Prism Group's Daily Summary
WORRIES OF A GOVERNMENT SHUTDOWN LOOM... With the current Continuing Resolution set to expire on March 14, Congress has less than two weeks to act before a government shutdown takes effect. The path forward remains murky at best: House Speaker Johnson previously signaled a desire to pass a “clean” bipartisan extension, but recent actions – as well as a statement from the chamber’s Minority Leader – suggest otherwise. Prism Group is watching closely to see whether a deal materializes and if any concessions are made regarding policy riders.
DE MINIMIS EXEMPTION UPDATES...
The de minimis exemption, which allows imports under $800 to enter the U.S. duty-free, remains in place (for now) for Canada and Mexico, even as new tariffs on those countries were instated last night. While the exemption was initially set to be revoked, the Trump administration amended its tariff orders to delay enforcement until more effective tariff collection systems are in place.
China’s de minimis status has followed a similar pattern—initially revoked as part of a broader tariff order, then reinstated until a workable system for collecting duties is implemented. For small businesses, this means that while low-value imports from China, Canada, and Mexico aren't subject to import duties for now, the exemption is still on track to be phased out.
TARIFFS ON MEXICO AND CANADA GO INTO EFFECT... President Donald Trump has enacted 25% tariffs on imports from Mexico, Canada, and upped the tariffs on China to 20%, fulfilling a key campaign promise. Effective immediately, China responded with their plan to enact 15% tariffs on various US products and restricted export controls of 15 US companies. This has raised concerns about a potential trade war, a sentiment seen in the global market reaction.
AARP SURVEY SHOWS SMALL BUSINESS SUPPORT FOR MORE RETIREMENT OPTIONS FOR WORKERS... A recent AARP survey of 504 small business owners across Arkansas revealed strong support for expanding retirement savings options for workers. The poll found that 79% of respondents favor a privately managed, ready-to-use retirement savings program that would help small businesses offer their employees a secure way to save for the future. Additionally, 88% believe state lawmakers should back legislation that makes it easier for small business owners to access such savings plans for both their employees and themselves. These findings highlight the growing demand for practical retirement solutions that empower small businesses and their workers alike. The survey results were released on Monday, March 3.
THE STATE OF THE STATES
SESSIONS BY THE NUMBERS:
Forty-seven states are in regular session.
WHAT WE'RE WATCHING:
Gov. Wes Moore (D) has reiterated his commitment to economic growth in Maryland at a California Gov. Gavin Newsom (D) today signed an executive order mandating that all state agencies and departments that continue to offer remote work require a minimum of four in-person days per work week starting on July 1. Exceptions may be offered on a case-by-case basis. The order is likely to inflame tensions between the governor and labor unions representing public employees, which have fought back against previous efforts to limit telework for the state workforce. About 95,000 employees continue to work remotely or in a hybrid capacity, according to the governor’s office.
A new legislative development is stirring discussions across Idaho, especially within the employment sector. House Bill 252, introduced in the Idaho Legislature, proposes a significant change in how employers verify their workforce’s legal status to work in the United States. This bill could have widespread implications across multiple industries in the state.
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 Financial Services will be hold a hearing, TODAY, 3/ 4 at 10:00 AM entitled, “Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity: Examining Monetary Policy and Economic Opportunity.”
Committee on Energy and Commerce Subcommittee on Commerce, Manufacturing, and Trade will hold a hearing TODAY, 3/ 4 at 10:15 AM entitled, “Moving the Goalposts: How NIL is Reshaping College Athletics."
Committee on Financial Services will be hold a hearing, TODAY, 3/ 4 at 2:00 PM entitled, “Hearing Entitled: Building Our Future: Increasing Housing Supply in America.”
Committee on Energy and Commerce will be hold a hearing TODAY, 3/ 4 at 2:00 PM entitled, “Markup"
Committee on Small Business will be holding a markup, TODAY, 3/5 at 9:45 AM entitled, “Full Committee Markup.”
Committee on Energy and Commerce Subcommittee on Energy will hold a hearing Wednesday, 3/5 at 10:00 AM entitled, “Scaling for Growth: Meeting the Demand for Reliable, Affordable Electricity."
Committee on Financial Services will be hold a hearing, Wednesday, 3/5 at 10:00 AM entitled, “Markup of Various Measures.”
Committee on Appropriations will be hold a hearing, Wednesday, 3/5 at 10:15 AM entitled, “FINANCIAL SERVICES AND GENERAL GOVERNMENT - MEMBER DAY.”
Committee on Appropriations will be hold a hearing, Wednesday, 3/5 at 10:20 AM entitled, “LABOR, HEALTH AND HUMAN SERVICES, EDUCATION - MEMBER DAY.”
Committee on Energy and Commerce Subcommittee on Communications and Technology will hold a hearing Wednesday, 3/5 at 2:00 PM entitled, “Fixing Biden’s Broadband Blunder."
The Senate...
Committee on Health, Education, Labor and Pensions will hold a hearing Wednesday, 3/5 at 10:00 AM entitled, “Nomination of Jayanta Bhattacharya to serve as Director of the National Institutes of Health.”
Committee on Judiciary will hold a hearing Wednesday, 3/5 at 10:15 AM entitled, “Never To Be Silent: Stemming the Tide of Antisemitism in America.”
Committee on Small Business and Entrepreneurship will hold a hearing Wednesday, 3/5 at 2:30 PM entitled, “Golden Age of American Innovation: Reforming SBIR-STTR for the 21st Century.”
Committee on Health, Education, Labor and Pensions will hold a hearing Thursday, 3/6 at 9:30 AM entitled, “Nomination.”
Committee on Finance will hold a hearing Thursday, 3/6 at 10:00 AM entitled, “Hearing to Consider the Nomination of The Honorable Michael Faulkender, of Maryland, to be Deputy Secretary of the Treasury, vice Adewale O. Adeyemo, resigned.”
Committee on Health, Education, Labor and Pensions will hold a hearing Thursday, 3/6 at 10:00 AM entitled, “Nomination of Martin Makary to serve as Commissioner of Food and Drugs.”
Committee on Judiciary will hold a hearing Thursday, 3/6 at 10:15 AM entitled,“Executive Business Meeting.”
BILLS OF INTEREST
US H.R. 1590, introduced on the 26th of February, would require Federal agencies with an SBIR or STTR program to enhance their outreach to rural communities with respect to such programs, and for other purposes.
US H.R. 1642, introduced on the 26th of February, would amend the Small Business Act to include requirements relating to graduates of career and technical education programs for small business development centers and women's business centers, and for other purposes.
US H.R. 1621, introduced on the 27th of February, would require the Administrator of the Small Business Administration to submit to Congress a report on the entrepreneurial challenges facing entrepreneurs with a disability.
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
United States Trade Representative Jamieson Greer delivered President Trump’s 2025 Trade Policy Agenda, 2024 Annual Report, and World Trade Organization at Thirty report to Congress.
The U.S. Small Business Administration
Check back tomorrow for possible updates.
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