This week, House Republicans moved forward with priority policies – notably legislation that would limit the President’s authority to release oil in the Strategic Petroleum Reserve (SPR). The legislation, which is being debated on the House floor, would require a plan for increasing leases on federal land before more SPR releases. Rep. Josh Gottheimer’s (D-NJ) amendment would ensure that neither funds nor petroleum products go to Iran, China, North Korea, or Russia. The SPR legislation presents the first major amendment debate of the 118th Congress but many believe the final legislation will receive the necessary support for House passage.

House members also seek to address supply chain disruptions in the transportation sector. The House Transportation & Infrastructure Committee will hold its first hearing on February 1 to address “The State of Transportation Infrastructure and Supply Chain Challenges.” Likewise, Reps. Dusty Johnson (R-SD) and Jim Costa (D-CA) introduced legislation Tuesday that aims to improve the interstate supply chain for trucking with a streamlined licensing process and expanded parking in response to shortage concerns. The legislation also looks to entice new truckers through temporary tax credits and allow drivers to apply for workforce grants.

Across the Hill, Senator Joe Manchin (D-WV) introduced legislation (S. 63) that would direct the Treasury department to halt the issuance of new consumer EV tax credits for cars that do not comply with specific battery material sourcing requirements under the Inflation Reduction Act. “The United States of America cannot be relying on foreign supply chains,” Manchin told reporters on Tuesday.

On Thursday, a group of 25 states filed a federal lawsuit against the Biden administration, arguing a recent rule allowing retirement plan managers to factor environmental and social issues into investment decisions violated the law. The lawsuit challenges a Department of Labor (DOL) rule unveiled in November, which is set to go into effect on Jan. 30. The rule would open the door for fiduciaries to factor so-called environment, social and governance (ESG) considerations into Americans' retirement accounts, an action the states argued could significantly harm the financial interests of customers. Along similar lines, Reps. Andy Barr (R-KY) and Rick Allen (R-GA) introduced the Ensuring Sound Guidance Act to require investment advisers and ERISA retirement plan sponsors to prioritize profits over ESG factors.

Around Capitol Hill, it feels as though the 118th Congress has officially kicked off. Committees are finalizing their organization activities, with the House Energy & Commerce Committee announcing subcommittee chairs, which notably includes Rep. Jeff Duncan (R-SC) as the chair of the Subcommittee on Energy, Climate, and Grid Security.

The 2022 posting cycle for OSHA’s workplace injury and illness reporting rule begins on February 1, 2023 and runs through April 30. The OSHA injury and illness recordkeeping and reporting requirements generally apply to businesses with more than full time 10 employees or the hourly equivalent. However, certain businesses such as gasoline stations are exempt (see Compliance Bulletin below). OSHA requires employers in regulated workplaces to record and post all work-related injuries occurring during the previous calendar year. To see the list of sectors within the energy marketing industry that must comply and those that are exempt from the OSHA Injury and Illness recording and posting requirements see this Compliance Bulletin.

Yesterday, EMA Vice President Sherri Stone served as a “Women as Leaders in Crisis Management” panelist for the All Hazards Consortiums’ 3rd Annual Virtual ResilieneEXCH Summit. Other participants were Cathy Clark, President, International Association of Emergency Management-USA; Persia Payne-Hurley, Private Sector Manager & BEOC Coordinator, North Carolina Emergency Management; and MaryAnn E. Tierney, Administrator, FEMA Region 3. Click here for the full agenda.

EMA has been increasingly involved in disaster response and reform efforts and this conference focused on women having increasing influence in shaping the direction of emergency management including fuel supply issues during a disaster.

FDA Denies PMTAs for Two Vuse Menthol Products | CS News

In ESG Fight, Texas Wants an ‘Honest’ Conversation With Wall Street | Bloomberg

Revealed: how US transition to electric cars threatens environmental havoc | The Guardian

Figuring out the best options for investing for your future can be confusing and time consuming, especially for busy business owners. A common goal for many investors is to maximize growth while minimizing risk. When considering investment vehicles for your assets, one option to consider is an annuity.

Please click here to learn what an annuity is and in what situations they can be used.

Please always feel free to contact your Federated regional representative or EMA’s National Account Executive Jon Medo at 800.533.0472 for any additional information or risk management questions. Federated is a Partner in EMA’s Board of Directors Council.

This article is for general information and risk prevention only and should not be considered legal or other expert advice. The recommendations herein may help reduce, but are not guaranteed to eliminate, any or all risk of loss. The information herein may be subject to, and is not a substitute for, any laws or regulations that may apply. Qualified counsel should be sought with questions specific to your circumstances. © 2023 Federated Mutual Insurance Company