Week of December 5, 2022

The city is aglow with seasonal cheer as the White House and Capitol Christmas trees have been officially lit, and the holiday reception scene is allowing everyone to eat food they probably shouldn’t. But Congress is still grinding its way to the end of the year. The annual National Defense Authorization Act (NDAA) is on its way to a final deal that could be wrapped up by next week. The appropriations process for federal agencies remains stalled for now as December 16 looms for a potential government shutdown.  The Georgia Senate runoff election is Tuesday, December 6, and the contest between Senator Raphael Warnock and challenger Herschel Walker will bring a close to the 2022 federal elections. While Democrats’ control of the Senate is set regardless of the outcome, a Warnock win would be the 51st vote and end the 50-50 power sharing agreement the Senate has strained to operate under for the past two years. A final decision may also serve to kick Members into gear on the end of year spending package.

What We’re Watching: 

  • Raimondo Sets the Stage for China Tech Strategy: During her speech at MIT last week, Commerce Secretary Gina Raimondo gave a tough pep talk on the need to enhance U.S. competition against China on emerging technology. Raimondo suggested that despite the strength of U.S. universities and increased funding for semiconductor and tech R&D, “competing effectively with China isn't going to be easy.” She laid out a set of four pillars the U.S. should focus on including:

    • Seeing through the transformational investments from the CHIPS and Science Act

    • Bolstering America’s ability to prevent China from undermining U.S. security and democratic values including export controls on chips

    • Working with allies to close off strategic pathways for China

    • Advocating for increased U.S. trade and investment

         Raimondo advocated for not only a whole-of-government approach, but             noted that the effort will require “the hard work of everyone.” We expect             more to come as policymakers implement CHIPS and consider other                 strategic competitive technologies. 

  • Twitter Gets Content Moderation Warning: Just days after Twitter owner Elon Musk announced he will stop enforcing the company’s rule policing COVID-19 disinformation and reinstate nearly all previously banned accounts, European Commissioner for Internal Market Thierry Breton cautioned Musk during a video call last week that Twitter is not in compliance with the Digital Services Act. Breton told Musk that the website needed to make significant progress on content moderation and disinformation. In one of the first tests of the DSA, failure to meet the DSA criteria could get Twitter banned in the EU or result in significant fines. The company is also facing scrutiny in the U.S. as Treasury Secretary Janet Yellen stated at the New York Times’ DealBook Summit last week that the Committee on Foreign Investment in the U.S. will examine Twitter’s foreign investment transactions and is examining potential national security implications. 

  • Parade of Crypto Hearings Continues to Roll On: The FTX meltdown has provided Congress with another reason for hearings focused on digital assets, and the House Financial Services Committee is set for a December 13 hearing. Last week, the Senate Agriculture Committee heard from CFTC Chair Rostin Behnam who advocated for a comprehensive regulatory framework. Behnam reaffirmed his position for the CFTC to serve as a primary regulator for the crypto industry. Committee Chair Debbie Stabenow (D-MI) and Ranking Member John Boozman (R-AR) used the hearing, and the FTX collapse, to highlight the need for clear statutory and regulatory framework, as laid out in their Digital Commodities Consumer Protection Act (DCCPA), which Behnam applauded for the regulatory structure.

What’s Happening This Week:

Tech Hearings

  • House Oversight and Reform Committee markup - Tuesday, December 6 at 10:00 AM ET

  • House Financial Services subcommittee hearing on ESGW requirements - Tuesday, December 6 at 2:00 PM ET

Tech Events

What’s Interesting This Week:

The Washington Monument Is Complete…. On December 6, 1884, the Washington Monument was finally completed, over 100 years after the plans were first developed. In 1783, the infant U.S. Congress decided on a monument for President Washington and Pierre L’Enfant later left a place holder for the monument in his design of the federal capitol. The design by South Carolina’s Robert Mills was commissioned in 1845. Made of some 36,000 blocks of marble and granite stacked 555 feet in the air, the monument was the tallest structure in the world at the time of its completion.

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