Congressional Boating Caucus Hears from Industry Experts on Devastating Impact NOAA Rule Would Have on Coastal Economies

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FEATURED INDUSTRY NEWS Congressional Boating Caucus Hears from Industry Experts on Devastating Impact NOAA Rule Would Have on Coastal Economies Yesterday, members of the bipartisan Congressional Boating Caucus heard from recreational boating and fishing industry stakeholders about how a proposed rule expansion could severely restrict boating access along the Atlantic Seaboard. Read More Build America Buy America Act Resource Guide Available The Build America Buy America Act (BABAA), enacted as part of the Infrastructure Investment and Jobs Act, signed into law in November 2021, requires U.S. produced materials be used when spending federal funds to build, alter, repair or maintain infrastructure projects. Read More LEADING ECONOMIC AND POLICY NEWS Johnson Running Out Of Time To Offer Plan To Avert Shutdown Bloomberg reports that House Speaker Johnson “is short on both time and experience to avert a US government shutdown.” Johnson “had planned to release as soon as Thursday his proposal for temporary government funding, but intense infighting among Republicans threatens to delay any spending plan. The new speaker has barely a week before the shutdown deadline to make his opening gambit and choose how far to go in his demands to bolster his support among ultra-conservatives.” President Biden “expressed frustration with Johnson’s slow pace as he boarded Air Force One late Thursday morning for a trip to Rockford, Illinois.” Biden said, “I wish the House would just get to work. ... The idea we’re playing games with a shutdown at this moment is just bizarre.”         Axios says Johnson “is facing the same internal GOP divisions that led to the ouster of former Speaker Kevin McCarthy – and they may be getting worse.” Rep. Thomas Massie (R-KY) said, “Everybody is facing that same state of play,” and Johnson’s “honeymoon period...might be shorter than we thought.”         The New York Times says amid internal divisions over spending, “House Republicans abruptly scrapped their legislative work on Thursday and left Washington with little progress toward funding the government and no plan to avert a shutdown next week.” Johnson “had yet to give any public indication about his plan to prevent a lapse in government spending. ... Instead of revealing a path forward to keep the government open, Mr. Johnson spent the week trying and failing to push through two individual spending bills that collapsed for lack of G.O.P. support.” Powell: Fed “Not Confident” Enough Has Been Done To Bring Down Inflation CNBC reports Federal Reserve Chair Powell “said Thursday that he and his fellow policymakers are encouraged by the slowing pace of inflation but are unsure whether they’ve done enough to keep the momentum going.” Powell told an IMF audience in Washington “that more work could be ahead in the battle against high prices.” Powell said in a prepared speech, “The Federal Open Market Committee is committed to achieving a stance of monetary policy that is sufficiently restrictive to bring inflation down to 2 percent over time; we are not confident that we have achieved such a stance.” Powell “said that inflation is ‘well above’ where the Fed would like to see it while describing policy as ‘significantly restrictive.’”         Bloomberg reports Powell said, “If it becomes appropriate to tighten policy further, we will not hesitate to do so. ... We will continue to move carefully, however, allowing us to address both the risk of being misled by a few good months of data, and the risk of overtightening.” To Bloomberg, “The tenor of Powell’s comments reinforced that policymakers are not ready to declare an end to their tightening campaign, even though financial markets and many economists have concluded the central bank is done raising rates.” The Wall Street Journal provides similar coverage. Fed Officials Say Economy Has Not Felt Full Effect Of Rate Hikes Bloomberg reports two Fed officials said Thursday that “the US economy still hasn’t felt the full effect of past interest-rate increases, suggesting more slowing is yet to come.” During a fireside chat in New Orleans, Richmond Fed President Thomas Barkin said, “In aggregate, we are still not seeing the full effects of policy.” At the same event, Atlanta Fed President Raphael Bostic “said he agreed.” Bostic said, “I think our policy is restrictive, and likely sufficiently restrictive, but I think we’re going to still have bumps along the way. ... Inflation is going to get to 2%. ... We will keep restrictive policy until that happens, or until we are sure that is going to happen.” Previous Top Stories  • House Speaker Nearing A Decision On A Path To Avert A Government Shutdown

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