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EIW TODAY - November 16, 2023

Prism Group's Daily Summary


SUPPORT AND OPPOSITION ARE MOUNTING TOWARDS A NEW GOVERNMENT BORROWING PLAN… Amid growing deficits and less demand for long-term U.S. debt, the Treasury Department is implementing a more flexible borrowing strategy. Although Wall Street observers caution that deviating from well-established borrowing plans could backfire and result in more calls for higher interest rates, investors have praised the move.

UNCERTAINTY STILL LOOMS AFTER SENATE PASSES CONTINUING RESOLUTION… Congress has avoided an imminent government shutdown after the Senate voted in support of a short-term funding bill yesterday evening. While providing temporary relief, challenging negotiations on a longer-term spending agreement lie ahead, with provisions for small business, foreign aid, and federal departments still uncertain.

SENATE REPUBLICANS AND SMALL BUSINESS OWNERS VOICE DISCONTENT OVER NEW BANK CAPITAL REQUIREMENTS… A group of 39 Senate Republicans signed a letter urging major U.S. banking regulators to withdraw the Basel III Endgame proposal, a plan by federal regulators to increase capital requirements on banks. Senators expressed concerns that the plan could hinder lending and have detrimental effects on the economy. The letter comes amid protests by small business owners from across the U.S. toward Basel III Endgame.

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS:

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

WHAT WE'RE WATCHING:

Colorado lawmakers are set to gather for a three-day special session starting Friday to address surging property taxes. Republicans are currently resisting tapping into Taxpayer's Bill of Rights (TABOR) refunds, a key component of the rejected Proposition HH, while Democrats advocate for redirecting TABOR dollars to local governments. Governor Jared Polis (D) hopes to expand the agenda beyond property tax relief, urging consideration of issues like rental assistance, Earned Income Tax Credit adjustments, and authorizing food and nutrition benefits for Colorado children.

Governor Maura Healey (D) announced a $5 million grant initiative benefiting 65 organizations across Massachusetts through the Small Business Technical Assistance Grant Program. Designed to support entrepreneurs in small businesses, the grants will particularly focus on aiding businesses owned by traditionally underrepresented groups.

LAWMAKERS... IN OR OUT?

The House... is out of session today and will convene tomorrow at 9:00 AM ET. The full schedule may be found here.

The Senate... is out of session today. The full schedule may be found here.

HAPPENING ON THE HILL

The House...

Check back after Thanksgiving recess for possible updates.

The Senate...

Check back after Thanksgiving recess for possible updates BILLS OF INTEREST

  • Rep. Greg Steube (R-FL-17) introduced a bill to amend the Internal Revenue Code of 1986 for purposes of the tax on private foundation excess business holdings to treat as outstanding any employee-owned stock purchased by a business enterprise pursuant to certain employee stock ownership retirement plans.

  • Rep. Andrew Ogles (R-TN-5) introduced a bill to prohibit the use of funds to implement, administer, or enforce measures requiring certain employees to refer to an individual by the preferred pronouns of such individual or a name other than the legal name of such individual.

  • Rep. French Hill (R-AR-2) introduced a bill to help individuals receiving disability insurance benefits under title II of the Social Security Act obtain rehabilitative services and return to the workforce..

AT THE AGENCIES

The US Department of Labor

The US Department of Labor issued a news release announcing $98 million in funding to support delivery of academic, skills training, employment services for young people.

The US Department of the Treasury

Check back after Thanksgiving recess for possible updates.

The US Department of Commerce

The US Department of Commerce issued a joint statement from Indo-Pacific economic framework for prosperity partner nations.

The US Trade Representative

Check back after Thanksgiving recess for possible updates.

The US Small Business Administration

Check back after Thanksgiving recess for possible updates.

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