The House of Representatives is in turmoil. On October 11, Rep. Steve Scalise (R-LA) beat rival Rep. Jim Jordan (R-OH) to win his party’s nomination to be Speaker of the House by a narrow 113-99 secret vote. But Rep. Scalise withdrew from the race some 24 hours later, determining that he could not get the 217 votes needed to win on the House floor. Then, on October 13, Rep. Jordan won a GOP Conference vote to become the House GOP nominee for Speaker—but his vote total was 93 short of the 217 needed on the House floor. So, going into the evening of October 16, the House is still without a Speaker, or any prospects for one. And thus, all House business remains at a halt pending the election of a new Speaker.

On September 20, the House Budget Committee, by a party-line 20 to 14 vote, approved a fiscal year (FY) 2024 budget that balances the federal budget within ten years, and calls for a commission to deal with entitlements. It also provides for permanence and/or extension of the Tax Cuts and Jobs Act (TCJA) individual and estate tax rules. Generally, these TCJA tax cuts expire in 2026.

Lawmakers returned to Washington after a six-week August recess with just two weeks in which to provide funding for the entirety of the discretionary spending available to the federal government. Other must-pass legislation, also due by October 1, further complicates September. And the politics are extremely difficult for all of this must-do legislation. A number of issues of concern to NAIFA could be caught up in what looks like will be a brutal month (or four).

Republicans on the House Financial Services Committee approved four anti- environmental/social/governance (ESG) bills this past July, and on September 5, GOP members of the House Education & the Workforce Committee introduced another four bills that would restrict the use of ESG factors in evaluating investments in a retirement savings plan.

Congress left Washington on July 27 without enacting any fiscal year (FY) 2024 appropriations bills. Lawmakers did make some progress in both the House and Senate, but face having to do all 12 of the annual discretionary spending bills in less than three weeks in September. Expect deep cuts to the budgets of all the agencies, except the Veterans Administration (VA) and Defense, and potentially new taxes as well.

A new Senate bill, S.2512, would permit employers to automatically enroll existing workers (who had initially opted out) into their employer-sponsored retirement plans every three years. The reenrollment would be subject to the worker’s ongoing ability to continue to opt out.

On July 27, Rep. Lloyd Smucker (R-PA), a key member of the tax-writing House Ways & Means Committee, introduced legislation to make permanent the 20 percent deduction for noncorporate business income. The bipartisan bill, H.R.4721, the Main Street Tax Certainty Act, has 99 cosponsors.

Key Democrats in the Senate and the House have introduced legislation to raise the federal minimum wage to $17/hour. The “Raise the Wage Act” was introduced in the Senate on July 25 by Senate Health, Education, Labor, and Pensions (HELP) Committee Chair Sen. Bernie Sanders (I-VT). Senate HELP has jurisdiction over minimum wage issues. The bill was introduced in the House by Education & the Workforce Committee ranking member Rep. Bobby Scott (D-VA). The Education & the Workforce Committee has jurisdiction over the bill in the House.

On July 27, the House Ways & Means Committee’s Subcommittee on Oversight held a hearing on delays in processing employee retention tax credit (ERTC) claims, and on reports of widespread fraudulent claims for the pandemic-era tax credit.

On June 1, by bipartisan votes, Congress finalized approval of a bill (H.R.3746) embodying the Biden-McCarthy debt limit/spending cuts agreement. The agreement staves off the default on U.S. debt that Treasury stated would have come on June 5 unless Congress acted.

Some Republican lawmakers, unhappy with the Fiscal Responsibility Act (FRA), are fighting back against Congressional leadership. The problem is most acute in the House, but legislation-stopping action is also on Senate (and House-Senate relations) radar scopes.

On June 14, the House was set to pass H.R.277, the REINS Act. The REINS Act (Regulations from the Executive in Need of Scrutiny) would subject every major regulation (those with an economic impact of $100 million or more) to Congressional approval before it could take effect. Nonmajor rules (those with economic impact under $100 million) would be permitted to take effect unless Congress votes to disapprove them.

On June 7, the House Ways & Means Committee unanimously approved legislation, H.R.3801, that would streamline the Affordable Care Act (ACA) required reporting. The Employer Reporting Improvement Act, sponsored by Reps. Adrian Smith (R-NE) and Mike Thompson (D-CA), cleared the committee on a 37 to 0 vote. It is now ready for House floor action.

On June 13, House Ways & Means Republicans approved the American Families and Jobs Act, consisting of three bills described as an “economic growth” package. The three bills were approved on party-line votes, with Republicans supporting and Democrats opposed. The three bills were announced on June 9 by the committee’s chairman, Rep. Jason Smith (R-MO).

On June 5, the House of Representatives approved H.R.2593, the Senior Security Act. The bill, which passed by a voice vote, tasks the Securities and Exchange Commission (SEC) with creation of a Senior Investor Task Force. The Task Force’s mission is to protect senior investors from fraud.

President Biden’s nominee, Julie Su, to head the Department of Labor (DOL) is struggling. House Republicans hit her hard at an Education & the Workforce hearing on June 7, in hopes of persuading their Senate colleagues to deny her confirmation.

On April 26, the House of Representatives passed a partisan bill (H.R.2811) that would raise the debt limit “in exchange” for deep spending cuts. The bill is the GOP’s opening offer—in response to the FY 2024 Biden budget proposal—for use in what Republicans hope will be negotiations to approve spending cuts in return for their support for raising the debt limit.

The nation’s debt limit—the amount above which Treasury is precluded by statute from borrowing—could kick in as soon as June 1, according to Treasury Department projections. If it does, the U.S. could default on some of its obligations, putting at risk the full faith and credit of the United States. Economists say this would be catastrophic, resulting in substantial interest rate increases, massive jobs losses, and huge investment losses. Preventing this is at the top of the Congressional agenda this month.

NAIFA’s Congressional Conference is set for May 22-23 in Washington, D.C. It’s not too late to register to participate in this program that establishes and grows the constituent-lawmaker relationships that protect the rules that allow middle America to safeguard their families’ and business’ financial futures.

House Ways & Means Committee Chair Rep. Jason Smith (R-MO) says his committee will propose a tax package by late May or in June. The package will reflect priorities discussed at the committee’s field hearings (so far, four have been held outside of Washington), and will prioritize “working families and small businesses.” Currently, this effort appears to be entirely Republican-generated and supported.