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EIW Today - February 7th, 2024

Prism Group's Daily Summary



SENATE GOP STILL OPPOSES TAX BILL... The House of Representatives passed H.R.7024, the Tax Relief for American Families and Workers Act of 2024, last week, but the $80 billion bill faces intense opposition from several Senate GOP leaders. Republicans have called for a markup hearing, though the Senate Democrats can force the bill to the floor through their majority on the Finance Committee. This tax bill includes a long-awaited child tax credit expansion as well as significant tax breaks for businesses. 

 

COMMERCE DEPARTMENT JOBS UPDATE... The US Department of Commerce issued a statement Monday on its analysis of the Bureau of Labor Statistics jobs report. The Commerce Department noted that in January, the US economy added 350,000 jobs, unemployment declined to 3.7%, and average pay rose by 0.6%. The department further stated that 14.8 million jobs have been created since 2021.  

 

SMALL BUSINESS HEARINGS NEXT WEEK... The House Committee on Small Business will hold two hearings next week on challenges facing small businesses. The first hearing, entitled “Burdensome Regulations: Examining the Impact of EPA Regulations on Main Street” will be held on Wednesday, February 14th and hear testimony on the Biden administration’s EPA policies. The second hearing, “Leveling the Playing Field: Challenges Facing Small Business Contracting” will feature small business leaders discussing their ongoing challenges in the post-COVID economy.  

 

THE STATE OF THE STATES 


SESSIONS BY THE NUMBERS: 


Forty-one state legislatures are in regular session. 

 

WHAT WE'RE WATCHING: 


Connecticut's business sector is keenly observing the legislature’s Commerce Committee as the legislature enters its short legislative session, anticipating proposals relating to economic and workforce development, tax credits, and private-sector initiatives. Led by Sen. Joan Hartley and Rep. Stephen Meskers, the committee is also expected to address the state's workforce shortage and expand a student-visa program to attract immigrant entrepreneurs. 

 

The Idaho Department of Labor and the Workforce Development Council is seeking public feedback on the state's Workforce Innovation and Opportunity Act Combined State Plan for 2024-2027. The plan details a draft workforce development system in Idaho that supports job seekers and businesses with work opportunities and skilled workers, respectively. The plan is indicative of a collaborative network of agencies and organizations promoting competition in the Idaho economy. 

 

LAWMAKERS... IN OR OUT? 


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

The Senate...  convenes today at 12:00 PM. The full schedule may be found here. 


HAPPENING ON THE HILL 


The House...  

Committee on Small Business will hold a hearing next Wednesday, 2/14 at 10:00 AM on “Burdensome Regulations: Examining the Impact of EPA Regulations on Main Street.” 

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

 

The Senate...  

Committee on Banking, Housing, and Urban Affairs will hold a hearing TOMORROW, 2/8 at 9:00 AM on “The Financial Stability Oversight Council Annual Report to Congress.” 

Committee on Energy and Natural Resources will hold a hearing TOMORROW, 2/8 at 9:30 AM to “Examine the Administration’s Pause on LNG Export Approvals and the Department of Energy’s Process for Assessing LNG Export Applications.” 

Committee on Finance will hold a hearing TOMORROW, 2/8 at 10:00 AM on “Artificial Intelligence and Health Care: Promise and Pitfalls.” 

Committee on Health, Education, Labor, and Pensions will hold a hearing TOMORROW, 2/8 at 10:00 AM entitled “Why Does the United States Pay, by Far, the Highest Prices in the World for Prescription Drugs?” 

 

BILLS OF INTEREST 


  • Sen. Ted Cruz (R-TX) introduced a bill to prohibit the Securities and Exchange Commission from finalizing, implementing, or enforcing a proposed rule with respect to conflicts of interest associated with the use of predictive data analytics by broker-dealers and investment advisers. 

  • Sen. Marsha Blackburn (R-TN) introduced a bill to establish due process requirements for the investigation of intercollegiate athletics. 

  • Rep. Danny Davis (D-IL-7) introduced a bill to amend the Internal Revenue Code of 1986 to enhance the Child and Dependent Care Tax Credit and make the credit fully refundable for certain taxpayers. 

 

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 and the IRS issued a joint analysis showing the high return on investment from Inflation Reduction Act resources. 

 

The US Department of Commerce 

The US Department of Commerce announced key executive leadership roles at the US AI Safety Institute. 

 

The US Trade Representative 

The Office of the US Trade Representative issued readout of the January 29-31 negotiating round under the U.S.-Kenya Strategic Trade and Investment Partnership. 

 

The US Small Business Administration 

Check back tomorrow for possible updates. 

 

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