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EIW TODAY - November 14, 2023

Prism Group's Daily Summary


INFLATION EASES TO NEW LOWS... Inflation eased to 3.2% last month due to a drop in gasoline prices, according to the Labor Department. Economists expected a 0.1% monthly increase and a 3.3% yearly rise in consumer prices, signaling a slowdown from September's figures. Overall monthly changes in the Consumer Price Index are now at their lowest levels since March 2021. Nonetheless, experts anticipate the Federal Reserve might not find this report sufficient to feel comfortable with the progress made in slowing price increases.


SMALL BUSINESS SENTIMENT CONTINUES TO DROP IN THE U.S.... U.S. small business sentiment has declined for the third consecutive month, dropping to 90.7 from September's 90.8 according to the NFIB index. The prolonged decrease reflects concerns about a tightening labor market and inflation, impacting business earnings and leading to a net negative 32% of businesses reporting higher profits.


SENATORS GAIN INDUSTRY SUPPORT FOR BIPARTISAN FEDERAL AI RISK MANAGEMENT LEGISLATION... Senators Jerry Moran (R–KS) and Mark Warner (D–VA) are receiving praise for their recently introduced Federal Artificial Intelligence Risk Management Act. Industry leaders from companies including Workday, Microsoft, and IBM are among the supporters. The bill would establish guidelines for mitigating AI-related risks within the federal government, while also ensuring consistent standards are implemented during any AI adoption.

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS:

Five state legislatures are in session. Texas is in special session.

WHAT WE'RE WATCHING:

Governor Kathy Hochul (D) has announced a $2 million investment to enhance Direct Entry pre-apprenticeship programs across New York, bolstering the state's extensive apprenticeship ecosystem. This initiative will work to strengthen the pipeline into New York's apprenticeship network, which currently encompasses over 17,500 apprentices and around 900 skilled trade programs.

Approximately 70,000 Louisiana state workers will gain access to six weeks of paid parental leave starting January 1, following Governor John Bel Edwards' (D) approval. The new benefit, applicable to most state government employees, requires at least a year of government service and must be taken within the first three months of becoming a new parent. The cost of this initiative and whether it will remain in effect after Governor-elect Jeff Landry’s (R) swearing in remain uncertain, but proponents believe the positive impact on employee retention will outweigh any potential expenses.

LAWMAKERS... IN OR OUT?

The House... convenes today at 9:00 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 Small Business will hold a hearing TODAY, 11/14 at 10:00 AM entitled “Oversight Over the SBA’s Office of Entrepreneurial Development”.

Committee on Energy and Commerce will hold a hearing TODAY, 11/14 at 10:00 AM on “Leveraging AI to Enhance American Communications.”

Committee on Ways and Means will hold a hearing TOMORROW, 11/15 at 2:00 PM on “From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing.”

The Senate...

Committee on Finance will hold a hearing TODAY, 11/14 at 2:30 PM titled “Ensuring Medicare Beneficiary Access: A Path to Telehealth Permanency.”

Committee on Health, Education, Labor, and Pensions will hold a hearing TODAY, 11/14 at 10:00 AM titled “Standing Up Against Corporate Greed: How Unions are Improving the Lives of Working Families.”

Committee on Small Business and Entrepreneurship will hold a hearing TOMORROW, 11/15 at 2:30 PM titled “Veteran Entrepreneurship: From Service to Small Business Success.”

BILLS OF INTEREST

  • Rep. Luis Correa (D-CA-46) introduced a bill to require certain grant recipients of transit and highway transportation projects to establish and contribute to a business uninterrupted monetary program fund.

  • Rep. Henry Cuellar (D-TX-28) introduced a bill to establish a grant program for States to support apprentices in apprenticeships programs.

  • Rep. Maxine Waters (D-CA-43) introduced a bill entitled the Stopping Illicit Oil Shipments Act of 2023.

AT THE AGENCIES

The US Department of Labor

The US Department of Labor announced the beginning of the 9th annual National Apprenticeship Week.

The US Department of the Treasury

The US Department of the Treasury issued remarks by Secretary of the Treasury Janet L. Yellen following the conclusion of the APEC Finance Ministers’ Meeting in San Francisco, California.

The US Department of Commerce

The US Department of Commerce launched the National Spectrum Strategy to advance US wireless leadership.

The US Trade Representative

Check back tomorrow for possible updates.

The US Small Business Administration

The US Small Business Administration issued a press release entitled “SBA Administrator Guzman Encourages Shopping Small November 25 for Small Business Saturday.”

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