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EIW Today - January 11th, 2024

Prism Group's Daily Summary



NEW CALLS FOR STOPGAP... While congressional leaders have expressed hope for a budget deal after the tentative weekend agreement between Senate Majority Leader Chuck Schumer and House Speaker Mike Johnson, several lawmakers voiced concerns Wednesday that a budget could not be passed by January 19th to prevent a partial shutdown. Among others, the House Appropriations Committee’s ranking member Rep. Rosa DeLauro (D-CT) called for another temporary continuing resolution. However, this contingency remains deeply unpopular with many Republicans and Speaker Johnson previously ruled out another CR. 


INFLATION UP IN DECEMBER... The Bureau of Labor Statistics released its monthly Consumer Price Index report today, which indicates an uptick in inflation in December despite a steady cooling throughout most of 2023. The index reported 0.3% inflation increase in December, up 3.4% over the year.  


SEC APPROVES CRYPTO ETFS... The Securities and Exchange Commission approved the first ever cryptocurrency exchange traded funds (ETFs) yesterday after years of regulatory uncertainty and lobbying by cryptocurrency investors. This move will allow investors to purchase the approved ETFs as if they were a stock, increasing the overall ease and accessibility of cryptocurrency investment. According to Politico, the first of these ETFs could be listed as early as today. 



THE STATE OF THE STATES 


SESSIONS BY THE NUMBERS: 

Thirty-two state legislatures are in regular session.  

 

WHAT WE'RE WATCHING: 

California Gov. Gavin Newsom (D) announced a $291 billion spending plan to address an estimated $37.9 billion deficit, significantly lower than earlier predictions. The proposal includes drawing $13 billion from reserves and $8.5 billion in spending cuts, affecting climate and housing programs. Key measures also involve maintaining education funding and potentially eliminating a telework stipend for state employees to save $51.2 million. 

Wisconsin achieved record-breaking workforce milestones in 2023, highlighted by a record-low unemployment rate at 2.4% in April and over 3 million jobs in November. Wisconsin has also seen a significant growth in apprenticeships, with 16,000 traditional and 8,000 youth apprentices, in fields including healthcare and IT. The state also faced challenges such as revamping the unemployment insurance system and addressing workforce gaps, with efforts including an $80 million upgrade to aging UI technology. 



LAWMAKERS... IN OR OUT? 

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

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

 


HAPPENING ON THE HILL 

The House...  

Committee on Small Business will hold a hearing TODAY, 1/11 at 10:00 AM entitled “Crime on the Rise: How Lawlessness is Impacting Main Street America.” 

Committee on Small Business will hold a hearing Thursday, 1/18 at 10:00 AM entitled “Unleashing Main Street's Potential: Examining Avenues to Capital Access” 

 Committee on Ways and Means will hold a hearing TODAY, 1/11 at 10:00 AM entitled “Markup Of: H.R. 6918, the ‘Supporting Pregnant and Parenting Women and Families Act’”  

Committee on Energy and Commerce will hold a hearing Thursday 1/18 at 10:00 AM entitled "Protecting Clean American Energy Production and Jobs by Stopping EPA's Overreach" 

 

The Senate...  

Committee on Banking, Housing, and Urban Affairs will hold a hearing TODAY, 1/11 at 10:00 AM on “Stopping the Flow of Fentanyl: Public Awareness and Legislative Solutions” 

 


BILLS OF INTEREST 

  • Rep. Maxine Waters [D-CA-43]  introduced a bill to authorize affordable housing construction as an eligible activity under the Community Development Block Grant Program, and for other purposes. 

  • Rep. Elise M. Stefanik [R-NY-21] introduce a bill to require enforcement against misbranded egg alternatives. 

  • Rep. Maria Elvira Salazar [R-FL-27] introduced a bill to provide for individual property rights in likeness and voice. 

 


AT THE AGENCIES 

The US Department of Labor 

The US Department of Labor has released the unemployment insurance weekly claims 

 

The US Department of the Treasury 

The US Department of the Treasury issued remarks by Secretary of the Treasury Janet L. Yellen at Roxbury Community College in Boston, Massachusetts 

 

The US Department of Commerce 

The US Department of Commerce has issued a readout of Secretary Raimondo’s Meeting with Minister of Economy, Trade, and Industry of Japan 

 

The US Trade Representative 

Check back Monday for possible updates. 

 

The US Small Business Administration 

The US Small Business Administration announced that the SBA has reached its one-year anniversary of the Veteran Small Business Certification Program. 


PRISM GROUP UPDATES

Prism Group offices will be closed Monday, January 15th, in observance of Martin Luther King, Jr. Day.

 

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