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As we anticipated last week—well, us and pretty much everyone else who tracks the comings-and-goings of Congress—the House and Senate adjourned for a six-week recess so that they could focus on campaigning ahead of the general election in November. Somewhat comically (and predictably), Democrats called on the GOP majority in the House to postpone the recess while Republicans similarly chided the Democratic majority in the Senate – meanwhile, the media threw up its hands at both. The departure is the earliest pre-election recess since John F. Kennedy faced-off with Richard Nixon in 1960.
Each day, Innovation Daily checks the pulse of global innovation-- courtesy of Innovation America. Here, we take a look at a handful of relevant stories it compiled last week:
The recent return of Congressional leaders from a 5-week recess won’t be long-lived. With the heated presidential campaign in full-swing, members are focusing their current efforts in Washington on campaign-related events—and trying to figure out how soon they can escape back to their home states and districts to focus on campaigning there. That escape may come as soon as the end of this week. In the meantime, there are a number of hearings that may be of interest to our readers.
Each quarter, the Chamber tracks the outlook of entrepreneurs and small business owners on their businesses, the local economy and the U.S. economy. In the latest survey, overwhelmingly, they think the national economy is not headed in the right direction. However, the numbers improve as the focus narrows to the local economy (47% said it was on the right track) and their own business (68%). Unfortunately, that may not translate to more jobs though as only 20% thought they would add employees in the year ahead.
Last week, Fed Chairman Ben Bernanke gave a sobering review of the U.S. economy. This week, a number of Congressional hearings continue to address the underlying issues--like the impact of Dodd-Frank and the 10th anniversary of Sarbanes-Oxley--as well as the potential in cloud computing and commercializing research from the international space station.
Democrats and Republicans in the Senate each lost once last week--entrepreneurs and small business owners lost twice.
Fed Chairman Ben Bernanke makes a couple of appearances on Capitol Hill this week to talk about monetary policy and the U.S. economy. Tuesday, Bernanke appears before the Senate Committee on Banking, Housing and Urban Affairs while on Wednesday he addresses the House Committee on Financial Services. Other hearings scheduled include: how mobile apps are moving the economy; a look at the impact of Dodd-Frank on small business; regulatory impediments to job creation and others.
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