Policy Papers
Currently showing results in the allth Congress. See all results
Modernizing the Nuclear Triad
KEY TAKEAWAYS The United States military is modernizing the three weapon systems that constitute the “nuclear triad.” The near-simultaneous transition to these new nuclear delivery systems raises risks if one of the three is delayed. Modernization of all our nuclear weapon systems is a necessary and decades-long effort needed for both national security and safety reasons. The backbone of American military deterrence is the nuclear triad – submarines, intercontinental... Continue Reading
July 10, 2019
Deregulation Push Continues
KEY TAKEAWAYS The Trump administration finalized the Affordable Clean Energy Rule and the repeal of the Clean Power Plan on June 19, and it is expected to finalize two more major deregulatory actions in the coming months. These rules involve carbon emissions from power plants, vehicle fuel efficiency standards, and federal jurisdiction for regulation under the Clean Water Act. The issuing agencies expect the rules will cut regulatory costs by more than $1 trillion and produce net benefits of... Continue Reading
July 5, 2019
June 2019 Jobs Report
Unemployment Rate: 3.7 percent Jobs Created: 224,000 Employment and Unemployment The Department of Labor reported the unemployment rate ticked up 0.1 percentage point to 3.7 percent in June. Nonfarm jobs grew by 224,000 in June. Economists surveyed by the Wall Street Journal had expected 165,000 jobs. Combined job growth for April and May was lower than originally reported. Labor revised the job creation numbers down for April and May by a combined 11,000 jobs. The U-6... Continue Reading
June 27, 2019
Debt Limit 101
KEY TAKEAWAYS The current statutory debt limit – $21,987,705,611,407 – was established on March 2 when the previous debt limit suspension period expired and the ceiling was reset to reflect the current amount outstanding. The Treasury Department is using extraordinary measures to temporarily avoid breaching the limit, but eventually Congress must act. History shows that the financial and economic turmoil caused by a debt limit impasse lingers even after lawmakers have raised the... Continue Reading
June 27, 2019
The Importance of 5G
KEY TAKEAWAYS The fifth generation wireless systems, known as 5G, could be up to 100 times faster than 4G and will power the “Internet of Things,” including telemedicine and autonomous vehicles. The country that leads the world in the adoption of 5G technology will have a distinct technological, economic, and national security advantage over other countries. National security implications of 5G include how the spectrum will be shared by government and the private sector and how to... Continue Reading
June 25, 2019
Key Players in the Prescription Drug Market
KEY TAKEAWAYS The path of a drug from manufacturer to medicine cabinet is complex, with many factors affecting the price a patient pays. These factors are not always publicly disclosed, hiding the true cost of prescription drugs. President Trump has taken steps to reform parts of the supply chain, and additional measures are starting to make their way through Congress. The path a drug takes to its final purchaser – the patient – is complicated by many interactions along the supply... Continue Reading
June 20, 2019
Repaying and Forgiving Federal Student Loans
KEY TAKEAWAYS Congress is preparing to update the Higher Education Act, last fully reauthorized in 2008, which includes loans, grants, institutional aid, and related programs. Many observers of higher education have concerns about college affordability, completion rates, accountability, and borrowers’ ability to repay loans. Borrowers face a complex federal loan repayment system that offers a number of repayment plans and forgiveness programs that each have different rules and... Continue Reading
June 19, 2019
The Tax Benefits of Opportunity Zones
KEY TAKEAWAYS Opportunity zones are a new tax benefit, established by the Tax Cuts and Jobs Act of 2017, designed to spur investment in economically distressed communities. The tax benefits are two-fold: taxes owed on capital gains can be deferred, and in some cases reduced, if the gains are reinvested in an opportunity zone fund; and the gains on opportunity zone investments held at least 10 years are tax free. Investments in an opportunity zone are subject to many rules and restrictions, most... Continue Reading
June 13, 2019
An Introduction to Opportunity Zones
KEY TAKEAWAYS Opportunity zones are a new tax benefit created by the Tax Cuts and Jobs Act of 2017 to spur investment in economically distressed communities. The tax benefits are two-fold: taxes owed on capital gains can be deferred, and in some cases reduced, if the gains are reinvested in an opportunity zone fund; and the gains on opportunity zone investments held at least 10 years are tax free. Statutory reporting requirements were struck from TCJA, but there are efforts underway to fill the... Continue Reading
June 11, 2019
Humanitarian Crisis at the Border
KEY TAKEAWAYS An unprecedented 411,000 unaccompanied children and families crossed our southern border in the past eight months – larger than any previous full year. The Department of Health and Human Services could run out of grant money for organizations to provide shelter and care for more than 13,000 unaccompanied children at the end of the month. Federal employees will either be furloughed or will work without pay. President Trump has requested $4.5 billion to address the... Continue Reading
