EIW Today - June 4th, 2025

Prism Group's Daily Summary

HOUSE SMALL BIZ HEARS FROM ADMINISTRATOR LOEFFLER… A Small Business Committee hearing entitled, “Budgeting for Growth: Testimony from SBA Administrator Kelly Loeffler,” kicks off at 10am. Loeffler’s written testimony presents the SBA’s FY26 budget as a return to its core mission, emphasizing streamlined operations, reduced bureaucracy, and a renewed focus on capital access and field support. She also outlines a series of reforms aimed at increasing efficiency, restoring financial oversight, and reprioritizing small business support, while contrasting the current administration’s approach with that of the previous one. Prism Group staff will be covering the hearing in person and will report on any notable developments. 

STEEL & ALUMINUM TARIFFS SET TO DOUBLE TODAY… Starting today, President Trump’s tariff on imported metals will rise to 50%. During a visit to a US Steel plant in Pittsburgh last Friday, he said the move would block cheap foreign steel and support domestic steel and aluminum producers. However, the higher tariff could raise costs for companies that rely on steel, such as canned goods manufacturers. For every US steelworker, an estimated 80 factory workers depend on steel to produce goods. American manufacturers are divided on whether the tariff will strengthen domestic manufacturing or slow economic growth. 

In other trade news, President Trump expects countries to provide best offers on trade negotiations by the end of day today as a looming deadline closes in five weeks. The US Trade Representative drafted a letter to foreign negotiating partners suggesting urgency within the administration to finalize trade deals with major trading partners. So far, only one deal has been reached with the U.K.. The letter asks countries to list best proposals to key trade issues, such as tariff and quota offers for the purchase of US manufacturing and agricultural products.

META GOES NUCLEAR… Showcasing the intense energy demands of AI and other emerging technologies, Meta has partnered with a nuclear energy provider, a first deal of its kind in the US. As power demands continue to skyrocket, companies are eager to diversify their energy portfolios, especially within the Nuclear sector. In March, Amazon, Google, and Meta, signed a pledge calling for the tripling of nuclear energy use worldwide by 2050. 

BIPARTISAN CRYPTO REGULATION BILL PROPOSED IN HOUSE… House Financial Services Committee Chairman French Hill (R-AR) said the Digital Asset Market Clarity Act of 2025 will “bring long-overdue clarity to the digital asset ecosystem and prioritize consumer protection and American innovation.” The bill would require developers to disclose key information about a digital asset’s operations, ownership, and structure. Brokers and dealers would need to provide disclosures to customers, separate client funds from their own, and manage conflicts of interest through registration and compliance requirements. Supporters say the legislation offers a clear regulatory framework for digital assets under the Securities and Exchange Commission, while also providing trusted pathways for trading digital commodities regulated by the Commodity Futures Trading Commission.

U.S. AI SAFETY INSTITUTE SET TO BECOME CENTER FOR AI STANDARDS AND INNOVATION… The Trump administration has announced a reorganization of the institute that studies risks in widely used AI systems like ChatGPT. The Department of Commerce said the move is intended to prioritize innovation over regulatory hurdles. The new center will operate within the National Institute of Standards and Technology (NIST). Commerce Secretary Howard Lutnick stated, “For far too long, censorship and regulations have been used under the guise of national security. Innovators will no longer be limited by these standards. CAISI will evaluate and enhance U.S. innovation in rapidly developing commercial AI systems while ensuring they remain aligned with national security standards.”

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS: 

Twenty-one states are in regular session. Maine and Mississippi are in special session.

WHAT WE'RE WATCHING: 

A bipartisan group of 260 state legislators from all 50 states have written to Congress urging them to abandon a proposal in President Trump’s “big beautiful bill” to place a 10-year moratorium on state and local AI regulations. State attorneys general in both parties have also called on Congress to drop the proposal.

The North Carolina House has approved legislation creating a five-member board of appointees to manage $127 billion in investments. Another bill would allow the board to invest up to 5% of that portfolio in cryptocurrency

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, 6/04 at 10:00 AM entitled, “Budgeting for Growth: Testimony from SBA Administrator Kelly Loeffler.”

Committee on Financial Services will hold a hearing TODAY, 6/04 at 10:00 AM entitled, “American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework.”

Committee on Energy and Commerce will hold a hearing TODAY, 6/04 at 10:30 AM entitled, “AI in the Everyday: Current Applications and Future Frontiers in Communications and Technology.”

Committee on Appropriations will hold a hearing TODAY, 6/04 at 2:00 PM entitled, “Budget Hearing – Office of Management and Budget.”

Committee on Financial Services will hold a hearing Tomorrow, 6/05 at 10:00 AM entitled, “Framework for the Future: Reviewing Data Privacy in Today’s Financial System.”

Committee on Small Business will hold a hearing Tomorrow, 6/05 at 10:00 AM entitled, “Investing in America: How Private Equity Empowers Main Street.”

Committee on Appropriations will hold a hearing Tomorrow, 6/05 at 11:00 AM entitled, “Budget Hearing – Fiscal Year 2026 Request for the Department of Commerce.”

The Senate...    

Committee on Appropriations will hold a hearing TODAY, 6/04 at 10:00 AM entitled, “A Review of the President’s Fiscal Year 2026 Budget Request for the Department of Commerce.”

Committee on Health, Education, Labor, and Pensions will hold a hearing TODAY, 6/04 at 10:00 AM entitled, “Reauthorization of the Over-the-Counter Monograph Drug User Fee Program.”

Committee on Health, Education, Labor, and Pensions will hold a hearing Tomorrow, 6/05 at 10:00 AM entitled, “Nominations of Penny Schwinn to be Deputy Secretary of Education, Department of Education, Kimberly Richey to be Assistant Secretary for Civil Rights, Department of Education, Daniel Aronowitz to be Assistant Secretary of Labor for the Employee Benefits Security Administration, Department of Labor and David Keeling to be Assistant Secretary of Labor for the Occupational Safety and Health Administration.”

Committee on Judiciary will hold a hearing Tomorrow, 6/05 at 10:15 AM entitled, “Executive Business Meeting.”

BILLS OF INTEREST 

Rep. Roger Williams (R-TX-15) introduced HR 3672 to expand the research report exception to include reports about any issuer that undertakes a proposed offering of public securities. 

Rep. Richard Hudson (R-NC-9) introduced HR 3668 to promote interagency coordination for reviewing certain authorizations under section 3 of the Natural Gas Act.

Rep. Byron Donalds (R-FL-19) introduced HR 3667 to codify existing executive orders related to nuclear energy.

AT THE AGENCIES  

The U.S. Department of Labor 

The U.S. Department of Labor announced the launch of its opinion letter program. This expands the department’s longstanding commitment to providing meaningful compliance assistance that helps workers, employers and other stakeholders understand how federal labor laws apply in specific workplace situations.   

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 

Check back tomorrow for possible updates. 

Want this email forwarded to you? Curious for more information? 

Subscribe to EIW Today to receive the morning newsletter directly in your own inbox!