EIW Today - July 10th, 2025

Prism Group's Daily Summary

SENATE APPROVES BRIGGS…  The Senate voted to confirm William Briggs as Deputy Administrator of the Small Business Administration yesterday, a key role that has gone unfilled until now. President Trump announced Briggs’ nomination back in January and he was approved by the Senate Small Business Committee in April. The panel’s Chair Joni Ernst delivered remarks prior to the vote, which can be found here.  

TAX BILL RETROACTIVELY NARROWS ERC CLAIM ELIGIBILITY… As Tax Notes points out, one less-discussed aspect of the reconciliation bill signed into law last week is the potential for Employee Retention Credit claims to be denied retroactively, part of the bill’s broader crackdown on fraudulent claims. Specifically, the statute disallows pending ERC claims for Q3 and Q4 of 2021 if filed after January 31, 2024. The bill also extends the statute of limitations for assessments on those claims to six years and imposes penalties on ERC promoters who violate due diligence rules. 

SENATE REPUBLICANS DISCUSS TWEAKS TO PRESIDENT TRUMP'S FUNDING CUTS… Republican Senators expressed their concerns over cutting funding to government-funded media and global health funds on Wednesday afternoon, signaling the GOP majority’s willingness to make changes to the Administration’s rescissions package. Republicans have specifically raised concerns about protecting public media outlets within their home states, global AIDS funding, and maintaining substantial food aid to other countries, with several other moderates agitating for various amendments. With the July 18th deadline looming, the GOP will need to organize quickly, especially given that any amendments to the package would bounce the legislation back to the House for a final vote.

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS: 

Eight legislatures are in regular session.

WHAT WE'RE WATCHING: 

Pennsylvania Gov. Josh Shapiro (D) has signed legislation requiring cryptocurrency and other virtual monetary transmitters to obtain a license to operate. Virtual currency transmitters will be required to submit annual reports and comply with federal anti-money laundering regulations.

California Sen. Scott Wiener (D) has expanded his legislation to require companies to disclose safety information on AI models they are developing. The legislation would require AI developers to post safety protocols publicly, and to disclose results of risk assessments.

LAWMAKERS... IN OR OUT? 

The House... convenes today for a pro forma session at 11:00 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 Small Business will hold a hearing Tuesday, July 15th at 10:00 AM entitled, “A Voice for Small Business: How the SBA Office of Advocacy is Cutting Red Tape.” 

Committee on Financial Services will hold a hearing Tuesday, July 15th at 10:00 AM entitled, “Dodd-Frank Turns 15: Lessons Learned and the Road Ahead.”

Committee on Ways and Means, Oversight Subcommittee will hold a hearing Wednesday, July 16th at 9:00 AM entitled, “Oversight Subcommittee Hearing on Making America the Crypto Capital of the World: Ensuring Digital Asset Policy Built for the 21st Century.”

Committee on Natural Resoruces, Subcommittee on Indian and Insular Affairs will hold a hearing Wednesday, July 16th at 10:00 AM entitled, “Puerto Rico’s Fiscal Recovery Under PROMESA and the Road Ahead.”

Committee on Financial Services will hold a hearing Wednesday, July 16th at 10:00 AM entitled, “U.S. Policy on Investment Security.”

Committee on Energy and Commerce, Health Subcommittee will hold a hearing Wednesday, July 16th at 10:00 AM entitled, “Health Subcommittee: Legislative Proposals to Maintain and Improve the Public Health Workforce, Rural Health, and Over-the-Counter Medicines.”

Committee on Energy and Commerce, Environment Subcommittee will hold a hearing Wednesday, July 16th at 10:15 AM entitled, “Environment Hearing: Beyond the Blue Bin: Forging a Federal Landscape for Recycling Innovation and Economic Growth.”

Committee on Natural Resoruces, Subcommittee on Federal Lands will hold a hearing Wednesday, July 16th at 10:15 AM entitled, “Legislative Hearing on H.R. 1945, H.R. 2290, H.R. 2306, & H.R. 4285.”

Committee on Financial Services will hold a hearing Wednesday, July 16th at 2:00 PM entitled, “HOME 2.0: Modern Solutions to the Housing Shortage.”

The Senate...    

Committee on Appropriations will hold a hearing TODAY, July 10th at 9:30 AM entitled, “Full Committee Markup of Commerce, Justice, Science; Agriculture, Rural Development, FDA; and Legislative Branch Appropriations Acts.” 

Committee on Energy & Natural Resources will hold a hearing TODAY, July 10th at 10:00 AM entitled, “Full Committee Hearing to Examine the President’s Budget Request for the U.S. Forest Service for Fiscal Year 2026.” 

Committee on Judiciary will hold a hearing TODAY, July 10th at 10:15 AM entitled, "Executive Business Meeting.”

Committee on Foreign Affairs will hold a hearing Tuesday, July 15th at 10:00 AM entitled, “Nominations.”

Committee on Judiciary will hold a hearing Tuesday, July 15th at 10:15 AM entitled, “Beyond the Smash and Grab: Criminal Networks and Organized Theft.” 

Committee on Foreign Affairs will hold a hearing Wednesday, July 16th at 10:00 AM entitled, “Business Meeting.” 

Committee on Foreign Affairs will hold a hearing Wednesday, July 16th IMMEDIATELY FOLLOWING THE BUSINESS MEETING entitled, “Reforming the State Department to Compete in the 21st Century.”

Committee on Health, Education, Labor, and Pensions will hold a hearing Wednesday, July 16th at 10:00 AM entitled, “Nominations of Crystal Carey to be General Counsel of the National Labor Relations Board, Brian Christine to be Assistant Secretary for Health, Department of Health and Human Services, and Brittany Panuccio to be a Member of the Equal Employment Opportunity Commission.”

Committee on Small Business & Entrepreneurship will hold a hearing Wednesday, July 16th at 2:30 PM entitled, “Pending Business.”

Committee on Judiciary, Subcommittee on Crime and Counterrerrorism will hold a hearing Wednesday, July 16th at 2:30 PM entitled, “Too Big to Prosecute?: Examining the AI Industry’s Mass Ingestion of Copyrighted Works for AI Training.”

BILLS OF INTEREST 

Sen. Ed Markey (D-MA) introduced S.2232 to expand the surety bond program under the Small Business Investment Act.

Sen. Tim Scott (R-SC) introduced S.2228 to amend the Fair Labor Standards Act to harmonize the definition of an employee with common law. 

Sen. Todd Young (R-IN) introduced S.2223 to amend the Small Business Investment Act to increase the amount that may be invested in small business investment companies. 

Sen. Bill Cassidy (R-LA) introduced S.2217 to amend the Employee Retirement Income Security Act and Internal Revenue Code regarding pension plans for independent workers. 

AT THE AGENCIES  

The U.S. Department of Labor 

The Department of Labor released the Unemployment Insurance Weekly Claims Report. 

The U.S. Department of the Treasury 

The Treasury’s Office of Foreign Assets Control announced it is designating 22 entities based in Hong Kong, the United Arab Emirates, and Türkiye for their part in facilitating the sale of Iranian oil that benefits the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF). The IRGC-QF is considered a Foreign Terrorist Organization (FTO). This marks the second round of sanctions targeting Iran’s “shadow banking” infrastructure during the Trump Administration tenure. 

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 

The Small Business Administration expressed the continued availability of relief for small businesses and private nonprofits affected by extreme weather in New Jersey, Oregon, and Texas.  

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