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EIW Today - February 15th, 2024

Prism Group's Daily Summary



WERFEL ON THE HILL... On the one-year anniversary of his appointment as IRS Commissioner, Danny Werfel is scheduled to testify before the House Ways and Means Committee this morning. Topics expected to come up include the agency’s plans for deploying some $80 billion in new funding, improvements to customer service, and a new e-file system. Of note for small business - Werfel is also expected to discuss the lower 1099-K reporting threshold, whose implementation the IRS has delayed for two years. 

 

SALT BILL’S FAILURE COULD HAVE BROADER IMPLICATIONS... The House yesterday blocked legislation that would have eased the $10,000 cap on state and local tax (SALT) deductions, part of a deal struck with high-tax state Republicans in exchange for their support of the broader tax package advanced last month. Should the Senate ultimately amend that package the House would have to vote once again on the modified product, giving the so-called “SALT Caucus” another point of leverage in future negotiations.  

 

THE STATE OF THE STATES 


SESSIONS BY THE NUMBERS: 


Forty-three state legislatures are in regular session. 

 

WHAT WE'RE WATCHING: 


Nevada experienced the United States’ highest job growth last year alongside the highest unemployment rate. Acting Labor Secretary Julie Su attributed the phenomenon to inadequate "job infrastructure." Despite a robust national jobs report, Nevada's unique challenges spotlight the need for targeted investment in workforce development to enhance job accessibility. 

 

In order to boost efficiency and reallocate labor to the private sector, Oklahoma's artificial intelligence task force has recommended the implementation of AI to streamline government operations and reduce the workforce by 40%. Governor Kevin Stitt's (R) endorsement of these recommendations reflects a strategic move to adopt technology for better governance. 

 

LAWMAKERS... IN OR OUT? 


The House... convenes today at 10:00 AM. The full schedule may be found here. 

The Senate...  is out of session today. The full schedule may be found here. 


HAPPENING ON THE HILL 


The House...  

Committee on Ways and Means will hold a hearing TODAY, 2/15 at 10:00 AM with IRS Commissioner Daniel Werfel. 

Committee on Education and the Workforce will hold a hearing TODAY, 2/15 at 10:15 AM on “Protecting American Savers and Retirees from DOL’s Regulatory Overreach.” 

Committee on Financial Services will hold a hearing TODAY, 2/15 at 10:00 AM on “Lender of Last Resort: Issues with the Fed Discount Window and Emergency Lending.” 

Committee on Financial Services will hold a hearing TODAY, 2/15 at 2:00 PM on “Crypto Crime in Context Part II: Examining Approaches to Combat Illicit Activity.” 

Committee on Small Business will hold a hearing TODAY, 2/15 at 10:00 AM on “Leveling the Playing Field: Challenges Facing Small Business Contracting.” 

 

The Senate...  

Check back tomorrow for possible updates. 

 

BILLS OF INTEREST 


  • Rep. Zachary Nunn (R-IA-3) introduced a bill to establish an Office of the Community Development Advocate for the Community Development Financial Institutions Fund, and to establish a process for decertification of community development financial institutions. 

  • Rep. Mark DeSaulnier (D-CA-10) introduced a bill to establish an Office of Housing Innovation in the Department of Housing and Urban Development to assist in exploring and developing new approaches for increasing and diversifying the supply of housing and for meeting the challenges of housing shortages, housing affordability, and traffic congestion. 

  • Rep. Diana DeGette (D-CO-1) introduced a bill to amend title XIX of the Social Security Act to ensure adequate consideration of payment rates for multimission hospitals under the Medicaid program. 

 

AT THE AGENCIES 


The US Department of Labor 

The US Department of Labor announced “An Updated Equity Action Plan, Part of Biden-Harris Administration Commitment to Advance Equity, Economic Justice."

 

The US Department of the Treasury 

The US Department of the Treasury announced that the “Treasury Sanctions Network Smuggling U.S. Technology to Central Bank of Iran.” 

 

The US Department of Commerce 

The US Department of Commerce released a press release discussing “2023 Update to Equity Action Plan, Outlines New Commitments to Advance Equity.” 

 

The US Trade Representative 

The Office of the US Trade Representative released a readout discussing the “First Round of the U.S.-Japan Task Force on the Promotion of Human Rights and International Labor Standards in Supply Chains.” 

 

The US Small Business Administration 

The US Small Business Administration released a press release discussing “Updated Equity Action Plan to Advance the Biden-Harris Administration’s Commitment to Investing in Equity.” 

 

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