The Weekly Hill Update

Below is this week’s congressional update by BakerHostetler’s Federal Policy team. We’ll continue to post in weeks when both chambers of Congress are in session.

HEADLINES

  • House Democrats will hold their leadership elections, with Rep. Hakeem Jeffries, D-N.Y., poised to become their new standard-bearer following Speaker Nancy Pelosi’s decision not to continue her historic tenure in leadership.
  • In Saturday’s runoff election, Georgia voters will decide between incumbent Democratic Sen. Raphael Warnock and challenger Herschel Walker.
  • President Joe Biden will host French President Emmanuel Macron at the White House, including a state dinner.

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The Weekly Hill Update

Below is this week’s congressional update by BakerHostetler’s Federal Policy team. We’ll continue to post in weeks when both chambers of Congress are in session.

HEADLINES

  • Congress returns for its lame-duck session, with several uncalled House elections leaving the chamber’s majority in the 118th Congress uncertain.
  • The Republican Party faces a reckoning this week, after badly underperforming expectations in the midterm elections, with former President Donald Trump expected to announce a 2024 bid tomorrow.
  • President Joe Biden is participating in the G20 Leaders’ Summit in Bali, Indonesia, including a meeting with China’s Xi Jinping.

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CFIUS Issues Long-Awaited Enforcement and Penalty Guidelines

View on trading seaport with cranes, cargoes and the ship

The Federal Policy team’s Kevin Edgar co-authored a report on the Treasury Department’s new enforcement and penalty guidelines for the Committee on Foreign Investment in the United States. Those guidelines reinforce recent CFIUS statements about the need for penalties to ensure compliance with statutory and regulatory requirements and strongly suggests CFIUS is likely to begin taking enforcement actions in the coming months. Read more for what stakeholders need to know.

Read the alert.

The Weekly Hill Update

Below is this week’s congressional update by BakerHostetler’s Federal Policy team. We’ll continue to post in weeks when both chambers of Congress are in session.

HEADLINES

  • Congressional leaders must find a path forward on legislation to extend government funding, which is set to expire Friday night.
  • After this week, lawmakers are likely to depart Washington to campaign until after November’s midterm elections.
  • President Biden will host the first ever U.S.-Pacific Island Country Summit in Washington. Separately, a scheduled trip to Florida this week was postponed due to Hurricane Ian.

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The Weekly Hill Update

Below is this week’s congressional update by BakerHostetler’s Federal Policy team. We’ll continue to post in weeks when both chambers of Congress are in session.

HEADLINES

  • Congress is continuing to haggle over must-pass legislation before the end of the fiscal year this month, including government funding legislation.
  • Lawmakers are also negotiating other priorities, including banning stock trading by members of Congress, and reforming the Electoral Count Act.
  • President Joe Biden is in London to attend Queen Elizabeth II’s funeral; he will then return to attend the United Nations General Assembly in New York this week.

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SEC’s Gensler Steps Up Crypto Criticism

Abstract Digital network communication digital concept

Securities and Exchange Commission Chairman Gary Gensler makes no secret of his desire to bring cryptocurrency exchanges and tokenized offerings under his agency’s direct oversight. Gensler stepped up his advocacy with recent comments that the “vast majority” of tokens are in fact securities. The Federal Policy team’s Kevin Edgar co-authored an important summary of Gensler’s latest remarks and what they mean for crypto exchanges, the entrepreneurs behind tokenized offerings and the consumers who are buying them.

Read the alert.

The Weekly Hill Update

Below is this week’s congressional update by BakerHostetler’s Federal Policy team. We’ll continue to post in weeks when both chambers of Congress are in session.

HEADLINES

  • Congress is back from its summer recess to take up must-pass legislation before the end of the fiscal year on Sept. 30, most importantly a continuing resolution to fund the government.
  • The funding extension is bogged down by disagreements between the parties over funding levels and COVID relief, as well as Democratic infighting over environmental permitting provisions.
  • Congressional leaders also are hoping to pass same-sex marriage legislation this month.

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DOJ, SEC Crypto Insider Trading Charges Rock Blockchain Industry

Cryptocurrency, Financial technology, digital banking

The Federal Policy team’s Kevin Edgar co-authored an important alert about the first insider trading cases involving cryptocurrency – a set of civil and criminal charges that have sent shockwaves throughout the blockchain industry. What does it mean for the future of crypto investing?

Read the alert.

The Weekly Hill Update

Below is this week’s congressional update by BakerHostetler’s Federal Policy team. We’ll continue to post in weeks when both chambers of Congress are in session.

HEADLINES

  • Capitol Hill is facing a legislative crunch as Democratic leaders race to pass key priorities before departing Washington for August.
  • This week, lawmakers hope to pass a bipartisan bill to promote U.S. technological competitiveness, while they await action on Democrats’ reconciliation legislation targeting prescription drug prices and Affordable Care Act subsidies.
  • President Joe Biden is in isolation with COVID, his symptoms improving.

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The Weekly Hill Update

Below is this week’s congressional update by BakerHostetler’s Federal Policy team. We’ll continue to post in weeks when both chambers of Congress are in session.

HEADLINES

  • Democratic leaders are planning to move forward with a reconciliation bill focused on drug pricing and Affordable Care Act subsidies, regrouping after negotiations on a broader bill stalled.
  • The Senate is also planning to take up a slimmed-down version of legislation promoting competitiveness with China, focused on funding for domestic semiconductor manufacturing.
  • The House Select Committee to Investigate the January 6th Attack on the United States Capitol will hold a prime-time hearing Thursday, focusing on President Donald Trump’s actions while his supporters were inside the Capitol.

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