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EIW Today - May 16th, 2024

Prism Group's Daily Summary



IRS MODERNIZATION EFFORTS FACE CASH CRUNCH… Despite bipartisan support for the IRS to upgrade its tech to improve taxpayer services, Congress has provided zero annual funding for business systems modernization the last two years, a recent Bloomberg Tax piece points out. Put simply, these efforts could fall billions of dollars short unless Congress approves supplemental funding – bad news for the countless small businesses who already face long delays when it comes to refunds and help line wait times.  

 

IT’S INFRASTRUCTURE WEEK… Yesterday, the White House held a briefing showcasing the Biden Administration’s infrastructure accomplishments since passing the Bipartisan Infrastructure Law at the end of 2021. 

 

NEW SURVEY SHEDS LIGHT ON HOW SMALL BUSINESS OWNERS ARE STAYING RESILIENT AMID UNCERTAINTY... Capitol One surveyed over 1000 small business owners with less than $20 million in total annual revenue and at least one employee, finding that the need for small businesses to keep pace with competition in the use of new, emerging technologies can take a toll on the owners who run them. 


THE STATE OF THE STATES 


SESSIONS BY THE NUMBERS: 


Eighteen state legislatures are in regular session.

 

WHAT WE'RE WATCHING: 


Governor Josh Shapiro (D) signed an executive order to attract skilled workers to work in Pennsylvania state government, addressing a looming retirement wave. 24% of the state workforce is eligible to retire in the next five years. The order establishes the HIRE Committee to enhance recruitment, retention, and development of state employees. 

 

A recent Oregon Talent Assessment report reveals that while jobs are plentiful in the state, especially in healthcare, manufacturing, and childcare, the workforce is lagging. The report states there is an urgent need for collaboration between businesses, community organizations, educational institutions, and state agencies to address the worker shortage and maintain economic growth.  

 

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 10:00 AM ET. The full schedule may be found here


HAPPENING ON THE HILL 


The House...   

Committee on Energy and Commerce, Subcommittee on Health will hold a hearing TODAY, 5/16 at 10:00 AM on the "Markup of 23 Bills.” 

Committee on Appropriations will hold a hearing TODAY, 5/16 at 10:00 AM on “Budget Hearing - Fiscal Year 2025 Request for the Federal Communications Commission."

Committee on Ways and Means' Tax Subcommittee will hold a hearing Monday, 5/20 at 10:00 AM on “Creating More Opportunity and Prosperity in the American Rust Belt.” 

Committee on Small Business will hold a hearing Wednesday, 5/22 at 10:00 AM on “Burdensome Regulations: Examining the Biden Administrations Failure to Consider Small Businesses.” 

 

The Senate...  

Committee on Banking, Housing, and Urban Affairs will hold a hearing TODAY, 5/16 at 10:00 AM on “Oversight of U.S. Financial Regulators: Accountability and Financial Stability.” 

Committee on the Judiciary will hold a hearing TODAY, 5/16 at 10:00 AM on “Executive Business.” 

Committee on Judiciary will hold a hearing on Tuesday, 5/21 at 10:00 AM on “Ensuring Affordable & Accessible Medications: Examining Competition in the Prescription Drug Market.” 


BILLS OF INTEREST 


  • Senator Joni Ernst (R-IA) introduced a bill to require plain language and the inclusion of key words in covered notices that are clear, concise, and accessible to small business concerns, and for other purposes. 


AT THE AGENCIES 


The U.S. Department of Labor 

The U.S. Department of Labor announced the availability of $35million in funding through the second round of Building Pathways to Infrastructure Jobs grants.  


The U.S. Department of Labor announced the Department will be able to sue a Brooklyn staffing agency that demanded workers stay for 3 years or repay wages. 


The U.S. Department of the Treasury 

The U.S. Department of Treasury announced sanctions against a Nicaragua-based Russian institution and gold companies. 


The U.S. Department of Treasury announced two Sudanese rapid forces commanders were sanctioned for their expanding war in Sudan. 

 

The U.S. Department of Commerce 

Check back Monday for possible updates. 

 

The U.S. Trade Representative  

The U.S. Trade Representative office released a statement from U.S. Trade Representative Katherine Tai on taking further action towards Chinese tariffs. 

 

The U.S. Small Business Administration 

The U.S. Small Business Administration announced that SBA Administrator Guzman will visit Kane, PA with Senator Bob Casey tomorrow as part of the Biden Administration Investing in Rural America tour. 

 

Curious for more information? 

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