July 2023 Outlook

14 Jul July 2023 Outlook

Congress returns from the Fourth of July recess today with a short window of time to address several looming priorities before August. This month, the House
is in session for twelve days while the Senate is in session for thirteen. Congress will move to make meaningful progress on must-pass end of year items, such as the Fiscal Year 2024 (FY24) appropriations bills and the FY24 National Defense Authorization Act (NDAA). Other pressing items we are monitoring this month include the House Financial Services Committee’s expected markup of digital asset market structure legislation, a House GOP tax bill, and potential Senate floor consideration of the RECOUP Act (bank executive compensation clawback legislation) and the FEND off Fentanyl Act, which may culminate into a broader financial services package with an amendment process. All the while, Congress will resume its regular cadence of hearings this month and regulators will continue pursuing their agendas. Below, RFA provides our take on notable legislative, regulatory, and administrative activity for the upcoming July work period.