• 107th Congress Returns for Lame Duck

• A look ahead to the 108th Congress

• NASE President to Meet with Sen. Mike Enzi

• In The News: Federal Reserve Cuts Interest Rates

• Encourage Your Member of Congress to Sign NASE Pledge

107th Congress Returns for Lame Duck

This week, members of the 107th Congress returned for a lame duck session to complete unfinished business. The108th Congress that was elected last week will not be sworn in until January.

During the lame duck session – which could last anywhere from one week to one month or more – Congress will most likely focus on creation of a Homeland Security Department, the remaining appropriations bills for fiscal year 2003, and possibly terrorism insurance and bankruptcy reform. The NASE will continue to keep you updated on the lame duck session.
 

A Look Ahead to the 108th Congress

As reported last week in Washington Watch, Republicans will gain control of the Senate next year, and keep their majority in the House of Representatives. The House Small Business Committee, currently chaired by Donald Manzullo (R-IL) will probably retain most of its current members. With Manzullo returning as chairman, we can expect a continued focus on reducing tax and regulatory burdens.

On the other hand, the Senate Committee on Small Business and Entrepreneurship may look drastically different. Republicans will take the chairmanship away from Sen. John Kerry (D-MA), with current ranking member Kit Bond (R-MO) likely taking the reins. His three priorities for the committee would be access to affordable health care, access to government contracts and the Small Business Administration subsidized loan program. There is a possibility that Sen. Bond will not accept the chairmanship, and instead seek a spot on the Environment and Public Works Committee. The NASE will continue to watch this development closely.

Check out these interesting statistics on the newly elected 108th Congress: The oldest member of the108th Congress is Sen. Robert Byrd (D-WV), 84, and the youngest is Rep. Adam Putnam (R-FL), 28. There are 75 women in the 108th Congress (out of 535), up from 72 in the last Congress. Forty percent of 108th Congress members list their professions as law or lawyer. For more information on the new members of Congress, visit the NASE Legislative Action Center.
 

NASE President to Meet with Senator Mike Enzi

NASE President Robert Hughes will meet with Sen. Mike Enzi (R-WY) later this week to discuss issues important to the self-employed and micro-businesses. Sen. Enzi and Mr. Hughes have a lot in common –both are accountants and micro-business owners. This combination gives Sen. Enzi a real understanding of the tax burdens and inequities facing the self-employed and micro-businesses.

As a member of the Senate Committee on Small Business and Entrepreneurship, Sen. Enzi has worked for fairer policies for micro-businesses and the self-employed. Sen. Enzi is a co-sponsor of the Small Business Works Act of 2001 (S. 189), which includes measures that would increase the small-business deduction for meal expenses and simplify depreciation rules. He also cosponsored S. 1499, the American Small Business Emergency Relief and Recovery Act, which gave small businesses greater access to Small Business Administration (SBA) loans and management counseling after September 11.

Learn more about Sen. Enzi by visiting his Web site at http://enzi.senate.gov/.
 

In the News: Federal Reserve Cuts Interest Rates

Last week, the Federal Reserve cut its target for overnight interest rates to 1.25 percent – its lowest level in more than four decades. The key short-term interest rate is what financial institutions charge each other on overnight loans. The half-percentage point decrease is intended to help lift the economy out of what they called "this current soft spot."
 

Encourage Your Member of Congress to Sign NASE Pledge

Members of Congress have already expressed interest in the NASE Pledge to Protect and Promote American Entrepreneurship. By signing the pledge, the senator or representative promises to “actively advocate on behalf of the self-employed and micro-businesses to promise legislation…that will create an equal playing field” for micro-businesses. Let your legislators know that this is an important issue to you! Please write to them about the pledge and encourage them to visit the NASE Legislative Action Center at to view this important document.
 

Do any of these issues affect you? Do you want to be proactive in helping the micro-business community? Visit the NASE's Legislative Action Center and “Tell Your Small Business Story.” This will help the NASE understand - on a personal level - how key legislative issues are affecting your business and your bottom line.

For more information about any of the articles in Washington Watch, contact Maureen Petron, NASE public affairs manager, at (202) 466-2100 or mpetron@nase.org.