CREFC’s State of the Union Preview
February 28, 2022
Tonight, President Joe Biden will deliver his first state of the union address to a joint session of Congress at 9pm ET.
Amid the backdrop of a pandemic, perilous Russian aggression, inflation, a stalled domestic agenda, and deep divisions in the country, the President’s remarks will be closely scrutinized by supporters and critics alike. For CRE finance, the President is unlikely to get into details specific to CRE, though housing affordability will come up in places. Broader issues like infrastructure, climate change, and the macro economy will be among the most relevant to CREFC members.
Looming Election
From a political angle, the upcoming midterm elections are shaping up to be a referendum – as they have frequently been – on the President’s first two years in office. A key question is whether ‘Build Back Better’ will receive a mention in the speech. More likely, the President will discuss popular components of BBB as his priorities, such as the expanded Child Tax Credit, paid family leave, and various climate initiatives, rather than making a pitch for the whole bill as originally presented.
Fact Sheet Previews
Ahead of the speech, the White House released a number of fact sheets framing key issues and policy priorities the President looks to address. The fact sheets are linked below with major topics covered in each:
- Economy Fact Sheet: Biden will tout the economic rebound from the pandemic but will outline his plan to address pain points.
- Supply Chain Issues
- Lowering Costs
- Fair Competition
- Job Creation
- Inflation
- Infrastructure Fact Sheet: Biden will highlight the programs in the Bipartisan Infrastructure Law and how the administration will seek to rapidly implement them.
- Transportation
- High Speed Internet
- Climate, Clean Energy, and Environment
- Clean Energy Fact Sheet: Biden’s focus on climate will include urging Congress to act and also list the administration's accomplishments to date, which have largely been done through regulatory or executive actions.
- Call for Legislative Action
- Review of Executive Actions
- Racial Equity Fact Sheet: The President will outline his approach to achieving racial equity, with a strong focus on the Black community.
- Economic Opportunity for Black Families and Communities
- Equity in Educational Opportunity
- Improving Health Outcomes for Black Communities
- Criminal Justice Reform
- Voting Rights
- Appointing Black Judges
- Addressing Police Misconduct