The customary infighting between Democrats and Republicans took a break Saturday. House Speaker Nancy Pelosi (D-CA) carried a bill through the House of Representatives with the approval of President Donald Trump. Will these relief efforts do anything to stabilize Bitcoin or the traditional markets?
The bill is designed to offer help to workers who have faced difficulties during the coronavirus outbreak. Widespread quarantine efforts have left many unable to go to work, and without paid sick leave.
The bill is designed to offer employees paid sick leave extensions to help mitigate the impact of the virus-related closures. Further, the bill is also intended to offer mitigated tax savings to companies seeking to care for affected employees.
All for One, One for All
The bill’s rapid progress through the House of Representatives reveals a deeper and more helpful truth to American politics. While the finger-pointing will likely continue, neither party wants to be seen as the ‘problem’ in delaying worker relief.
This has led to helpful bipartisanship on both sides. Per the President, Representative Pelosi and Treasury Secretary Steven Mnuchin had more than 20 phone conversations on Friday with the goal of creating a mutually supportable bill.
The result of this effort was a rapid passage through the House. Few expect to see any delays from the Senate, as well. President Trump has officially stated that he will sign the bill the moment it hits his desk.
Too Little too Late for Bitcoin?
The result of the bill being passed should help to bring relief to some of the workers and employers affected. Tests will be covered by all insurance providers. Those affected by the quarantine can request up to three months of paid leave from their employers.
The bill, however, is not a once-for-all fix. While it certainly provides relief to some, the overall economic impact of the virus could continue. With so many workers out ‘sick,’ the market will likely continue to recoil.
However, the move could bring stability to Bitcoin and stock markets. The bipartisan effort shows traders and investors that the U.S. government is willing to work together to get things on the right track. If nothing else, some of the fear-based selling should curtail.