Prism Group's Daily Summary
"VETREPRENEURS" FACE SMALL BUSINESS CHALLENGES... Veterans own nearly 2 million small businesses that employ 5.5 million people in the U.S., bringing in about $1.3 trillion in revenue annually. Their numbers have shrunk, however, as the veteran population has aged: In a 2023 report, the SBA found veteran ownership declined from 11% of businesses in 2014 to 8.1% in 2020.
FEMA OVERSIGHT HEARINGS... This week Congress will hold three hearings regarding FEMA and relief efforts. After Hurricanes Helene and Milton, the SBA Disaster Loan Program has run out of money and FEMA funds are dwindling. There have been bipartisan calls from both Chambers to provide supplemental funding.
THE WHITE HOUSE PUBLISHES SMALL BUSINESS FACT SHEET... The Biden-Harris Administration has overseen a remarkable surge in entrepreneurship, with over 20 million new business applications filed during their term, marking the highest number in any single Presidential term in U.S. history. The administration has spotlighted their wins over the last four years in a newly published fact sheet.
FTC WORKS TO MODERNIZE AND ASSIST CONSUMERS... The Federal Trade Commission (FTC) held a virtual open meeting on November 14, 2024, showcasing the government's commitment to transparency and public engagement in regulatory processes. The meeting covered a diverse range of topics crucial to consumer protection and fair business practices, including initiatives to protect older adults and the implementation of the "Click-to-Cancel" Rule. Meeting notes are available here.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Five states are in regular session. Louisiana is in special session.
WHAT WE'RE WATCHING:
Wisconsin reached a new employment high in October with over three million residents employed. This marks the state’s sixth consecutive month of record-setting growth, with an unemployment rate at 2.9% and a labor force participation rate significantly above the national average. State officials said ongoing investments in workforce development are the key to maintaining momentum.
Arkansas Governor Sarah Huckabee Sanders (R) announced $48 million in grants to 19 organizations as part of the state’s HIRED program. The program boosts job training for industries like aerospace, steel, and lithium. The funding is part of a broader $88 million initiative that works to alleviate workforce shortages and prepare skilled workers for Arkansas’ fastest-growing sectors.
LAWMAKERS... IN OR OUT?
The House... convenes today at 12:00 PM ET. The full schedule may be found here.
The Senate... convenes today at 3:00 pM ET. The full schedule may be found here.
HAPPENING ON THE HILL
The House...
Committee on Financial Services will hold a hearing on Wednesday, 11/20 at 10:00 AM entitled “Oversight of Prudential Regulators.”
Committee on Appropriations will hold a hearing on Tuesday, 11/19 at 10:00 AM entitled “National Institutes of Health (NIH)."
Committee on Appropriations will hold a hearing on Wednesday, 11/20 at 10:00 AM entitled “Assessing the Veterans Health Administration Fiscal Year 2025 Potential Shortfall."
Committee on Appropriations will hold a hearing on Wednesday, 11/20 at 10:00 AM entitled “Investigating the Crisis of Missing and Murdered Indigenous Women."
The Senate...
Committee on Banking, Housing and Urban Affairs subcommittee on Economic Policy will hold a hearing on Wednesday, 11/20 at 2:00 PM entitled “Tax Policy in 2025: Implications for the American Economy."
Committe on Appropriations will hold a hearing on Wednesday, 11/20 at 10:00 AM entitled “A Review of Disaster Funding Needs."
Committee on Judiciary will hold a hearing on Tuesday, 11/19 at 10:00 AM entitled “Breaking the Visa-Mastercard Duopoly: Bringing Competition and Lower Fees to the Credit Card System."
Committee on Judiciary will hold a hearing on Tuesday, 11/19 at 2:00 PM entitled “Big Hacks & Big Tech: China’s Cybersecurity Threat."
Committee on Judiciary will hold a hearing on Wednesday, 11/20 at 10:00 AM entitled “Nominations."
Committee on Judiciary will hold a hearing on Thursday, 11/21 at 10:00 AM entitled “Executive Business Meeting."
BILLS OF INTEREST
Check back tomorrow for possible updates.
AT THE AGENCIES
The U.S. Department of Labor
Check back tomorrow for possible updates.
The U.S. Department of the Treasury
The U.S. Department of the Treasury released its semiannual Report to Congress on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States.
The U.S. Department of Commerce
Check back tomorrow for possible updates.
The U.S. Trade Representative
Check back tomorrow for possible updates.
The U.S. Small Business Administration
The U.S. Small Business Administration announced in a press release new data showing that entrepreneurs have filed more than 20 million business applications under the Biden-Harris Administration, an all-time high for any four-year period on record.
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