EIW Today - July 17th, 2025

Prism Group's Daily Summary

HOUSE LOOKS TO FINISH WORK ON CRYPTO, SPENDING CUTS… The Senate narrowly passed a $9 billion rescissions package early Thursday morning, eliminating select foreign aid and public media funding in line with President Trump’s request. While the package does not directly impact small business programs, lawmakers on both sides acknowledged it may set a precedent for unwinding bipartisan appropriations when one party has a “trifecta” of control over Congress and the White House. The House is expected to vote on the measure later today, with just hours left before the statutory deadline. Also on the docket are three cryptocurrency bills, which moved forward after GOP leaders reached a late-night deal to attach a central bank digital currency ban to a separate defense spending bill. 

ANOTHER RECONCILIATION BILL?… Though unconfirmed, Tax Notes reports that House Speaker Mike Johnson’s top tax aide says Republicans are eyeing another reconciliation bill (internally dubbed “2 Big 2 Beautiful”) as a possible follow-up to the recently enacted One Big Beautiful Bill Act. Options on the table include a bipartisan tax extenders package, retirement legislation, or a cleanup bill based on feedback from the newly implemented tax law. While timing and scope remain uncertain, Republicans have two additional reconciliation opportunities before the end of the 2027 fiscal year. 

PRESIDENT TRUMP PREVIEWS 150 INCOMING TARIFFS… President Trump outlined his incoming letter informing more than 150 small countries of their tariff rate on Wednesday afternoon, saying “it's all going to be the same for everyone in that group.” Currently, all US trading partners face a 10% baseline tariff, with the flexible August 1 deadline guiding negotiations for the Trump Administration as it continually threatens to increase the baseline rate as well as implement new restrictions. Along with smaller countries, the Administration is next expected to pivot towards bilateral discussions with India, Taiwan, and Switzerland. 

PRESIDENT TRUMP CLASHES WITH MAGA SUPPORTERS… President Trump confronted MAGA members on Wednesday who continue to call for the President to release files related to Jeffrey Epstein, going on to characterize the public outcry as the “Democrats’ new SCAM…the Jeffrey Epstein Hoax.” Trump’s comments come in the wake of the Justice Department’s memo which concluded a lack of foul play in Epstein’s death and no existence of any “client list” despite key Administration officials such as Pam Bondi and Kash Patel teasing big revelations. Notable conservative influencers and media members, as well as Speaker Mike Johnson, have continued to call for further transparency in the case despite the President’s aggressive messaging.

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS: 

Eight legislatures are in regular session.

WHAT WE'RE WATCHING: 

Two-thirds of states are likely to fall short of road and bridge maintenance goals over the next decade as they face a combined $86 billion shortfall, according to a new report. Michigan faces the largest shortfall, at $15 billion. States spent a combined $247 billion on roads and bridges in 2024, about 8% of overall expenditures. 

California’s Department of Financial Protection and Innovation has issued a $300,000 fee to a Seattle-based operator of cryptocurrency kiosks for failing to meet regulatory requirements. It’s the first fine issued to a crypto kiosk operator under a 2023 law requiring protections for users.

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 Small Business will hold a hearing Tuesday, July 22nd at 9:45 AM entitled, “Full Committee Markup.” 

“Oversight of the U.S. Organ Procurement and Transplant System.” 

Committee on Energy and Commerce, Oversight and Investigations Subcommittee will hold a hearing Tuesday, July 22nd at 10:15 AM entitled, 

Committee on Natural Resources will hold a hearing Tuesday, July 22nd at 10:15 AM entitled, “Full Committee Oversight Hearing.”

Committee on Energy and Commerce, Energy Subcommittee will hold a hearing Tuesday, July 22nd at 10:30 AM entitled, “Strengthening American Energy: A Review of Pipeline Safety Policy.” 

Committee on Ways and Means, Health and Oversight Subcommittees will hold a hearing Tuesday, July 22nd at 2:00 PM entitled, “Past Lessons, Present Insights, Future Opportunities.”

Committee on Natural Resources, Oversight and Investigations Subcommittee will hold a hearing Tuesday, July 22nd at 2:00 PM entitled, “Examining the Trump Administration’s Work Combatting Transnational Cartels in Indian Country.”

Committee on Natural Resources, Water, Wildlife, and Fisheries Subcommittee will hold a hearing Tuesday, July 22nd at 2:15 PM entitled, “Legislative Hearing on H.R. 180, H.R. 3706, H.R. 3831, H.R. 4033, H.R. 4293, H.R 4294 and a Discussion Draft.”

Committee on Small Business, Oversight, Investigations, and Regulations Subcommittee will hold a hearing Wednesday, July 23rd at 10:00 AM entitled, “American Resilience: Examining SBA Disaster Assistance Programs.”

