy consumption, and is concerned that State and local governments might establish building codes “not grounded in available technologies.”

In the Senate, Energy Committee Chair Lisa Murkowski (R-AL) hopes to reintroduce bipartisan energy legislation (S. 2657) next week. Sen. Joe Manchin (D-WV), the Senate Energy Committee’s ranking member and co-sponsor of S. 2657, said they are working through issues to overcome an impasse on the building energy codes section. (BGov, Sept. 24)

If the Senate passes its bill, a “conference” would be convened – perhaps during the Lame Duck Congressional session after Election Day – for House and Senate committee leaders to reconcile any differences between their respective packages.

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Roundtable Board Selects Suffolk’s John Fish as Chair-Elect, Establishes Equity, Diversity & Inclusion Committee; Industry Leaders Discuss Investment Trends, Engage Lawmakers on National Policy Issues

Posted on September 26, 2020October 27, 2023 by Trey Jackson

Fall Roundtable Meeting 2020

The Real Estate Roundtable’s Fall Meeting on Sept. 22 featured top-of-mind issues, including the latest economic and political forecasts; real estate’s diversity and inclusion efforts; prospects for pandemic risk insurance; and future economic stimulus initiatives, particularly those related to housing, rent and infrastructure.

Advocacy: Roundtable Chair Debra Cafaro (Chairman and CEO, Ventas, Inc.) welcomed Roundtable members to the virtual meeting by summarizing The Roundtable’s effective, yet remote, advocacy work with industry stakeholders and Washington policymakers on the multi-faceted policy responses to the coronavirus – as well as on issues in the tax, capital and credit, sustainability and homeland security areas. (See for example, The Roundtable’s written statement for the committee and testimony before the Senate Banking Committee regarding the Federal Reserve’ Main Street Loan Facility. (Video of Sept. 9 testimony and Q&A )

Leadership: Cafaro, above left, also announced that The Roundtable’s 24-member Board of Directors has selected John F. Fish, above right, (CEO & Chairman, Suffolk) as the organization’s Chair-Elect; appointed Jodie W. McLean (CEO, Edens) as its Secretary; and named Jeff T. Blau (CEO, Related Companies) as the inaugural Chair of the organization’s newly-established Equity, Diversity and Inclusion (ED&I) committee.

Reference:

Video on FY 2021 nominations for The Roundtable Board and comments by John Fish
Video on The Roundtable’s ED&I committee and comments by Jeff Blau

Investment-Panel-Intro-Screen

Investment Trends: Roundtable Chair Debra Cafaro led a discussion regarding “Emerging Global Real Estate Investment Trends” with Christoph Donner (Chief Executive Officer, Allianz Real Estate of America); Adam Gallistel (Managing Director, GIC Real Estate); Steven Hason (Managing Director, Head of Americas Real Assets, APG Asset Management US Inc.) and Roundtable Board Member Kathleen McCarthy (Global Co-Head of Blackstone Real Estate, Blackstone) – video of panel discussion.

Special Guests: The Roundtable’s Fall Business Meeting included virtual visits from the following guests:

Senate Majority Leader Mitch McConnell (R-KY) – video

Senator Tim Kaine (D-VA) – video

Rep. Steve Stivers (R-OH) – video

See below for more details about this discussion regarding pandemic risk insurance.

Next on The Roundtable’s meeting calendar is the all-member January 26-27 State of the Industry Meeting.

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EPA Launching “ENERGY STAR Tenant Space” Process on October 13; CBECS Requests Stakeholder Feedback; House May Vote on Building Codes Bill Next Week

Posted on September 19, 2020October 27, 2023 by Trey Jackson

Recognition for office tenants who collaborate with their landlords on design and construction of high performance leased spaces will be the focus of the voluntary ENERGY STAR Tenant Space program, scheduled to launch on October 13.

The launch marks the second occasion that the U.S. Environmental Protection Agency (EPA) will certify energy efficient office suites, following inaugural awards granted to “charter tenants” in 2018 and legislative authorization for the program from the so-called “Tenant Star” law passed by Congress in 2015. (Commercial Property Executive, May 4, 2015).

