STATE GOVERNMENT RELATIONS
Second half of legislative session begins, candidate filing deadline hits
Legislative work continued this week, though the pace slowed somewhat as bills crossed over to their second chambers and awaited committee assignments. Of the 742 bills introduced this session, 228 advanced to the second half. Activity is expected to ramp up significantly in the coming weeks as the General Assembly continues to signal an early adjournment, currently expected on Feb. 27.
Adding to the busy atmosphere, candidacy filings were due today, Feb. 6, at noon, officially kicking off what is shaping up to be a frantic election season. In keeping with earlier promises, President Donald Trump is actively supporting primary challenges against individuals who opposed his redistricting push, increasing political pressure as lawmakers look to wrap up session and transition into full-time campaigning.
FEDERAL GOVERNMENT RELATIONS
Bessent fields lawmaker questions Thursday on crypto and deposits, CDFI Fund
In his second day of congressional testimony, Treasury Secretary Scott Bessent said he will work to ensure there is “no deposit volatility” associated with a market structure bill for digital assets currently before Congress.
Senators introduce bill requiring online platforms to crack down on scam ads
Two senators have introduced the SCAM Act – bipartisan legislation directing social media companies to take steps to fight fraudulent advertisements on their platforms. ABA supports the bill.
Bessent questioned by lawmakers Wednesday on tailoring regulation, CDFI Fund
Treasury Secretary Scott Bessent reiterated the Trump administration’s push for regulatory tailoring during a sometimes-contentious congressional hearing that touched on several issues, from stablecoin regulation to community development financial institutions.
Fed finalizes annual stress test scenarios for large banks
The Federal Reserve finalized the hypothetical scenarios for its annual stress test for large banks. In addition, the Fed board voted to maintain the current stress capital buffer requirements until 2027.
House passes budget deal, ending partial shutdown
Under the agreement, the Department of Homeland Security will receive less than two weeks of stopgap funding while lawmakers and the White House continue to negotiate policy changes involving Immigration and Customs Enforcement.