Prism Group's Daily Summary
REP. MIKE JOHNSON ELECTED SPEAKER OF THE HOUSE... Republican Mike Johnson's election as Speaker of the House ends the immediate uncertainty of House leadership. But new questions emerge today: how will his new leadership influence government spending deadlines, Israel and Ukraine aid, and President Biden's supplemental spending package? He will have to quickly forge a path on these and other pressing issues.
ECONOMIC REPORTS SHOW ACCELERATED GROWTH IN Q3... The U.S. economy was revealed to have skyrocketed in Q3, with GDP growing at a 4.9 percent annualized rate, defying expectations of a slowdown due to the Federal Reserve's interest rate increases. A strong job market and declining inflation are likely to have boosted consumer confidence, leading to increased spending on goods and services.
GOLDMAN SACHS EMBARKS ON SMALL BUSINESS ADVOCACY CAMPAIGN... Goldman Sachs has launched a new advocacy campaign, 10,000 Small Business Voices, urging federal regulators to abandon Basel III Endgame, a set of new capital rules for large and regional banks. Goldman Sachs is concerned that these rules will exacerbate the challenges faced by small businesses and restrict lending as interest rates reach their highest levels in at least a decade.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Six state legislatures are in session. Texas, Illinois, and New Hampshire are in special session.
WHAT WE'RE WATCHING:
The North Dakota legislature swiftly solved a budget crisis in three days, adjourning on Wednesday after Governor Doug Burgum (R) called a special session on Monday. Lawmakers passed 14 bills to reconstruct a budget voided by the state Supreme Court, covering various areas including education funding and a transition to a 401(k)-style pension plan for new state employees. Lawmakers also rejected an expanded income tax cut proposed by Governor Burgum. Maine Governor Janet Mills (D) unveiled a $6 million Domestic Trade Program designed to provide state businesses with financial and technical support in order to expand their market opportunities, boost sales of Maine-made products in the U.S., and help businesses and entrepreneurs reach new markets. Grants are available for activities such as trade shows, sales channel support, and technical assistance to enhance market access.
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 The House...
Committee on Financial Services will hold a hearing TODAY, 10/26 at 9:00 AM entitled “Moving the Money: Understanding the Iranian Regime’s Access to Money Around the World and How They Use It to Support Terrorism”.
Committee on Ways and Means Social Security Subcommittee will hold a hearing TODAY, 10/26 at 9:00 AM on “One Million Claims and Growing: Improving Social Security’s Disability Adjudication Process.”
Committee on Small Business will hold a hearing next Wednesday, 11/1 at 2:30 PM on “The Great Outdoors: Small Businesses and America’s Outdoor Recreation Economy”.
Committee on Energy and Natural Resources will hold a hearing TODAY, 10/26 at 9:30 AM to examine federal offshore energy strategy and policies.
Committee on Health, Education, Labor, and Pensions will hold a hearing next Tuesday, 10/31 at 10:00 AM on “AI and the Future of Work: Moving Forward Together.”
Committee on Banking, Housing, and Urban Affairs will hold a hearing TODAY, 10/26 at 10:00 AM titled “Combating the Networks of Illicit Finance and Terrorism.”
BILLS OF INTEREST
Rep. Lloyd Smucker (R-PA-11) introduced a bill to promote registered apprenticeships and other work-based learning programs for small and medium-sized businesses within in-demand industry sectors, through the establishment and support of industry or sector partnerships.
Rep. Adam Schiff (D-CA-30) introduced a bill to amend the Internal Revenue Code of 1986 and the Social Security Act to provide that an individual engaged in a labor dispute may receive unemployment benefits.
Rep. Grace Meng (D-NY-6) introduced a bill to reauthorize the Interagency Committee on Women's Business Enterprise.
AT THE AGENCIES The US Department of Labor
The US Department of Labor issued a statement by Acting Secretary Su on a tentative agreement by United Auto Workers and Ford.
The US Department of the Treasury
The US Department of the Treasury released remarks by Secretary of the Treasury Janet L. Yellen at the 2023 Freedman's Bank Forum
The US Department of Commerce
The US Department of Commerce issued a readout of Secretary Raimondo’s meeting with the Advisory Committee on Supply Chain Competitiveness.
The US Trade Representative
The Office of the US Trade Representative and the US Department of Commerce issued a readout of the Sixth Indo-Pacific Economic Framework negotiating round in Malaysia.
The US Small Business Administration
Check back tomorrow for possible updates.
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