June 7, 2019
May 2019 Jobs Report
Unemployment Rate: 3.6 percent Jobs Created: 75,000 Employment and Unemployment The Department of Labor reported the unemployment rate remained at 3.6 percent in May, a near-50-year low. Nonfarm jobs grew by 75,000 in May. Economists surveyed by the Wall Street Journal had expected 180,000 jobs. Combined job growth for March and April was lower than originally reported. Labor revised the job creation numbers down for March and April by a combined 75,000 jobs. The U-6... Continue Reading
June 5, 2019
Data Privacy: From California to the European Union
KEY TAKEAWAYS Recent data privacy scandals have shaken the confidence of consumers worldwide, leading to calls to regulate what internet businesses can do with people’s personal information. Two of the most prominent data privacy laws influencing our domestic debate are the EU General Data Protection Regulation and the California Consumer Privacy Act. Both laws are based upon the principle that people own their personal information and should have control over it, but there are important... Continue Reading
May 22, 2019
Paying for Surface Transportation Infrastructure
KEY TAKEAWAYS With the Fixing America’s Surface Transportation Act expiring on September 30, 2020, discussions are starting on its reauthorization and ways to pay for these investments. The current leading source of funding, the Highway Trust Fund, has been spending more than it takes in for years and has required infusions from the U.S. Treasury. Some policy options to pay for transportation projects include mileage-based charges, asset recycling, infrastructure banks, and more... Continue Reading
May 22, 2019
Medicare Part D: The Noninterference Clause
KEY TAKEAWAYS Medicare Part D includes a “noninterference clause” that protects market competition and patient access by prohibiting the government from interfering in negotiations among insurers, drug manufacturers, and pharmacies. Democrats have proposed repealing this clause to allow the Department of Health and Human Services to directly negotiate drug prices for Medicare. The Congressional Budget Office has predicted this would have a “negligible” effect on federal... Continue Reading
May 16, 2019
Update: Border Security by the Numbers
KEY TAKEAWAYS Illegal border crossings in the last four months have more than doubled compared to the same period last year. Border apprehensions in each of the last three months have exceeded the highest month of the Obama administration, far exceeding even the Central American migrant crisis in 2014. The situation at our southwest border continues to worsen. There have been 460,294 people apprehended trying to cross our southwest border between ports of entry so far in fiscal year... Continue Reading
May 15, 2019
Net Neutrality: “Hands Off” the Internet
KEY TAKEAWAYS Contrary to the doomsday predictions from many Democrats, the internet has continued to thrive since the FCC’s 2017 Order to Restore Internet Freedom. Broadband speeds are up, the private sector is investing in building the infrastructure to power the next generation of high-speed internet, and more Americans are gaining access to high-speed internet. Consumers remain protected by the Federal Trade Commission, the nation’s main privacy and consumer protection... Continue Reading
May 13, 2019
Status of Social Security
KEY TAKEAWAYS The 2019 report by the Social Security trustees says the program faces long-term funding shortfalls and the trust funds will be depleted by 2035. Demographic challenges to the program include a large number of baby boomers collecting benefits while subsequent generations with lower birth rates are adding fewer workers to the pool of contributors. The last large-scale reforms to Social Security were in 1983, just prior to the program’s predicted insolvency. The trustees say... Continue Reading
May 9, 2019
Asylum: Current Law and Proposed Changes
KEY TAKEAWAYS President Trump recently announced his intention to place new restrictions on asylum seekers, including a prohibition on work permits for those who cross the border illegally and a fee for asylum applications. His announcement does not immediately change underlying law or current Department of Homeland Security practice. Under current law, and with current resources, it is very difficult to process asylum seekers in a way that is both fast and fair, leading to backlogs and... Continue Reading
May 7, 2019
The Federal Reserve Board of Governors
KEY TAKEAWAYS The Federal Reserve is composed of 12 regional banks around the country and a central board of governors in Washington. The board of governors consists of seven members appointed by the president and confirmed by the Senate for 14-year terms. Two of these seats are now vacant. The Fed conducts the nation’s monetary policy; supervises and regulates banking institutions; and provides financial services to depository institutions, the U.S. government, and other... Continue Reading
May 3, 2019
April 2019 Jobs Report
Unemployment Rate: 3.6 percent Jobs Created: 263,000 Employment and Unemployment The Department of Labor reported the unemployment rate dropped 0.2 percentage point to 3.6 percent in April. It is the lowest rate since December 1969. Nonfarm jobs grew by 263,000 in April. Economists surveyed by the Wall Street Journal had expected 190,000 jobs. Combined job growth for February and March was stronger than originally reported. Labor revised the job creation numbers up for February... Continue Reading