Prism Group's Daily Summary
WYDEN-SMITH TAX BILL RESURRECTED?... The tax package advanced earlier this year by the House – which has been held up in the Senate – will finally see a vote in the upper chamber in the near future. It’s a long-shot endeavor given the GOP’s opposition (and an uncertain whip count even among Senate Democrats) but would finally conclude a months-long saga surrounding the legislation.
UPCOMING MARKUP IN THE SENATE COMMITTEE ON HEALTH, EDUCATION, LABOR, and PENSIONS (HELP)... Tomorrow, July 31st, the Senate HELP Committee will mark up three pieces of healthcare legislation: the Older Americans Act Reauthorization Act of 2024 (S. 4776), the Autism Collaboration, Accountability, Research, Education, and Support Act (S. 4762), and a bill to reauthorize traumatic brain injury programs and other initiatives (S. 4755). These measures focus on enhancing innovation in healthcare services for older adults, individuals with autism, and those with traumatic brain injuries.
SENATOR MENENDEZ RESIGNATION OPENS UP COVETED COMMITTEE SLOT... Following his conviction on bribery charges, New Jersey Senator Bob Menendez announced he would resign from office next month, opening a choice spot on the tax-writing Finance Committee. Senator Bernie Sanders was the first to signal his potential desire to join the panel – an appointment that would no doubt have broad implications for the 2025 “fiscal cliff” tax debate – though it’s likely others Democratic colleagues will throw their hat in the ring in the coming weeks.
SENATE NONCOMPETE HEARING... Today, the Senate Committee on Banking, Housing, and Urban Affairs will hold a hearing examining the benefits of banning noncompete agreements. This hearing will showcase support for the Federal Trade Commissions’ (FTC) rule banning noncompete agreements.
BLACK-OWNED BUSINESSES PUSHED $2.8B INTO GREATER CINCINNATI AND NORTHERN KENTUCKY ECONOMY... A new report on Black-owned businesses in Southwest Ohio and Northern Kentucky found their economic impact on the region eclipsed $2.8 billion in 2023. The Greater Cincinnati and Northern Kentucky African American Chamber of Commerce (AACC) and the University of Cincinnati Alpaugh Family Economics Center for the Greater Cincinnati collaborated on the report that used a database of 1,417 Black-owned businesses spanning eight counties.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Six states are in regular session. Nebraska is in special session.
WHAT WE'RE WATCHING:
The State of Michigan Retirement System has invested $6.6 million in the ARK 21Shares Bitcoin ETF, as disclosed in a recent filing. With the program overseeing $143.9 million in pension fund assets, this marks the second confirmed pension fund investment in spot bitcoin ETFs, marking a gradual increase in traditional institutional interest in crypto assets.
Maryland Governor Wes Moore (D) signed an AI executive order this year to advance the state government’s use of AI. Aligning itself with states like California in AI innovation, this displays the continuing role of states passing legislation on AI amid slow federal regulation efforts.
LAWMAKERS... IN OR OUT?
The House... is out of session today. 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...
Check back later for possible updates.
The Senate...
Committee on Banking, Housing, and Urban Affairs' Subcommittee on Economic Policy will hold a hearing TODAY, 7/30 at 2:30 PM entitled “Banning Noncompete Agreements: Benefits for Workers, Businesses, and the Economy.”
Committee on Finance will hold a hearing TODAY, 7/30 at 10:00 AM entitled “Tax Tools for Local Economic Development.”
Committee on Judiciary will hold a hearing Wednesday, 7/31 at 10:00 AM entitled “Nominations.”
Committee on Banking, Housing, and Urban Affairs will hold a hearing Wednesday, 7/31 at 10:00 AM entitled “Long-Term Economic Benefits and Impacts from Federal Infrastructure and Public Transportation Investment.”
Committee on Health, Labor, Education, and Pension will hold a hearing Wednesday, 7/31 at 10:00 AM entitled “Executive Session on S.4776, S. 4762, S. 4755.”
Committee on Appropriations will hold a hearing Thursday, 8/1 at 9:30 AM entitled “Full Committee Markup of Energy and Water Development; Defense; Labor; Health, and Human Services; and Financial Services and General Government Appropriations Acts.”
Committee on Judiciary will hold a hearing Thursday, 8/1 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
Check back tomorrow for possible updates.
The U.S. Department of the Treasury
The U.S. Department of the Treasury announced in a press release the marketable borrowing estimates.
The U.S. Department of the Treasury announced in a press release the economy statement by Eric Van Nostrand, performing duties of Assistant Secretary for Economic Policy for the Treasury Borrowing Advisory Committee.
The U.S. Department of Commerce
The U.S. Department of Commerce announced in a press release the U.S. and Indo-Pacific Economic Framework for Prosperity partners convened their first virtual meetings related to supply chain resilience.
The U.S. Department of Commerce announced in a press release new guidance following President Biden’s Executive Order on AI.
The U.S. Department of Commerce announced in a press release the Department is working to strengthen commercial ties with Nigeria through new MOU and joint statement on shared digital priorities.
The U.S. Department of Commerce announced in a press release the Biden-Harris Administration's preliminary terms with Amkor Technology to bring cutting-edge technology to U.S. for leading-edge semiconductors.
The U.S. Trade Representative
The U.S. Trade Representative Office released in a press release a readout of the 21st U.S.-sub-Saharan Africa Trade and Economic Cooperation Forum.
The U.S. Small Business Administration
The U.S. Small Business Administration announced in a press release SBA lender fees for Fiscal Year 2025.
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