Week of November 14, 2022

It’s been almost a week since Election Day and we still do not have all the answers, but the lay of the land for the 118th Congress became much more clear over the weekend. Democrats will retain their narrow majority in the Senate, and it appears likely that Republicans will have a very slim majority in the House. Senate Democrats could get a 51st seat in the December 6 runoff between incumbent Senator Raphael Warnock and Herschel Walker in Georgia. That 51st seat has important implications for running the Senate since it would mean no 50-50 power sharing agreement. A Republican House Majority will be as small or smaller than the current Democratic House majority and an even bigger challenge for the next House leaders.  If you’re thinking this week’s Newsletter is painting a much different picture than the predictions from just a week ago, well…you’re right. This election has defied the expectations of pollsters and prognosticators, and even some of your friends at FSG. But, that’s why they play the game!And, just like that, Congress is plowing ahead with efforts to wrap up the legislative year and prepare for the 118th Congress. The lame duck legislative session starts today. House and Senate Republicans are set to proceed this week with their leadership elections, and despite the Election Day hangover effect, it seems likely (at the time of this writing) that Kevin McCarthy and Mitch McConnell will continue to lead their respective parties. House Democratic leadership elections are set for Nov. 30, while Senate Democratic leadership elections are set for the week of Dec. 5.

What We’re Watching: 

  • The FTX Fallout: After the stunning implosion of crypto exchange FTX, the narrative around cryptocurrency has taken a nosedive as more and more regulators are coming out to criticize and investigate potential misconduct surrounding the collapse. The fallout will not be limited to FTX, or even the crypto world, as this scandal will also impact how regulators and policymakers view issues around Web3 and blockchain. And, the reality is that FTX’s CEO Sam Bankman-Fried’s active posture on the DC political fundraising scene will only serve to increase skepticism on Capitol Hill. 

  • The Future of Privacy: Privacy is an area that has garnered meaningful bipartisan support and could see a path to passage in the 118th Congress. Although the American Data Privacy and Protection Act (ADPPA) failed to advance this year, we will still be keeping an eye on it as a long shot during the lame duck session. It demonstrated compromise on the traditional hurdles in the past, so if not this year it will be back again in the next Congress. If Republicans assume control of the House, incoming House Energy and Commerce Committee Chair Cathy McMorris Rodgers could push for comprehensive, bipartisan privacy reform along the lines of the ADPPA, which she introduced with Frank Pallone (D-NJ). Democrats retaining control of the Senate means the door remains open to a bipartisan-bicameral compromise that could finally move privacy legislation forward.

  • The Future of Content Moderation: Content moderation could become a hot topic in the 118th Congress, as a Republican-led House could make it a pièce de résistance. Especially around the election, there has been a growing chorus of conservative voices demonstrating frustration with political censorship on social media platforms. On the other side of the aisle, Democrats have also shown a willingness to reform social media content moderation practices to better police inciteful hate speech. Both parties have expressed interest in reforming Section 230 of the Communications Decency Act and thereby altering liability protections for social media platforms. Congress may temper any early action on the issue, however, and instead be prepared to respond to the Supreme Court, which is poised to weigh in on CDA 230 protections in the new year.

What’s Happening This Week:

Tech Hearings

  • House Homeland Security Committee hearing on worldwide threats to the homeland - Tuesday, November 15 at 9:30 AM ET

  • Senate Banking Committee hearing on oversight of financial regulators - Tuesday, November 15 at 10:00 AM ET

  • House Financial Services hearing on capital flows to foreign rivals - Tuesday, November 15 at 2:00 PM ET

  • Senate HSGAC hearing on threats to the homeland - Thursday, November 17 at 10:15 AM ET

Tech Events

What’s Interesting This Week:

The Origins of Lame Duck…. The comical phrase “lame duck” was coined in the 18th century at the London Stock Exchange, referring to bankrupt businessmen that were unable to fulfill their debts. It was applied to politicians in the 1830s whose terms were expiring by the end of that year. Some lame duck sessions, however, prove to be anything but that.

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