We have received text from H.R. 794: Lunar New Year Day Act. This bill was received on 2025-01-28, and currently has 39 cosponsors.
Here is a short summary of the bill:
The proposed bill, known as the Lunar New Year Day Act, aims to establish Lunar New Year Day as a federal holiday in the United States. Here are the key aspects of what the bill intends to accomplish:
1. Designation of Lunar New Year Day
The bill seeks to amend Title 5 of the United States Code. Specifically, it proposes to add "Lunar New Year Day" to the list of federal holidays. This addition would recognize and formalize the observance of Lunar New Year as a significant cultural event.
2. Placement in Federal Holiday Schedule
In the official coding of federal holidays, Lunar New Year Day would be positioned immediately following Martin Luther King, Jr. Day. This change acknowledges its importance and ensures that it is recognized alongside other federal holidays.
3. Impact of the Federal Holiday Status
- Public Observance: With its designation as a federal holiday, government offices, agencies, and federal employees would observe this day as a holiday.
- Paid Time Off: Federal employees would be entitled to a day off with pay, similar to other federal holidays.
- State and Local Recognition: The bill may encourage states and local governments to also recognize Lunar New Year Day, potentially leading to wider observance in communities across the country.
4. Cultural Significance
The establishment of Lunar New Year as a federal holiday serves to recognize and celebrate the diverse cultural heritage represented by the Lunar New Year, which is observed by many individuals and communities in the United States, particularly among Asian American populations.
5. Potential Promotion of Inclusivity
This legislative action could promote inclusivity and acknowledge the contributions and traditions of various ethnic groups, fostering greater cultural understanding and appreciation within American society.
Relevant Companies
- FDX - FedEx Corporation: Increased shipping and logistics services for Lunar New Year-related events may enhance demand for their logistics solutions during this period.
- UPS - United Parcel Service, Inc.: Similar to FedEx, UPS might see an increase in shipping activity as businesses and individuals participate in the celebration of Lunar New Year.
This article is not financial advice. See Quiver Quantitative's disclaimers for more information.
