EIW Today - March 31st, 2025
- Prism Group
- Mar 31
- 4 min read
Prism Group's Daily Summary
GOP LEADERS LOOK TO RESOLVE SCORING AND SPENDING QUESTIONS... Senate Majority Leader John Thune is pushing for a compromise budget resolution to advance President Trump’s agenda, but key hurdles remain. A major sticking point is whether Republicans can use the "current policy baseline" to justify making the 2017 tax cuts permanent without adding to the official cost; Senate Parliamentarian Elizabeth MacDonough must rule on this, and talks between her and GOP leaders are ongoing. Meanwhile, differences between House and Senate spending cut targets remain, but if all goes smoothly the Senate could begin the next step in the budget reconciliation process as early as Wednesday.
DOGE PUSHES CHANGES TO SBA LOAN APPLICATION PROCESS... In a recent post on X, the Department of Government Efficiency announced all direct Small Business Administration loan applications would be paused for those under 18 and above 120 years of age, and would require age verification as part of the application process. The changes are narrow but signal additional modifications could be in the works.
PRESIDENT TRUMP’S “LIBERATION DAY” AROUND THE CORNER... On Wednesday, April 2, dubbed “Liberation Day,” the President is expected to announce reciprocal tariffs against nations who charge fees on US exports. Global markets are already bracing for impact and continue to fall as gold, a traditionally safe asset, reaches new record highs. There is still a lack of clarity around the plan’s details.
THE “GOLDEN AGE OF AMERICAN INNOVATION”... President Trump sent a letter to the Office of Science and Technology Policy Director, Michael Kratsios, outlining three goals to jumpstart American Innovation The goals include maintaining U.S. dominance as the global leader in emerging technologies like AI, revitalizing the science and technology research ecosystem to promote meritocracy, and ensuring scientific and technology innovations that are focused on economic growth and improving the lives of people globally.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Forty-one states are in regular session.
WHAT WE'RE WATCHING:
Lawmakers in New York and New Jersey are considering bills mandating a reduction in the use of plastic packaging to cut down on pollution. The so-called extended producer responsibility bills would require manufacturers to pay for recycling plastic packaging.
The Washington Senate has approved a 6-cent increase on the state gas tax, along with a 2% annual increase in future years. The Senate also passed a $78.5 billion two-year budget that lifts the cap on annual property tax growth and a new tax on assets of wealthy individuals.
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 Small Business will hold a hearing Tuesday, 4/1 at 10:00 AM entitled, “The Golden Age: Unleashing Main Street Through Deregulation.”
Committee on Financial Services will hold a hearing Tuesday, 4/1 at 10:00 AM entitled, “Following the Money: Tools and Techniques to Combat Fraud.”
Committee on Energy and Commerce Subcommittee on Health will hold a hearing Tuesday, 4/1 at 10:15 AM entitled, “Examining the FDA’s Regulation of Over-the-Counter Monograph Drugs."
Committee on Energy and Commerce Subcommittee on Oversight and Investigations will hold a hearing Tuesday, 4/1 at 10:30 AM entitled, “Aging Technology, Emerging Threats: Examining Cybersecurity Vulnerabilities in Legacy Medical Devices."
Committee on Appropriations will hold a hearing Tuesday, 4/1 at 8:30 AM entitled, “NATIONAL SECURITY AND DEPARTMENT OF STATE - MEMBER DAY.”
Committee on Small Business will hold a hearing Wednesday, 4/2 at 10:00 AM entitled, “Fueling America's Future: How Investment Empowers Small Business Growth.”
Committee on Appropriations will hold a hearing Wednesday, 4/2 at 10:00 AM entitled, “NATIONAL SECURITY AND DEPARTMENT OF STATE - OUTSIDE WITNESS DAY.”
Committee on Appropriations will hold a hearing Wednesday, 4/2 at 10:00 AM entitled, “BUDGET HEARING – U.S. HOUSE OF REPRESENTATIVES.”
The Senate...
Committee on Finance will hold an executive session Tuesday, 4/1 at 10:00 AM entitled “Open Executive Session to Consider Favorably Reporting the Nomination of Frank Bisignano, of New Jersey, to be Commissioner of Social Security Administration for the term expiring January 19, 2031.”
Committee on Judiciary will hold a hearing Tuesday, 4/1 at 2:30 PM entitled, “Big Fixes for Big Tech.”
Committee on Judiciary will hold a hearing Wednesday, 4/2 at 10:15 AM entitled, “Rule by District Judges II: Exploring Legislative Solutions to the Bipartisan Problem of Universal Injunctions.”
Committee on Small Business and Entrepreneurship will hold a Business Meeting Wednesday, 4/2 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 Judiciary will hold a hearing Thursday, 4/3 at 10:15 AM entitled, “Executive Business Meeting.”
BILLS OF INTEREST
The bill repeals the small business loan data collection requirements under the Equal Credit Opportunity Act. Supporters of the bill argue it will reduce barriers to lending, while critics argue it removes transparency and oversight mechanisms in small business lending. Both bills remove reporting requirements for small business loan applications such as demographic information.
AT THE AGENCIES
The U.S. Department of Labor
Check back tomorrow for possible updates.
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
The U.S. Small Business Administration (SBA) announced it has restored lender fees to its 7(a) loan program.
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