On The Money – Labor chief touts efforts to promote job growth

Happy Friday and welcome to On The Money, your nightly guide to everything related to your bills, bank account, and bottom line. Subscribe here: thehill.com/newsletter-signup.

Today’s Big Deal: Secretary of Labor Marty WalchInterview with Marty WalshThe Hill: Biden’s labor chief touts return to work One year into Biden’s presidency, we’re only burying more overdose victims Massachusetts Attorney General Maura Healey , enters gubernatorial race MORE discusses the so-called Big Resignation in an interview with The Hill and the administration’s efforts to promote job growth.

We will also look at renewed efforts by Democrats to revive President BidenJoe BidenNew York woman arrested after allegedly spitting on Jewish children Former senator Donnelly confirmed as associate of Vatican ambassador Giuliani sentenced to one year in prison in campaign finance case MORE‘s Build Back Better Act stalled following the failure of the party’s efforts to pass suffrage legislation.

But first, have you seen the recent discovery made by astronomers on how a black hole helped in the birth of stars?

For The Hill, we are Sylvan Lane, Aris Folley and Karl Evers-Hillstrom. contact us at [email protected] Where @SylvanLane, [email protected] Where @ArisFolley and [email protected] Where @KarlMEvers.

Let’s go.

Biden’s labor chief touts return to work

On Friday, President Biden’s Secretary of Labor brushed aside concerns over the so-called big resignation while touting efforts to promote job growth in the second year of the Biden administration.

Labor Secretary Marty Walsh argued in a broad interview with The Hill that Americans ‘want to go to work’, even as the US experiences a high quit rate and American workers gain new leverage during the COVID-19 pandemic.

“I think the key to 2022 will be, honestly, to focus on getting people back to work,” Walsh said.

  • Walsh stressed that increasing the country’s vaccination rate against COVID-19 and overcoming the pandemic will help alleviate labor issues.
  • He defended the Biden administration’s economic record, noting that more people joined the workforce in 2021 than at any other time in the past 25 years.
  • The secretary added that the United States must prioritize apprenticeships to fill construction jobs, especially when it comes to housing.

“I think we are going to need more housing in our country over the next five to 10 years, we are going to have a lot more development in our country,” he said, stressing the need for “workers at all levels”. building levels. »

The background: American employers have struggled for months to hire and retain workers. The unemployment rate fell sharply to 3.9% last month as the United States added 199,000 jobs in December, well below economists’ expectations.

Alex Gangitano of The Hill has the interview here.


Democrats hope to salvage Biden’s agenda on Manchin’s terms

In the wake of a failed effort to pass voting rights legislation, Democrats are once again turning their sights to reviving President Biden’s stalled Build Back Better Act, which hit a wall in December when the senator. Joe ManchinJoe ManchinLawmaker arrested amid voting rights protest says he’d ‘do it again’ No Hillary – ‘third way’ is the wrong way WATCH: The Hill recaps the best stories of the week MORE (DW.Va.) announced that he could not support it.

Democratic lawmakers say they are ready to concede more ground to Manchin in order to get something into law, even if it will fall far short of the ambitious vision they announced last year.

“I think we should say to Senator Manchin, ‘You won, write the bill and tell us what you can support,'” said a Democratic senator, who requested anonymity to discuss the strategy party. “That way he would stop dancing.”

The Hill’s Alex Bolton has more here.


Intel to Build $20 Billion Factory in Ohio Due to Chip Shortage

Intel said Friday it would invest $20 billion to build chip factories in Ohio amid a worldwide computer chip shortage.

The “mega-site” will be built outside of Columbus on 1,000 acres of land in Licking County, according to an Intel statement. Construction is expected to begin towards the end of 2022 and be completed in 2025.

The project will initially employ 7,000 construction jobs and 3,000 jobs at Intel, with thousands more long-term jobs expected in the future.

“Today’s investment marks another significant way for Intel to lead efforts to restore American leadership in semiconductor manufacturing,” said Intel CEO Pat Gelsinger.


Biden’s $15 minimum wage hike for federal agencies takes effect

On Friday, federal agencies were ordered to implement President Biden’s $15-an-hour minimum wage for government employees.

The Office of Personnel Management (OPM) has issued a memo to heads of executive departments and agencies, which provides guidance for adjusting employee pay rates to at least $15 per hour. The rule is expected to take full effect on January 30.

The higher salary will impact 70,000 workers mainly from the Ministry of Defense, the Ministry of Agriculture and the Ministry of Veterans Affairs, according to the OPM. The agency found that “the vast majority” of the 2.2 million federal workers already earn a pay rate of at least $15 an hour.

Good to know

The news follows reports that Russia’s central bank is proposing a cryptocurrency ban in the country, the world’s third-largest region for cryptocurrency mining.

Here’s what else we’ve got our eyes on:

  • Amazon and Meta, the parent company of Facebook, spent record amounts on federal lobbying in 2021 as they fought legislation to limit their expansive market power.
  • General Motors is invest $154 million to renovate a factory in New York that will create approximately 230 additional jobs to produce parts for electric motors.
  • Platoon shares dropped Thursday after CNBC obtained documents indicating that the company is temporarily halting production of its bicycles and treadmills.

That’s all for today. Thanks for reading and check out The Hill’s Finance page for the latest news and coverage. We’ll see you on Monday.