Akin Gump Releases Fall Legislative Update

With the first half of the 2023 Congressional calendar year over and Members of Congress returning to Washington, Akin Gump released the “Fall Congressional Outlook.” The outlook highlights several important items that Congress must address, many before September 30. This includes passing all twelve appropriations bills in order to avoid a government shutdown on September 30, reauthorizing the National Defense Authorization Act, the Federal Aviation Administration’s authorization, as well as passing a Farm bill and addressing the National Flood Insurance Program reauthorization.

The House and Senate have individually passed several appropriations bills but due to differences in the bills, a comprise will need to be reached. As the September 30 deadline looms, both Chambers may look to a continuing resolution (CR) in order to fund the government and provide legislators more time to strike agreements on each package. However, despite some discussions from leadership on both sides of the aisle that a CR would have support, there are other Members of Congress that have signaled they would not support a CR, thus making a government shutdown at the end of the month more probable.

Importantly, in September the House Financial Services Committee will hear from both SEC Chair Gary Gensler and SEC Investment Management Division Director William Birdthistle in the Committee’s ongoing push for SEC oversight. Director Birdthistle is expected to testify in front of the Subcommittee on Capital Markets the week of September 18, while Chair Gensler is expected to testify in front of both the House Financial Services Committee and the Senate Banking Committee in September. 

Click here to read the Fall Congressional Outlook from Akin Gump.