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March 2024 Outlook

March 2024 Outlook

After months of tedious negotiations, Congress may finally take significant steps on the fiscal year (FY) 2024 appropriations process this week after continuous efforts to punt government funding deadlines down the road. The House and Senate voted last week to avoid a partial government shutdown by passing another short-term continuing resolution (CR) that will fund parts of the government through March 8th and the remaining parts through March 22nd. This week, Congress will vote on the first tranche of funding bills, with the House likely voting first on Wednesday and the Senate following suit shortly after.

Aside from appropriations, there are several unresolved issues in Washington, such as the Ukraine/Israel/Taiwan supplemental package that passed the Senate last month and the bipartisan tax package that passed the House earlier this year.

Additionally, President Biden will give the last State of the Union Address of his first term this Thursday, March 7th, and he is expected to release his FY25 Budget proposal next Monday, March 11th.

On the regulatory front, the Consumer Financial Protection Bureau (CFPB) finalized its Credit Card Late Fees Rule today, and the Securities and Exchange Commission (SEC) will vote on the long awaited climate-disclosure rule and amendments to Rule 605 tomorrow.

Below, the RFA team provides our perspective on notable legislative, regulatory and administrative activity for the March work period.