EIW Today - March 5th, 2025

Mar 5

Prism Group's Daily Summary

TRUMP’S VICTORY LAP AND PLEDGE TO PUSH FORWARD... President Trump’s speech to a joint session of Congress was both a victory lap for his first six weeks in office and a pledge to push forward with his campaign promises, including no federal tax on tips and social security benefits, reciprocal tariffs against countries that levy tariffs on U.S. exports, and announcing investments by some of the biggest tech players in America. Trump stated that small businesses and American farmers may see “a little bit of an adjustment period” from increased costs to export products outside of the U.S. while encouraging businesses to “have fun selling in the U.S.”

HOUSE TAXWRITERS PUT PEN TO PAPER... The House Ways & Means Committee will start drafting plans for enacting their tax policy agenda as early next week, as Politico first reported. The committee meetings, tentatively scheduled for March 10 and 12, will help shed light on how Republicans plan to fit some $6 trillion in tax cuts – and possibly more if various proposals floated by President Trump are included – into a $4.5 trillion upper spending limit established by a budget measure passed last week.

HOUSE EDUCATION & WORKFORCE COMMITTEE HOLD WIOA HEARING ... Today, the House Education & Workforce (E&W) Subcommittee on Higher Education and Workforce Development will hold a hearing entitled, "Strengthening WIOA: Improving Outcomes for America’s Workforce." Reauthorization of the Workforce Innovation & Opportunity Act (WIOA), as well as A Stronger Workforce for America Act (ASWA), was included in the final Continuing Resolution (CR) of the 118th Congress, but was cut at the last minute along with many other provisions. The House is expected to reintroduce a form of ASWA in the near future, with this hearing officially kicking that process off.

HOUSE COMMITTEE ON SMALL BUSINESS MARKUP UNDERWAY... This morning at 9:45 AM, the House Committee on Small Business will hold a full committee markup to review several significant bills aimed at supporting small businesses. Key legislation includes H.R. 1642, which mandates Small Business Development Centers (SBDCs) and Women’s Business Centers (WBCs) to educate small businesses on career opportunities for technical education graduates and assist them in starting their own ventures. Other bills under consideration are the Transparency and Predictability in Small Business Opportunities Act (H.R. 789), which seeks to improve transparency in government contracting, and the Plain Language in Contracting Act (H.R. 787), aimed at simplifying contract solicitations.

US SMALL BUSINESSES SHED JOBS IN FEBRUARY, INTUIT DATA SHOWS... The smallest U.S. businesses shed jobs in February and average revenue fell, a sign of pressure in one vulnerable sector of the economy that preceded the Trump administration's announcement of sweeping new import taxes that could make the outlook even cloudier. An index developed by software firm Intuit, which provides payroll and other business software to companies, estimated that employment at firms with one to nine workers fell by around 125,000 over the month, to 12.5 million, a nearly full percentage point decline.

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS:

Forty-eight states are in regular session.

WHAT WE'RE WATCHING:

The New York Senate has advanced legislation to streamline procedures to allow employees to hold shareholders and owners personally liable for wage theft. Another bill would grant paid sick leave to domestic workers, and a third would create a crime of misappropriation of payroll funds.

Texas Governor Greg Abbott (R) established the Governor’s Small Business Freedom Council to determine how to loosen restrictions on small businesses and make Texas an even more inviting destination for businesses. The Freedom Council recently submitted its first report, complete with a series of legislative recommendations. These include eliminating unnecessary regulations and fees that increase costs and create delays, reducing tax and financial burdens to encourage investment and expansion, and modernizing government processes to improve efficiency and ease compliance.

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 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 TODAY, 3/5 at 10:00 AM entitled, “Scaling for Growth: Meeting the Demand for Reliable, Affordable Electricity."

Committe on Financial Services will be hold a hearing, TODAY, 3/5 at 10:00 AM entitled, “Markup of Various Measures.”

Committee on Appropriations will be hold a hearing, TODAY, 3/5 at 10:15 AM entitled, “FINANCIAL SERVICES AND GENERAL GOVERNMENT - MEMBER DAY.”

Committee on Appropriations will be hold a hearing, TODAY, 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 TODAY, 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 TODAY, 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 TODAY, 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 TODAY, 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

H.R. 1642 - Connecting Small Businesses with Career and Technical Education Graduates Act of 2025

H.R. 789 - Transparency and Predictability in Small Business Opportunities Act

H.R. 787 - Plain Language in Contracting Act

H.R. 1621 - Entrepreneurs with Disabilities Act of 2025

H.R. 1634 - ThinkDIFFERENTLY About Disabilities Employment Act

H.R. 1816 - WOSB Accountability Act

H.R.1804 - 7(a) Loan Agent Oversight Act

AT THE AGENCIES

The U.S. Department of Labor