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December 6, 2023

Prism Group's Daily Summary



WALL STREET OVERSIGHT HEARING TODAY...The Senate Committee on Banking, Housing, and Urban Affairs will conduct a hearing today featuring testimony from the CEOs of major American banks. This year’s annual Wall Street oversight hearing will likely focus on the Federal Reserve’s proposed “Basel III Endgame” rules for banks, which the finance industry has strongly opposed since the proposal in July of this year. JPMorgan Chase CEO Jamie Dimon and Goldman Sachs CEO in particular will dedicate a significant portion of their opening remarks to the issue. Finance leaders have also warned that capital hikes and other regulations will negatively impact the US economy, and will discuss this position.


BIPARTISAN WORKFORCE PELL ACT... Yesterday, the House Education and Workforce Committee (E&W) introduced H.R. 6585, the Bipartisan Workforce Pell Act. This legislation authorizes $160M over five years for Pell eligible students or workers to enroll in short-term (8-15 weeks) career advancement programs in high-demand sectors that lead to high-quality job placement. This bill is part of a wider legislative package that is expected to better unify education and workforce development.


IBM AND META LAUNCH AI CONSORTIUM...IBM, Meta, and around fifty other companies and institutions launched the “AI Alliance” on Tuesday as an international consortium on AI development. The project includes leading AI companies as well as researchers from universities and governmental organizations like CERN and is in line with recent moves by governments and the private sector to devise a method of regulation in AI development.

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS:

Four state legislatures are in session. Georgia is in special session.

WHAT WE'RE WATCHING:

New Jersey assemblyman Herb Conaway introduced a bill in the state legislature that would regulate cryptocurrencies in New Jersey as a security for “institutional investors.” New Jersey’s legislature has taken significant recent steps in cryptocurrency regulation recently, with the Assembly passing the Digital Assets and Blockchain Regulation Act this year, though no legislation has yet been enacted.

The National Association of State Budget Officers released its annual report on state spending levels, revealing that state spending has increased by 6.5% over the last fiscal year. Notably, the report found that eight states spent 20% more than in the previous fiscal year.

LAWMAKERS... IN OR OUT?

The House... convenes today at 10:00 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...

Committee on Financial Services Subcommittee on Housing and Insurance will hold a hearing TODAY, 12/6 at 10:00 AM titled “Housing Affordability: Government Barriers and Market-Based Solutions.”

Committee on Financial Services will hold a hearing Friday, 12/8 at 9:00 AM titled “Connecting Communities: Building Innovation Ecosystems Across America.”

Committee on Ways and Means Subcommittee on Oversight will hold a hearing TODAY, 12/6 at 10:00 AM titled “Hidden Cost: The True Price of Federal Debt to American Taxpayers.”

Committee on Ways and Means Subcommittee on Tax will hold a hearing TODAY, 12/6 at 2:00 PM on “Tax Policies to Expand Economic Growth and Increase Prosperity for American Families.”

The Senate...

Check back tomorrow for possible updates.

BILLS OF INTEREST

  • Rep. Adam Smith (D-WA-9) introduced a bill to amend the Internal Revenue Code of 1986 to impose on excise tax on the failure of certain hedge funds owning excess single-family residences to dispose of such residences, and for other purposes.

  • Rep. Janice D. Schakowsky (D-IL-9) introduced a bill to amend the Public Health Service Act to establish an Office of Drug Manufacturing.



  • Rep. Lucy McBath (D-GA-7) introduced a bill to amend the Workforce Innovation and Opportunity Act to codify a competitive grant program to build community colleges' capacity to provide employment and training programs for in-demand industries or occupations.

AT THE AGENCIES The US Department of Labor

Check back tomorrow for possible updates.

The US Department of the Treasury

The US Department of the Treasury issued press release announcing the launch of a counter-fentanyl strike force.

The US Department of Commerce

The US Department of Commerce issued a press release titled “U.S. Department of Commerce Senior Officials to Participate in United Nations COP28 Climate Conference in Dubai.”

The US Trade Representative

Check back tomorrow for possible updates.

The US Small Business Administration

The US Small Business Administration announced “First-Ever Season of Small Business Campaign.”

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