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EIW Today - July 9th, 2024

Prism Group's Daily Summary



PRIVACY BILL YANKED AT 11TH HOUR…  Before heading home for the July 4th break, House lawmakers were scheduled to markup a significant data privacy bill with far-reaching implications for businesses of all sizes. But the markup was abruptly cancelled amid backlash from various business organizations and Republican leaders, a potentially fatal blow to the landmark measure.  


OPTIMISM RISES FOR SMALL BUSINESSES... For the third month in a row, the National Federation of Independent Businesses’ sentiment index climbed a point, signifying increasing economic optimism in small business owners. Small business optimism sits at its highest point this year as companies become less worried about economic downturn, particularly as it relates to inflation. 



THE STATE OF THE STATES 

SESSIONS BY THE NUMBERS: 

Six states are in regular session. Virginia is in special session.  

 

WHAT WE'RE WATCHING: 

This month, a new law in Kansas was enacted that allows financial advisers to halt transactions if they have reason to believe an elderly client has been a victim of fraud. In order to look into any fraud, advisers must report it to the state Department of Insurance. The Protect Vulnerable Adults from Financial Exploitation Act is enacted in forty additional states. 

 

California lawmakers advanced a bill requiring AI companies to test systems and implement safety measures to prevent misuse, such as sabotaging the electric grid or aiding in chemical weapon development. The legislation was authored by state Sen. Scott Wiener (D), and faces opposition from major tech companies like Meta and Google. They argue it unfairly targets developers instead of malicious users. 

 

  

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 

The House...  

Committee on Energy & Commerce’s Technology Subcommittee will hold a hearing  TODAY at 10:00 AM entitled “The Fiscal Year 2025 Communications Commission Agency Budget.” 

Committee on Energy & Commerce's Innovation, Data, and Commerce Subcommittee will hold a hearing  TODAY at 10:30 AM entitled “The Fiscal Year 2025 Federal Trade Commission Budget.” 

Committee on Finance will hold a hearing TODAY at 10:00 AM entitled “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System.” 

Committee on Small Business will hold a hearing Wednesday, 7/10 at 10:00 AM entitled “Main Street Realities: Examining the Current Economic Landscape in America.” 

Committee on Finance will hold a hearing on Wednesday, 7/10 at 10:00 AM entitled “The Federal Reserve’s Semi-Annual Monetary Policy Report.” 

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 Judiciary will hold a hearing TODAY at 10:00 AM entitled “Closing the Justice Gap: How to make the Civil Justice System Accessible to All Americans.” 

Committee on Banking, Housing, and Urban Affairs will hold a hearing TODAY at 10:00 AM entitled “The Semiannual Monetary Policy Report to the Congress.” 

Committee on Health, Education, Labor & Pensions Subcommittee on Children and Families will hold a hearing TODAY at 10:00 AM entitled “Everyday Expenses and Everyday Americans: How High Costs Impact Children and Families.” 

Committee on Judiciary will hold a hearing Wednesday, 7/10 at 10:00 AM entitled “Nominations.” 

Committee on Finance will hold a hearing Wednesday, 7/10 at 10:00 AM entitled “Nominations.” 

Committee on Health, Education, Labor & Pensions will hold a hearing Thursday, 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 Thursday, 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 Thursday, 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 Thursday, 7/11 at 10:00 AM entitled “Executive Business Meeting."

 

BILLS OF INTEREST 

  • Rep. Ryan Zinke (R-MT-1) introduced a bill to take certain minerals into trust for the benefit of the Crow Tribe of Montana, and for other purposes.

  • Rep. Beth Van Duyne (R-TX-24) introduced a bill to amend the Small Business Act to require penalties for small business concerns falsely claiming goods or services are Made in America, and for other purposes. 

  • Rep. Lucy McBath (D-GA-7) introduced a bill to amend the Workforce Innovation and Opportunity Act to direct the Secretary of Labor to award grants to community colleges for high-quality workforce development grants. 

  • Rep. Byron Donalds (R-FL-19) introduced a bill to amend the Internal Revenue Code of 1986 to eliminate the application of the income tax on cash tips through a deduction allowed to all individual taxpayers. 

  • Rep. Russ Fulcher (R-ID-1) introduced a bill to amend the Internal Revenue Code of 1986 to exclude overtime compensation from gross income for purposes of the income tax. 


AT THE AGENCIES  

The U.S. Department of Labor 

The U.S. Department of Labor announced in a press release the holding of information sessions for current, former nuclear weapons workers and survivors in Chicago.  


The U.S. Department of Labor announced in a press release an $800,000 award for employment training services for workers affected by lumber mill closures. 


The U.S. Department of Labor announced in a press release the dates for the ERISA Advisory Council meeting. 


The U.S. Department of Labor announced in a press release citing a Houston-area tank cleaning contractor for disregarding safety standards. 


The U.S. Department of the Treasury 

The U.S. Department of the Treasury announced in a press release the United States and Indonesia signed a $35 million debt swap agreement to support coral reef ecosystems. 


The U.S. Department of Treasury announced in a press release a proposed rule to expand CFIUS coverage of real estate transactions near military installations. 


The U.S. Department of Treasury announced in a press release U.S. Deputy Secretary of Treasury Adeyemo and Secretary of Labor Su are traveling to Philadelphia to highlight actions by the Biden-Harris Administration on clean energy jobs and expanding access to capital for small businesses.  


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 

The U.S. Small Business Administration announced in a press release Administrator Guzman traveled to North Dakota as part of the Small Business Boom tour. 


The U.S. Small Business Administration announced in a press release Administrator Guzman traveled to New Orleans to participate in the Essence Festival of Culture Business Summit and met with 2024 National Small Business Person of the Year. 

 

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