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Agency Merger, Events, Training, Contracting, Taxes, Downtown, and Commuting
Mayor Anthony Williams signed into law a bill enacted by the Council of the District of Columbia that combines the functional operations of the Department of Insurance and Securities Regulation (DISR) with those of the Department of Banking and Financial Institutions (DBFI). The new agency will be named the Department of Insurance, Securities and Banking (DISB). Lawrence H. Mirel, currently the commissioner of Insurance and Securities, will head the new agency. The expected benefits of the merger include creating a comprehensive approach to regulating financial services, products and transactions, many of which have banking, insurance, and securities features. The goal is to better protect the citizens of the District of Columbia and to enhance the economic development potential of the District by having a single regulator for both traditional and non-traditional financial products. "The structure of the financial services industry is changing rapidly," Mirel said. "To properly regulate the industry we need a consolidated regulatory agency, just as they have in leading financial countries such as Great Britain, Germany and Japan. By merging these two agencies, the District will demonstrate that it is ready and able to regulate modern financial services organizations." In 1999 Congress enacted the Gramm-Leach-Bliley law, which tears down the wall of separation between banking and insurance that has existed since the 1930s. Over time this is expected to change the nature of financial services businesses, as new products are introduced that are not exactly insurance, not quite banking, not entirely investments, but a blend of each. The ability to regulate all of the financial services industries in the District through one agency will also enhance enforcement powers for the protection of District residents. The problems associated with coordinating enforcement efforts between agencies will be eliminated. In the next three to six months, employees from DBFI will be relocated to DISR's current headquarters at Union Center Plaza located at 810 First Street, NE. For questions, contact Karen L. Moore at (202) 442-7771 or karen.moore@dc.gov.
2. Department of Employment Services Schedules Two Events On March, 5, 2004, the Department of Employment Services will launch the DC Unemployment Compensation System. This new system will deliver Unemployment Compensation services 24 hours a day, seven days a week and will dramatically improve services to both jobless workers and for employers filing unemployment taxes. A launch event will be held at the Franklin Street One-Stop Career Center, 1500 Franklin Street, NE, at 11 am. An event on April 14, 2004 will announce the award of a US Department of Commerce grant to the National Community Reinvestment Coalition (NCRC) to run a Minority Business Resource Center in partnership with the Department of Employment Services. The center will assist small and minority business owners with starting and expanding their businesses. The announcement and grand opening will be held at the Business Resource Center, 64 New York Avenue, NE, 2nd Floor, at 10 am. A tour and open house will be held at the 3rd floor facility from 11 am until 2 pm. Contact Diana Johnson at (202) 671-2100 or diana.johnson@dc.gov for questions about either event.
3. Contracting Staff Posted According to Commodity Groups The Office of Contracting and Procurement has published a new online directory of contracting staff for each of the major commodity groups. The Office of Contracting and Procurement provides acquisition services for agencies reporting to the Mayor of the District of Columbia. OCP is organized into seven commodity-buying groups. Each group is lead by a senior commodity manager who directs a staff of assistant commodity managers and other procurement and contracting professionals. These experienced procurement officials utilize their expertise to efficiently purchase goods and services to meet the requirements of a variety of agencies. A Chief Procurement Officer, and a senior staff with legal, purchasing technology, business operations, and information technology expertise support the OCP staff. OCP encourages inquiries via email. View the contracting staff directory or visit OCP.
4. ABRA Holds Third Series of Merchant Training for Compliance Checks The Alcoholic Beverage Regulation Administration strongly recommends that businesses with licenses to serve or sell alcoholic beverages attend ABRA's third series of specialized merchant training. The training prepares merchants for compliance checks by underage buyers attempting to purchase alcoholic beverages in their establishments. ABRA specifically gears the training to help merchants card individuals and spot fake IDs. Merchants can select one of the several sessions that will be offered from March 25, 2004 through March 30, 2004 at 941 North Capitol Street, NE, Suite 7200, in the Hearing Room. Some of the sessions will be held in Korean and Spanish. Please RSVP to Leticia Batts at (202) 442-4441 or (202) 442-4423 by March 19, 2004. For more information, read the press release.
