Prism Group's Daily Summary
HOUSE TAX PANEL GEARS UP FOR 2025 TAX DEBATE… Last week, Ways & Means Chairman Jason Smith announced the formation of 10 “tax teams,” tasked with proposing policy solutions to address the upcoming fiscal cliff and expiration of key tax provisions. Of particular interest to the small business community is the Main Street team, comprised of Republican Reps. Lloyd Smucker (PA), Vern Buchanan (FL), Adrian Smith (NE), Jodey Arrington (TX), and Beth Van Duyne (TX).
SMALL BIZ LEGISLATION MOVES IN HOUSE… On Monday, the House unanimously passed four small-business focused bills under suspension: Investing in All of America Act (H.R. 5333); the Agency Accountability Act of 2024 (H.R. 7103); the Entrepreneurs with Disabilities Reporting Act (H.R. 7985); and the Plain Language in Contracting Act (H.R. 7987).
KAUFFMAN FOUNDATION IN WASHINGTON... The Ewing Marion Kauffman Foundation is hosting a D.C. fly-in today, engaging with legislative officials across the Hill and hosting a welcome reception for their new President and CEO, Dr. DeAngela Burns-Wallace.
SBA TO DISCUSS REGULATORY FAIRNESS ISSUES IMPACTING SMALL BUSINESSES... On May 8, 2024, SBA’s National Ombudsman Michele Schimpp and representatives from the Washington District Office are hosting a Roundtable in Seattle, WA focused on regulatory fairness issues in the small business community. Through this event, attendees are able to learn about available assistance and resources, as well as connect with local SBA leaders and resource partners.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Twenty-seven state legislatures are in regular session.
WHAT WE'RE WATCHING:
Tennessee has introduced the Youth Employment Program (YEP), a workforce innovation program to connect youths aged 14 to 24 with job opportunities across various sectors. These including government, healthcare, and logistics. The initiative will offer up to $4,000 in earnings and help young Tennesseans gain valuable work experience and skills.
In order to boost Maine’s local economy, state leaders announced a new workforce plan to attract 75,000 new workers and increase wages and productivity. The strategy will focus on developing local talent and attracting workers from other regions; key goals include raising the average annual wage by 10% to $49,900 and boosting the value of goods sold per worker by the same margin.
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 Finance will hold a hearing TODAY at 10:00 AM on “Merger Policies of the Federal Banking Agencies.”
Energy and Commerce Committee will hold a hearing TODAY at 10:00 AM on “The Fiscal Year 2025 Department of Energy Budget.”
Energy and Commerce Committee will hold a hearing TODAY at 2:00 PM. “Examining the Change Healthcare Cyberattack."
The Senate...
Committee on Finance will hold a hearing TODAY at 9:00AM on “Hacking America’s Health Care: Assessing the Change Healthcare Cyber Attack and What’s next.”
Committee on Small Business and Entrepreneurship will hold a hearing 5/6 at 10:00 AM on “Promoting Opportunity: The Need for Targeted Federal Business Programs to Address ongoing Racial Discrimination.”
Committee on Banking, Housing, and Urban Affairs will hold a hearing 5/2 at 10:00 AM on “Higher Prices: How Shrinkflation and Technology and Impact Consumers Finances.”
BILLS OF INTEREST
Rep. Bob Good [R-VA-5] introduced a bill to amend the Workforce Innovation and Opportunity Act to remove the requirements relating to registered apprenticeships.
AT THE AGENCIES
The U.S. Department of Labor
The U.S. Department of Labor released a press release on "U.S. Department of Labor Finalizes Farmworker Protection Rule."
The U.S. Department of the Treasury
The U.S. Department of the Treasury issued a press release on the quarterly refunding statement of Assistant Secretary for Financial Markets, Josh Frost.
The U.S. Department of Commerce
The U.S. Department of Commerce issued a press release on directing more than half of federal contract dollars to small businesses in FY2023.
The U.S. Trade Representative
The U.S. Trade Representative released a readout on U.S. – Singapore free trade agreement Joint Committee meeting.
The U.S. Small Business Administration
The U.S. Small Business Administration released a readout of White House roundtable on SBA Federal Procurement scorecard to mark National Small Business Week.
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