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December 11, 2023

Prism Group's Daily Summary



LAST WEEK IN SESSION... Congress will begin its final work week of the year today, with critical pieces of legislation yet to be passed including the (recently extended) Farm Bill, National Defense Authorization Act, and the appropriations bill. Senate Appropriations chair Patty Murray (D-WA) stated last week that a tentative appropriations deal with the Republican-led House remains a distant prospect--and that one was needed “yesterday.” Meanwhile, the Senate intends to pass its version of the NDAA this week. 


TIME TO CUT INTEREST RATES...After a two-year increase in inflation, rates fell faster this year than the Federal Reserve and outsider observers expected. By avoiding a recession this year, corporate earnings continued to grow and reached new highs in Q3. Now the question shifts to when Feds can start cutting rates, the timing of the cuts, and how great of an impact on it will have on households, markets, and election outcomes.  


EMPLOYMENT TALKS...On Thursday, the House Education and the Workforce (E&W) Committee introduced H.R. 6655, A Stronger Workforce for America Act (ASWAA), which reauthorizes the Workforce Innovation and Opportunity Act (WIOA). Introduced in a bipartisan manner by E&W Chairwoman Virginia Foxx (R-NC) and Ranking Member Bobby Scott (D-VA), ASWAA’s impetus is to expand employer’s potential talent pools by upskilling individuals who possess barriers to employment as companies across the nation face talent shortages. ASWAA will be marked up Tuesday, December 12, and is expected to advance out of Committee. 

 

THE STATE OF THE STATES 

SESSIONS BY THE NUMBERS: 

Four state legislatures are in session.  

 

WHAT WE'RE WATCHING: 

Republican legislators in Wisconsin proposed abolishing the state’s elections commission last week, with support from US Senator Ron Johnson. The proposal would delegate the elections commission’s authority to the Secretary of State, with any actions taken by the Secretary requiring approval from the Republican-controlled legislature. Despite Sen. Johnson’s endorsement, the move has little momentum in the Wisconsin legislature and is opposed by Senate Majority Leader Devin LeMahieu.  

California faces a budget deficit of $68 million this year, the largest deficit in its history and the second year in a row that the state has been in the red, according to the California Legislative Analyst’s Office. According to the report, California saw lower-than-expected tax revenue this year on a budget in excess of $300 billion. 

 

LAWMAKERS... IN OR OUT? 

The House... convenes today at 12:00 PM ET. The full schedule may be found here. 

The Senate... convenes today at 3:00 PM ET. The full schedule may be found here. 

 

HAPPENING ON THE HILL 

The House...  

Committee on Ways and Means Subcommittee on Oversight will hold a hearing Wednesday, 12/13 at 2:00 PM titled “Growth of the Tax-Exempt Sector and the Impact on the American Political Landscape.” 

Committee on Financial Services will hold a hearing TOMORROW, 12/12 at 2:00 PM titled “Examining the Agenda of Regulators, SROs, and Standards-Setters for Accounting, Auditing.”   

Committee on Education and the Workforce will hold a hearing Wednesday, 12/13 at 10:15 AM on “Protecting Workers and Small Businesses from Biden’s Attack on Worker Free Choice and Economic Growth.” 

Committee on Energy and Commerce will hold a hearing Wednesday, 12/13 at 10 AM titled “Leveraging Agency Expertise to Foster American AI Leadership and Innovation.” 

 

The Senate...  

Committee on Health, Education, Labor, and Pensions will hold a hearing Thursday, 12/14 at 10:00 AM on “What is Fueling the Diabetes Epidemic.” 

Committee on Judiciary will hold a hearing Wednesday, 12/13 at 3:00 PM titled “The New Invisible Hand? The Impact of Algorithms on Competition and Consumer Rights.” 

 

BILLS OF INTEREST 

  • Rep. Jimmy Panetta (D-CA-19) introduced a bill to amend the Internal Revenue Code of 1986 to provide a credit for middle-income housing, and for other purposes. 

  • Rep. Gregory Murphy (R-NC-3) introduced a bill to amend title XVIII of the Social Security Act to increase support for physicians and other practitioners in adjusting to Medicare payment changes. 

  • Brian K. Fitzpatrick (R-PA-1) introduced a bill to amend the Internal Revenue Code of 1986 to eliminate certain fuel excise taxes and impose a tax on greenhouse gas emissions to provide revenue for maintaining and building American infrastructure, and for other purposes. 

 

 

AT THE AGENCIES 

The US Department of Labor 

The US Department of Labor issued a statement by acting Secretary of Labor Su on November Jobs Report.  


The US Department of the Treasury 

The US Department of the Treasury released a joint statement on the “the EU-U.S. Financial Regulatory Forum.”  

 

The US Department of Commerce 

Check back tomorrow for possible updates.  

  

The US Trade Representative 

Check back tomorrow for possible updates. 

 

The US Small Business Administration 

Check back tomorrow for possible updates.  

 

 

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