The FSG msg for the Week of March 28, 2022
The House and Senate are in session this week with full schedules. In between meetings, don’t forget to stop and smell the cherry blossoms.
Three Things I Think You Should Know:
President Biden’s Budget: President Joe Biden is expected to release his 2023 budget proposal today. The proposal is believed to include $813.3 billion for national security spending, which is $43 billion more than originally projected. The proposal is also expected to include changes to individual and corporate tax provisions.
Semiconductors Sweep Congress: Last week, the Senate voted on H.R. 4521, the America COMPETES Act, which includes funding for H.R. 7178, the Creating Helpful Incentives to Produce Semiconductors for America Act (CHIPS), providing $52 billion for semiconductor research and development. The bill will now move to conference for reconciliation. Additionally, the Senate Committee on Commerce, Science, and Technology held a hearing on tech innovation last week, which focused on the need for American competitiveness in the semiconductor industry. Today, the same committee will host a subcommittee field hearing in Detroit led by Senator Gary Peters (D-MI) titled, “The Future of the Automotive Industry and Semiconductor Chips,” for a deeper dive on the topic.
Capitol Hill Reopens: After nearly two years, Capitol Hill is scheduled to reopen to the public in three phases. Beginning today, the number of individuals attending business meetings will rise from nine to 15, and a limited number of staff lead tours will be permitted. Phase 2 is expected to go into effect on May 30 with a limited reopening of the Capitol Visitor Center. And a full reopening of the Capitol in phase 3 is tentatively planned by Labor Day.
This week in American history: On March 31, 1918, the first daylight savings time went into effect in the U.S. (maybe not for long!)
Congress:
House
House Financial Services Subcommittee hearing, “Keeping Up with the Codes - Using AI for Effective RegTech”
Wednesday, March 30, 2022 at 10:00 AM ET
House Committee on Homeland Security hearing, “Mobilizing Our Cyber Defenses: Securing Critical Infrastructure Against Cyber Threats”
Wednesday, March 30, 2022 at 10:00 AM ET
Senate
Senate Committee on Commerce, Science, and Transportation Subcommittee field hearing, “Made in America: The Future of Automotive Innovation and Semiconductor Chips”
Monday, March 28, 2022 at 10:00 AM ET
Senate Budget Committee hearing, “The President's Fiscal Year 2023 Budget Proposal”
Wednesday, March 30, 2022 at 10:00 AM ET
