Prism Group's Daily Summary
EDUCATION AND WORKFORCE INTEREST RATES UNCHANGED BY THE FED FOR THIRD MONTH STRAIGHT... The Federal Reserve announced on Wednesday that it will not change its key interest rate for the third consecutive time, marking a departure from interest rate hikes seen in recent times. Fed Chair Jerome Powell emphasized the likelihood of ceasing rate hikes due to consistently diminishing inflation.
KEY WORKFORCE LEGISLATION ADVANCED BY HOUSE EDUCATION AND WORKFORCE COMMITTEE... Yesterday, the House Education and the Workforce Committee advanced four bills including H.J. Res. 98, nullifying the NLRB’s joint employer rule, H.R. 6655 A Stronger Workforce for America Act (ASWAA), reauthorizing the Workforce Innovation and Opportunity Act (WIOA), H.R. 3400 Small Business before Bureaucrats Act, increasing the NLRB’s jurisdictional thresholds, and H.R. 6585 Bipartisan Workforce Pell Act, which extends Pell grant eligibility to short-term upskilling programs. A full House vote has yet to be scheduled, however, H.R. 6655 and H.R. 6585 both received large bipartisan support, passing 44-1 and 37-8 respectively.
IRS TAKES ACTION AGAINST SMALL BUSINESSES WITH INACCURATE TAX CREDIT FILINGS... The IRS has taken action against small businesses that inaccurately filed returns seeking pandemic-era tax credits, issuing 20,000 disqualification letters for the Employee Retention Credit. These letters specifically targeted entities that did not exist or lacked paid employees during the eligible claim period.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Four state legislatures are in session.
WHAT WE'RE WATCHING:
Florida’s Senate Health Policy Committee plans to introduce new bills that would add $874 million into the state’s health care workforce. The measures include $571 million for Medicaid rate increases.
Illinois Governor J.B. Pritzker (D) signed House Bill 2473 on Friday, which provides the most significant overhaul of the state’s nuclear power regulatory framework in decades. The bill authorizes the construction of small modular reactors and will direct research and regulation over these reactors. Previously, all new nuclear development was banned under a 1987 law.
LAWMAKERS... IN OR OUT?
The House... convenes today at 9:00 AM ET. The full schedule may be found here.
The Senate... convenes today at 10:00 AM ET. The full schedule may be found here.
HAPPENING ON THE HILL
The House...
Check back on January 8th for possible updates.
The Senate...
Committee on Health, Education, Labor, and Pensions will hold a hearing TODAY, 12/14 at 10:00 AM on “What is Fueling the Diabetes Epidemic.”
BILLS OF INTEREST
Rep. Eric Burlison (R-MO-7) introduced a bill to amend the National Labor Relations Act to permit certain employees to engage in independent negotiating.
Rep. Don Bacon (R-NE-2) introduced a bill to require the Secretary of Defense to amend the Department of Defense Supplement to the Federal Acquisition Regulation to include consideration of past performance of affiliates of small business concerns.
Rep. Rashida Tlaib (D-MI-12) introduced a bill to provide for the federal charter of certain public banks.
AT THE AGENCIES
The US Department of Labor
Check back on January 8th for possible updates.
The US Department of the Treasury
Check back on January 8th for possible updates.
The US Department of Commerce
Check back on January 8th for possible updates.
The US Trade Representative
The Office of the US Trade Representative issued a statement on the United States and the Philippines’ first labor working group meeting under the TIFA.
The US Small Business Administration
Check back on January 8th for possible updates.
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