Prism Group's Daily Summary
STRONG SHOWING FROM TAX DEAL... Yesterday, the House passed the Tax Relief for American Families and Workers Act of 2024, a roughly $80 billion tax package that includes relief for both individuals and businesses. The bill passed with a 357 - 70 roll call vote, easily clearing the two-thirds majority needed for passage under suspension of the rules. It now heads to the Senate where its fate remains uncertain. Republicans have called for a markup of the legislation and the opportunity to offer amendments; if modified, the bill would then be sent back to the House and face a potentially contentious vote. Nevertheless, the strong show of support in the House increases the chances that we will see this bill enacted at some point in the near future.
DEPARTMENT OF LABOR RELEASES WEEKLY UNEMPLOYMENT REPORT... The advance figure for seasonally adjusted initial claims was 224,000, an increase of 9,000 from the previous week's revised level. The weekly claims number has consistently risen through the month of January.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Thirty-eight state legislatures are in regular session. Oklahoma is in special session.
WHAT WE'RE WATCHING:
Earlier this week, Kansas Governor Laura Kelly (D) vetoed a bill that would have made a new flat tax plan public law. The plan was passed in a bipartisan manner and would set single income tax rates at just over 5% for Kansans, eliminate the Kansas’ social security income tax, and bring the Kansas food sales tax to an end. Legislators may attempt to override Governor Kelly’s veto sometime soon.
Washington Governor Jay Inslee (D) signed an executive order on Tuesday to instruct state agencies to explore how generative AI can be used, as well as develop preliminary guidelines. This order follows a trend seen in several states, which investigate how AI can be applied in government agencies and used in a safe manner.
LAWMAKERS... IN OR OUT?
The House... convenes today at 9:00 AM. The full schedule may be found here.
The Senate... convenes today at 11:00 AM. The full schedule may be found here.
HAPPENING ON THE HILL
Committee on Financial Services will hold a hearing on Tuesday, February 6, 2024, at 10:00 AM on “The Annual Report of the Financial Stability Oversight Council.”
Committee on Ways and Means will hold a hearing on Tuesday, February 6, 2024, at 10:00 AM on “Hearing on Examining Chronic Drug Shortages in the United States.”
Committee on Energy and Commerce will hold a hearing on Tuesday, February 6, 2024, at 10:00 AM on "Politics Over People: How Biden’s LNG Export Ban Threatens America’s Energy and Economic Security.”
Committee on Banking, Housing, and Urban Affairs will hold a hearing TODAY, 2/1 at 10:00 AM on “Examining Scams and Fraud in the Banking System and Their Impact on Consumers.”
BILLS OF INTEREST
Rep. Kim Schrier (D-WA-8) introduced a bill to direct the Secretary of Agriculture to provide grants to covered entities to develop, modify, or implement climate adaptation and climate mitigation proposals on agricultural land.
Rep. Andrew Ogles (R-TN-5) introduced a bill to require the heads of certain agencies to withdraw a proposed rule relating to capital requirements applicable to large banking organizations and banking organizations with significant trading activity.
Sen. Ted Budd (R-NC) introduced a bill to amend the Small Business Act to establish the Office of Whistleblower Awards.
AT THE AGENCIES
The US Department of Labor
The US Department of Labor announced seminars for current and prospective federal contractors on prevailing wage requirements.
The US Department of the Treasury
The US Department of Labor issued a report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee.
The US Department of Commerce
The US Department of Commerce announced the upcoming entry into force of the IPEF Supply Chain Agreement.
The US Trade Representative
The Office of the US Trade Representative released the 2023 Review of Notorious Markets for Counterfeiting and Piracy.
The US Small Business Administration
The US Small Business Administration announced that Administrator Guzman will visit Durham, NC to kick off Black History Month.
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