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Smith's Research & Gradings
Volume: 
XXIX
Issue: 
4
Author: 
March 1, 2021

Smith's Research & Gradings

Pandemic Event Risk: National Emergency Extended

Pandemic Event Risk: National Emergency Extended

The National Emergency has been extended according to a letter from President Joe Biden to The Congress of the United States. On Feb. 24, President Biden wrote:

Section 202(d) of the National Emergencies Act (50 U.S.C. 1622(d)) provides for the automatic termination of a national emergency unless, within 90 days prior to the anniversary date of its declaration, the President publishes in the Federal Register and transmits to the Congress a notice stating that the emergency is to continue in effect beyond the anniversary date.  In accordance with this provision, I have sent to the Federal Register for publication the enclosed notice stating that the national emergency declared in Proclamation 9994 of March 13, 2020, beginning March 1, 2020, concerning the coronavirus disease 2019 (COVID-19) pandemic, is to continue in effect beyond March 1, 2021.

There remains a need to continue this national emergency.  The COVID-19 pandemic continues to cause significant risk to the public health and safety of the Nation.  More than 500,000 people in this Nation have perished from the disease, and it is essential to continue to combat and respond to COVID-19 with the full capacity and capability of the Federal Government.

Therefore, I have determined that it is necessary to continue the national emergency declared in Proclamation 9994 concerning the COVID-19 pandemic.

                            JOSEPH R. BIDEN JR.

THE WHITE HOUSE,
February 24, 2021.

At least 3,210 new coronavirus deaths and 70,768 new cases were reported in the United States on Feb. 24. Over the past week, there has been an average of 68,123 cases per day, a decrease of 35 percent from the average two weeks earlier. As of Feb. 25, more than 28,353,200 people in the United States have been infected with the coronavirus according to a New York Times database.

New York Gov. Andrew Cuomo's controversial March 25 order that required nursing homes to admit COVID-19 patients was deleted from the state of New York's website, according to MS News.

On May 10, Gov. Cuomo released new guidance that prohibited hospitals from sending people who tested positive for COVID-19 back to nursing homes, though his administration said the new guidance added to — but did not replace — the original order.

At least 5,800 people have died in New York nursing homes and adult care facilities.

On Wednesday, the state of New York's website displayed an error message, stating the "page that you are looking for is not found," in place of a link to the original document. The March 25 order is only accessible through an archived version of the webpage, posted by the Internet Archive's Wayback Machin

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Beirut’s Agony: Ports, Food, and China

On August 4th the port of Beirut was the scene of a horrific explosion, which killed more than 150 people, injured 6,000 and left some 300,000 homeless. The damages are estimated to be in excess of $15 billion. The city’s hospitals, already struggling due to the COVID-19 pandemic, were damaged by the blast and swamped with injured. On top of already raging economic and political crises, the explosion now raises the question of food security. Prior to the explosion, 80 percent of Lebanon’s imports passed through Beirut’s port. Without a functioning port in Beirut, the country now relies on a handful of secondary ports, chief among them being Tripoli in the north, to import food and to export its products.

A Farewell to Froehlich

Smith's Cadre of Affordable Housing Finance is sad to announce the passing of Richard Froehlich, First Executive Vice President and Chief Operating Officer of the New York City Housing Development Corporation.

David Hitchcock Retires

David Hitchcock participated in S&P Global Ratings' Webinar on State Ratings and quietly retired at the end of the day. It was a silent send-off for a great analyst. Your correspondent checked in with him the very next day.

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