Good morning, it’s Thursday, September 19, 2024. In today’s edition, what the Fed rate cut means for states; California Assembly begins work on reserve fuel legislation; polls show Stein leading in North Carolina:
Top Stories
ECONOMY: The Federal Reserve cut interest rates by 0.5 percentage points on Wednesday, kicking off a cutting cycle that is likely to mean good news for state budgets. The Fed’s decision to cut the benchmark to a target range of 4.75% to 5% will reduce state borrowing costs and likely spur new economic activity. Read more at Pluribus News.
The one downside: States have been raking in interest on cash and short-term investments. But giving that money up is a small price to pay for lower borrowing costs.
ENERGY: The California Assembly held its first hearings on legislation that would require petroleum refiners to maintain minimum fuel reserves to avoid supply shortages during maintenance shutdowns. Assembly Speaker Robert Rivas (D) wants the first-in-the-nation bill to get a vote by Oct. 1. Read more at Pluribus News.
Still no action from the Senate, where President Pro Tem Mike McGuire (D) hasn’t called members back to Sacramento.
MORE: A group of Republican governors are launching a multi-state effort to combat clean energy regulations in the name of energy choice. The group, led by Louisiana Gov. Jeff Landry (R) and New Hampshire Gov. Chris Sununu (R), will advocate for minimizing permitting and regulatory barriers and limiting energy mandates. (Indiana Capital Chronicle)
LGBTQ RIGHTS: Kentucky Gov. Andy Beshear (D) has issued an executive order banning the use of so-called “conversion therapy” on minors. The order authorizes state licensing boards to discipline professionals who practice conversion therapy on minors. (Associated Press)
ELECTIONS: The Michigan Senate has approved legislation to create an electronic voting database and to require polling places to provide language assistance for non-English speakers. Another bill would create a state Voting Rights Act, giving courts authority to order changes to protect voting rights. (Center Square)
EDUCATION: Tennessee Gov. Bill Lee (R) will try again next year to win approval for a school voucher program after three bills died this year amid legislative infighting. Americans for Prosperity, the conservative group run by the Koch network, spent millions on GOP primaries in favor of pro-voucher Republicans this year. (Tennessee Outlook)
CRYPTO: Louisiana state government will now accept payments for state services in the form of cryptocurrency, Treasurer John Fleming (R) said this week. The state will use Bead Pay, an application that converts crypto into U.S. dollars. (Baton Rouge Advocate)
In Politics & Business
NORTH CAROLINA: New surveys show Attorney General Josh Stein (D) leading Lt. Gov. Mark Robinson (R) 48%-40%, according to Emerson College, and 46%-39%, according to GOP polling firm Cygnal. In the Cygnal poll, Libertarian Mike Ross takes 2%. (Emerson, Cygnal)
Good news for Robinson: Stein’s lead is under double digits, after a series of polls showed him ahead by wider margins. Bad news for Robinson: He still hasn’t led a poll since June.
NEBRASKA: U.S. Sen. Lindsey Graham (R-S.C.) met Wednesday with Nebraska Gov. Jim Pillen (R) and state lawmakers to urge them to change the way the state allocates its electoral votes. Nebraska and Maine are the only two states that allocate electoral votes to the winner of each congressional district. Former President Donald Trump’s campaign wants Pillen to call a special session to create a winner-take-all system. (NBC News)
The political reality: If Pillen had the votes, he would have called the special session already.
PENNSYLVANIA: Democrats won two special elections in Philadelphia-area House districts to reclaim their narrow majority on Tuesday. Both Reps.-elect Andre Carroll (D) and Keith Harris (D) were running unopposed. (Spotlight PA)
By The Numbers
$713 million: The surplus North Dakota budget officials expect at the end of the current biennial budget year. Revenues have come in about 12% above projections, thanks to higher-than-expected sales and corporate tax revenue. (Fargo Forum)
$7.8 million: The amount of allegedly stolen merchandise recovered by California’s Organized Retail Crime Task Force. The task force, run by the California Highway Patrol, has made 1,055 arrests so far this year. (Desert Sun)
Off The Wall
Portland City Commissioner Carmen Rubio is accused of scraping the bumper and wheel rim of a parked Tesla while parking her own car — just days after The Oregonian reported on the shocking number of parking tickets and traffic violations she had racked up over the last decade. Rubio apparently walked away from the damaged Tesla after scraping it up. (Oregonian)
Police dispatchers in Dover, Del., received a phone call last month from a boat in distress. The only problem: The caller was referring to a boat in the English Channel and thought he had called police in Dover, the city in the United Kingdom. The quick-thinking Delaware cops connected with French and British coast guards within four minutes, and everyone on board was picked up safely. (Associated Press)
Quote of the Day
“Pulling over an AV, what do you do? AV in an accident, what do you do?”
— Texas Sen. Sarah Echkardt (D), during a hearing over proposed rules and regulations for autonomous vehicles, which are operating with increasing frequency in Austin. (KXAN)