EIW Today - April 8th, 2025

Prism Group's Daily Summary

USTR GREER HEADS TO CAPITOL HILL... United States Trade Representative Jamieson Greer will face the Senate Finance Committee today in a hearing entitled, “The President’s 2025 Trade Policy Agenda.” Greer is expected to defend the tariffs implemented last week by President Trump, a tall order given the growing chorus of Republican lawmakers who have turned critical. 

SMALL BIZ TAX POLICY TAKES CENTER STAGE... This morning the House and Senate Small Business Committees will convene in the Capitol for a rare joint hearing. The hearing is entitled “Prosperity on Main Street: Keeping Taxes Low for Small Businesses,” and is expected to touch on topics such as Section 199A, research and development expensing, bonus depreciation, and other provisions.  

NO CHINESE AI... As the AI race between the US and China heats up, efforts to curtail the use of Chinese AI products, like DeepSeek, continue to face national security concerns. Today, the House Science, Space, and Technology Committee will hold a hearing examining concerns with DeepSeek on the heels of introduced legislation banning its use government devices. 

CONGRESS WEIGHS LEGISLATIVE ACTION ON TARIFFS... Last week Senators Chuck Grassley (R-IA) and Maria Cantwell (D-WA) introduced legislation that would require Congressional approval of all tariffs proposed by the White House. Notably, seven Republicans so far have signed onto the legislation. Meanwhile in the House, Rep. Don Bacon (R-NE) has floated the idea of introducing a similar bill, though it would likely be met with opposition from Speaker Mike Johnson, who has defended the President’s actions on tariffs.   

PRESIDENT TRUMP'S ORDER ON CDFI FUND RISKS AID FOR SMALL BUSINESSES, HOUSING... Community Development Financial Institutions (CDFIs) have long been a lifeline for small businesses, particularly in low-income and underserved communities. These mission-driven lenders provide critical capital for minority-owned businesses, affordable housing, and disaster recovery. However, a recent executive order from President Trump seeks to reduce the CDFI Fund’s functions to the bare statutory minimum, raising serious concerns across the small business ecosystem. As traditional banks often overlook smaller enterprises, CDFIs play an essential role in fueling local economies — and any disruption to their support could have far-reaching consequences for small business growth and community resilience. 

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 Florida House Commerce Committee has approved legislation allowing interns and apprentices to make sub-minimum wages. The measure would allow employees to voluntarily opt out of minimum wage laws for nine months or two college semesters. 

The Illinois House is considering legislation to grant a state income tax exemption to college athletes who receive money from name, image and likeness deals. The bill would exempt the first $100,000 in NIL deals from income taxes. 

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

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

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

Committee on Ways and Means will hold a hearing, TODAY, 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, TODAY, 4/8 at 2:00 PM entitled, “U.S. Treasury Debt in the Monetary System.” 

House Financial Services will hold a hearing, TODAY, 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, TODAY, 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, TODAY 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 TODAY, 4/8 at 10:00 AM entitled “The President’s 2025 Trade Policy Agenda.”  

Committee on Judiciary will hold a hearing TODAY, 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.” 

Committee on Banking, Housing and Urban Affairs will hold a hearing Thursday, 4/10 at 10:10 AM entitled, “Nomination Hearing.” 

Committee on Finance will hold a hearing Thursday, 4/10 at 10:00 AM entitled “Hearing to Consider the Nominations of William Kimmitt, of Virginia, to be Under Secretary of Commerce for International Trade, vice Maria Louise Lago, resigned, and Kenneth Kies, of Virginia, to be an Assistant Secretary of the Treasury, vice Lily Lawrence Batchelder.” 

Committee on Judiciary will hold a hearing Thursday, 4/10 at 10:15 AM entitled, “Executive Business Meeting.” 

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. 

AT THE AGENCIES  

The U.S. Department of Labor 

ICYMI: Secretary Chavez-Deremer kicks off ‘America at Work’ listening tour with union leaders, elected officials in Pennsylvania.

The U.S. Department of the Treasury 

Treasury Department Announces New Appointments. 

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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