EIW Today - March 24th, 2025

Prism Group's Daily Summary

BUDGET RECONCILIATION TALKS KICK OFF... House and Senate Republicans this week will begin reconciling their vastly different budget resolutions, a process critical to advancing former President Trump’s legislative agenda. The House budget proposes $1.5 trillion in spending cuts and $4.5 trillion in tax cuts, while the Senate favors a two-bill approach that deals with tax provisions separately. While the House is expected to drive the process going forward, several senators have expressed skepticism that the specified level of spending cuts is achievable. The scope of the tax cuts will also be a sticking point, with the Senate pushing to make the expiring provisions permanent.  

US ECONOMIC GROWTH SLUMPS AMID TARIFFS... Federal Reserve officials raised the rate of inflation from 2.5 to 2.7 percent for the year while GDP growth is expected at 1.7 percent, down from earlier projections of 2.1 percent. Officials kept interest rates on hold at 4.25 to 4.5 percent. The reason for the increase in inflationary rates and decrease in GDP growth was said to be increasing uncertainty around the country’s general economic outlook after several rounds of tariffs implemented and then called off by President Trump.  

TREASURY UNVEILS NEW CTA REGS... On Friday the Treasury Department’s Financial Crimes Enforcement Network rolled out a new interim rule that effectively overhauls the Corporate Transparency Act’s reporting requirements. The regulations exempt all domestic entities from complying with the statue, meaning only foreign companies will have to file their Beneficial Ownership Information reports going forward.  

PROCUREMENT EXECUTIVE ORDERS... Late last week, President Trump signed an Executive Order (EO) that would consolidate federal procurement contracts for common goods and services into the General Services Administration (GSA) as well as Governmentwide Acquisition Contracts (GWACs) and Indefinite Deliver, Indefinite Quantity (IDIQ) contracts for IT services. Another EO that rewrites the Federal Acquisition Regulations (FAR) is expected to be announced in the coming days. 

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS: 

Forty-five states are in regular session.

WHAT WE'RE WATCHING: 

Pennsylvania Gov. Josh Shapiro (D) hailed a first-in-the-nation pilot project testing how ChatGPT can assist state employees in doing their jobs. Gov. Shapiro said the pilot program saved employees nearly eight hours a week on average across fourteen agencies. 

The Idaho House has approved legislation preempting local governments from setting standards for child care facilities that are stricter than state guidelines. The bill would loosen child-to-staff ratios required under state law; an earlier version would have eliminated child-to-staff ratio requirements altogether. 

LAWMAKERS... IN OR OUT? 

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

The Senate... convenes today at 3:00 PM. The full schedule may be found here. 

HAPPENING ON THE HILL  

The House...  

Committee on Financial Services will hold a hearing Tuesday, 3/25 at 10:00 AM entitled, “Beyond Silicon Valley: Expanding Access to Capital Across America.”  

Committee on Appropriations will hold a hearing Tuesday, 3/25 at 10:00 AM entitled, “INTERIOR AND ENVIRONMENT - MEMBER DAY.”  

Committee on Energy and Commerce Subcommittee on Energy will hold a hearing Tuesday, 3/25 at 10:15 AM entitled, “Keeping the Lights On: Examining the State of Regional Grid Reliability."  

Committee on Ways and Means Trade Subcommittee will hold a hearing Tuesday, 3/25 at 2:00 PM entitled, “Hearing on American Trade Negotiation Priorities.”  

Committee on Appropriations will hold a hearing Tuesday, 3/25 at 2:00 PM entitled, “OVERSIGHT HEARING – CAPITOL COMPLEX PUBLIC SAFETY AND SECURITY.”  

Committee on Small Business will hold a hearing Wednesday, 3/26 at 10:00 AM entitled, “The Golden Age: Unleashing Main Street Through Deregulation.” 

Committee on Financial Services will hold a hearing Wednesday, 3/26 at 10:00 AM entitled, “A New Era for the CFPB: Balancing Power and Reprioritizing Consumer Protections.” 

Committee on Appropriations will hold a hearing Wednesday, 3/26 at 10:00 AM entitled, “INTERIOR AND ENVIRONMENT - MEMBER DAY.” 

Committee on Energy and Commerce Subcommittee on Commerce, Manufacturing and Trade will hold a hearing Wednesday, 3/26 at 10:00 AM entitled, "The World Wild Web: Examining Harms Online." 

The Senate...      

Committee on Finance will hold an Executive Business Meeting Tuesday, 3/25 at 9:30 AM entitled, “Open Executive Session to Consider Favorably the Nomination of Mehmet Oz, of Pennsylvania, to be Administrator of the Centers for Medicare and Medicaid Services.”  

Committee on Finance will hold a hearing Tuesday, 3/25 at 10:10 AM entitled, “Hearing to Consider the Nomination of Frank Bisignano, of New Jersey, to be Commissioner of Social Security Administration for the term expiring January 19, 2031, vice Martin O'Malley, resigned.” 

Committee on Judiciary will hold a hearing Tuesday, 3/25 at 2:00 PM entitled, “The Censorship Industrial Complex.” 

Committee on Judiciary will hold a hearing Wednesday, 3/26 at 10:15 AM entitled, “Nominations.”  

Committee on Small Business and Entrepreneurship will hold a Business Meeting Wednesday, 3/26 at 2:30 PM entitled “The Committee on Small Business and Entrepreneurship will hold a Business Meeting to consider pending business of the committee.” 

Committee on Banking, Housing and Urban Affairs will hold a hearing Thursday, 3/27 at 10:00 AM entitled “Nomination Hearing.”  

Committee on Health, Education, Labor and Pensions will hold a hearing Thursday, 3/27 at 10:00 AM entitled, “Antisemitic Disruptions on Campus: Ensuring Safe Learning Environments for All Students.”  

Committee on Judiciary will hold an Executive Business Meeting Thursday, 3/27 at 10:15 AM entitled, “Executive Business Meeting.” 

BILLS OF INTEREST 

S. 1047. "Assisting Small Businesses Not Fraudsters Act" The Senate Committee on Small Business and Entrepreneurship will discuss this legislation in their Wednesday hearing.

AT THE AGENCIES  

The U.S. Department of Labor 

The U.S. Department of Labor announced that it is accepting employers’ applications for the 2025 HIRE Vets Medallion Award through April 30, 2025, as part of its annual program to recognize employers for excellence in the recruitment, hiring, and retention of America’s military veterans. 

The U.S. Department of the Treasury 

The U.S. Department of the Treasury released Treasury International Capital (TIC) data for January 2024. The next release, which will report on data for February 2025, is scheduled for April 16, 2025. 

The U.S. Department of Commerce 

Check back next week for possible updates. 

The U.S. Trade Representative  

The Office of the United States Trade Representative will hold a public hearing on March 24 and March 26, 2025, regarding proposed actions in the Section 301 investigation on China’s targeting of the maritime, logistics, and shipbuilding sectors for dominance. 

The U.S. Small Business Administration 

Check back next week for possible updates. 

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