EIW Today - June 12th, 2025

Prism Group's Daily Summary

PRESIDENT TRUMP PUSHES SENATE TO FINALIZE TAX DEAL AMID GOP TENSIONS… President Trump is pressuring Senate Republicans to deliver a finalized reconciliation package within three weeks and, as was the case in the House, the tax title is proving to be a major sticking point. Senators want to see key expiring provisions – namely 100% bonus depreciation and R&D expensing, both of which are extended on a temporary basis in the House bill – made permanent. There is also talk of scaling back the $40k SALT deduction cap included in the House version, which several blue-state Republicans have called a non-starter. Any changes made by the Senate will have to be resolved in conference or adopted as-is by the House; either way, expect more high-stakes votes in the coming weeks. President Trump hopes to resolve some of these differences today when he meets with Majority Leader Thune and Finance Chair Crapo. 

SENATE DEMS CONTINUE SPOTLIGHT SERIES… Senators Catherine Cortez Masto (D-NV) and Ben Ray Lujan (D-NM) held a “Spotlight Forum” yesterday on the impact of tariffs on small businesses. It’s the latest in a series of events Democrats have held as part of a broader effort to highlight what they see as harmful policies put forward by the Trump administration. A series of tariffs announced in early April were postponed for 90 days, and are set to resume on July 9. 

SBA URGES EMERGENCY DECLARATION IN CALI… U.S. Small Business Administration Administrator Kelly Loeffler has called on California Governor Gavin Newsom to request a federal disaster declaration to unlock emergency loans for Los Angeles small businesses impacted by recent riots. The SBA says it stands ready to offer Economic Injury Disaster Loans of up to $2 million to help affected businesses recover. The agency also announced plans to relocate its Los Angeles office, citing safety concerns and a broader policy shift away from operating in sanctuary cities.

SENATE VOTES TO PROCEED WITH GENIUS ACT… The US Senate landed on a 68 to 30 vote to advance legislation regulating stablecoins – a type of cryptocurrency pegged to a fiat currency – clearing the path for a final vote. The Genius Act (the Guiding and Establishing National Innovation for U.S. Stablecoins Act) stipulates that stablecoin currency is to be fully supported by the US dollar coupled with annual audits for issuers. Co-sponsor of the bill and Banking Committee Chair Senator Scott remarks that the bill’s progress is a promising development in American innovation, national security, and bipartisan cooperation.

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS: 

Eighteen states are in regular session. Maine and Missouri are in special session.

WHAT WE'RE WATCHING: 

Minnesota’s legislature has approved bipartisan legislation extending tax breaks for the construction of data centers until 2077. The sales tax break for data centers is expected to reach $114 million in Fiscal Year 2025, up from just $6 million when the tax incentive was first approved in FY 2015.

Iowa Gov. Kim Reynolds (R) signed legislation requiring pharmacy benefit managers to reimburse pharmacies at the national average drug acquisition cost. The law sets a baseline dispensing fee of $10.68 for every drug a pharmacy provides. It also bars PBMs from prohibiting or limiting someone from selecting a pharmacist or pharmacy of their choice.

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 Energy and Commerce, Commerce, Manufacturing, and Trade Subcommittee will hold a hearing on TODAY, 6/12 at 10:00 AM entitled, “Winning Off the Field: Legislative Proposal to Stabilize NIL and College Athletics.”

Committee on Foreign Affairs, South and Central Asia Subcommittee will hold a hearing on TODAY, 6/12 at 10:00 AM entitled, “Bureau of Industry and Security FY26 Budget: Export Controls and the AI Arms Race.” 

Committee on Natural Resources will hold a hearing on TODAY, 6/12 at 10:00 AM entitled, “Examining the President's FY 2026 Budget Request for the Department of the Interior.”

Committee on Ways and Means will hold a hearing on TODAY, 6/12 at 10:00 AM entitled, “Work & Welfare Subcommittee Hearing on Aging Out is Not a Plan: Reimagining Futures for Foster Youth.”

