Situational Awareness
The House and Senate are in session this week. The Senate will work through procedural votes on legislation to increase investments in semiconductor manufacturing. The House will consider legislation addressing wildfire risks and droughts.
Economic News Focus Of Week
A spate of economic news is in focus this week and is likely to set the tone of much of the campaign season. Tuesday, consumer confidence numbers will be released. Wednesday, Federal Reserve Chairman Jerome Powell will hold a press conference after the Federal Open Markets Committee (FOMC) meets to decide how much to increase interest rates. Thursday, second quarter gross domestic product (GDP) numbers will be announced, and Friday, updated inflation numbers will be released. None of these indicators are expected to be good news for the Biden administration as it attempts to point to some positive developments in the economy beyond a slight drop in the cost of gasoline and strong job numbers. Consumer confidence has been at depressed levels since last month and GDP growth is expected to be minimal or possibly negative for the second quarter in a row. The Federal Reserve is expected to increase interest rates by 75 basis points and in a glimmer of good news, inflation is anticipated to have peaked or eased slightly.
Drought and Water Legislation in House
This week, the House will consider a package of bills aimed at addressing droughts in portions of the U.S. and water supply initiatives. The package authorizes $600 million for large-scale water recycling and reuse projects, $500 million for Lake Mead and Lake Powell, $400 million in projects to improve the health of fisheries, wildlife or aquatic habitat, $260 million for desalinization project development, and money for measurement of water flow in rivers and streams over the next 10 years.
House Recesses End of Week
The House of Representatives is scheduled to recess for its August break at the conclusion of this week, though Majority Leader Steny Hoyer (D-Md.) may call members back for votes. Washington Weekly Update will also go on hiatus during August and resume after Labor Day.
Webcast: When Members Misbehave – August, 4
Member discipline issues are on the rise again! Join NCA and nationally recognized Club Attorney Robyn Nordin Stowell for a clear explanation of the club’s rights and obligations in the member discipline process. Leading club authority, Henry DeLozier of GGA Partners will also join the conversation as they discuss the thorny details of applying the discipline process. Register here.
New Webcast: Capital Improvements for Clubs in an Inflationary Environment – August 11
Country club membership continues to evolve and club facilities are being refined and updated accordingly. As renovations continue and club’s reinvent and modernize, it is critical for the club to keep projects on-track–even amidst the challenges in supply chain and inflation. Barry Craft, president of Craft Construction, will share the current market concerns and strategies to consider for a successful outcome for your club’s capital project. Register here.
NCA webcasts are free for NCA members and $99 for non-members.
Access NCA’s full webcast calendar here.