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EIW TODAY - November 15, 2023

Prism Group's Daily Summary


HOUSE PASSES CONTINUING RESOLUTION DESPITE GOP DISSENT… The House of Representatives passed Speaker Mike Johnson’s laddered continuing resolution Tuesday in a bipartisan vote, with 93 Republicans and two Democrats opposed. If passed by the Senate and signed by President Biden, the CR will secure funding for various government departments. This will ensure most federal employees can continue to work and that the Small Business Administration can continue processing small business loans through January 19.


SEC RELEASES ENFORCEMENT STATISTICS…The Securities and Exchange Commission issued $4.95 billion in penalties this year, the second highest level in the SEC’s history after a record $6.4 billion in 2022, according to a statement issued by the Commission yesterday. The report mentions that the SEC banned 133 people from holding high-level positions in publicly traded companies and issued a significant $178.6 million fine against Danske bank.


COMMUNITY NAVIGATORS PROGRAM FACES HOUSE SBC… The House Committee on Small Business held a hearing yesterday titled “Oversight of the SBA’s Office of Entrepreneurial Development” and featured testimony from SBA Associate Administrator Mark Madrid. Rep. Beth Van Duyne (R-TX-24) and other Republicans questioned Mr. Madrid on the efficacy of several SBA programs, with the Community Navigator Pilot Program eliciting the sharpest criticism. Representatives including Rep. Sharice Davids (D-KS-3) also praised the SBA’s work with Women’s Business Centers, though Mr. Madrid was questioned on the administration’s proposed cuts to popular programs.

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS:

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

WHAT WE'RE WATCHING:

The Massachusetts legislature reviewed a bill to encourage companies to adopt a four-day work week through a pilot program offering tax credits to participating businesses. The Act Relative to a Four-Day Work Week Pilot Program would explore the potential benefits of reduced work hours, such as minimizing burnout, enhancing employee performance, and attracting top talent.

A special session called by Wisconsin Governor Tony Evers (D) concluded with the legislature replacing his $1 billion agenda with a $2 billion tax cut, which is expected to be vetoed by Governor Evers for a second time. Republican lawmakers defended their decision to replace Evers' priorities, leading to a party-line vote after a brief debate.

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

BILLS OF INTEREST

  • Rep. Jill Tokuda (D-HI-2) introduced a bill to increase access to mental health, substance use, and counseling services for first responders.

  • Rep. Danny Davis (D-IL-7) introduced a bill to amend the Internal Revenue Code of 1986 to expand and modify employer educational assistance programs.

  • Rep. John Curtis (R-UT-3) introduced a bill to amend the Energy Act of 2020 to require the Secretary of the Interior to include the Secretary of Health and Human Services in consultations regarding designations of critical minerals, elements, substances, and materials.

  • Rep. Tony Cárdenas (D-CA-29) introduced a bill to amend title XVIII of the Social Security Act to extend eligibility for certain payment increases for biosimilar biological products under the Medicare program.

AT THE AGENCIES

The US Department of Labor

Check back tomorrow for possible updates.

The US Department of the Treasury

The US Department of the Treasury issued remarks by Secretary of the Treasury Janet L. Yellen on the New Treasury Department Analysis of the Bipartisan Infrastructure Law.

The US Department of Commerce

The US Department of Commerce issued a press release titled “Secretary Raimondo Participates in Second Ministerial Meeting of the U.S.-Japan Economic Policy Consultative Committee.”

The US Trade Representative

Check back tomorrow for possible updates.

The US Small Business Administration

The US Small Business Administration issued a congressional testimony of “Inspector General Hannibal "Mike" Ware before the U.S. Senate, Committee on Homeland Security and Government Affairs, Subcommittee on Emerging Threats and Spending Oversight.”

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