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January 18th, 2024

Prism Group's Daily Summary



BUDGET ON THE TABLE...  With one day to avert a partial shutdown, the Senate will vote on a continuing resolution today at 12:30 PM. The resolution appears likely to pass the Senate; if approved by both chambers, the CR will fund the government through early March, allowing further time for deliberations. In the House, the CR will require a supermajority vote to pass. Though Speaker of the House Mike Johnson (R-LA) initially ruled out a second CR, he has since reversed that position and it now appears likely that the resolution will also pass the House. 

 

TAX DEAL COULD INCLUDE MORE CHILD TAX CREDIT MODIFICATIONS.... House Ways and Means Committee Chairman Jason Smith and Ranking Member Richard Neal are reportedly discussing tweaks to the Child Tax Credit expansion. The bipartisan duo remains hopeful that the package will soon pass committee with bipartisan support. The legislative text of the bill has been released

 

MINORITY BUSINESS DEVELOPMENT AGENCY FORMS ADVISORY COUNCIL... The U.S. Department of Commerce, Minority Business Development Agency (MBDA) has announced the establishment of the Minority Business Enterprise Advisory Council, in accordance with The Minority Business Development Act of 2021. Ron Busby, Sr., President and CEO of U.S. Black Chambers, Inc., is one of the private sector members selected for the council. 

 

HOUSE SMALL BUSINESS COMMITEE MEETING TO DISCUSS CAPITAL ACCESS EXPANSION... The House Committee on Small Business will hold a full committee hearing, TODAY January 18th at 10:00 AM, titled “Unleashing Main Street’s Potential: Examining Avenues to Capital Access.” In this hearing, members will hear from entrepreneurs about what is needed to be done to ensure small businesses can more easily access capital to grow their businesses.  


THE STATE OF THE STATES 


SESSIONS BY THE NUMBERS: 


Thirty-eight state legislatures are in regular session. Louisiana is in special session. 

 

WHAT WE'RE WATCHING: 


Kansas Governor Laura Kelly (D) announced the "Digital Opportunities to Connect Kansans" (DOCK) program, a $4.75 million state initiative that works to enhance digital literacy among Kansans. The program is designed to strengthen digital skills and widen internet access; DOCK is part of a broader effort to modernize the state's workforce, drive economic growth, and encourage technology literacy. The initiative also includes provisions for financial awards to support digital skills development programs.  


There has been a surge in demand for state subsidized, low-interest loans to support small businesses across the country, as states like New York, Illinois, Missouri, and Montana have reported increased interest in such programs. These programs have become lifelines for borrowers in the face of rising interest rates imposed by the Federal Reserve to combat inflation. By providing funds to banks at below-market rates, these state initiatives offer substantial savings to borrowers. 


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 11:00 AM ET. The full schedule may be found here. 

 

HAPPENING ON THE HILL 


The House...  

The House...  

Committee on Small Business will hold a hearing TODAY, 1/18 at 10:00 AM entitled “Unleashing Main Street's Potential: Examining Avenues to Capital Access” 

Committee on Financial Services will hold a hearing TODAY, 1/18 at 10:00 AM entitled “Oversight of the SEC’s Proposed Climate Disclosure Rule: A Future of Legal Hurdles” 

Committee on Energy and Commerce will hold a hearing TODAY, 1/18 at 10:00 AM entitled "Protecting Clean American Energy Production and Jobs by Stopping EPA's Overreach" 

 

The Senate...  

Senate Committee on Health, Education, Labor, and Pensions will hold a hearing TODAY, 1/18 at 10:00 AM on “Addressing Long COVID: Advancing Research and Improving Patient Care” 

 

BILLS OF INTEREST 

  • Sen. Brian Schatz (D-HI) introduced a bill to award grants to States to establish or improve, and carry out, Seal of Biliteracy programs to recognize high-level student proficiency in speaking, reading, and writing in both English and a second language, and early language program. 

  • Sen. Marco Rubio (R-FL) introduced a bill to enable an employer or employees to establish an employee involvement organization to represent the interests of employees, and for other purposes. 

  • Rep. Gregory Steube (R-FL-17) introduced a bill to amend title 1, United States Code, to clarify that certain tax exemptions are not treated as Federal financial assistance. 

 

AT THE AGENCIES 

The US Department of Labor 

The US Department of Labor issued guidance on new emergency savings accounts. 

 

The US Department of the Treasury 

The US Department of the Treasury issued remarks by Secretary of the Treasury Janet L. Yellen at the U.S. Conference of Mayors Winter Meeting. 

 

The US Department of Commerce 

Check back tomorrow for possible updates. 

 

The US Trade Representative 

Check back tomorrow for possible updates. 

 

The US Small Business Administration 

Check back tomorrow for possible updates. 

 

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