Archive for March 2023

President Biden Vetoes Anti-ESG Bill President Biden issued the first veto of his presidency, rejecting legislation that would thwart a rule allowing retirement portfolio managers to weigh climate and other environmental, social and governance issues in their investments. The Department of Labor rule was created to undo a Trump-era requirement mandating that workplace retirement-plans focus…

Thank You for Joining Us at SUBExcel! Last week, ASA welcomed 230 delegates to Fort Worth, Texas for the annual SUBExcel conference. The Hilton Fort Worth was the perfect venue for our colleagues to network, share information, and celebrate subcontractors! Highlights of the week include: Welcome Reception hosted by President Rusty Plowman and the Texas…

This Week in Congress This week, the Senate held nomination votes and the chamber was minus three members with Sen. McConnell (R-KY) recovering from a concussion, Sen. Fetterman (D-PA) receiving inpatient treatment for depression, and Sen. Feinstein (D-CA) recovering at home from shingles.  The House was not in session this week. Per Axios Markets, “The…

FDIC Protections On Monday, federal banking regulators said they would protect all Silicon Valley Bank (SVB) depositors, including those above the $250,000 deposit insurance limit provided by the Federal Deposit Insurance Corporation. “Depositors will have access to all of their money starting this morning.  The FDIC, Federal Reserve and Treasury Department said, “No losses associated…

ASA Responds to President Biden’s Proposed Small Business Tax Increases Last Thursday, President Biden presented his proposed FY24 Budget, which included tax increases that will directly impact the pass-through business community.  To that end, ASA, along with the Main Street Partnership, called upon the House Budget Committee to strongly oppose it.  Per their letter, “the…

ASA Offers Input to the Office of Management and Budget on Buy America Act On March 13, 2023, ASA, along with the Transportation Construction Coalition (TCC), submitted comments to the Office of Management and Budget (OMB) regarding the implementation of the Build America, Buy America Act (BABAA) provisions of the Infrastructure Investment and Jobs Act…

The Fair and Open Competition Act On February 27, 2023, Sen. Young (R-IN) and Rep. Comer (R-KY) reintroduced the Fair and Open Competition Act (FOCA), which encourages construction companies to compete for federal and federally funded construction projects.  While FOCA would prohibit government-mandated PLAs (Project Labor Agreements) on federal and federally assisted construction projects, this…

ASA Opposes Bond Threshold Increase in Illinois On March 10, 2023, ASA sent a letter to the Illinois Senate Executive Committee opposing SB157, which seeks to amend Section 1 (30 ILCS 550/1) of the Public Construction Bond Act, Illinois’ Little Miller Act, by raising the current bond threshold from $50,000 to $5,000,000. Also, the legislation creates…

This Week in Congress This week, the House voted on legislation that would overturn a Biden administration rule expanding environmental protection for additional bodies of water, along with bills related to social media censorship, declassifying information on COVID-19 origins, and expanding emergency health-care coverage for veterans at facilities outside the Veterans Affairs Department system.   The…

FY24 Budget On March 9th, President Biden will travel to Philadelphia to release his budget for FY24, which lays out the President’s budget message, top priorities, some brief details on each agency’s request and summary tables. The budget appendix with detailed appropriations language, ‘analytical perspectives’ and budget justifications will not be released until Monday, March…