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EIW Today - February 20th, 2024

Prism Group's Daily Summary



FINCEN HEAD PROMISES FAIR ENFORCEMENT OF CTA... Andrea Gacki, who runs the agency tasked with implementing the Corporate Transparency Act, recently told a congressional panel that FinCEN would not use “gotcha enforcement actions” against small businesses when it finds errors in their reports. This comes as welcome news to the millions of small businesses affected by the new reporting regime which took effect January 1.  


COMPANIES ARGUING CONSTITUTIONALITY OF NLRB... Echoing arguments made by Trader Joe’s and SpaceX, Amazon is the latest company to question the constitutionality of the NLRB. As the Biden Administration continues to bolster organized labor, large companies accused of illegally diminishing those efforts are increasingly vocal about their disdain and refute any wrongdoings.  


THE STATE OF THE STATES 


SESSIONS BY THE NUMBERS: 


Forty-three state legislatures are in regular session. Louisiana is in special session.

 

WHAT WE'RE WATCHING: 


State legislatures across the U.S. are actively considering over 400 AI-related bills, with a significant focus on regulating deepfakes. This marks an increase in legislative activity in response to rapid AI advancements and the absence of federal regulations. It also reflects states' efforts to address issues ranging from bias and discrimination to the use of AI in elections, amid growing concerns about the technology's impact. States with the most bills under consideration are New York (65), California (29), Tennessee (28), Illinois (27), and New Jersey (25). 

 

Virginia is poised to further its shift towards electric school buses as Del. Holly Seibold proposes a budget amendment to activate the Clean Vehicle Grant Fund with $200,000, which would secure a stable state funding source for the transition beyond federal support. The initiative, could ensure continued action in replacing diesel buses with cleaner alternatives. 

 

LAWMAKERS... IN OR OUT? 


The House... convenes today at 1:00 PM. The full schedule may be found here. 

The Senate...  convenes today at 9:00 AM. The full schedule may be found here. 


HAPPENING ON THE HILL 


The House...  

Committee on Financial Services Housing and Insurance Subcommittee will hold a field hearing Thursday, 2/22 at 10:00 AM on “Lender of Last Resort: Issues with the Fed Discount Window and Emergency Lending.” 

 

The Senate...  

Check back tomorrow for possible updates. 

 

BILLS OF INTEREST 


  • Rep. Adrian Smith (R-NE-3) introduced a bill to amend the Internal Revenue Code of 1986 to provide a credit to certain small employers for the startup costs of dependent care flexible spending plans. 

  • Rep. Michael Waltz (R-FL-6) introduced a bill to amend title 10, United States Code, to establish a goal for the Department of Defense for participation by certain veteran-owned small businesses in procurement contracts. 

  • Rep. Andy Barr (R-FL-6) introduced a bill to specify when the record is complete on certain acquisition applications related to depository institution holding companies. 

 

AT THE AGENCIES 


The US Department of Labor 

Check back tomorrow for updates. 

 

The US Department of the Treasury 

The US Department of the Treasury released a fact sheet titled “Treasury Actions to Enhance Financial Transparency and Combat Illicit Finance."

 

The US Department of Commerce 

The US Department of Commerce released a press release titled “Biden-Harris Administration Announces Preliminary Terms with GlobalFoundries to Strengthen Domestic Legacy Chip Supply for U.S. Auto and Defense Industries."

 

The US Trade Representative 

The Office of the US Trade Representative issued a press release titled the “The United States, Austria, France, Italy, Spain, and the United Kingdom Announce Extension of Agreement on the Transition from Existing Digital Services Taxes to New Multilateral Solution Agreed by the G20/OECD Inclusive Framework."

 

The US Small Business Administration 

The US Small Business Administration released a press release titled “SBA Administrator Guzman Announces Important SBIC Program Milestones at White House Convening of Investment Industry Leaders.” 

 

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