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EIW Today - March 13th, 2024

Prism Group's Daily Summary



PROGRESS ON TAX PACKAGE REMAINS ELUSIVE... On paper, yesterday’s Senate Finance Committee hearing seemed like a perfect opportunity to jostle loose the House-passed tax bill that has been stalled in the upper chamber for several weeks. However, the topic did not come up as frequently as many had hoped, with the discussion focused more on the Inflation Reduction Act, among other policies. Meanwhile, House Ways & Means Chairman Jason Smith continues to pitch his colleagues on the bill, though a recent report suggests he has yet to even meet with all of his Republican counterparts on the Senate tax writing committee. 

 

PRESIDENT’S BUDGET PROPOSES $8B CAREER TRAINING FUND... The President’s FY2025 Budget request proposes a new $8B Career Training Fund that would be jointly administered by the Departments of Labor, Commerce, and Education. The fund would provide up to $10,000 per worker to support the cost of high-quality, evidence-based training. The program is estimated to serve 750,000 workers over the next decade.  


U.S. SEEKS TO COLLECT ON DELINQUENT COVID LOANS... Delinquent small business loans are being referred to the Treasury Department for collection. 10,000 with balances over $100,000 have already been referred and many more are on the way. The SBA believes that more than $20 billion is in delinquency nationwide. 


THE STATE OF THE STATES 


SESSIONS BY THE NUMBERS: 


Thirty-five state legislatures are in regular session.

 

WHAT WE'RE WATCHING: 


Louisiana Gov. Jeff Landry (R) has urged state lawmakers to deregulate the insurance industry. In hopes of lowering rates, Insurance Commissioner Tim Temple (R) has also asked lawmakers to reduce government regulations on property insurance companies to attract them to the state. 

 

Oregon lawmakers are moving to address the potential harms of AI in politics, with new bills promoting transparency and accountability introduced. More specifically, legislation has been introduced to study AI's effects and require disclosure of its use in political campaigns, amid concerns over the technology's ability to replicate human decision-making and influence voters. 

 

LAWMAKERS... IN OR OUT? 


The House... convenes today at 9:00 AM. The full schedule may be found here. 

The Senate... out of session today. The full schedule may be found here. 


HAPPENING ON THE HILL 


The House...  

Committee on Financial Services will hold a hearing TODAY, 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 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 tomorrow, 3/14 at 10:00 AM on “The President’s Fiscal Year 2025 Health and Human Services Budget.” 

 

BILLS OF INTEREST 


  • Check back tomorrow for possible updates.


AT THE AGENCIES 


The U.S. Department of Labor 

The U.S. Department of Labor issued a press release on Vice President Harris and Acting Secretary Su traveling to Madison, Wisconsin to announce the Biden-Harris administration's Executive Order to Expand Registered Apprenticeships. 


The U.S. 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 U.S. Department of Commerce 

The U.S. 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 U.S. Department of Commerce released a readout of Secretary Raimondo’s meeting with President Ferdinand Romualdez Marcos Jr. of the Philippines 

 

The U.S. Trade Representative  

The U.S. Trade Representative released a statement by Ambassador Katherine Tai on Petition Filed Under Section 301 Related to the People’s Republic of China’s Acts, Policies, and Practices in the Maritime, Logistics, and Shipbuilding Sector. 

 

The U.S. Small Business Administration 

The U.S. Small Business Administration released a readout of SBA Administrator Guzman’s trip to Austin, Texas for South by Southwest events. 

 

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