EIW Today - April 7th, 2025

Prism Group's Daily Summary

TARIFFS ADD TO SMALL BUSINESS WOES... Yesterday’s New York Times piece looks at the “tornado” of obstacles – including federal funding freezes, permit delays, staffing cuts at key agencies, and now steep tariffs – facing small businesses. These changes have disrupted everything from supply chains to government contracting opportunities; with uncertainty growing, small businesses are being forced to delay growth plans, cut staff, or shut down entirely. 

SENATE PASSES BUDGET RESOLUTION... Following an overnight voting session, the Senate on Saturday adopted a new budget blueprint that represents the next step in Republicans’ plan to pass a sweeping legislative package. House leaders have suggested they will seek to advance the outline as early as this week, though there are lingering disagreements within the GOP caucus over spending cuts and individual provisions which will have to be addressed. 

100% ONLINE AND OPEN BANKING: HOW FINTECH IS SERVING MICRO AND SMALL BUSINESSES... With over 500 million micro and small businesses fueling economies worldwide, access to flexible financial support is more critical than ever. Traditional banks often miss the mark when it comes to understanding the unique needs of these enterprises—especially when it comes to rigid creditworthiness assessments.  

 Enter fintech. By harnessing tools like AI, open banking, and digital-first platforms, fintech companies are offering micro and small businesses faster, more tailored access to credit and financial services. These innovative lenders evaluate businesses beyond just balance sheets and collateral, helping close the financing gap that has long limited small business growth. 

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS: 

Forty states are in regular session. Maine is in special session. 

WHAT WE'RE WATCHING: 

The Connecticut House Judiciary Committee has approved a housing bill that would ban the use of some AI algorithms in setting rental rates. The measure comes after Attorney General William Tong (D) joined federal officials and other states in suing six large landlord companies over the use of algorithmic pricing software. 

Arizona is working to get more in-state small businesses involved in government contracting, with new tools to help them register through the Arizona Procurement Portal. State officials say the effort is already showing results, with a 7% increase in registrations as local companies tap into opportunities ranging from pest control to aviation equipment. 

LAWMAKERS... IN OR OUT? 

The House... convenes today at 12:00 PM. The full schedule may be found here. 

The Senate... convenes today at 3:00 PM. The full schedule may be found here. 

HAPPENING ON THE HILL  

The House...  

Committee on Appropriations will hold a hearing, Tuesday, 4/8 at 8:00 AM entitled, “ASSESSING THE PRESIDENT’S EMERGENCY PLAN FOR AIDS RELIEF (PEPFAR).”  

Committee on Small Business will hold a joint hearing Tuesday, 4/8 at 10:00 AM entitled, “Prosperity on Main Street: Keeping Taxes Low for Small Businesses."  

House Financial Services will hold a hearing, Tuesday, 4/8 at 10:00 AM entitled, “Decades of Dysfunction: Restoring Accountability at HUD.” 

Committee on Energy and Commerce will hold a Markup, Tuesday, 4/8 at 10:00 AM.  

Committee on Ways and Means will hold a hearing, Tuesday, 4/8 at 10:00 AM entitled, “on Lowering Costs for Patients: The Health of the Biosimilar Market.”  

House Financial Services will hold a hearing, Tuesday, 4/8 at 2:00 PM entitled, “U.S. Treasury Debt in the Monetary System.” 

House Financial Services will hold a hearing, Tuesday, 4/9 at 10:00 AM entitled, “American Innovation and the Future of Digital Assets Aligning the U.S. Securities Laws for the Digital Age.” 

Committee on Appropriations will hold over five member-day hearings next week.  

Committee on Ways and Means will hold a hearing, Tuesday, 4/8 at 2:00 PM entitled, “Government Watchdog Findings: Temporary Assistance for Needy Families (TANF) Program In Need of Reform, Better State Accountability, and Fraud Protection.” 

Committee on Ways and Means will hold a hearing, Wednesday, 4/9 at 10:00 AM entitled, “The Trump Administration’s 2025 Trade Policy Agenda with United States Trade Representative Jamieson Greer.” 

Committee on Energy and Commerce will hold a hearing, Wednesday, 4/9 at 10:00 AM entitled “Converting Energy into Intelligence: the Future of AI Technology, Human Discovery, and American Global Competitiveness." 

The Senate...      

Committee on Small Business and Entrepreneurship will hold a joint hearing, Tuesday 4/8 at 10:00 AM entitled, “Joint House & Senate Small Business Committee Hearing: Prosperity on Main Street: Keeping Taxes Low for Small Businesses.” 

Committee on Finance will hold a hearing Tuesday, 4/8 at 10:00 AM entitled, “The President’s 2025 Trade Policy Agenda.”  

Committee on Judiciary will hold a hearing Tuesday, 4/8 at 10:15 AM entitled, “The Freedom of Information Act: Perspectives from Public Requesters.”  

Committee on Health, Education, Labor and Pensions will hold an executive session, Wednesday, 4/9 at 10:00 AM on the following bills “S. 588, S. 163, and S. 932.” 

Committee on Judiciary will hold a hearing Wednesday, 4/9 at 2:30 PM entitled, “A Time for Truth: Oversight of Meta’s Foreign Relations and Representations to the United States Congress.” 

BILLS OF INTEREST 

S. ____ The Trade Review Act of 2025 

The bill restores Congress’ authority and responsibility over tariffs as outlined in Article I, Section 8 of the Constitution by placing the following limits on the president’s power to impose tariffs: 

• To enact a new tariff, the president must notify Congress of the imposition of (or increase in) the tariff within 48 hours. 

• The Congressional notification must include an explanation of the president’s reasoning for imposing or raising the tariff, and 

• Provide analysis of potential impact on American businesses and consumers. 

• Within 60 days, Congress must pass a joint resolution of approval on the new tariff, otherwise all new tariffs on imports expire after that deadline. 

• Under the bill, Congress has the ability to end tariffs at any time by passing a resolution of disapproval. 

• Anti-dumping and countervailing duties are excluded. 

AT THE AGENCIES  

The U.S. Department of Labor 

U.S. Secretary of Labor Lori Chavez-DeRemer is embarking on a nationwide listening tour to hear more about the challenges and opportunities facing everyday Americans at work. This effort will keep President Trump’s promise to listen to the voices of forgotten workers left behind by Washington.  

The U.S. Department of the Treasury 

U.S. Secretary of the Treasury Scott Bessent issued the following statement following the Senate passage of the Fiscal Year (FY) 2025 Budget Resolution advancing permanent Trump Tax Cuts. 

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 

Check back tomorrow for possible updates. 

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