Prism Group's Daily Summary
THE FED BEGINS TWO DAY MEETING
The Federal Reserve begins its two-day policy meeting today, where officials are expected to
keep interest rates on hold (for now) and share new economic projections that rates still need
to rise further this year. On Wednesday at 2PM ET, the Fed will release a new policy statement and interest rate decision, followed by a press conference with Fed Chair Jerome Powell.
ARTIFICIAL INTELLIGENCE IS CENTER STAGE IN SEPTEMBER
Artificial intelligence (AI) remains center stage in Washington this month, as the topic of multiple congressional hearings and the White House announcing tech companies’ commitments to following voluntary safeguards. Following a closed-door Senate hearing with technology heavyweights and more than 60 Senators, Senate Majority Leader Chuck Schumer revealed Congressional consensus on the need for government regulations on artificial intelligence – though viewpoints differ on how to approach regulation. This week, the Senate Committee on Banking, Housing, and Urban Affairs’ will hold a hearing on AI in Financial Services.
TREASURY RELEASES PRINCIPLES FOR NET-ZERO FINANCING
Today, the U.S. Department of the Treasury published the Principles for Net-Zero Financing & Investment, which highlight emerging best practices for private sector financial institutions that have made net-zero commitments and outlines best approaches for implementation. Following this release, Secretary Yellen will deliver remarks at the Bloomberg Transition Finance Action Forum in New York City this afternoon to discuss the Principles and will also meet with financial institutions, civil society organizations, and philanthropic leaders to discuss the importance of climate-related action by the private financial sector and how to accelerate and support related efforts. The Treasury’s press release here and the list of full Principles here.
DEVELOPMENTS IN CHILD CARE
On Wednesday, the Senate Banking, Housing, and Urban Affairs Subcommittee on Economic Policy will hold a hearing on the status of child care, focusing on macroeconomic impacts of public policy measures since the COVID-19 pandemic.
Over in the House of Representatives, House Democrats introduced the Child Care Stabilization Act, which would extend the federal Child Care Stabilization Grant funding by providing $16 billion in mandatory funding each year for the next five years. Funding is currently set to expire at the end of this month. View the one-pager on the Child Care Stabilization Act, legislative text, event photos, and the livestream for additional information.
HOUSE SMALL BUSINESS COMMITTEE HEARING ON WEDNESDAY
The House Small Business Committee will hold a full committee hearing this Wednesday, September 20th, titled “Athletes and Innovators: Examining NIL’s Impact on Entrepreneurial College Athletes.” View more details about the hearing here.
THE STATE OF THE STATES
Seven state legislatures are in session.
WHAT WE'RE WATCHING:
New York's new statewide salary transparency law went into effect this week. The law mandates that employers with a minimum of four workers disclose pay ranges in job advertisements. This initiative is similar to other laws in California and Colorado, and aims to promote equal pay by preventing wage disparities based on demographic information.
There are less than two months left in Massachusetts’ legislative year, and one of the top priorities of legislators is tax reform. However, there have been delays in reaching an agreement between House and Senate leadership, particularly regarding how business-friendly the tax relief package should be.
LAWMAKERS... IN OR OUT?
The Senate...will convene at 10:00 AM ET today. For the full schedule, click here.
HAPPENING ON THE HILL
Committee on Financial Services will hold a hearing TODAY, 9/19 at 10:00 AM ET titled “Oversight of the SEC's Division of Investment Management”.
Committee on Financial Services will hold a hearing TODAY, 9/19 at 2:00 PM ET titled “A Holistic Review of Regulators: Regulatory Overreach and Economic Consequences”.
Committee on Financial Services will hold a hearing TOMORROW, 9/20 at 10:00 AM ET titled “Markup of H.R. 3378, H.R. 5409, H.R. 760, H.R. 5472, H.R. 5485, H.R. 5119, the Combatting Foreign Surveillance Spyware Sanctions Act, the Financial Access Improvements Act, the Russia and Belarus Financial Sanctions Act of 2023, the Foreign Affiliates Sharing Pilot Program Extension Act, H.R. 3402, H.R. 5403, H.R. 3712”.
Committee on Ways and Means will hold a hearing TODAY, 9/19 at 10:00 AM ET titled “Hearing on Reduced Care for Patients: Fallout From Flawed Implementation of Surprise Medical Billing Protections”.
Committee on Ways and Means will hold a hearingTOMORROW, 9/20 at 2:00 PM ET titled “Trade Subcommittee Hearing on Reforming the Generalized System of Preferences to Safeguard U.S. Supply Chains and Combat China”.
Committee on Appropriations Subcommittee on Financial Services and General Government will hold a hearing TODAY 9/19 at 2:30 PM ET titled “Review of the FY 2024 Budget for the Federal Communications Commission”.
Committee on Health, Education, Labor, and Pensions will hold a hearing Thursday, 9/21 at 10:00 AM ET titled “S. 1573, S. 2415, S. 1624, S._, Bipartisan Primary Care and Health Workforce Act”.
Committee on Banking, Housing, and Urban Affairs Subcommittee on Economic Policy will hold a hearing TOMORROW, 9/20 at 2:00 PM ET titled “Child Care Since the Pandemic: Macroeconomic Impacts of Public Policy Measures”.
Committee on Finance will hold a hearing TODAY, 9/19 at 10:00 AM ET titled “Aging in Place: The Vital Role of Home Health in Access to Care”.
Committee on the Judiciary will hold a hearing TODAY, 9/19 at 2:30 PM ET titled “Evading Accountability: Corporate Manipulation of Chapter 11 Bankruptcy”.
Committee on the Judiciarywill hold a hearingTOMORROW, 9/20 at 2:45 PM ET titled “Breaking the Logjam Part 3: Restoring Transparency and Accountability in the Accommodation Process”.
BILLS OF INTEREST
Sen. Raphael Warnock (D-GA) introduced a bill to amend the Head Start Act to permit some teachers in Early Head Start programs to teach while earning a child development associate credential.
Sen. Debbie Stabenow (D-MI) introduced a bill to amend the Internal Revenue Code of 1986 to provide for an exclusion for assistance provided to participants in certain veterinary student loan repayment or forgiveness programs.
Rep. Tony Gonzalez (R-TX-23) introduced a bill to amend title 5 of the United States Code to provide special overtime pay for certain border patrol agents.
AT THE AGENCIES
The US Department of Labor
The US Department of Labor announced the awarding of $992K to Washington to support employment and training services amid the state’s ongoing opioid crisis.
The US Department of the Treasury
The US Department of the Treasury released its Treasury International Capital data for July 2023, reporting a net TIC inflow of $140.6 billion, driven by net foreign private inflows of $149.4 billion and net foreign official outflows of $8.8 billion. This data indicates increased foreign holdings of long-term U.S. securities, as well as US residents' holdings of long-term foreign securities.
The US Department of Commerce
The US Department of Commerce announced details of its participation in the fifth in-person negotiating round for the Indo-Pacific Economic Framework for Prosperity (IPEF) in Bangkok, Thailand.
The US Trade Representative
The Office of the US Trade Representative announced that Trade Representative Katherine Tai will deliver a speech on the World Trade Organization (WTO) at the Center for Strategic and International Studies this Friday.
The US Small Business Administration
Check back tomorrow for updates.
Was this email forwarded to you? Curious for more information?
Subscribe to EIW Today to receive the morning newsletter directly in your own inbox!