EIW Today - July 3rd, 2025

Prism Group's Daily Summary

PRESIDENT TRUMP'S MEGABILL CLEARS FINAL HURDLE AS GOP HOLDOUTS FALL IN LINE… After an overnight standoff, House Republicans overcame internal divisions to advance President Trump’s all-encompassing tax-and-spending package ahead of his self-imposed July 4th deadline. ​​Fierce opposition from Democrats and initial GOP defectors gave way under pressure from the President, Vice President JD Vance, and party leadership, culminating in a 3 a.m. procedural breakthrough. The House could pass the final version today.

U.S. LIFTS TECH EXPORT CURBS AS CHINA EASES TRADE RESTRICTIONS… The United States has lifted export restrictions on chip design software developers and ethane producers, following signs of cooperation from Beijing on their trade restrictions on rare earth elements. The restrictions were initially imposed after China suspended shipment of rare earths and related magnets, disrupting critical supply chains. With Synopsys, Cadence, and Siemens now restoring access for Chinese customers, the move suggests a tentative reset in bilateral trade relations.

JOB GROWTH IN JUNE DEFIES EXPECTATIONS… 147,000 new jobs were added in June, surprising economists who predicted a slowdown in hiring amid tariff and fiscal policy uncertainty. The 147,000 mark exceeded economists’ projects by nearly 40,000, and decreased the unemployed rate to 4.1%. Healthcare continued to add jobs, as well as local and state governments, who continue to absorb those officials whose positions have been cut by DOGE in the federal government. With immigration predicted to be zero or negative this year, the US, as a result, may only need to add 10,000 to 40,000 jobs a month to maintain the current unemployment rate. 

AS A REMINDER…  In observance of Independence Day, Prism Group will close at 12:00 PM Today, July 3, and remain closed through tomorrow, July 4. We will resume normal business hours on Monday, July 7.

If anything urgent comes up during that time, please don’t hesitate to reach out — we’ll respond as able. Wishing you a safe and enjoyable Fourth of July weekend!

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS: 

Eight legislatures are in regular session.

WHAT WE'RE WATCHING: 

New Jersey lawmakers have given final approval to a bill ending requirements to publish legal notices in news outlets. Mandatory legal notices are significant revenue sources for newspapers, but many state residents won’t get home delivery after the Newark Star-Ledger and its affiliates stopped printing hard copies. The bill requires public entities to purchase online news ads informing residents where they can find legal notices.

Connecticut Gov. Ned Lamont (D) has signed legislation setting a net-zero emissions target and adding incentives for solar canopies, energy-efficient heating and cooling systems and green jobs. At the same time, Lamont hinted he is part of talks between the Trump administration and New York about building pipelines to deliver natural gas to New England. 

LAWMAKERS... IN OR OUT? 

The House... convenes today at 9:00 AM. The full schedule may be found here. 

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

HAPPENING ON THE HILL  

The House...  

Committee on Financial Services will hold a hearing Tuesday, July 8th at 10:00 AM entitled, “Main Street or Mandates? How Dodd-Frank Closed the Door on Financial Opportunities.”

Committee on Natural Resources, Oversight and Investigations Subcommittee will hold a hearing Tuesday, July 8th at 10:15 AM entitled, “Exploring the Economic Potential of the Golden Age of American Energy Dominance.” 

Committee on Energy & Commerce, Energy Subommittee will hold a hearing Tuesday, July 8th at 10:30 AM entitled, “Strengthening American Energy: A Review of Pipeline Safety Policy.”

Committee on Small Business, Contracting and Infrastructure Subcommittee will hold a hearing Tuesday, July 8th at 1:30 PM entitled, “Leveling the Playing Field: Fostering Opportunities for Small Business Contractors.”

Committee on Financial Services, Taskforce on Monetary Policy, Treasury Market Resilience, and Economic Prosperity will hold a hearing Tuesday, July 8th at 2:00 PM entitled, “Less Mandates. More Independence.”

Committee on Foreign Affairs, East Asia and Pacific Subcommittee will hold a hearing Tuesday, July 9th at 2:00 PM entitled, “Breaking China’s Chokehold on Critical Mineral Supply Chains.”

Committee on Natural Resources will hold a hearing Tuesday, July 8th at 2:00 PM entitled, “Legislative Hearing on H.R. 280, H.R. 3872, H.R. 4018, H.R. 4068, & H.R. 4090.”

Committee on Ways and Means will hold a hearing Wednesday, July 9th 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 Financial Services, Subcommittee on Capital Markets will hold a hearing Wednesday, July 9th at 10:00 AM entitled, “Fifteen Years of Dodd-Frank: Assessing the Costs, Consequences, and Path Forward for U.S. Capital Markets.”

Committee on Natural Resources will hold a hearing Wednesday, July 9th at 10:00 AM entitled “The State of Our Nation’s Federal Forests and the Outlook for the 2025 Wildfire Year.”

Committee on Energy & Commerce, Health Subcommittee will hold a hearing Wednesday, July 9th at 10:15 AM entitled, “Legislative Proposals to maintain and Improve the Public Health Workforce, Rural Health, and Over-the-Counter Medicines.”

Committee on Energy & Commerce, Communications and Technology Subcommittee will hold a hearing Wednesday, July 9th at 10:30 AM entitled, “Public Safety Communications in the United States.”

Committee on Financial Services, Subcommittee on Housing & Insurance will hold a hearing Wednesday, July 9th at 2:00 PM entitled, “HOME 2.0: Modern Solutions to the Housing Shortage.”

Committee on Ways and Means, Joint Social Security and Work & Welfare Subcommittee will hold a hearing Wednesday, July 9th at 2:00 PM entitled, “Hearing on Untapped Talent in America: Removing Barriers to Work and Supporting Opportunity for Individuals with Disabilities.”

The Senate...    

Committee on Health, Education, Labor, and Pensions will hold a hearing Wednesday July 9th at 9:45 AM entitled, “Nomination.”

Committee on Foreign Relations will hold a hearing Wednesday, July 9th at 10:00 AM entitled, “Nominations.”

Committee on Banking, Housing, and Urban Affairs will hold a hearing Wednesday, July 9th at 10:00 AM entitled, “From Wall Street to Web3: Building Tomorrow’s Digital Asset Markets.”

Committee on Health, Education, Labor, and Pensions will hold a hearing Wednesday, July 9th at 10:00 AM entitled. “Securing the Future of Health Care: Enhancing Cybersecurity and Protecting Americans’ Privacy.”

Committee on Appropriations will hold a hearing Wednesday, July 9th at 10:00 AM entitled, “A Future Without Type 1 Diabetes: Accelerating Breakthroughs and Creating Hope.”

BILLS OF INTEREST 

Rep. Keith Self introduced HR 4263 to enhance the competitiveness of the nuclear sector of the United States in foreign countries. 

Rep. Dave Min introduced HR 4256 to reauthorize the Digital Coast Act. 

Rep. Janice Schakowsky introduced HR 4262 to reauthorize programs related to health professions education. 

AT THE AGENCIES  

The U.S. Department of Labor 

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

The U.S. Department of the Treasury 

U.S. Secretary of the Treasury Scott Bessent issued a statement praising the passage of the One, Big, Beautiful Bill Act in the Senate. 

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 SBA is offering relief to small businesses and private nonprofits in Colorado, Michigan, Montana, New York, and South Dakota affected by extreme weather.  

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