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What Biden's 'Buy American' executive order means for the U.S.

Yahoo Finance’s Akiko Fujita, Zack Guzman, and Jessica Smith discuss President Biden’s plans for today and stimulus outlook.

Video Transcript

ZACK GUZMAN: But first, more pressing issues for Team Biden back here at home, as the Senate braces to officially receive the Articles of Impeachment to kick off President Trump's trial, all while Janet Yellen awaits a final confirmation vote to become the first ever female Treasury Secretary. So let's kick things off in Washington, DC today in the back half of the show, with Yahoo Finance's Jessica Smith and Brian Cheung leading our team coverage today. And Jess, we start with you because President Biden continues his executive order flurry.

JESSICA SMITH: Yeah, this time today, President Biden is now signing an executive order with the goal of boosting American manufacturing. The Made in America order will push the federal government to buy more products made domestically. The federal government spends as much as $600 billion on contracts each year. And while they're required to give preference to US companies, the Biden administration says those preferences haven't been consistent or effective.

So the order will increase the amount of a product needed to be made domestically for it to be considered Made in America. The order will create a new position in the Office of Management and Budget. And that person will oversee this whole policy. And then, it will create a website where you can track contracts given to foreign vendors. And it will help federal agencies connect with US suppliers.

We expect to hear from President Biden on this executive order later this afternoon, sometime in the 3:00 PM hour. But also happening today, the House is going to deliver the Article of Impeachment to the Senate. The Senate will then be sworn in as jurors tomorrow, but the actual trial is not going to get started until February 9th.

That gives the House impeachment managers in Trump's defense team time to finish their preparations for the trial, and it gives the Senate more time to work on its usual business, like COVID relief and getting Biden's nominations confirmed. The Senate will vote later this evening on Biden's pick for Treasury Secretary. That vote's at 5:30.