EIW Today - February 27th, 2025

Prism Group
Feb 27
4 min read

Prism Group's Daily Summary

SENATE HELP VOTES ON SECRETARY OF LABOR NOMINATION... After Lori Chavez-DeRemer's nomination hearing for Secretary of Labor last week, the Senate Health Education, Labor, and Pensions (HELP) Committee will vote to advance her nomination today. Chavez-DeRemer is expected to lose Senator Rand Paul’s (R-KY) vote, meaning she will need to pick up at least one Democrat to advance out of Committee; both Senator’s Hickenlooper (D-CO) and Hassan (D-NH) have signaled they will support her. If her nomination advances out of committee, it will then move to the Senate floor for the entire chamber to confirm.

TRUMP REAFFIRMS MARCH 4 TARIFF HIKE AMID WHITE HOUSE CONFUSION... This morning, President Trump announced that 25% tariffs on Mexican and Canadian imports would take effect on March 4, reversing speculation about a potential delay. However, further concessions are still possible and negotiations are likely to occur. He also confirmed an additional 10% tariff on Chinese goods starting the same day. The announcement, made via Truth Social, cited ongoing concerns over drug trafficking from Mexico and Canada. However, White House National Economic Council Director Kevin Hassett had earlier suggested Trump would decide on broader tariff policy after an April 1 review. Adding to the uncertainty, Trump maintained that an April 2 deadline for additional "reciprocal" tariffs on European imports remains in place. The Senate’s confirmation of Jamieson Greer as U.S. Trade Representative comes amid this evolving trade landscape.

GOING HIGH-TOUCH AND HIGH-TECH HELPS LOCAL BANKS WIN OVER SMALL BUSINESS CUSTOMERS... Digital transformation has reshaped the financial services industry, prompting small to medium-sized businesses (SMBs) to rethink their relationships with financial institutions. While national banks dominate the market, many SMBs are turning to community banks and credit unions (CUs) for a more personalized, partnership-driven approach. High fees and a lack of tailored support from big banks create opportunities for local institutions to shine, particularly for rural businesses or those with lower revenues. Though they may trail behind in digital services, these institutions can bridge the gap by combining digital innovation with their unique personal touch—solidifying their role as invaluable financial partners for SMBs.

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS:

Forty-seven states are in regular session.

WHAT WE'RE WATCHING:

The Kentucky House passed House Bill 398, which would further restrict state labor regulations to match federal OSHA standards. The move has drawn backlash from unions who call it an attack on worker protections. The bill passed 62-33, and would limit who can request workplace safety inspections and force the state to cover employer legal fees in overturned safety cases.

Thousands of federal employees in New York have been laid off amid DOGE cuts, with some required to defend their jobs. As displaced workers seek new opportunities, Gov. Kathy Hochul (D) has launched the "You're Hired" initiative, encouraging them to join state service.

LAWMAKERS... IN OR OUT?

The House... convenes today at 9:00 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, 2/27 at 9:00 AM entitled “AMERICAN INDIAN AND ALASKA NATIVE PUBLIC WITNESS DAY 3.”

Committe on Financial Services will be hold a hearing, Tuesday, 3/ 4 at 10:00 AM entitled “Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity: Examining Monetary Policy and Economic Opportunity.”

Committee on Energy and Commerce Subcommittee on Commerce, Manufacturing, and Trade will be hold a hearing Tuesday, 3/ 4 at 10:15 AM entitled “Moving the Goalposts: How NIL is Reshaping College Athletics."

Committe on Financial Services will be hold a hearing, Tuesday, 3/ 4 at 2:00 PM entitled “Hearing Entitled: Building Our Future: Increasing Housing Supply in America.”

Committee on Small Business will be holding a markup, Wednesday, 3/5 at 9:45 AM entitled “Full Committee Markup.”

Committee on Appropriations will be hold a hearing, Wednesday, 3/5 at 10:15 AM entitled “FINANCIAL SERVICES AND GENERAL GOVERNMENT - MEMBER DAY.”

The Senate...

Committee on Judiciary will hold a hearing TODAY, 2/27 at 9:00 AM entitled “Executive Business Meeting.”

Committee on Health, Education, Labor and Pensions will hold an executive session TODAY, 2/27 at 9:30 AM entitled “Nomination.”

Committee on Banking, Housing and Urban Affairs will hold a hearing TODAY, 2/27 at 10:00 AM entitled “Nomination Hearing.”

Committee on Health, Education, Labor and Pensions will hold a hearing TODAY, 2/27 at 10:00 AM entitled “Nomination of Keith Sonderling to serve as Deputy Secretary of Labor.”

Committee on Health, Education, Labor and Pensions will hold a hearing Wednesday, 3/5 at 10:00 AM entitled “Nomination of Jayanta Bhattacharya to serve as Director of the National Institutes of Health.”

Committee on Judiciary will hold a hearing Wednesday, 3/5 at 10:15 AM entitled “Never To Be Silent: Stemming the Tide of Antisemitism in America.”

Committee on Small Business and Entrepreneurship will hold a hearing Wednesday, 3/5 at 2:30 PM entitled “Golden Age of American Innovation: Reforming SBIR-STTR for the 21st Century.”

BILLS OF INTEREST

US H.R. 1590, introduced on Tuesday the 26th of February, would require Federal agencies with an SBIR or STTR program to enhance their outreach to rural communities with respect to such programs, and for other purposes.

US H.R. 1642, introduced on Tuesday the 26th of February, would amend the Small Business Act to include requirements relating to graduates of career and technical education programs for small business development centers and women's business centers, and for other purposes.

US H.R. 1621, introduced on Wednesday the 27th of February, would require the Administrator of the Small Business Administration to submit to Congress a report on the entrepreneurial challenges facing entrepreneurs with a disability.

AT THE AGENCIES

The U.S. Department of Labor

Check back Monday for possible updates.

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 Monday for possible updates.

The U.S. Trade Representative

U.S. Senate has confirmed Jamieson Greer as United States Trade Representative.

The U.S. Small Business Administration

Check back Monday for possible updates.

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