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EIW Today - January 21st, 2025

Prism Group's Daily Summary



EXECUTIVE ORDER ON EVs COULD AFFECT TAX PACKAGE... President Trump yesterday signed an Executive Order that eliminates the so-called electric vehicle mandate, an EPA rule that requires auto makers cut their vehicles’ emissions in half starting in 2027. Republicans had urged the incoming administration to let Congress instead lead the repeal, as a way of capturing the revenue offsets as part of the budget reconciliation process. It’s unclear how big of a revenue effect the EO will have, and if similar offsets will be available to GOP lawmakers.  

 

SBA 7(A) LOANS SURGE TO RECORD LEVELS IN Q1 2025...The Small Business Administration (SBA) approved $8.8 billion in 7(a) loans during the first quarter of the federal fiscal year, marking the second-fastest start since 1991 and a 38% increase from the previous year. This surge is attributed to several factors, including recent SBA rule changes that facilitate multiple loans for different acquisitions and a steady supply of businesses for sale as Baby Boomers retire. While many believe the increase is driven by business acquisitions, some experts suggest that a significant portion of the volume comes from smaller loans and SBA Express lines of credit, which are gaining popularity among lenders. Overall, the record pace of SBA lending is expected to continue into 2025. 


HOUSE FINANCIAL SERVICES SUBCOMMITTEE CHAIR WANTS MORE AMBITIOUS CRYPTO & AI AGENDA... Rep. Bryan Steil (R-WI), Chair of the House Financial Services Subcommittee on Digital Assets, Financial Technology, and AI will utilize FIT 21 as a “starting point” when constructing new crypto legislation, focusing on debanking, preventing fraud, and ensuring the US remains a leader in the crypto space. On AI, Steil also reiterates the longstanding Republican message that he doesn’t want the federal government to stifle innovation or prevent it from being implemented.  

 

THE STATE OF THE STATES 


SESSIONS BY THE NUMBERS: 

Forty-four states are in regular session. 

 

WHAT WE'RE WATCHING: 

The Mississippi House has approved legislation phasing out the state income tax and raising sales and gasoline taxes. The plan would cut about $1.1 billion from the state’s $7 billion general fund. It would phase out the income tax over a decade.

Crypto advocates expect lawmakers in at least ten states to introduce legislation allowing treasurers and public pension funds to invest state resources in bitcoin and other currencies. Satoshi Action, a leading bitcoin advocacy group, is shopping model bills in states across the country. Officials in Michigan and Wisconsin have already purchased small amounts of crypto ETFs.


LAWMAKERS... IN OR OUT? 

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

The Senate... convenes today at 11:00 AM. The full schedule may be found here

 

HAPPENING ON THE HILL 

The House... 

Ways and Means Committee will hold a hearing Wednesday, 1/22 at 10:00 AM entitled “Member Day Hearing on Matters Within the Committee’s Tax Jurisdiction” 

Energy and Commerce Committee Environment Subcommittee will hold a hearing Wednesday, 1/22 at 10:30 AM entitled “A Decade Later: Assessing the Legacy and Impact of the Frank R. Lautenberg Chemical Safety for the 21st Century Act” 

Energy and Commerce Committee Communications and Technology Subcommittee will hold a hearing Thursday, 1/23 at 10:00 AM entitled “Strengthening American Leadership in Wireless Technology” 

 

The Senate...    

Committee on Health, Education, Labor, and Pensions will hold an executive session TODAY, 1/21 at 10:00 AM entitled "EXECUTIVE SESSION Starting the 119th Congress

Committee on Finance will hold an executive session TODAY, 1/21 at 10:15 AM entitled “Open Executive Session to Consider Favorably Reporting the Nomination of Scott Bessent, of South Carolina, to be Secretary of the Treasury

Committee on Judiciary will hold an executive business meeting Wednesday, 1/22 at 10:15 AM entitled “Executive Business Meeting” 

 

BILLS OF INTEREST 

Rep. Claudia Tenney (R-NY) introduced a bill to amend the Fair Labor Standards Act of 1938 to provide for the preemption of certain State overtime laws for agricultural employees.  

 

Sen. Joni Ernst introduced a bill to require the head of each Executive agency to relocate 30 percent of the employees assigned to the headquarters of the Executive agency to duty stations outside the Washington metropolitan area, and for other purposes. 

 

AT THE AGENCIES  

The U.S. Department of Labor 

Check back tomorrow for possible updates. 

 

The U.S. Department of the Treasury 

 Check back tomorrow for possible updates. 

 

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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