Prism Group's Daily Summary
DESPITE INFLATION LOWS, HESITANCY TO SPEND IS RISING… American consumer spending slowed to 0.2% in October, the lowest since May. Income growth slowing down, coupled with high-interest rates and rising prices, have impacted spending habits. While inflation has eased and signaled a turn in the economy, consumers’ hesitancy to spend could have implications for businesses in the near future.
CONSUMER FINANCIAL PROTECTION BUREAU DIRECTOR TESTIFIES IN CONGRESS… Yesterday, the House Committee on Financial Services held a hearing titled, “The Semi-Annual Report of the Bureau of Consumer Financial Protection.” Rohit Chopra, Director of the Consumer Financial Protection Bureau, testified and provided insights into the Bureau's activities as mandated by Dodd-Frank. The full hearing may be viewed here.
REP. MCHENRY PRESSES FOR CRYPTO REGULATIONS… Rep. Patrick McHenry seeks to add cryptocurrency regulation to this year’s National Defense Authorization Act, which would delegate authority of crypto regulation to the SEC and CFTC. As chairman of the Financial Services Committee, Rep. McHenry has threatened to block elements of the NDAA unless concessions are made to his regulation plan. Speaker Mike Johnson has reportedly been supportive of Rep. McHenry’s push.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Four state legislatures are in session. Texas and Georgia are in special session.
WHAT WE'RE WATCHING:
The Nebraska Association of Public Employees has issued a demand to negotiate with the state over Gov. Jim Pillen's (R) order to end work from home. The union cited their contract that mandates such changes be subject to bargaining. Union members’ concerns range from disrupted family routines to potential resignations, which come amid reported staff shortages in many state agencies.
According to a report by the Maine Center for Economic Policy think tank, Maine's greatest economic challenge lies in its "plateauing workforce," with over 6% of jobs unfilled, nearly double the rate from two decades ago. The report urges measures to increase the Maine workforce, including attracting workers from other states and countries, improving education opportunities, and highlighting the need for affordable housing.
LAWMAKERS... IN OR OUT?
The House... convenes today at 10:00 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
Committee on Energy and Commerce will hold a hearing TODAY, 11/30 at 10:00 AM titled “Unmasking Challenges CDC Faces in Rebuilding Public Trust Amid Respiratory Illness Season.”
Committee on Energy and Commerce will hold a hearing TODAY, 11/30 at 10:30 AM titled “Oversight of President Biden’s Broadband Takeover.”
Committee on Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion will hold a hearing Tuesday, 12/5 at 10:00 AM titled: “Fostering Financial Innovation: How Agencies Can Leverage Technology to Shape the Future of Financial Services.”
Committee on Small Business will hold a hearing TODAY, 11/30 at 10:00 AM titled “Member Day.”
Committee on Ways and Means Subcommittee on Oversight will hold a hearing Wednesday, 12/6 at 10:00 AM titled “Hidden Cost: The True Price of Federal Debt to American Taxpayers.”
Committee on Ways and Means Subcommittee on Tax will hold a hearing Wednesday, 12/6 at 2:00 PM on “Tax Policies to Expand Economic Growth and Increase Prosperity for American Families.”
Committee on Banking, Housing, and Urban Affairs will hold a hearing TODAY, 11/30 at 10:15 AM titled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.”
Committee on the Judiciary will hold a hearing TODAY, 11/30 at 10:00 AM titled “Executive Business Meeting.”
Committee on the Judiciary will hold a hearing Tuesday, 12/5 at 10:00 AM titled “Oversight of the Federal Bureau of Investigation.”
Committee on Finance will hold a hearing Tuesday, 12/5 at 10:00 AM titled “Drug Shortages: Examining Supply Challenges, Impacts, and Policy Solutions from a Federal Health Program Perspective.”
BILLS OF INTEREST
Rep. Mark Green (R-TN-7) introduced a bill to prohibit actions to carry out the Department of Commerce's pause in the issuance of new export licenses for certain exports under the Commerce Control List.
Rep. Steve Cohen (D-TN-9) introduced a bill to amend the Internal Revenue Code of 1986 to impose a minimum tax on certain wealthy taxpayers that takes into account unrealized gains.
Rep. Harriet Hageman (R-WY-At Large) introduced a bill to limit the involvement of Federal agencies in voter registration activities, and for other purposes.
AT THE AGENCIES The US Department of Labor
The US Department of Labor issued a report on Unemployment Insurance Weekly Claims.
The US Department of the Treasury
The US Department of the Treasury issued remarks by Deputy Secretary of the Treasury, Wally Adeyemo, at the 2023 Blockchain Association’s Policy Summit.
The US Department of Commerce
The US Department of Commerce issued a readout of Secretary Raimondo’s Participation in the Meeting of the President’s Export Council.
The US Trade Representative
The US Trade Representative issued a review of Trade in Automotive Goods Under the USMCA.
The US Small Business Administration
Check back tomorrow for possible updates.
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