Prism Group's Daily Summary
FED CUTS RATES BY HALF A BASIS POINT... The Federal Reserve took a major step on Wednesday by lowering benchmark interest rates by half a percentage point, marking its first reduction since 2020. The Fed’s move indicates a transition from combating inflation to keeping the job market afloat, with the annual inflation rate dropping over six percentage points to 2.5% within the past year.
TEAMSTERS TO NOT ENDORSE A PRESIDENTIAL CANDIDATE AMID STRONG MEMBER SUPPORT FOR TRUMP... The International Brotherhood of Teamsters, a labor union comprising of 1.3M members around the United States, has formally declined to endorse a presidential candidate for the first time since 1996. In an internal endorsement poll, Teamsters members supported Donald Trump overwhelmingly, with 58 votes for Trump and 31 for Kamala Harris. This comes even after the Biden administration has described itself as the most pro-union administration in American history.
RESULTS ON ASKING 500 SMALL BUSINESS OWNERS WHAT THEY THOUGHT ABOUT THE ECONOMY, INFLATION AND THE UPCOMING ELECTION... In the run-up to the consequential 2024 presidential election, Entrepreneur wanted to know how small business owners feel about topics ranging from the economy to hiring, to stress and sleep habits. So, in partnership with Talker Research, they surveyed 500 small business owners to get some answers. In short: Half (51%) of small business owners report that their business is doing better compared to 2023, and 84% are optimistic that 2025 will be better for business than 2024.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Four states are in regular session. California is in special session.
WHAT WE'RE WATCHING:
New York's Department of Labor and Civil Service is launching ten Centers for Careers in Government amid workforce shortages. By waiving civil service exam requirements and fees, the job application process for state positions becomes more streamlined. Officials hope the opening of these centers will remove barriers and attract candidates to fill approximately 10,000 open positions while promoting the benefits of state employment.
Arizona Governor Katie Hobbs (D) has issued an executive order to coordinate the state's workforce development strategy, meeting the demands of federal infrastructure investments. The order establishes the Governor’s Workforce Cabinet, which will focus on filling at least 400,000 jobs by 2030 across key industries. The Cabinet will also work to ensure that federal funds are allocated for on-the-job training and connecting underserved populations with employment opportunities.
LAWMAKERS... IN OR OUT?
The House... convenes today at 10:00 AM. The full schedule may be found here.
The Senate... convenes today at 10:00 AM. The full schedule may be found here.
HAPPENING ON THE HILL
The House...
Committee on Ways and Means' Trade Subcommittee will hold a hearing on Friday, 9/20 at 9:00 AM entitled "Protecting American Innovation by Establishing and Enforcing Strong Digital Trade Rules."
Committee on Energy and Commerce Environment's Manufacturing, and Critical Materials Subcommittee will hold a hearing TODAY, 9/19 at 10:00 AM entitled "Holding the Biden-Harris EPA Accountable for Radical Rush-to-Green Spending."
Committee on Energy and Commerce's Energy, Climate, and Grid Security Subcommittee will hold a hearing TODAY, 9/19 at 10:30 AM entitled "Federal Trade Commission Practices: A Discussion On Past Versus Present."
The Senate...
Committee on the Judiciary will hold a hearing TODAY, 9/19 at 10:00 AM entitled "Executive Business Meeting."
BILLS OF INTEREST
Check back later for possible updates.
AT THE AGENCIES
The U.S. Department of Labor
Check back later for possible updates.
The U.S. Department of the Treasury
The U.S. Department of Treasury announced in a press release guidance to expand clean vehicle recharging and refueling infrastructure and lower transportation costs for Americans.
The U.S. Department of Commerce
The U.S. Department of Commerce Secretary Raimondo and U.S. Department of State Secretary Blinken announced The Inaugural Convening of International Network of AI Safety Institutes in San Francisco on November 20-21.
The U.S. Trade Representative
The U.S. Trade Representative announced in a press release that the United States and Nepal held the seventh Trade and Investment Framework Agreement (TIFA) Council Meeting in Kathmandu, Nepal.
The U.S. Small Business Administration
Check back later for possible updates.
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