EIW Today - February 11th, 2025

Feb 11

Prism Group's Daily Summary

HOUSE RACES TO PLAY LEAD ROLE ON RECONCILIATION... As Politico reported yesterday, House Speaker Mike Johnson yesterday began shopping around a modified budget blueprint that lays out additional cuts as well as a pared back tax section. Johnson is trying to balance demands from GOP budget hawks who have called for savings north of $2 trillion, while giving tax-writers enough leeway to extend the 2017 cuts while also including President Trump’s demands.

CTA DELAY BILL SAILS THROUGH HOUSE... Legislation backed by Rep. Zach Nunn (R-IA) – which would delay the original Corporate Transparency Act filing deadline of January 1st 2025 by 12 months – easily cleared the House yesterday. Whether the Senate will advance the measure remains an open question, but yesterday's vote shows that bipartisan support may have broadened.

DOGE RECOMMENDS TERMINATING CDFI FUND CONTRACTS... As the Trump Administration continues to evaluate US spending, DOGE is urging the Treasury Department to cancel hundreds of Community Development Financial Institutions (CDFI) Fund contracts despite questions about its authority to do so. The Treasury is reviewing DOGE’s recommendations, which could impact funding allocations for CDFIs, the New Markets Tax Credit Program, and the Native American CDFI Assistance Program.

SMALL BUSINESS ADMINISTRATION OFFERING LOANS TO BUSINESSES AFFECTED BY WINTER STORM... The U.S. Small Business Administration (SBA) is offering relief to small businesses across Louisiana that suffered economic losses from the January winter storm. Small businesses in 31 parishes are eligible for the program, including Beauregard, Calcasieu, Cameron, and Jeff Davis. Additionally, Newton and Orange counties in Texas are included in the program. EIDLs (Economic Injury Disaster Loans) are for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage. They may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred.

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS:

Forty-seven states are in regular session. Florida is in special session.

WHAT WE'RE WATCHING:

Rhode Island Gov. Dan McKee (D) proposed adding a 10% tax on digital advertising, similar to a Maryland law approved in 2021. The law would apply to companies grossing $1 billion or more. The Maryland law has been challenged in court by Apple, Google, Meta and Peacock, among other digital advertising giants.

Indiana lawmakers advanced Senate Bill 448, requiring the state to develop a stackable credential program for high school students, in line with efforts to expand apprenticeship opportunities. The bill mandates a market-driven credential framework in industries like health care and advanced manufacturing, with a report due by Nov. 1.

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, 2/11 at 10:00 AM entitled “MEXICO’S WATER TREATY VIOLATIONS AND THE IMPACT ON AMERICANS”

Ways and Means Committee Oversight Subcommittee will hold a hearing TODAY, 2/11 at 10:00 AM entitled “Hearing on IRS Return on Investment and the Need for Modernization.”

Ways and Means Committee Health Subcommittee will hold a hearing TODAY, 2/11 at 2:00 PM entitled “Modernizing American Health Care: Creating Healthy Options and Better Incentives.”

Committee on Financial Services Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee will hold a hearing TODAY, 2/11 at 2:30 PM entitled “A Golden Age of Digital Assets: Charting a Path Forward”

Committee on Financial Services will hold a hearing Wednesday, 2/12 at 10:00 AM entitled “The Federal Reserve’s Semi-Annual Monetary Policy Report”

Committee on Appropriations will hold a hearing Wednesday, 2/12 at 10:00 AM entitled “CAREER READY STUDENTS: INNOVATIONS FROM COMMUNITY COLLEGES AND THE PRIVATE SECTOR”

Committee on Small Business will hold a hearing Wednesday, 1/12 at 10:00 AM entitled “Driving Economic Growth: SBA Lending Programs and the Vital Role of Community Banks.”

Energy and Commerce Committee Commerce, Manufacturing, and Trade Subcommittee will hold a hearing Wednesday, 2/12 at 10:00 AM entitled “AI in Manufacturing Subcommittee: "Securing American Leadership in Manufacturing and the Next Generation of Technologies".”

The Senate...

Committee on Banking, Housing and Urban Affairs will hold a hearing TODAY, 2/11 at 10:00 AM entitled “The Semiannual Monetary Policy Report to the Congress”

Committee on Finance will hold an Executive Session TODAY, 2/11 at 11:30 AM entitled “Open Executive Session to Consider Favorably Reporting the Nomination of Jamieson Greer, of Maryland, to be United States Trade Representative, with the rank of Ambassador Extraordinary and Plenipotentiary”

Small Business and Entrepreneurship Committee will hold a business meeting Wednesday, 2/12 at 9:30 AM entitled “Business Meeting to consider pending business of the committee.”

Committee on Health, Education, Labor and Pensions will hold a hearing Wednesday, 2/12 at 10:00 AM entitled “Nomination of Lori M. Chavez-DeRemer to serve as Secretary of Labor”

Committee on Judiciary will hold a hearing Wednesday, 2/12 at 10:15 AM entitled “Nominations”

Committee on Judiciary will hold an Executive business meeting Thursday, 2/13 at 9:00 AM entitled “Executive Business Meeting”

Committee on Health, Education, Labor and Pensions will hold a hearing Thursday, 2/13 at 10:00 AM entitled “Nomination of Linda McMahon to serve as Secretary of Education”

BILLS OF INTEREST