Prism Group's Daily Summary

MASTERCARD EXEC SHAMINA SINGH ON THE 'MISSING MIDDLE' OF SMALL BUSINESSES... The small business sector has a big problem called the "missing middle", which refers to the gap in provision of financial services and support for small and medium-sized enterprises (SMEs). These businesses are seemingly caught between a rock and a hard place – they're too big to qualify for microfinance and too small to be eligible for regular bank loans. Consequently, 67% of SMEs worldwide are fighting for survival, according to the World Economic Forum. A number of international finance institutions, most notably the World Bank, have attempted to close the funding gap, so far with mixed results.
EASING INFLATION AND POTENTIAL RATE CUTS... According to June data, inflation is easing more than expected, with prices falling from previous months. Such data could encourage an interest rate cut from the Fed, interestingly timing up with the November election.
UNITED STATES AND MEXICO ANNOUNCE NEW MEASURES TO COUNTER CHINA’S INFLUENCE IN STEEL AND ALUMINUM INDUSTRIES... In an effort to diminish Chinese influence in the steel and aluminum industries, the United States (U.S.) and Mexico announced yesterday, July 10th, that imports from Mexico must be melted and poured either in the U.S., Mexico, or Canada to avoid being subjected to Section 232 tariffs. Any imports that contain components either smelted or casted in China, Russia, Belarus, or Iran, will be subjected to the 25% national security tariff. More details may be found in President Biden’s proclamation.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Six states are in regular session. Virginia is in special session.
WHAT WE'RE WATCHING:
Mississippi Lt. Gov. Delbert Hosemann (R) has formed a new labor force participation study group to address the state's low workforce participation rate of 53.75%. This initiative will make legislative recommendations to improve workforce participation and support unemployed or underemployed residents.
New Jersey has launched the NJ AI Assistant, a generative AI tool for state employees, along with a companion training program. Led by Chief AI Strategist Beth Simone Noveck, the program will ensure responsible AI use and improve public service efficiency. Departments report already seeing significant improvements in response times and call resolutions.
LAWMAKERS... IN OR OUT?
The House... convenes today at 9:00 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
The House...
Committee on Finance will hold a field hearing on Friday, 7/12 at 10:00 AM entitled “Financial Institution-Fintech Partnerships: Leveraging Third-Party Relationships to Increase Access to Financial Services.”
Committee on Ways & Means will hold a field hearing on Friday, 7/12 at 10:00 AM MST entitled “Access to Health Care in America: Unleashing Medical Innovation and Economic Prosperity.”
The Senate...
Committee on Health, Education, Labor & Pensions will hold a hearing TODAY, 7/11 at 10:00 AM entitled “What Can Congress Do to End the Medical Debt Crisis in America.”
Committee on Appropriations will hold a hearing TODAY, 7/11 at 9:30 AM entitled “Full Committee Markup of the MilCon-VA, Agriculture-FDA, and Legislative Branch Appropriations Acts and Fiscal Year 2025 Subcommittee Allocations.”
Committee on Finance will hold a hearing TODAY, 7/11 at 9:30 AM entitled “Examining the State of Child Care: How Federal Policy Solutions Can Support Families, Close Existing Gaps, and Strengthen Economic Growth.”
Committee on Judiciary will hold a hearing TODAY, 7/11 at 10:00 AM entitled “Executive Business Meeting."
BILLS OF INTEREST
Check back tomorrow for possible updates.
AT THE AGENCIES
The U.S. Department of Labor
The U.S. Department of Labor announced in a press release the Biden-Harris Administration awarding over $244M to modernize, diversify, and expand registered apprenticeships in growing industries.
The U.S. Department of the Treasury
The U.S. Department of the Treasury and IRS announced $1 Billion in past-due taxes collected from millionaires.
The U.S. Department of Commerce
Check back tomorrow for possible updates.
The U.S. Trade Representative
Check back tomorrow for possible updates.
The U.S. Small Business Administration
Check back tomorrow for possible updates.
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