EIW Today - July 22nd, 2025

Prism Group's Daily Summary

FSGG MARKUP KICKS OFF APPROPRIATIONS SPRINT… With the House scheduled to adjourn at the end of this week, appropriators are racing to advance key spending bills ahead of the September 30 funding deadline. Today, the House Appropriations Committee will mark up the Financial Services and General Government (FSGG) bill, alongside several others at both the subcommittee and full committee levels. Meanwhile, the Senate will consider bundling several of its own bills into a potential minibus, though support for the recently passed $9 billion rescissions package has cast doubt on future bipartisan agreements. President Trump has urged Senate leadership to stay in session through August, putting additional pressure on what is already shaping up to be a contentious appropriations cycle.

CONGRESS IS OUT FOR SUMMER BREAK. OR IS IT?… Senate Republicans are debating whether to cancel all or part of their August recess after President Trump urged Senate Majority Leader John Thune (R–SD) to keep members in Washington to confirm his nominees and advance his agenda. While conservatives are open to staying, a number of Republican senators are eager to return to their home states to promote the recently-passed Big Beautiful Bill and its impact on taxes and spending. Over 130 of President Trump’s nominations are stalled due to Democratic resistance; Republicans face mounting pressure to act quickly and vote on appointments. For now, Sen. Thune is keeping the option open.

EU TARIFF PLAN HITS HARD, BUT KEY SECTORS CATCH A BREAK… While the EU’s retaliatory tariff proposal primarily targets aircrafts, vehicles, and medical appliances, lobbyists from health care, transport and agri-food sectors have recorded several strategic concessions. The first wave of EU tariffs are set to take effect on August 6, with the secondary package coming later seemingly impacting €72 billion worth of imports. Politico estimates that U.S. imports would bear the brunt–nearly €66 billion–while the remaining €6 billion would come from tariffs on agricultural and food products.

OIL PRICES DOWN… Oil prices dropped for the third straight session amid escalating trade tensions between the U.S. and the European Union, sparking concerns over increased fuel demand. Brent crude fell to $68.68 per barrel, while U.S. WTI slid to $66.57. The Trump Administration has threatened to impose a 30% tariff on EU imports if a trade deal is not reached by August 1, prompting the EU to prepare potential countermeasures. While a weaker U.S. dollar and strong distillate margins have helped cushion the slide, trade uncertainty continues to weigh heavily on the oil markets. 

US AUTOMAKERS REPORT MAJOR DROP… General Motors reported this morning a significant drop in revenue, as their quarterly profits fell by over 33% after tariffs cost them upwards of $1 billion. This decline reflects a broader trend in the automotive market. Stellantis, the maker of Chrysler, Jeep, and Ram vehicles, experienced a $2.3 billion loss this quarter as well, attributing this deficit to recent changes to tariff and trade policy. Analysts fear these eroding profits may make it harder for US Automakers to remain competitive against automakers abroad.

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS: 

Eight legislatures are in regular session. Texas is in special session.

WHAT WE'RE WATCHING: 

The Michigan House has approved legislation banning additives and dyes, including brominated vegetable oil, propylparaben and five color dyes, from food served in schools. At least 20 other states are considering or have approved similar bans, following a California bill signed into law in 2023. 

Hawaii has become the fourth state to enact a voluntary pay-by-the-mile program for electric vehicle owners. EV owners would choose to pay either $8 per 1,000 miles, capped at $50 a year, or $50 a year, in an effort to replace some revenue lost from declining gas taxes. The pay-by-mile program will become mandatory in 2028.

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 TODAY, July 22nd at 9:45 AM entitled, “Full Committee Markup.” 

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

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

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

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

Committee on Energy and Commerce, Energy Subcommittee will hold a hearing TODAY, 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 TODAY, 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 TODAY, 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 TODAY, 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 Tomorrow, July 23rd at 10:00 AM entitled, “American Resilience: Examining SBA Disaster Assistance Programs.”

Committee on Foreign Affairs will hold a hearing Tomorrow, July 23rd at 10:00 AM entitled, “FY26 State Department Posture: Bureau of Political Affairs.”

Committee on Ways and Means will hold a hearing Friday, July 25th at 10:00 AM entitled, “The One, Big, Beautiful Bill Delivering for American Workers – Las Vegas, Nevada.”

The Senate...    

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

Committee on Finance will hold a hearing TODAY, 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 TODAY, 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 TODAY, 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 TODAY, July 22nd at 2:30 PM entitled, “Biden’s Border Betrayal: Criminal Aliens in America.” 

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

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

Committee on Natural Resources will hold a hearing Tomorrow, 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 Tomorrow, July 23rd at 2:00 PM entitled, “K-12 Subcommittee Hearing on Choice and Literacy: Empowering Families for Better Educational Results.”

Committee on Judiciary, Subcommittee on the Constitution will hold a hearing Tomorrow, July 23rd, 2025 entitled, “Ending Illegal DEI Discrimination & Preferences: Enforcing Our Civil Rights Laws.” 

Committee on Foreign Affairs will hold a hearing Tomorrow, 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 Tomorrow, July 23rd at 2:30 PM entitled, “Innovation in the Crosshairs: Countering China’s Industrial Espionage.” 

Committee on Appropriations will hold a hearing Thursday, July 24th at 10:00 AM entitled, “Full Committee Markup of Interior, Environment and Transportation, Housing and Urban Development Appropriations Acts.” 

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.”

Committee on Judiciary will hold a hearing Thursday, July 24th at 10:15 AM entitled, “Executive Business Meeting.” 

BILLS OF INTEREST

Rep. Bennie Thompson (D-MS-2) introduced H.R. 4579 to amend the Homeland Security Act of 2002 to provide for the mitigation of cybersecurity risks by the Federal Emergency Management Agency.

Rep. Scott Peters (D-CA-50) introduced H.R. 4576 to amend title 49, US Code, to include affordable housing incentives in certain capital investment grants. 

Rep. Maxine Waters (D-CA-43) introduced H.R. 4551 to amend the Federal Deposit Insurance Act and the Federal Credit Union Act to authorize a temporary transaction account guarantee program, expand deposit and share insurance to cover business payment accounts. 

Rep. Steve Womack (R-AR-3) introduced H.R. 4552, the Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, 2026.

Rep. Charles Fleischmann introduced H.R. 4553, the Energy and Water Development and Related Agencies Appropriations Act, 2026. 

AT THE AGENCIES  

The U.S. Department of Labor 

Check back tomorrow for possible updates. 

The U.S. Department of the Treasury 

The Treasury announced yesterday that the its Financial Crimes Enforcement Network (FinCEN) is postponing the effective date of its final rule establishing the Anti-Money Laundering/Countering the Financing of Terrorism Program and Suspicious Activity Report Filing Requirements for Registered Investment Advisers and Exempt Reporting Advisers (IA AML Rule). The new deadline is expected to be moved from January 1, 2026 until January 1, 2028. 

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 is still offering relief to Texas and Colorado small businesses and private nonprofits affected by severe weather. 

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