Prism Group's Daily Summary

MORE ON THOSE EXECUTIVE ORDERS... Among the dozens of orders signed by President Trump on Monday are two new “freezes” of regulatory and agency activity. The first indefinitely halts new rulemaking while effectively doing away with all regulations that were still pending at the end of the Biden administration. The second order implements a new hiring freeze on all non-military government positions and prevents the creation of new roles for 90 days, pending a report from the newly-formed Department of Government Efficiency.
PRESIDENT TRUMP SPOTLIGHTS AI AS THE TARGET OF INNOVATION... On the second day of his presidency, President Donald Trump announced the "Stargate" initiative, a $500 billion investment in artificial intelligence infrastructure within the United States. This project is a collaboration between OpenAI, SoftBank, and Oracle, aiming to construct advanced data centers to bolster AI model training and operations. The initiative is expected to create over 100,000 jobs and enhance U.S. technological leadership in AI.
WHO LET THE DOGE OUT?... On Monday, President Trump signed an EO forming the Department of Government Efficiency (DOGE) to cut waste and fraud within the federal government. DOGE will be led by Elon Musk as Vivek Ramaswamy steps away to focus on his run for Ohio Governor. Taking on consultant-esque roles, DOGE teams will be embedded within federal agencies and will likely make recommendations to reduce costs. The only target for efficiency that the EO specifically cites regards modernizing federal technology and software to promote interoperability.
ROSY DECEMBER FOR SMALL BUSINESS SALES, BUT RESTAURANTS ARE LEFT OUT... According to the Fiserv Small Business Index, small businesses had a very merry December. In the U.S., the seasonally adjusted index for December was 146, up 3 points from November. The figure is derived from point-of-sale transaction data, including card, cash, and check transactions in-store and online across about 2 million U.S. small businesses. Restaurants on the other hand, felt some financial pains.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Forty-four states are in regular session.
WHAT WE'RE WATCHING:
Governor Kathy Hochul (D) proposed initiatives to support New York small businesses, including low-interest loans, tax incentives, and training programs. Nonetheless, she has faced criticism from the National Federation of Independent Business (NFIB) for not addressing high taxes and regulatory burdens that strain business owners.
New Hampshire Governor Kelly Ayotte (R) indicated her upcoming two-year budget would not include additional cuts to the state’s business taxes, despite calls from some Republicans to lower the business enterprise tax. Ayotte said her proposal would align with current revenue structures but did not rule out future tax cuts entirely.
LAWMAKERS... IN OR OUT?
The House... convenes today at 10:00 AM. 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...
Committee on Small Business will hold an organizational meeting TODAY, 1/22 at 11:00 AM entitled “Organizational Meeting”
Ways and Means Committee will hold a hearing TODAY, 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 TODAY, 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...
Check back tomorrow for possible updates.
BILLS OF INTEREST
The House passed H.R. 33, the United States-Taiwan Expedited Double-Tax Relief Act by a vote of 423-1 and it now heads to the Senate. This bill strengthens the U.S.-Taiwanese economic alliance through targeted double taxation relief on cross border investment. It also authorizes the President to negotiate a tax agreement with Taiwan.
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.
Want this email forwarded to you? Curious for more information?
Subscribe to EIW Today to receive the morning newsletter directly in your own inbox!
Comments