Prism Group's Daily Summary
TAX DEALS GETTING SALTY... Today, Speaker Johnson (R-LA-4) will bring the $80B bipartisan tax bill to the floor, where it is expected to pass. However, the exclusion of a provision to raise the State and Local Tax (SALT) deduction cap, a critical issue for members from high-tax states like New York, has proven to be a central issue among the bill’s critics as four NY House Republicans blocked the floor business in protest of SALT’s exclusion. Even though the bill is unlikely to be amended at this juncture, leadership is exploring a separate parallel tax package to address SALT supporters’ concerns as well as the House Freedom Caucus (HFC) concerns with the child tax credit.
HEARINGS, HEARINGS, AND MORE HEARINGS... Multiple Congressional Committees and Subcommittees will hold markups or hearings today across a swath of issues. The House Committee on Small Business will markup nine measures ranging from Native American entrepreneurship to barriers facing child care. The House Education and the Workforce Committee will markup the College Cost Reduction Act, while the House Subcommittee on Health will hold a hearing on health care spending sustainability. The Senate Subcommittee on House, Transportation, and Community Development will also hold a hearing on AI’s relation to housing.
CONSIDERING AI FOR TAXES... As AI becomes more prominent in our everyday lives, lawmakers across the US are examining AI’s risk as well as its applications. Last week, Senator’s Carper (D-DE) and Young (R-IN) introduced legislation that would utilize the technology to accelerate the processing of tax returns and to better identify tax avoiders. However, concerns of AI’s accuracy and safety are still top of mind for the Biden Administration as they start implementing new laws requiring major AI developers to disclose safety test results.
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:
New York labor leaders are making clear how important it is that there are 11,000 vacancies in the state workforce to be addressed. As Governor Kathy Hochul's (D) budget hearings progress, the Public Employees Federation has praised Gov. Hochul's staffing initiatives, but warned that without additional measures, the hiring targets for the fiscal year may not be met. Furthermore, a number of workers reaching retirement age could exacerbate the ongoing worker shortage.
Future Ready Iowa, an Iowa government program connecting Iowans to education and training for job preparation, has achieved a significant educational milestone two years early. The program has successfully ensured that 70% of Iowans in the workforce have post-high school education or training. Despite this, ongoing worker shortages still exist in critical state industries, and leaders have acknowledged the need to continuously address this issue.
LAWMAKERS... IN OR OUT?
The House... convenes today at 10:00 AM. The full schedule may be found here.
The Senate... convenes today at 10:00 AM. The full schedule may be found here.
HAPPENING ON THE HILL
Committee on the Budget will hold a hearing TODAY, 1/31 at 10:00 AM on “Creating a Culture of Fiscal Responsibility: Assessing the Role of the Congressional Budget Office.”
Committee on Financial Services will hold a hearing TODAY, 1/31 at 10:00 AM on “Rules Without Analysis: Federal Banking Proposals Under the Biden Administration.”
Committee on Banking, Housing, and Urban Affairs will hold a hearing TODAY, 1/31 at 10:00 AM on “Artificial Intelligence and Housing: Exploring Promise and Peril.”
Committee on Banking, Housing, and Urban Affairs will hold a hearing TOMORROW, 2/1 at 10:00 AM on “Examining Scams and Fraud in the Banking System and Their Impact on Consumers.”
Committee on the Budget will hold a hearing TODAY, 1/31 at 10:00 AM on “A Blueprint for Prosperity: Expanding Housing Affordability.”
Committee on the Judiciary will hold a hearing TODAY, 1/31 at 10:00 AM on “Big Tech and the Online Child Sexual Exploitation Crisis.”
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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