5. Procurement and Loan Seminars Promoted to District Businesses The Office of Local Business Development (OLBD) will host its monthly Local, Small, Disadvantaged Business Enterprise (LSDBE) Orientation and Recruitment Seminar on Tuesday, March 16, 2004, from 5:30 pm until 7:30 pm at The Reeves Center (Small Business Development Center), 2000 14th Street, NW, 2nd Floor Conference Room. The sessions, co-sponsored by OLBD and the Office of Contracting and Procurement, are free and open to local business owners and newly certified LSDBEs. The agenda for the seminar includes LSDBE certification benefits; doing business with the District government; understanding the District government's procurement and bidding process; followed by a question and answer session. To register, please call (202) 727-3900. Visit OLBD. During March 2004, the Enhanced Business Information Center (e-BIC) will host two sessions (March 10 and March 24, 2004) for one-on-one counseling with the Office of Contracting and Procurement. The e-BIC will also hold a seminar to introduce small businesses to the SBA's 504 loan program. Sign up for these and future sessions by calling (202) 727-2241. Walk-in clients will be accepted, space permitting. The e-BIC is located in the Martin Luther King Jr. Memorial Library at 901 G Street, NW, across the street from the Gallery Place Metro and two blocks from Metro Center. Read about the e-BIC and other training events.
6. Tax Credit for Employees Emphasized as Tax Day Approaches It's not too late to encourage your employees to claim an important tax benefit this tax season--the Earned Income Tax Credit (EITC)! The EITC is a special tax break designed specifically for low- and moderate-income workers. People who qualify for the EITC will pay less in taxes or even get cash back. Workers can get the EITC even if they don't owe any income taxes or worked only a very short time. Depending on family size and total income, the EITC can boost a worker's annual income by as much as 40 percent! In 2003, more than 44,000 DC households claimed the federal and the DC EITCs, worth a total of $101 million. In addition, workers who earned more than $10,500 in 2003 can receive a Child Tax Credit of up to $1,000 for each dependent child under the age of 17. For more information on how your business can promote the EITC and to order envelope stuffers, posters, fliers, and other outreach materials, please contact the DC EITC Campaign via the DC Fiscal Policy Institute at (202) 408-1080 and ask for Ann Pierre. Materials also can be viewed and downloaded from DCFPI.
7. Downtown Business Improvement District (BID) Releases Report The Downtown BID has just published its quarterly report on "Development Activity in Greater Downtown Washington, DC" for the period ending December 21, 2003. This survey of completed and planned construction projects in the Downtown BID area, as well as Greater Downtown, presents a snapshot of development that includes information on total investment costs, construction type and size of project. Among the fourth quarter highlights in the Downtown BID: three housing deliveries totaling 542 units; three groundbreakings--retail, hotel and housing; and two major cultural projects (Newseum and Shakespeare Theatre) were announced. Download this comprehensive catalog of development activity in Downtown DC or, for more information, contact Ryan Devlin at (202) 661-7568 or ryan@downtowndc.org by email. Sign up to receive Downtown DC Updates.
8. "Better Work Through Telework" Launched Across DC Metro Area The Greater Washington Board of Trade and Metropolitan Washington Council of Governments introduced "Better Work Through Telework" to relieve traffic congestion and improve air quality. The initiative intends to encourage 50,000 more commuters to telecommute by 2005. (Telework means that employees work at home or at a local telework center at least one day per week.) Learn how your company can become involved by visiting Commuter Connections or registering for a free Telework workshop. Read the press release and Washington Post article for more information regarding the initiative.
9. SBA and IRS Feature Small Business Tax Help The US Small Business Administration provides current tax-related information for small business at its online Tax Corner. The website includes a summary of major tax changes and links to US Internal Revenue Service articles describing many of the changes. Topics covered include:
The IRS features a specialized section on its website with articles for small businesses and the self employed. Download IRS publications and forms for small businesses and self employed. Or, order printed versions by calling (800) 829-3676.
10. DC Business Tools Available
11. View the BRC Alert Archives Previous editions of the BRC Alert newsletter feature articles for small businesses and nonprofits regarding incentives, training, licenses, procurement, commuting, emergency preparedness, and other topics. View the BRC Alert Archives.Submit Feedback to brc@dc.gov
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