Prism Group's Daily Summary
NO CHANGES TO INTEREST RATES BY THE FED... The U.S. Federal Reserve has decided to keep interest rates unchanged at their current 22-year high, citing a decrease in inflation. Chairman Jerome Powell emphasized the Fed’s commitment to tackling inflation. While there is more work to be done in tackling rising costs, Chairman Powell noted the U.S. economy’s strength and resilience in the face of interest rate hikes.
LEGAL CHALLENGES SURROUND THE 8(a) BUSINESS DEVELOPMENT PROGRAM... The SBA’s 8(a) Business Development Program, which supports socially and economically disadvantaged small businesses, faces ongoing legal challenges following a court ruling that questioned its constitutionality. The program had to modify its application process because of the ruling, a response to the broader impact of the recent U.S. Supreme Court decision on race-conscious admission programs.
CORPORATE TRANSPARENCY ACT SLATED TO GO INTO EFFECT... Starting January 1, 2024, the Corporate Transparency Act will mandate the submission of personal information to the Treasury Department for certain private "reporting companies," including details about officers, directors, and beneficial owners with 25% or more control of the company. The CTA also outlines reporting requirements for trustees and beneficiaries who meet ownership and control criteria.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Six state legislatures are in session. Texas and Illinois are in special session.
WHAT WE'RE WATCHING:
In Michigan, Governor Gretchen Whitmer (D) signed legislation to modify the application process for small business property tax exemptions and create a fund to reimburse local governments.
Governor Kathy Hochul (D) has announced financial relief for New York employers, with an expected $50 million in savings for 2024 due to a reduction in the annual workers' compensation assessment rate. This cost reduction will be beneficial for over 400,000 small businesses throughout the state, providing support as they navigate rising costs and inflation.
LAWMAKERS... IN OR OUT?
The House... is out of session today. 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, 11/2 at 2:00 PM entitled “The Factors Influencing the High Cost of Insurance for Consumers”.
Committee on Financial Services will hold a hearing TODAY, 11/2 at 10:00 AM entitled “Examining the SEC’s Agenda: Unintended Consequences for U.S. Capital Markets and Investors”.
Committee on Financial Services will hold a hearing next Tuesday, 11/7 at 10:00 AM entitled “The Tangled Web of Global Governance: How the Biden Administration is Ceding Authority Over American Financial Regulation”.
Committee on Ways and Means will hold a hearing next Tuesday, 11/7 at 10:00 AM entitled “Ensuring that ‘Woke’ Doesn’t Leave Americans Broke: Protecting Seniors and Savers from ESG Activism”.
Committee on Small Business will hold a hearing next Wednesday, 11/8 at 10:00 AM entitled “Burdensome Regulations: Examining the Effects of Department of Energy Regulations on America’s Job Creators”.
Committee on Small Business will hold a hearing Tuesday, 11/14 at 10:00 AM entitled “Oversight Over the SBA’s Office of Entrepreneurial Development”.
The Senate...
Committee on Banking, Housing, and Urban Affairs will hold a hearing TODAY, 11/02 at 10:00 AM titled “Ensuring Financial Protection for Servicemembers, Veterans, and their Families.”
Committee on Finance will hold a hearing TODAY, 11/02 at 10:00 AM titled “Hearing to Consider the Nomination of the Honorable Martin O'Malley, of Maryland, to be Commissioner of Social Security for the remainder of the term expiring January 19, 2025, vice Andrew M. Saul.
BILLS OF INTEREST
Sen. Alex Padilla (D-CA) introduced a bill to amend the Public Works and Economic Development Act of 1965 to establish university centers to encourage certain economic development.
Rep. French Hill (R-AR-2) introduced a bill to amend the Federal Reserve Act to remove the mandate on the Board of Governors of the Federal Reserve System and the Federal Open Market Committee to focus on maximum employment.
Sen. Josh Hawley (R-MO) introduced a bill to amend the Federal Election Campaign Act of 1971 to prohibit contributions and donations by publicly traded corporations.
AT THE AGENCIES The US Department of Labor
The US Department of Labor issued a statement by Acting Secretary Su on the third tentative agreement between the United Auto Workers and major US auto companies.
The US Department of the Treasury
The US Department of the Treasury issued remarks by Deputy Secretary of the Treasury Wally Adeyemo at the Industry 2023 Conference in Berlin, Germany
The US Department of Commerce
The US Department of Commerce announced that it will undertake key responsibilities in the historic artificial intelligence Executive Order.
The US Trade Representative
The Office of the US Trade Representative announced the successful resolution of a Rapid Response Mechanism labor matter at a Mexican airline.
The US Small Business Administration
Check back Monday for possible updates.
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