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EIW TODAY - October 12, 2023

Prism Group's Daily Summary


REP. SCALISE WINS SPEAKERSHIP VOTE, BUT STILL NEEDS MORE PARTY SUPPORT... Rep. Steve Scalise won the internal House Republican speakership vote yesterday, fending off a challenge from House Judiciary Committee Chairman Jim Jordan. However, Rep. Scalise’s path forward remains uncertain. Some GOP representatives are skeptical about being able to sway their colleagues to support Rep. Scalise’s candidacy. Members are also reluctant to pursue power agreements, preferring to let deliberation occur on the House floor.

INFLATION IS BELIEVED TO BE COOLING... Investors are certain that the Federal Reserve's recent interest rate hikes may come to a halt. Some top Fed officials have suggested that its effort to cool prices through rate increases may be complemented by market dynamics, which could influence future economic policy decisions.

IRS NOTIFIES MICROSOFT OF BILLIONS OF OWED TAXES... Yesterday, the IRS announced Microsoft may owe nearly $29 billion in back taxes. Microsoft disagrees with the claims and will contest the IRS in court, if necessary, but for now will go through the IRS’ administrative appeal. The latter process could take years to do.

THE STATE OF THE STATES


SESSIONS BY THE NUMBERS:

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

WHAT WE'RE WATCHING:

Democrats in the Michigan legislature are working to repeal 30-year-old drug immunity laws; the laws prevent pharmaceutical companies from being sued over consumers’ medication. Supporters of the bill claim the current laws prevent corporations from being held responsible for people’s deaths or injuries, while opponents from the pharmaceutical industry claim they are being treated too harshly. A Wisconsin Senate committee held a hearing on Governor Tony Evers' (D) proposal to allocate $1 billion for child care services and workforce development programs. Republicans are considering adding amendments to the bill, with concerns raised about funding paid family leave through payroll contributions and inflation.

LAWMAKERS... IN OR OUT?

The House... convenes today at 12:00 PM 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...

  • Committee on Ways and Means will hold a field hearing next Tuesday, 10/17 at 9:00 AM on Access to Health Care in America: Challenges in Rural and Underserved Communities.

  • Committee on Ways and Means Social Security Subcommittee will hold a hearing next Wednesday, 10/18 at 2:00 PM on Protecting Beneficiaries from the Harm of Improper Payments.

The Senate...

  • Committee on Banking, Housing, and Urban Affairs will hold a hearing next Tuesday, 10/17 at 2:30 PM ET titled “How Community Development Financial Institutions Promote Housing and Economic Opportunity”.

  • Committee on the Judiciary will hold a hearing next Tuesday, 10/17 at 10:00 AM titled “Name, Image, and Likeness, and the Future of College Sports”.

  • Committee on the Budget will hold a hearing next Wednesday, 10/18 at 10:00 AM titled “Improving Care, Lowering Costs: Achieving Health Care Efficiency”.


BILLS OF INTEREST

  • Rep. Michelle Steel (R-CA-45) introduced a bill to amend the Higher Education Act of 1965 to require additional information in disclosures of foreign gifts and contracts from foreign sources, restrict contracts with certain foreign entities and foreign countries of concern, require certain staff and faculty to report foreign gifts and contracts, and require disclosure of certain foreign investments within endowments.

  • Rep. Brittany Pettersen (D-CO-7) introduced a bill to amend section 6906 of title 31, United States Code, to permanently authorize the Payment in Lieu of Taxes program.

  • Rep. Seth Magaziner (D-RI-2) introduced a bill to amend title XVIII of the Social Security Act with respect to the timing of changes to the annual out-of-pocket threshold for the Medicare prescription drug benefit, and to amend title XI of such Act with respect to the timing of the Medicare drug price negotiation 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 a statement from Secretary of the Treasury Janet L. Yellen on the World Bank Development Committee.

The US Department of Commerce

The US Department of Commerce issued a readout of Secretary Raimondo’s Meeting with Minister of State for Foreign Trade of the United Arab Emirates

The US Trade Representative

The Office of the US Trade Representative issued a statement from Ambassador Katherine Tai in support of Timor-Leste’s progress toward accession to the World Trade Organization.

The US Small Business Administration

Check back tomorrow for possible updates.

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