Senate impeachment trial kicks off at 1:00 p.m. with arguments from the House managers and Trump's lawyers. Senate plans to vote after the arguments – with a simple majority needed – on the constitutionality of trying a former president. … NFIB survey at 6:00 a.m. expected to rise to 97.9 from 96 … BEWARE THE ACTING HEADS? — Via CapAlpha's Ian Katz: : "President Biden's initial Cabinet picks, including Treasury Secretary Janet Yellen, skewed toward the moderate side and looked like an Obama 2.0 lineup. Since then, financial regulator nominees including Gary Gensler at the SEC, Rohit Chopra at the CFPB, and yes, Michael Barr at the OCC, have been more progressive. "The acting agency heads named to serve for the time being have been assertive about pushing ahead with the Democratic agenda and clearly don't see themselves as seat-warmer … Investors should understand that temporary regulators, particularly Dave Uejio at the CFPB, are trying to ramp up oversight of financial firms faster than most expected." DEMS DIVIDED ON IMMIGRATION — Our Burgess Everett and Marianne LeVine: "It took fewer than three weeks of Washington control for Democrats to confront the vexing politics of immigration. An effort to restrict stimulus checks to undocumented immigrants is blowing a hole in Democrats' unity in the Biden era, after a bloc of Democrats sided with Republicans over their more progressive colleagues last week. "The immigration status of those seeking new stimulus payments is shaping up as a major point of contention among Democrats as the House and Senate write their coronavirus relief bills, presaging the tough fights ahead among the party's tight majorities in Congress on a politically volatile issue." PROGRESSIVES WIN ON STIM PAYMENTS — Our Heather Caygle and Sarah Ferris: "House Democrats will move ahead with a coronavirus stimulus package that would keep the existing income limits for Americans who receive stimulus checks, while tightening eligibility for higher-earning Americans — a major win for progressives. "The plan … would keep $1,400 stimulus checks flowing to Americans making up to $75,000 a year — rather than the $50,000 threshold that some moderate Democrats had proposed. It would, however, tighten eligibility for those making over $75,000 as an individual — a higher-earning group that previously qualified for smaller checks. Couples making $150,000 would also qualify for direct payments, with that eligibility phasing out for earners making up to $200,000." CORPORATE AMERICA BATTLES DEMS ON CLIMATE — Our Zachary Warmbrodt: "Corporate America is entering the Biden era with bold public pledges to fight climate change. But as Democrats seek to hold businesses to those promises, they're facing a big battle. "Democrats are vowing to go through the Securities and Exchange Commission to impose sweeping financial disclosure rules on climate risk that would force thousands of businesses including banks, manufacturers and energy producers to divulge information to investors. Lenders are set to get even more scrutiny from their own regulators like the Federal Reserve, including potential stress tests … Now, the backlash is beginning." SHELBY RETIRING — Our Caitlin Emma and James Arkin: "Sen. Richard Shelby (R-Ala.) announced … he won't seek reelection to a seventh term after more than four decades in Congress. Shelby, who chaired the Senate Appropriations Committee until Democrats won control of the chamber last month, has long been seen as likely to retire in 2022. "The 86-year-old Republican is the fourth most senior member of the upper chamber and the longest-serving senator from Alabama. He has chaired several committees over the course of his career, including the powerful Appropriations Committee, where he's still the top Republican, and the Banking Committee, of which he's the longest-serving member." | 
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