EIW Today - April 29th, 2025

Prism Group's Daily Summary

UNCERTAINTY REIGNS AS PRESIDENT TRUMP CLOSES OUT HIS FIRST 100 DAYS IN OFFICE… The President's return to the White House started with momentum, but is increasingly being defined by legal and political battles on virtually every front. Meanwhile, confusion over the administration’s trade strategy and an unsettled economic outlook—just ahead of a pivotal GDP report—are deepening concerns about recession risks. With Republicans eyeing the 2026 midterms, the stakes couldn’t be higher, particularly when it comes to the massive tax and spending cut bill currently in the works.

GEN Z REBOOTS THE FAMILY BUSINESS... A recent piece in the Wall Street Journal looks at the growing trend of young adults choosing to work for their parents’ companies, driven by a tough job market and rising interest in long-term succession. The story cites a Gusto study that found a doubling since 2018 in small businesses employing adult children of owners, with many planning to pass the torch in the next five years. 

SMALL BUSINESS LABOR MARKET HOLDS STEADY AMID UNCERTAINTY...

According to the latest Paychex Small Business Employment Watch, small businesses across the U.S. are maintaining a stable footing in the labor market. In April, job growth among businesses with fewer than 50 employees rose slightly, bringing the Small Business Jobs Index to 100.02—signaling modest but consistent performance over the past year. Despite slower hourly earnings growth (down to 2.82%, the lowest since May 2021), small businesses are largely keeping workforce levels steady as they navigate economic uncertainty.

Ohio emerged as a standout, seeing a 2.24-point spike in job growth, particularly in Trade, Transportation, and Utilities—earning it the top state ranking for the first time since 2014. With Minneapolis and the Midwest continuing to show strong job performance, the data highlights regional momentum and cautious optimism. While business leaders await greater clarity in the broader economic landscape, the resilience of America’s small business sector remains clear.

RECONCILIATION’S MASSIVE HIGHER EDUCATION OVERHAUL... Today the House Education & Workforce Committee will markup its reconciliation bill that cuts $330B in spending, mostly from education, drastically altering federal support mechanisms for college students. The bill caps Pell eligibility, expands Pell grants to short-term training programs, places federal loan borrowing limits on students ($50k undergrad, $100k grad, $150k professional), extends income driven repayment plans to 30 years, and restricts Parent and Grad Plus loans.

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS: 

Thirty-four states are in regular session. Maine is in special session.

WHAT WE'RE WATCHING: 

The Louisiana House Appropriations Committee has approved legislation to more than double the state tax on sports gambling. The additional revenue would fund both addiction services and a pool of money set aside for student athletes through name, image and likeness deals.

Delaware risks forfeiting $40 million in federal small business funding unless state leaders release $14 million in earmarked funds by year’s end. But Gov. Matt Meyer (D) and Small Business Director CJ Bell say there’s still time. On Thursday, they urged entrepreneurs and lenders to apply for financing through the State Small Business Credit Initiative (SSBCI), which has only distributed $3 million to date, despite a $60 million federal award.

LAWMAKERS... IN OR OUT?

The House... convenes today at 10:00 AM. The full schedule may be found here.

The Senate... convenes today at 10:00 AM. The full schedule may be found here.

HAPPENING ON THE HILL

The House...

Committee on Energy and Commerce will hold a hearing TODAY, 4/29 at 10:00 AM entitled, “Markup.”

Committee on Financial Services will hold a hearing TODAY, 4/29 at 10:00 AM entitled, “Regulatory Overreach: The Price Tag on American Prosperity.”

Committee on Appropriations will hold a hearing TODAY, 4/29 at 10:30 AM entitled, “AGRICULTURE, RURAL DEVELOPMENT, FOOD AND DRUG ADMINISTRATION - MEMBER DAY.”

Committee on Financial Services will hold a hearing TODAY, 4/29 at 2:00 PM entitled, “Exposing the Proxy Advisory Cartel: How ISS & Glass Lewis Influence Markets.”

Committee on Small Business will hold a hearing Wednesday, 4/30 at 9:45 AM entitled, “Full Committee Markup.”

Committee on Financial Services will hold a hearing Wednesday, 4/30 at 10:00 AM entitled, “Markup of Various Measures.”

Committee on Energy and Commerce will hold a hearing Wednesday, 4/30 at 10:00 AM entitled, “"Global Networks at Risk: Securing the Future of Telecommunications Infrastructure.”

Committee on Energy and Commerce will hold a hearing Wednesday, 4/30 at 10:15 AM entitled, “Assuring Abundant, Reliable American Energy to Power Innovation.”

The Senate...     

Committee on Finance will hold an executive session TODAY, 4/29 at 10:00 AM entitled “Open Executive Session Hearing to Consider Favorably Reporting the Nominations of William Kimmitt, of Virginia, to be Under Secretary of Commerce for International Trade, and Kenneth Kies, of Virginia, to be an Assistant Secretary of the Treasury.”

Committee on Health, Education, Labor and Pensions will hold an executive session Wednesday, 4/30 at 10:00 AM entitled “S. 588 and S. 163.”

Committee on Finance will hold a hearing Wednesday, 4/30 at 10:00 AM entitled “Hearing to Consider the Nomination of Rodney Scott, of Oklahoma, to be Commissioner of U.S. Customs and Border Protection, Department of Homeland Security, vice Chris Magnus.”

Committee on Judiciary will hold a hearing Wednesday, 4/30 at 10:15 AM entitled, “Nominations.”

Committee on Appropriations will hold a hearing Wednesday, 4/30 at 10:30 AM entitled, “Biomedical Research: Keeping America’s Edge in Innovation.”

Committee on Banking, Housing and Urban Affairs will hold a hearing Thursday, 5/1 at 10:00 AM entitled, “Examining Insurance Markets and the Role of Mitigation Policies.”

Committee on Judiciary will hold a hearing Thursday, 5/1 at 10:15 AM entitled, “Executive Business Meeting.”

BILLS OF INTEREST

The House Committee on Small Business will hold a markup of legislation to amend the following seven measures. The markup will be held at 9:45 AM ET on Wednesday, April 30, 2025, in room 2360 of the Rayburn House Office Building. The items that will be marked up include:

• H.R. 1163 – Prove It Act of 2025

• H.R. 2027 – Returning SBA to Main Street Act

• H.R. 2987 – Capping Excessive Awarding of SBLC Entrants (CEASE) Act

• H.R. 2931 – Save SBA from Sanctuary Cities Act

• H.R. 2968 – Business over Ballots Act

• H.R. 2965 – Small Business Regulatory Reduction Act of 2025

• H.R. 2966 – American Entrepreneurs First Act

AT THE AGENCIES

The U.S. Department of Labor

The U.S. Department of Labor’s Employment and Training Administration released a detailed report analyzing the financial performance and operational costs of the Job Corps Program, the federally funded residential career training and education program for eligible low-income young adults ages 16 to 24.

The U.S. Department of the Treasury

Economy Statement for the Treasury Borrowing Advisory Committee.

The U.S. Department of Commerce

Check back tomorrow for possible updates.

The U.S. Trade Representative

Check back tomorrow for possible updates.

The U.S. Small Business Administration

The U.S. Small Business Administration (SBA) announced it will eliminate a package of Biden-era policies which dramatically reduced underwriting standards within the 7(a) loan program, sacrificing its financial integrity and driving up taxpayer liability.

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