NASBP Focal Point – February 1, 2024

Federal Report

House approves tax bill: In the January 17 Focal Point, it was noted that the House Freedom Caucus was prepared to shutdown the federal government unless more funding was added for border security protection. However, a government shutdown was averted when the President signed a short-term spending bill, aka a continuing resolution (CR), to keep the federal government open and operating through February. The new deadlines Congress now faces are March 1st and March 8th to pass the 12 annual federal appropriations bills for Fiscal Year 2024. It is important to note this is the third CR passed by Congress to prevent a government shutdown this fiscal year. Last night the House passed (357-70) a nearly $80 billion bipartisan tax reform package without the support from the progressive wing of the Democratic party. It is uncertain, however, if the Senate will follow suit as several Senators have voiced strong opposition to the tax reform measure.

Legislative Fly-in, Feb. 28/29: REGISTRATION REMAINS OPEN!

Mark your calendar for February 28 and 29 to attend the 2024 Legislative Fly-in. The event begins in earnest on February 28 with what we’ve coined as the “Washington Program,” which includes political observations from Amy Walter, Editor-in-Chief of the Cook Political Report, and a surety executives panel discussion regarding current surety market conditions and issues. The surety panel will be moderated by NASBP Third Vice President Monica Donatelli, and the panelists will include Mike Ito of Amerisure, Rick Ciullo of The Hartford, and Bob Murray of Zurich. February 29 is dedicated entirely to Capitol Hill appointments. The Fly-in host hotel, The Hilton Washington, DC, Capitol Hill, is just a few blocks from the U.S. Capitol. There will be no registration fees to attend, making it the perfect time to join your NASBP colleagues in the effort to ensure federal policymakers on Capitol Hill understand the significant role bonds play to protect taxpayer funds and advance public works infrastructure projects. Fly-in attendees must register separately for these three items: 1: Register for the reception/fly-in at the 2024 fly-in page; 2: Register here to schedule your Capitol Hill appointments arranged by our outside consulting firm, Advocacy Associates; and 3: Reserve your room at the Hilton.

State Report

Rhode Island HB 7057(Cruz): Amends Sections 37-12-1 (RI LMA) so that the chief purchasing officer of the state may waive the bonding requirement for a State of Rhode Island office of diversity, equity, and opportunity certified minority business enterprise (MBE) or women owned business enterprise (WBE) prime contractor or subcontractor on a public works project for up to two hundred fifty thousand dollars ($250,000). Rhode Islands bond threshold is $150,000. HB 7057 was assigned to the House Committee on Labor where a hearing was held on Feb. 1.

New Mexico H190 (Garratt): Establishes public-private partnership (P3) agreements between one or more public partners and one or more private partners in connection with the development of a public project. A “public project” means a project for which the public partner believes a public-private partnership would best suit the needs and requirements of the project. The bill contains no reference to bonding requirements. H190 was reported out of the Committee on Transportation, Public Works & Capital Improvements on Jan. 30.

If you are aware of any bills impacting the industry, please reach out to Larry LeClair, NASBP’s Director of Government Relations, and let us know.