EPA’s application process, opening October 13, will require office tenants seeking certification to estimate their suites’ energy use, separately meter their spaces, use efficient office equipment, and share energy usage data with their landlords. See EPA’s “How to Prepare for Tenant Space Recognition” guide.
EPA will also offer access to a new tool for estimating lighting energy usage intensity within the ENERGY STAR “Portfolio Manager” platform. Use of this new lighting assessment function will be a prerequisite for Tenant Space awards. EPA has plans for on-line demonstrations in the coming weeks.
The ENERGY STAR label impacts nearly 35,000 buildings and plants nationwide, representing more than 5 billion square feet of commercial space. (ENERGY STAR Facts and Stats)

Real Estate Stakeholders Requested to Provide Input on CBECS Process

The Roundtable requests that our members respond to a short questionnaire (6 questions) currently on the Commercial Building Energy Consumption Survey (CBECS) website.
An ENERGY STAR “whole building” score (registered on a scale of 1 to 100) is generally based on data from the Commercial Buildings Energy Consumption Survey (CBECS), conducted periodically by the U.S. Energy Information Administration (EIA). EIA speakers have provided The Roundtable with information on CBECS data and its impact on ENERGY STAR scores for years.
The Roundtable estimates that EPA will next update its ENERGY STAR building scoring methods sometime around 2023, based on CBECS data collected in 2018-2019. However, that data is pre-COVID. It does not reflect the likely changes that have taken place in building occupancy and energy use since the pandemic struck in 2020.
Answers to the current CBECS questionnaire may have a significant impact in EIA’s data collection efforts regarding the U.S. buildings. It is crucial that EIA capture data from all types and sizes of buildings – such as larger buildings over 500K square feet that have historically been under-represented in past surveys.
RER members responding to the CBECS questionnaire should also explain that EIA’s data collection should account for possible changes in building occupancy, energy consumption, ventilation protocols, and HVAC equipment since the COVID-19 pandemic started.

House May Vote on Energy Bill Next Week

Issues regarding CBECS data are also part of legislation reintroduced by House Democrats on September 15, The Clean Economy and Jobs Innovation Act (H.R. 4447). The omnibus bill includes sections on building energy codes, grant programs for underserved communities and green infrastructure. The bill may come to a vote in the House next week.

The bill includes a section, strongly supported by The Roundtable, which would direct EPA and EIA to enter into an “information sharing agreement.” Such an agreement would direct the agencies to publicly and systematically address the relationship between CBECS data and ENERGY STAR buildings scores, as discussed above.
The bill also includes provisions, long-supported by The Roundtable, that would bring greater transparency to the process by which the U.S. Department of Energy provides federal recommendations to develop building energy codes that state and local governments may ultimately adopt. (Roundtable Weekly, June 19, 2019)
One of the major goals of the comprehensive, nearly 900-page legislative package is to reduce carbon dioxide emissions by 80% by 2050. (BGov, Sept. 16)

In the Senate, Energy and Natural Resources Chair Lisa Murkowski (R-AL) is working to reintroduce energy reform legislation, but has once again run into delays due to long-standing objections over housing affordability issues. (E&E News, Sept 17)

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House Vote on Stopgap Funding Bill Expected Next Week; White House Signals Possible Compromise on Pandemic Relief Package

Posted on September 19, 2020October 27, 2023 by Trey Jackson

Capitol Dome Stormy weather

Congressional policymakers struggled today to finalize a bipartisan spending bill to fund the government past September 30 and avoid a shutdown. House and Senate lawmakers disagree on when the temporary funding would expire – Republicans want the stopgap to end on Dec. 18 while Democrats are pushing for Feb. 26. (RollCall, Sept. 14 and Politico, Sept. 18)

House Majority Leader Steny Hoyer (D-MD) stated on September 15 that a vote on the continuing resolution (CR) would be held sometime next week. He added the CR will include language to extend the authorization for surface transportation and the National Flood Insurance Program. “I am going to bring it to the floor early next week and hope that the Senate passes it either later next week or the first part of the following week,” Hoyer said. (BGov, Sept. 18)

COVID-19 Package Negotiations

Congressional leaders remained at an impasse this week on another coronavirus stimulus package, although the Trump Administration signaled compromise is possible. Negotiations between Democrats and White House officials stalled in August. (Roundtable Weekly, Aug. 4)

GOP lawmakers initially proposed a $1 trillion coronavirus stimulus proposal in July. Last week, Senate Republicans attempted to advance a “skinny” COVID-19 aid bill for approximately $500 billion less that was blocked by Democrats. (Roundtable Weekly, Sept. 11).
Democrats are currently advocating a package of at least $2.2 trillion following passage of the $3.4 trillion HEROES Act by the House of Representatives in May. (Axios, Sept. 10)
Speaker Nancy Pelosi (D-CA) said on Tuesday that the House would remain in session until an agreement is reached and Hoyer clarified that lawmakers would be on call to return to the Capitol on short notice in the event a deal is reached. (BGov, Sept. 15)
After a compromise $1.5 trillion pandemic aid proposal from the bipartisan House Problem Solvers Caucus was rejected on Tuesday by congressional Democrats and Republicans, the White House signaled the following day it was open to further negotiations. (New York Times, Sept 15 and Vox, Sept. 16)
President Trump tweeted on Sept 16, “Go for the much higher numbers, Republicans, it all comes back to the USA anyway (one way or another!).” White House Chief of Staff Mark Meadows added there was support for more aid to state and local governments and that the Administration would be willing to consider a $1.5 trillion package. (CNBC, Sept 16.

