Prism Group's Daily Summary
NOMINEES HEAD TO THE HILL... A dozen Trump picks for various administration roles – from Treasury Secretary to CIA Director – will face questions from lawmakers this week in a series of hearings, the final step before confirmation votes are held. Also notable is President-elect Trump’s recent selection of Casey Mulligan to serve as chief counsel for advocacy at the Small Business Administration. Mulligan worked in the previous Trump White House as chief economist of the Counsel of Economic Advisors.
STATE AND LOCAL TAX (SALT) DEDUCTION TAKES CENTER STAGE... According to Punchbowl News, President-elect Trump hosted several members of the so-called SALT Caucus at Mar-a-Lago over the weekend to hear them out on a key tax issue – what to do with the current $10,000 cap on State and Local Tax deductions, a massive revenue raiser that expires at year end. SALT has been a wedge issue within the GOP, pitting members from high-tax states like New York and California against others in the caucus.
L.A.’s SMALL-BUSINESS OWNERS SEE YEARS OF WORK AND HISTORY GO UP IN SMOKE... Small business owners across the greater Los Angeles area are grappling with the devastating aftermath of the wildfires, which have reduced years of dedication and entrepreneurial effort to ashes. Many of these businesses, once vital pillars of their communities and employers of local residents, now face the daunting task of rebuilding alongside their neighbors. As recovery begins, all eyes will be on federal recovery efforts to see how they will support these resilient entrepreneurs in reclaiming their livelihoods.
SBA ADVISORY COMMITTEE PROPOSES BOLD STEPS TO BOOST SMALL BUSINESS INNOVATION... The SBA Invention, Innovation, and Entrepreneurship Advisory Committee (IIEAC) released its report, "Enhancing U.S. Economic Competitiveness Through Support for Small Businesses and Innovators", last week. The report includes 12 recommendations aimed at strengthening the U.S. innovation ecosystem, with a particular focus on enhancements to the SBIR/STTR programs. Key themes of the recommendations include shaping better, more consistent, and transparent metrics throughout the SBIR/STTR process; removing complexity in the application process and reducing timelines for companies to receive awards; and encouraging all participating federal agencies to share and adhere to best practices in the contracting process.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Thirty states are in regular session.
WHAT WE'RE WATCHING:
The Michigan House has formed the Select Committee on Protecting Michigan Employees and Small Businesses to address tipped wage and earned sick time legislation, sparking debates on the economic and workplace impacts of proposed changes.
Utah Governor Spencer Cox (R) signed an executive order to simplify infrastructure permitting processes to accelerate energy production and housing developments while maintaining environmental standards. Critics warn the changes could limit public input on large, controversial projects.
LAWMAKERS... IN OR OUT?
The House... convenes today at 12:00 PM. The full schedule may be found here.
The Senate... convenes today at 1:00 PM. The full schedule may be found here.
HAPPENING ON THE HILL
The House...
Committee on Ways and Means will hold a hearing Tuesday, 1/14 at 10:00 AM entitled "Hearing on The Need to Make Permanent the Trump Tax Cuts for Working Families.”
The Senate...
Committee on Banking, Housing and Urban Affairs will hold a hearing Thursday, 1/16 at 10:00 AM entitled " Nomination Hearing."
Committee on Finance will hold a hearing Thursday, 1/16 at 10:30 AM entitled “Hearing to Consider the Anticipated Nomination of Scott Bessent, of South Carolina, to be Secretary of the Treasury."
Committee on Judiciary will hold a hearing Wednesday, 1/15 at 9:30 AM entitled “The Nomination of the Honorable Pamela Jo Bondi to be Attorney General of the United States."
BILLS OF INTEREST
Check back tomorrow for possible updates.
AT THE AGENCIES
The U.S. Department of Labor
Check back tomorrow for possible updates.
The U.S. Department of the Treasury
The U.S. Department of the Treasury releases policy brief on small business financing.
The U.S. Department of Commerce
The U.S. Department of Commerce announced an expansion of its support for U.S. companies competing for major investment and concession projects in other countries.
The U.S. Trade Representative
Check back tomorrow for possible updates.
The U.S. Small Business Administration
The U.S. Small Business Administration announced that small businesses received more than $183 billion in prime contracts from the federal government – 28.8% of all federal contracting dollars – in fiscal year 2024, which ended Sept. 30, 2024.
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