Prism Group's Daily Summary
GOVERNMENT FUNDING DEADLINE FAST APPROACHING... After passing a Continuing Resolution (CR) to maintain government funding levels until March 14, Congress has yet to hammer out its approach to funding the government and avoiding a shut down. Under the Fiscal Responsibility Act, negotiated last Congress by Speaker McCarthy and President Biden, discretionary spending would be reduced by 1% (~$70B) if a funding bill or CR is not passed by the end of April. Republicans and Democrats are continuing negotiations, with Speaker Johnson indicating openness to a year-long CR, which could provide Republicans an opportunity to advance their policy priorities through the budget reconciliation process.
FEDERAL RESERVE GOVERNOR DEMANDS INNOVATION IN BANKING... Federal Reserve Governor Michelle Bowman emphasized the need for banking regulations that foster innovation rather than hinder it. She criticized the lengthy application processes for mergers and acquisitions, suggesting that updating application forms and establishing fixed approval timelines could streamline these procedures. Bowman also highlighted the importance of adapting regulations to support ongoing advancements in the banking and financial systems. Her remarks reflect a growing concern that current regulatory frameworks may be stifling technological progress in the sector.
DEATH TO THE DEATH TAX?... Senate Majority Leader John Thune (R–SD) and Senator Kevin Cramer (R–ND) have introduced a bill to repeal the federal estate tax, also known as the “death tax”, and generation-skipping transfer taxes permanently. The legislation would also reduce the federal gift tax from 40 percent to 35 percent. Impacts of the federal estate tax were last reduced under the Tax Cuts and Jobs Act, which doubled the amount exempt from the tax and tied it to inflation, but those tax cuts expire this year unless they are extended.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Forty-eight states are in regular session.
WHAT WE'RE WATCHING:
The Indiana House passed HB 1172, which would create the Office of Entrepreneurship and Innovation, offering support for small businesses and entrepreneurs. The office will operate under the state Secretary of Commerce. The bill was authored by Rep. Jake Teshka (R-North Liberty), and received broad bipartisan support, passing 85-7. While some lawmakers expressed concerns about expanding government, the business community has largely backed the initiative, which now sits in the Senate.
The Nevada legislature is considering a bill that would require food delivery apps to work only with businesses that have proper permits from local health authorities. The measure targets so-called “ghost kitchens,” delivery-only operations that do not always have the requisite permits.
LAWMAKERS... IN OR OUT?
The House... is currently not in session.
The Senate... convenes today at 3:00 PM. The full schedule may be found here.
HAPPENING ON THE HILL
The House...
Check back tomorrow for possible updates.
The Senate...
Committee on Health, Education, Labor and Pensions will hold a hearing Wednesday, 2/19 at 10:00 AM entitled “Nomination of Lori M. Chavez-DeRemer to serve as Secretary of Labor.”
Committee on Judiciary will hold a hearing Wednesday, 2/19 at 10:15 AM entitled “Children’s Safety in the Digital Era: Strengthening Protections and Addressing Legal Gaps.”
Committee on Judiciary will hold an executive business meeting Thursday, 2/20 at 10:15 AM entitled “Executive Business Meeting.”
BILLS OF INTEREST
H.R.1226 - To sunset new Federal regulatory rules after 5 years, and for other purposes. Introduced on February 12, 2025, by Rep. Stutzman (R-IN-3), The bill aims to establish a sunset provision for new federal regulatory rules, meaning these rules would automatically expire after five years unless renewed or made permanent through further legislative action.
AT THE AGENCIES
The U.S. Department of Labor
Check back tomorrow for possible updates.
The U.S. Department of the Treasury
Check back tomorrow for possible updates.
The U.S. Department of Commerce
Check back tomorrow for possible updates.
The U.S. Trade Representative
The Special 301 Subcommittee of the Trade Policy Staff Committee will hold a public hearing on February 19, 2025, regarding the 2025 Special 301 review.
The U.S. Small Business Administration
Check back tomorrow for possible updates.
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