Prism Group's Daily Summary
IRS CRACKDOWN CONTINUES… The IRS is making good on a promise made in February to go after taxpayers who had not filed prior year returns, and expects to recover hundreds of millions of dollars from these efforts. While the focus is on individuals with incomes over $400,000 who failed to file between 2017 and 2021, it’s a good reminder for small business owners to check their records and make sure everything is above board.
SMALL BUSINESS OWNERS ARE MORE UNDECIDED ABOUT THE ELECTION THAN THE GENERAL PUBLIC... Goldman Sachs 10,000 Small Businesses Voices surveyed 1259 small businesses across 47 states. According to the survey, 55% of small business owners say they think presidential candidates aren’t talking enough about issues that concern them, including inflation, small business tax policy, and regulatory burden on small businesses.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Fifteen state legislatures are in regular session.
WHAT WE'RE WATCHING:
New Jersey has significantly improved its unemployment application process. By utilizing a user-friendly, mobile-accessible interface, as well as simplified questions and a new call center, wait times have been reduced. Federal funding and claimant feedback helped develop these changes, which have already resulted in fewer errors and faster claim processing compared to pre-pandemic.
Minnesota's workforce experienced continued growth in April, marking the fourth consecutive month of job gains. There were notable increases in financial activities, manufacturing, and construction. Despite a lingering worker shortage and high job vacancy rates, the state has outpaced national labor market trends with higher wage growth and lower unemployment.
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 Financial Services will hold a hearing TODAY, 5/22 at 10:00 AM on “PHA Oversight: How Scandals and Mismanagement Harm Residents and Taxpayers.”
Committee on Energy and Commerce's Communications and Technology Subcommittee will hold a hearing TODAY, 5/22 at 10:00 AM on “Legislative Proposal to Sunset Section 230 of the Communications Decency Act.”
Committee on Energy and Commerce's Health Subcommittee will hold a hearing TODAY, 5/22 at 10:30 AM on “Check Up: Examining FDA Regulation of Drugs, Biologics, and Devices."
Committee on Energy and Commerce's Energy, Climate, and Grid Subcommittee will hold a hearing TODAY, 5/22 at 2:00 PM on “Green Building Policies: Jeopardizing the American Dream of Homeownership.”
Committee on Appropriations will hold a hearing TODAY, 5/22 at 10:00 AM on “Nutritious Foods in the Supplemental Nutrition Assistance Program (SNAP).”
Committee on Ways and Means' Health Subcommittee will hold a hearing Thursday, 5/23 at 9:00 AM on “The Collapse of Private Practice: Examining the Challenges Facing Independent Medicine.”
Committee on Small Business will hold a hearing TODAY, 5/22 at 10:00 AM on “Burdensome Regulations: Examining the Biden Administrations Failure to Consider Small Businesses.”
The Senate...
Committee on Small Business and Entrepreneurship will hold a hearing TODAY, 5/22 at TBD on “Business Meeting to consider pending business of the committee.”
Committee on Banking, Housing, and Urban Affairs' Subcommittee will hold a hearing TODAY, 5/22 at 2:30 PM on “Protecting Consumers Pocketbooks: Lowering Food Prices and Combatting Corporate Price Gouging and Consolidation.”
Committee on HELP will hold a hearing TODAY, 5/22 at 2:30 PM on “Digging Deeper for Health and Safety: Examining New Standards and Practices in Mining.”
Committee on HELP will hold a hearing on Thursday, 5/23 at 10:00 AM on “S. 3679, S. 3765, S. 4351, S. 3775, S. 4325, S. 3757, S. 4045 and Nomination.”
Committee on Appropriations' Energy and Water Subcommittee will hold a hearing TODAY, 5/22 at 10:00 AM on "A Review of the President’s Fiscal Year 2025 Budget Request for the U.S. Department of Energy, including the National Nuclear Security Administration."
Committee on Appropriations' Legislative Branch Subcommittee will hold a hearing TODAY, 5/22 at 2:30 PM on "A Review of the Fiscal Year 2025 Budget Requests for the Sergeant at Arms and Doorkeeper of the Senate and the United States Capitol Police."
Committee on Appropriations' Commerce, Justice, Science, and Related Agencies Subcommittee will hold a hearing on Thursday, 5/23 at 9:30 AM on "A Review of the President’s Fiscal Year 2025 Budget Request for the National Aeronautics and Space Administration and for the National Science Foundation."
Committee on Appropriations' Labor, Health and Human Services, Education, and Related Agencies Subcommittee will hold a hearing on Thursday, 5/23 at 10:00 AM on "A Review of the President’s Fiscal Year 2025 Budget Request for the National Institutes of Health."
Committee on Appropriations' Interior, Environment, and Related Agencies Subcommittee will hold a hearing on Thursday, 5/23 at 10:30 AM on "A Review of the President’s Fiscal Year 2025 Budget Request for Indian Country."
BILLS OF INTEREST
Rep. Rudy Yakym (R-IN-2) introduced a bill to amend the Higher Education Act of 1965, terminating the eligibility of certain individuals for student loan forgiveness, and for other purposes.
Sen. Bob Casey (D-PA) introduced a bill to amend the Higher Education Act of 1965 to promote matriculation and increase in the graduation rates of individuals with disabilities within higher education.
Sen. Maria Cantwell (D-WA) introduced a bill to establish a critical supply chain resiliency and crisis response program in the Department of Commerce, as well as to secure American leadership in deploying emerging technologies, and for other purposes.
AT THE AGENCIES
The U.S. Department of Labor
The U.S. Department of Labor announced Caterpillar has agreed to resolve alleged racial hiring discrimination at its Decatur, Illinois facility.
The U.S. Department of Labor announced the recovery of back wages for 17 workers at a Dearborn, MI restaurant.
The U.S. Department of the Treasury
The U.S. Department of the Treasury released remarks by Treasury Secretary Janet Yellen before meeting with CEOs of German Banks in Frankfurt, Germany.
The U.S. Department of Commerce
The U.S. Department of Commerce announced a voluntary pledge to bring more women into the construction workforce.
The U.S. Department of Commerce released a statement by Commerce Secretary Gina Raimondo on a plan for AI safety.
The U.S. Trade Representative
The U.S. Trade Representative released a statement on tariff actions in Section 301 against China.
The U.S. Small Business Administration
Check back tomorrow for possible updates.
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