Schumer and Pelosi joint statement

Speaker Pelosi and Senate Minority Leader Chuck Schumer (D-NY) said in a joint statement after Trump’s tweet, “We look forward to hearing from the President’s negotiators that they will finally meet us halfway with a bill that is equal to the massive health and economic crises gripping our nation.”
Treasury Secretary Steven Mnuchin said earlier this month that the next stimulus bill could be closer to $1.5 trillion. Larry Kudlow, director of the White House National Economic Council, said yesterday in response to a question about a $1.5 trillion package: “I would say that’s in the range of plausibility.” (Wall Street Journal, Sept. 18)
Senate Finance Committee Chairman Chuck Grassley (R-IA) yesterday told Bloomberg TV, “The White House has been making some statements here recently that would never get hardly any Republicans in the United States Senate. So this used to be the White House versus Pelosi up until about now. Now the president’s coming in and saying ‘we can maybe go to $1.5 trillion.’ He better be careful of that because I don’t think that bill could get through the United States Senate.”
Today, Pelosi told Bloomberg Television that Democrats remain committed to a $2.2 trillion relief package but indicated they may include aid for “airlines, transportation in other forms, restaurants, retail, issues like that” in a relief package. (Transcript of Pelosi Interview on Bloomberg’s Balance of Power with David Westin, Sept. 18)

The need for policymakers to produce a pandemic aid package before the November elections will be a focus of discussions during The Roundtable’s Fall Meeting on Sept. 22. Confirmed speakers include Senate Majority Leader Mitch McConnell (R-KY) and House Financial Services Committee Member Steve Stivers (R-OH).

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Roundtable Members and Business Leaders Urge NYC Mayor to Address Deteriorating Quality-of-Life Conditions as Part of Economic Recovery and Reopening

Posted on September 12, 2020October 27, 2023 by Trey Jackson

Scott Rechler, Chairman & CEO, RXR Realty LLC

More than 160 business leaders – including 16 Real Estate Roundtable members – yesterday sent a letter to New York City Mayor Bill de Blasio urging him to address crime and deteriorating quality-of-life issues as part of the city’s efforts to ease pandemic restrictions, encourage economic recovery and reopen businesses. (New York Times and Forbes, Sept. 10)

The letter states, “We need to send a strong, consistent message that our employees, customers, clients and visitors will be coming back to a safe and healthy work environment.” It adds that what must be confronted by city management is a “widespread anxiety over public safety, cleanliness and other quality of life issues that are contributing to deteriorating conditions in commercial districts and neighborhoods.” (Partnership for New York City letter, Sept. 10)
The letter explains that if steps are not taken quickly to address security and other livability conditions, then people will be slow to return to the city and a establish a degree of normalcy.
Mayor de Blasio responded on twitter yesterday, stating, “To restore city services and save jobs, we need long term borrowing and a federal stimulus — we need these leaders to join the fight to move the City forward.”
One of the signatories of the letter, Roundtable Member Scott Rechler (Chairman & CEO, RXR Realty LLC and Trustee of the 9/11 Memorial Museum) appeared on CNBC’s Squawkbox this morning to discuss the business leaders’ concerns about the city’s economic recovery and reopening. (Rechler in photo above)
“We don’t have a plan to build a brighter, better future for our city like we did post 9-11 and its eerily scary. While I know we have a crisis and its going to need support from the federal government, that’s not the only solution. We need to manage our city better,” Rechler stated during the Squawkbox interview.
An op-ed in the New York Daily News today by Rechler also encourages individuals “to safely fill our city streets, our parks, our stores, our restaurants, and our business districts.” Rechler calls for a safe return, especially by those “… who stayed home or left the city to protect themselves and their loved ones by slowing the spread of the coronavirus.”
New York City’s coronavirus infection rate has been reduced to a low level in recent months after a phased reopening of its economy started in June. The infection rate in the city has been below 1% for more than one month, due to strict emergency regulations. (Wall Street Journal, Sept. 11 and New York Gov. Cuomo’s website, Sept. 9)

Rechler’s op-ed adds, “Every lawyer, software engineer and banker working in New York’s office buildings supports five additional service jobs in retail, restaurants and small businesses, but this partnership, hundreds of thousands of jobs and livelihoods, falls apart if we all stay home.”

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