Prism Group's Daily Summary
WHITE HOUSE DROPS LATEST BUDGET REQUEST... One month after its statutorily imposed (yet frequently ignored) annual deadline, the Biden administration yesterday unveiled its proposed budget for the 2025 fiscal year. Among other policies, the document offers relief to low- and middle-income households, broadens access to registered apprenticeships, bolsters key SBA lending programs, and largely offsets these costs with new taxes on wealthy and corporate taxpayers. Notably absent, however, is a concrete plan to deal with the many tax provisions that are set to expire come the end of next year. While unlikely to gain traction in Congress in its current form, the budget largely articulates the President’s vision for a second term.
CTA RULING APPEALED... The federal government yesterday appealed a recent court ruling that found the Corporate Transparency Act is unconstitutional. The move was widely anticipated and will extend the ongoing legal battle over the new statute. For the millions of small businesses affected by the reporting regime, the big question will be whether the appeals court provides injunctive relief nationwide while it hears the case.
THE SECURE ACT 2.0 OFFERS BENEFITS FOR SMALL BUSINESSES... Small Business owners are offering part time workers retirement benefits through through an act that has been slowly brought forth over time. This can create a much longer relationship between the small business owner and their employees.
ASB HOSTS THE PASSING OF THE SMALL BUSINESS CAUCUS TORCH... Yesterday evening, Americans for Small Business (ASB) hosted its inaugural live event in which Rep. Kevin Hern introduced Rep. Mark Alford as a new leader of the House Small Business Caucus. Additionally, this event facilitated conversation with Fritz Brogan of Mission Group, discussing the challenges faced by local small business owners and advocating effective policy solutions.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Thirty-five state legislatures are in regular session.
WHAT WE'RE WATCHING:
Minnesota state Rep. Kristin Bahner is pushing for legislation that would narrow the wage gap by requiring companies with over 30 employees to disclose salary ranges in job postings. Advocates argue this bill, HF3587, promotes pay equity, as transparency has shown to significantly increase applicant and candidate quality.
California Governor Gavin Newsom (D) announced the establishment of the California Jobs First Council, along with $182 million in grants to boost the Governor’s Regional Investment Initiative. This initiative is designed to expedite economic and workforce projects across the state, leading to the creation of more family-supporting jobs.
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 10:30 AM ET. The full schedule may be found here.
HAPPENING ON THE HILL
The House...
Committee on Small Business will hold a hearing TODAY, 3/12 at 10:00 AM on “Navigating Regulations: Alternative Pathways to Investing in Small Businesses.”
Committee on Education and the Workforce will hold a hearing TODAY, 3/12 at 10:15 AM on “Safeguarding Student Athletes from NLRB Misclassification.”
Committee on Financial Services will hold a hearing TOMORROW, 3/13 at 9:00 AM on “Bureaucratic Overreach or Consumer Protection? Examining the CFPB’s Latest Action to Restrict Competition in Payments.”
Committee on the Judiciary will hold a hearing TODAY, 3/12 at 10:00 AM on the report of Special Counsel Robert K. Hur.
Committee on Small Business will hold a hearing TODAY, 3/12 at 10:00 AM on "Navigating Regulations: Alternative Pathways to Investing in Small Businesses.”
Committee on Small Business will hold a hearing next Wednesday, 3/20 at 10:00 AM on "Conducting Oversight: Testimony from the Small Business Administrator.”
The Senate...
Committee on Finance will hold a hearing TODAY, 3/12 at 10:00 AM on “American Made: Growing U.S. Manufacturing Through the Tax Code.”
Committee on Finance will hold a hearing Thursday, 3/14 at 10:00 AM on “The President’s Fiscal Year 2025 Health and Human Services Budget.”
Committee on Banking, Housing, and Urban Affairs will hold a hearing TODAY, 3/12 at 10:00 AM on “Examining Proposals to Address Housing Affordability, Availability, and Other Community Needs.”
Committee on the Judiciary will hold a hearing TODAY, 3/12 at 10:00 AM on “The Right Side of History: Protecting Voting Rights in America.”
Committee on the Budget will hold a hearing TODAY, 3/12 at 10:15 AM on "The President’s Fiscal Year 2025 Budget Proposal.”
Committee on Health, Education, Labor, and Pensions will hold a hearing TODAY, 3/12 at 2:00 PM on “Youth Apprenticeships: Building Partnerships, Strengthening Career Pathways.”
BILLS OF INTEREST
Check back tomorrow for possible updates.
AT THE AGENCIES
The US Department of Labor
The U.S. Department of Labor issued a press release on Vice President Harris, Acting Secretary Su traveling to Madison, Wisconsin to announce the Biden-Harris administration Executive Order to Expand Registered Apprenticeships.
The U.S. Department of Labor released a statement by Acting Secretary Su on President Biden’s FY 2025 Budget.
The US Department of the Treasury
The U.S. Department of the Treasury issued a press release on the Financial Stability Oversight Council (FSOC) in partnership with the Brookings Institution, who will host a two-day conference on Artificial Intelligence and Financial Stability.
The U.S. Department of the Treasury issued a press release on releasing the General Explanations of the Administrations Fiscal Year 2025 to explain the revenue proposals in the President’s budget.
The US Department of Commerce
The US Department of Commerce issued a press release on President Biden’s FY 2025 budget, discussing the Commerce Department's mission to boost American innovation and competitiveness.
The US Department of Commerce released a readout of Secretary Raimondo’s meeting with President Ferdinand Romualdez Marcos Jr. of the Philippines
The US Department of Commerce released a readout of Secretary Raimondo’s meeting with Secretary Pascual and Secretary Go of the Philippines.
The US Trade Representative
Check back tomorrow for possible updates.
The US Small Business Administration
The US Small Business Administration released a readout of SBA Administrator Guzman’s trip to Austin, Texas for South by Southwest events.
The US Small Business Administration released a statement by SBA Administrator Guzman on the anniversary of the American Rescue Plan.
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