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December 2023 Outlook

December 2023 Outlook

Congress returned to town this week for what is expected to be a busy December work period, although, not as busy as previous years given the Fiscal Year 2024 appropriations deadline was punted to late January and early February. That said, negotiations and work on appropriations should continue this month. Additionally, Congress will likely finalize the Fiscal Year 2024 National Defense Authorization Act in the coming weeks, and negotiations regarding a supplemental aid package for Israel, Ukraine, and the Indo-Pacific, along with border security, have ramped up, with the goal to pass something before the year’s end.

Aside from the must-pass legislative items, Congress will keep busy with a regular cadence of Congressional hearings. The Big Bank CEOs are set to testify next week in front of the Senate Banking Committee and the House Financial Services Committee, which is still finalizing its hearing schedule, is expected to hold several hearings at the subcommittee level. All the while, agencies will continue to push their regulatory agendas. The SEC is expected to release their much-anticipated Climate Disclosure rule before the end of the year, and FSOC will likely publish its Annual Report this coming month, which could feature a section on artificial intelligence. Below, RFA provides our take on notable legislative, regulatory, and administrative activity for the upcoming December work period.