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EIW Today - January 23rd, 2024

Prism Group's Daily Summary



HOLD THE SALT... The bipartisan tax deal seems to have hit a snag thanks to disagreement over the cap on state and local tax (SALT) deductions. Alongside a vote of approval from the House Ways and Means committee, the package is gaining footing amongst House Democrats vital to a floor vote. However, Speaker Johnson faces push back from blue-state republicans concerned with SALT relief and a right flank displeased with budget efforts.  

 

CTA DELAY... Senator Tim Scott has just introduced the Protect Small Businesses and Prevent Illicit Financial Activity Act, aiming to offer affected businesses adequate time to comply with the new reporting requirements. Among other changes, the bill would extend the CTA reporting deadline for existing businesses by one year, offering until the end of 2025 to file an initial report under the new law. Such a bill mirrors H.R. 5119, which passed the House by a near unanimous vote 420-1 vote last December.  


THE STATE OF THE STATES 


SESSIONS BY THE NUMBERS: 


Thirty-seven state legislatures are in regular session. 

 

WHAT WE'RE WATCHING: 


The Texas Workforce Commission reported that the state's labor market reached unprecedented heights in 2023, with December seeing the seasonally adjusted job count hit over 14 million. This marks the 27th consecutive month of employment record-setting. Additionally, Texas outpaced national employment growth rates and experienced a drop in the unemployment rate. 


West Virginia is shifting towards clean energy in its economy, with projects involving solar power and electric vehicles. The growing number of clean energy projects indicate a change in the state’s energy landscape, though they face hurdles at the state level, including a lack of support among lawmakers and a workforce that doesn’t have the specialized skills for clean energy jobs. 


LAWMAKERS... IN OR OUT? 


The House... is out of session today. 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 Small Business Subcommittee on Innovation, Entrepreneurship, and Workforce Development will hold a hearing next Tuesday, 1/30 at 12:00 PM on “Pathways to Success: Supporting Entrepreneurs and Employees with Disabilities” 

 

The Senate...  

Committee on the Judiciary will hold a hearing TODAY, 1/23 at 2:30 PM on “The Patent Eligibility Restoration Act – Restoring Clarity, Certainty, and Predictability to the U.S. Patent System” 

Committee on the Budget will hold a hearing Wednesday, 1/24 at 10:00 AM on “Warming Seas, Cooling Economy: How the Climate Crisis Threatens Ocean Industries” 

Committee on Small Business will hold a hearing Wednesday, 1/24 at 2:15 PM on “Succession Planning: Opportunities to Build Wealth and Keep Jobs in Local Communities” 

Committee on Banking, Housing, and Urban Affairs will hold a hearing Thursday, 1/25 at 10:00 AM on “Reauthorization of the National Flood Insurance Program: Local Perspectives on Challenges and Solutions” 

 

BILLS OF INTEREST 


  • Rep. Randy Weber (R-TX-14) introduced a bill to improve public-private partnerships and increase Federal research, development, and demonstration related to the evolution of next generation pipeline systems. 

  • Rep. Haley Stevens (D-MI-11) introduced a bill to amend section 7(b) of the Small Business Act to make disaster loans available for damages caused by prolonged power outages. 

  • Rep. Brad Finstad (R-MN-1) introduced a bill to direct the Secretary of Agriculture to periodically assess cybersecurity threats to, and vulnerabilities in, the agriculture and food critical infrastructure sector and to provide recommendations to enhance their security and resilience, to require the Secretary of Agriculture to conduct an annual cross-sector simulation exercise relating to a food-related emergency or disruption 

 

AT THE AGENCIES 


The US Department of Labor 

The US Department of Labor announced new communities in an initiative to improve workforce opportunities for young people. 

 

The US Department of the Treasury 

The US Department of the Treasury issued a readout of Under Secretary for International Affairs Jay Shambaugh’s Call with Minister of Finance Sergii Marchenko of Ukraine. 

 

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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