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| Chamber Bulletin |
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KEY TAKEAWAYS
- Tell your Senators to vote for the bipartisan Fiscal Responsibility Act.
- There were 10.1 million job openings in April, up 358,000 from March.
- The House Oversight Committee will investigate the FTC to hold it accountable.
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| DEVELOPMENTS THAT MATTER |
| 3 Reasons to Support the Debt Limit Deal |
The House of Representatives on Wednesday passed the Fiscal Responsibility Act of 2023, a bipartisan agreement to raise the debt limit and tackle out-of-control federal spending.
Be smart: Evan Jenkins, US Chamber Senior Vice President for Government Affairs, offers three reasons Senators should vote yes and send the bill to President Biden for his signature.
- Avoids default. “Voting for this bill will help avert a potentially catastrophic default and lost job opportunities and will ensure the full faith and credit of our nation is maintained,” Jenkins explains. “This act of fiscal prudence will set a crucial precedent for responsible governance and bipartisan cooperation.”
- Cuts wasteful spending. The bill is a step to rein in our nation’s debt, promote economic stability, and safeguard the financial well-being of future generations. The Congressional Budget Office estimates the bill would reduce spending by $2.1 trillion–$6,300 for every American.
- Permits America to build. This bill takes an important first step in fixing our broken permitting system that delays critical projects. Bureaucratic hurdles are removed, project approval timelines are shortened, and federal agencies are held accountable. This bill will create jobs, stimulate economic growth, and ensure our nation remains globally competitive.
Why it matters: The debt limit must be raised by June 5, the day the U.S. Treasury is expected to run out of borrowing authority. Debt default threatens America’s economic stability and risks the well-being of American businesses and families.
Take action: Contact your Senator. Tell them to pass the debt limit deal and avoid a catastrophic default.
Bottom line: The bipartisan vote in the House shows the government can work for Americans. Senators must seize this opportunity.
Read more:
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| ECONOMIC VIEWPOINTS |
| The Tight Labor Market Persists |
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The cooling economy should be causing job openings to drop, but that is not happening. The labor market remains tight.
- Job openings were 10.1 million at the end of April. That is up 358,000 from March.
Why it matters: There are 4.45 million more job openings than unemployed workers. This is up more than 500,000 from March.
Be smart: Hiring and quits remained at roughly the same level as in March. Businesses are still adding workers, and workers are still confident they can quit their jobs and find better ones easily.
By the numbers:
- Openings increased in retail trade (209,000); health care and social assistance (185,000); and transportation, warehousing, and utilities (154,000).
- They decreased in leisure and hospitality (86,000); government (71,000); and manufacturing (26,000).
Bottom line: Rising interest rates are supposed to bring inflation down, in part, by cooling off the hot labor market. This data will complicate the Fed’s job and increase the chances of another rate hike in the coming months. |
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| Curtis Dubay |
| Chief Economist, U.S. Chamber |
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| AMERICA'S TOP SMALL BUSINESS |
| We're Looking for America's Top Small Business |
| Apply today for a chance to win 25K! |
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Applications are open for America’s Top Small Business (ATSB) — a small business awards program from the U.S. Chamber of Commerce.
Find out everything you need to know, including eligibility and how your business can win a $25K cash prize.
The deadline to apply is July 7. |
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| TOP OF MIND |
| House Committee Launches FTC Investigation |
The House Oversight Committee announced an investigation into the Federal Trade Commission and its Chair Lina Khan on Thursday.
Why it matters: The FTC has departed from its core responsibilities of protecting consumers and enforcing antitrust law, choosing instead to try to remake the American economy.
Our take: “The US Chamber has long called for accountability at the FTC, including filing our own litigation. We share the concerns raised by Chairman James Comer (R-KY), which are now the focus of the committee’s investigation,” explained Chamber Executive Vice President Neil Bradley. “This investigation is on top of efforts underway by other House committees to bring much-needed oversight to an agency that has lost its way.”
What we’re doing: The Chamber is suing the FTC over many of the same issues the House Oversight Committee identified:
- The casting of zombie votes by former Commissioner Rohit Chopra.
- Improperly coordinating with foreign jurisdictions to quash U.S. mergers.
- Circumventing due process procedures.
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| SMALL BUSINESS, BIG IMPACT |
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| Marketing Tips from Social Media Influencers |
| Learn how to boost your brand. |
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The National Labor Relations Board continues to harass businesses for engaging in free speech, writes Glenn Spencer, Chamber Senior Vice President for Employment Policy.
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