The Senate...    

Committee on Judiciary will hold a hearing on TODAY, July 17th at 9:15 AM entitled, “Executive Business Meeting.”

Committee on Appropriations will hold a hearing TODAY, July 17th at 9:30 AM entitled, “Full Committee Markup of Military Construction, Veterans Affairs, and Related Agencies Appropriations Act.”

Committee on Health, Education, Labor, and Pensions will hold a hearing TODAY, July 17th at 10:00 AM entitled, “Freedom to Work: Unlocking Benefits for Independent Workers.” 

Committee on Finance will hold a hearing Tuesday, July 22nd at 9:45 AM entitled, “Open Executive Session Consider Favorably Reporting the nominations of Joseph Barloon, of Maryland, to be a Deputy United States Trade Representative (Geneva Office), with the rank of Ambassador; and Brian Morrissey, Jr., of Virginia, to be General Counsel for the Department of the Treasury.”

Committee on Foreign Affairs will hold a hearing Tuesday, July 22nd at 10:00 AM entitled, “Nominations.”

Committee on Finance will hold a hearing Tuesday, July 22nd at 10:15 AM entitled, “Hearing to Consider the nominations of The Honorable Jonathan McKernan, of Tennessee, to be an Under Secretary of the Treasury, vice J. Nellie Liang, resigned and Alex Adams, of Idaho, to be Assistant Secretary for Family Support, Department of Health and Human Services, vice January Contreras.”

Committee on Judiciary will hold a hearing Tuesday, July 22nd at 10:15 AM entitled, “Securing the Skies: Law Enforcement, Drones, and Public Safety.”

Committee on Foreign Affairs, Subcommittee on Western Hemisphere, Transnational Crime, Civilian Security, Democracy, Human Rights, and Global Women's Issues will hold a hearing Tuesday, July 22nd at 2:30 PM entitled, “ The Status of Democracy and Human Rights in Hong Kong, Five Years After the PRC’S JUDICIAL TAKEOVER.”

Committee on Judiciary, Subcommittee on Border Security and Immigration will hold a hearing Tuesday, July 22nd at 2:30 PM entitled, “Biden’s Border Betrayal: Criminal Aliens in America.” 

Committee on Foreign Affairs will hold a hearing Wednesday, July 23rd at 10:00 AM entitled, “Business Meeting.”

Committee on Foreign Affairs will hold a hearing Wednesday, July 23rd IMMEDIATELY FOLLOWING THE BUSINESS MEETING entitled, “Dismantling Transitional Criminal Organizations in the Americas.” 

Committee on Natural Resources will hold a hearing Wednesday July 23rd at 10:00 AM entitled, “Full Committee Hearing to Identify Challenges to Meeting Increased Electricity Demand.”

Committee on Health, Education, and Labor Pensions, Subcommittee on Education and the American Family will hold a hearing Wednesday, July 23rd at 2:00 PM entitled, “K-12 Subcommittee Hearing on Choice and Literacy: Empowering Families for Better Educational Results.”

Committee on Foreign Affairs will hold a hearing Wednesday, July 23rd at 2:30 PM entitled, “US Diplomatic Strategies for a Dynamic Middle East.” 

Committee on Small Business and Entrepreneurship will hold a hearing Wednesday July 23rd at 2:30 PM entitled, “Innovation in the Crosshairs: Countering China’s Industrial Espionage.” 

Committee on Health, Education, and Labor Pensions will hold a hearing Thursday, July 24th at 10:00 AM entitled, “Empowering Workers by Expanding Employee Ownership.”

BILLS OF INTEREST

Rep. Thomas Suozzi introduced HR 4466 to amend the Internal Revenue Code to establish a recycling property investment credit. 

Rep. Pramila Jayapal introduced HR 4457 to address the root causes of homelessness, meet the needs of the homeless, transition communities toward providing expanded housing, and ensure full democratic inclusion of the homeless. 

Rep. Vicente Gonzalez introduced HR 4499 to establish Offices of Small Business within rule writing divisions of the SEC.

Sen. Ron Wyden (D-OR) introduced S.2312 to modernize unemployment compensation benefits. 

Sen. Tim Scott (R-SC) introduced S.2301 to reauthorize certain programs regarding rural health. 

AT THE AGENCIES  

The U.S. Department of Labor 

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

The Department of Labor joined the U.S. Small Business Administration in signing a Memorandum of Understanding to support American manufacturing. The agreement is posited to increase skilled workers supporting domestic producers. 

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 

The U.S. Small Business Administration joined the Department of Labor in signing a Memorandum of Understanding to support American manufacturing. The agreement is posited to increase skilled workers supporting domestic producers.

The SBA is also offering preemptive funds for disaster protection in Kentucky and Mississippi. 

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