Committee on Financial Services will hold a hearing TODAY, 6/12 at 10:00 AM entitled, “Evaluating the Defense Production Act.” 

Committee on Financial Services will hold a hearing TODAY, 6/12 at 2:00 PM entitled, “Housing in the Heartland: Addressing our Rural Housing Needs.” 

The Senate...    

Committee on Judiciary will hold a hearing TODAY, 6/12 at 9:30 AM entitled "Executive Business Meeting.”

Committee on Banking, Housing, and Urban Affairs will hold a hearing TODAY, 6/12 at 10:00 AM entitled “Nomination Hearing.” 

Committee on Finance will hold a hearing TODAY, 6/12 at 10:00 AM entitled “The 

Committee on Foreign Relations will hold a hearing TODAY, 6/12 at 10:30 AM entitled “Nominations.”

Committee on the Judiciary will hold a hearing Tuesday, 6/17 at 10:15 AM entitled “Scammers Exposed: Protecting Older Americans from Transnational Crime Networks.”

President’s Fiscal Year 2026 Budget for the Department of Treasury and Tax Reform.”

Committee on Energy and Natural Resources will hold a hearing Wednesday, 6/18 at 10:00 AM entitled “Full Committee Hearing to Examine the President's Budget Request for the U.S. Department of Energy for Fiscal Year 2026.”

Committee on Health, Education, Labor, and Pensions will hold a hearing Wednesday, 6/18 at 10:00 AM entitled “Nominations of Jonathan Berry to be Solicitor, Department of Labor, Andrew Rogers to be Administrator of the Wage and Hour Division, Department of Labor, Anthony D’Esposito to be Inspector General, Department of Labor and Andrea Lucas to be a Member, Equal Employment Opportunity Commission.”

Committee on Appropriations, Subcommittee will hold a hearing Wednesday, 6/18 at 10:00 AM entitled, “A Review of the President’s Fiscal Year 2026 Budget Request for the Army.”

Committee on the Judiciary will hold a hearing Wednesday, 6/18 at 10:15 AM entitled, "Executive Business Meeting.” 

Committee on the Judiciary will hold a hearing Wednesday, 6/18 at 10:15 AM immediately following the Executive Business Meeting entitled, “Unfit to Serve: How the Biden Cover-Up Endangered America and Undermined the Constitution Type:Full Committee Hearing.”

Committee on Foreign Relations will hold a hearing Wednesday, 6/18 at 10:30 AM entitled “Business Meeting.”

Committee on Foreign Relations will hold a hearing Wednesday, 6/18 immediately following the Business Meeting entitled, “NATO Summit 2025: An Assessment of Transatlantic Security Cooperation.” 

BILLS OF INTEREST 

Rep. Johnny Olszewski (D-MD-2) introduced HR 3851 to amend section 9 of the Small Business Act to extend and expand phase flexibility authority. 

Rep. Joe Neguse (D-CO-2) introduced HR 3849 to prohibit certain individuals from engaging in prohibited financial transactions. 

Rep. Gregory Steube (R-FL-17) introduced HR 3853 to essentially codify President Trump’s efforts to eliminate bureaucracies via executive orders. 

Rep. Julie Fedorchak (R-ND-At Large) introduced HR 3843 to amend the Federal Power Act to prohibit certain retirements of baseload electric generating units. 

AT THE AGENCIES  

The U.S. Department of Labor 

The U.S. Department of Labor released the weekly unemployment insurance claims report.

The U.S. Department of the Treasury 

Treasury Secretary Scott Bessent testified before the House Ways and Means Committee, addressing the Treasury’s priorities and initiatives. Bessent emphasized the importance of improving and modernizing financial systems to improve efficiency and accountability in federal spending. He reiterated the department’s commitment to tax cuts, investment in US manufacturing, and key international trade relationships.

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 announced it would offer relief to Oklahoma and Florida nonprofits and small businesses affected by spring storms. Specific eligibility requirements may vary, please see specific details at your respective state’s link. The deadline to return physical damage applications for Oklahoma is July 11, while the deadline to submit economic injury applications for Florida is July 7, 2025.

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