Prism Group's Daily Summary
HOUSE PASSES BUDGET RESOLUTION... Last night, the House passed their budget resolution, kicking off the reconciliation process that would cut current spending by at least $1.5 trillion, reduce taxes by $4.5 trillion, raise the debt limit by $4 trillion, and advance other tax, border, energy, and defense priorities. Reconciliation will not likely hit the House or Senate floor until early April.
HOUSE SPURS ACTION ON SMALL BUSINESS CONTRACTING REFORM... On Tuesday, the House passed the bipartisan Small Business Procurement and Utilization Reform (SPUR) Act, sponsored by Rep. Pete Stauber (R-MN), sending it to the Senate for consideration. The bill addresses the declining number of small businesses in federal contracting, requiring the SBA to track how many new small businesses enter the federal marketplace. Rep. Marie Gluesenkamp Perez (D-WA), a co-sponsor and small business owner herself, spoke on the need to reduce regulatory barriers, as without reform, rural economies and the middle class will lose out on important business opportunities.
ACTING IRS CHIEF TO DEPART AMID UPHEAVEL IN THE AGENCY... Acting IRS Commissioner Doug O’Donnell announced his intention to resign from his post this Friday, February 28. The announcement was considered abrupt, due to the IRS heading into the busy time of tax filing season. Treasury Secretary Scott Bessent announced in a press release that the IRS will be led by Melanie Krause, the agency’s chief operating officer who has been sympathetic to the Trump administration’s DOGE efforts within the agency. President Trump intends to nominate former Rep. Billy Long to head the IRS.
SMALL BUSINESSES SEEING REVENUES RISE, BUT TARIFF THREATS LOOM... A new analysis by the Bank of America Institute finds that small businesses appear to be gaining financial momentum, though policy changes related to tariffs could spur inflation and with it a new challenge to profitability. The Bank of America Institute's latest report reveals promising momentum for small businesses, with deposit growth outpacing total payments growth for the first time in three years from August to January. This positive trend indicates rising revenues and boosts small business optimism heading into 2025. However, Bank of America economist Taylor Bowley cautions that while the outlook is encouraging, cost pressures could still temper small business enthusiasm and growth in the coming months.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Forty-seven states are in regular session.
WHAT WE'RE WATCHING:
North Carolina lawmakers have introduced the NC Work and Save Act, a bill to help nearly two million small business employees save for retirement through a state-facilitated IRA program. Sponsored by Rep. Jarrod Lowery (R-Robeson), the bill would create a public-private partnership with no cost to taxpayers or employers, with operations set to begin by July 2027.
The Alaska Senate unanimously approved legislation to allow employers to pay employees by debit-type card if the employees don’t have a bank account. The bill would require employers to notify employees of fees or terms of use.
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, 2/26 at 9:30 AM entitled “AMERICAN INDIAN AND ALASKA NATIVE PUBLIC WITNESS DAY 2, MORNING SESSION.”
Committee on Small Business will hold a hearing, TODAY, 2/26 at 10:00 AM entitled “Fostering American Innovation: Insights into SBIR and STTR Programs.”
Committee on Financial Services Capital Markets Subcommittee will hold a hearing, TODAY, 2/26 at 10:00 AM entitled “The Future of American Capital: Strengthening Public and Private Markets by Increasing Investor Access and Facilitating Capital Formation.”
Committee on Energy and Commerce Health Subcommittee will hold a hearing, TODAY, 2/26 at 10:00 AM entitled “An Examination of How Reining in PBMs Will Drive Competition and Lower Costs for Patients."
Committee on Appropriations will hold a hearing, TODAY, 2/26 at 10:30 AM entitled “FEDERAL INVESTMENTS IN ELEMENTARY EDUCATION.”
Committee on Energy and Commerce Oversight and Investigations Subcommittee will hold a hearing, TODAY, 2/26 at 10:30 AM entitled “Examining the Biden Administration’s Energy and Environment Spending Push.”
Committee on Appropriations will hold a hearing, TODAY, 2/26 at 1:30 PM entitled “AMERICAN INDIAN AND ALASKA NATIVE PUBLIC WITNESS DAY 2, AFTERNOON SESSION.”
Committee on Appropriations will hold a hearing, TODAY, 2/26 at 2:00 PM entitled “OVERSIGHT HEARING – FEDERAL BUREAU OF PRISONS.”
Committee on Appropriations will hold a hearing, Thursday 2/27 at 9:00 AM entitled “AMERICAN INDIAN AND ALASKA NATIVE PUBLIC WITNESS DAY 3.”
The Senate...
Committee on Judiciary will hold a hearing TODAY, 2/26 at 10:15 AM entitled, “Nominations.”
Committee on Small Business and Entrepreneurship will hold a hearing TODAY, 2/26 at 2:30 PM entitled, “Hearing from Lenders: Managing Risk for the Long-Term in the 7(a) Loan Program.”
Committee on Banking, Housing and Urban Affairs will hold a hearing TODAY, 2/26 at 2:30 PM entitled, “Exploring Bipartisan Legislative Frameworks for Digital Assets.”
Committee on Judiciary will hold a hearing Thursday, 2/26 at 9:00 AM entitled “Executive Business Meeting.”
Committee on Health, Education, Labor and Pensions will hold an executive session Thursday, 2/27 at 9:30 AM entitled, “Nomination.”
Committee on Banking, Housing and Urban Affairs will hold a hearing Thursday, 2/27 at 10:00 AM entitled, “Nomination Hearing.”
Committee on Health, Education, Labor and Pensions will hold a hearing Thursday, 2/27 at 10:00 AM entitled, “Nomination of Keith Sonderling to serve as Deputy Secretary of Labor.”
BILLS OF INTEREST
Check back tomorrow for possible updates.
AT THE AGENCIES
The U.S. Department of Labor
The U.S. Department of Labor announced the appointment of J. Ross Stewart as executive secretary.
The U.S. Department of the Treasury
Secretary of the Treasury Scott Bessent announced key appointments for senior positions at the U.S. Department of the Treasury.
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
Following her confirmation and swearing-in as the 28th Administrator of the U.S. Small Business Administration, Kelly Loeffler issued a Day One memo outlining her top priorities for the agency.
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