EIW Today - May 13th, 2025

Prism Group
May 13
5 min read

Prism Group's Daily Summary

TAX AND SPENDING CUT BILL FACES SIGNIFICANT HURDLE BEFORE HEADING TO THE FLOOR... Three key House committees - Energy & Commerce, Ways & Means, and Agriculture - are marking up key elements of the GOP’s sweeping reconciliation package, a major test for Speaker Mike Johnson’s leadership. The committees will review Medicaid and SNAP cuts, rollbacks of clean energy tax credits, and business-friendly tax breaks. Internal GOP tensions are high: conservatives want deeper cuts, while moderates and blue-state Republicans are balking over the lack of a favorable SALT deal. With only a razor-thin majority, House Republicans face a rocky path ahead, both in their own chamber and with the Senate.

EO MODIFIES TARIFF RATE ON DE MINIMIS IMPORTS… President Trump has lowered the de minimis tariff on low-value Chinese imports from 120% to 54% and reduced the flat fee from $200 to $100, effective May 14, offering limited relief to importers and consumers. The move is part of a broader U.S.-China trade de-escalation, including a mutual tariff reduction and a 90-day negotiation window. China's tariffs on U.S. goods also dropped to 10%, and it lifted other retaliatory measures.

PUNCHBOWL NEWS LAUNCHES “FUTURE OF MEDICINE” SERIES IN PARTNERSHIP WITH INCUBATE… Punchbowl News has debuted a new editorial series in partnership with Incubate, focused on the policies, investments, and breakthroughs shaping the next generation of American health care. Titled Future of Medicine, the coverage will examine how biotech innovations move from early-stage research to real-world treatments—and what policymakers can do to strengthen the pipeline. The series includes in-depth reporting, newsletters, podcast interviews, and a live event in June featuring leaders from government and industry. View the series here.

PRESIDENT XI’S MOVES TOWARD LATIN AMERICA … Chinese President Xi Jinping is deepening ties with Latin America, offering nearly $10 billion in credit and visa-free travel to five countries, attempting to poise China as a stable partner amid global trade tensions. This move comes as the U.S., under President Trump, escalates tariffs, prompting Latin American nations like Colombia and Brazil to align more closely with China's Belt and Road Initiative. While China's influence grows, leaders like Brazil's President Lula da Silva caution against overdependence, advocating for regional autonomy.

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS:

Thirty states are in regular session. Maine is in special session.

WHAT WE'RE WATCHING:

The Iowa House has given final approval to legislation creating new restrictions on pharmacy benefit managers. The bill limits PBMs from requiring patients to go to specific pharmacies. It requires pharmacies to be reimbursed at average state or national drug costs.

The Texas House has approved legislation funding a grant program for research and medical trials of ibogaine, a psychoactive compound used to treat PTSD, opioid addiction and other mental health conditions. Veterans who received treatment in Mexico testified in favor of allowing the trials.

LAWMAKERS... IN OR OUT?

The House... convenes today at 2:00 PM. 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 Energy and Commerce will hold a hearing TODAY, 5/13 at 2:00 PM entitled, “Full Committee Markup of Budget Reconciliation Text.”

Committee on Appropriations will hold a hearing Tomorrow, 5/14 at 9:30 AM entitled “Budget Hearing – U.S. Department of Health and Human Services.”

Committee on Appropriations will hold a hearing Tomorrow, 5/14 at 10:00 AM entitled, “Oversight Hearing – The Cybersecurity and Infrastructure Security Agency.”

Committee on Financial Services will hold a hearing Tomorrow, 5/14 at 10:00 AM entitled, “Expanding Choice and Increasing Supply: Housing Innovation in America.”

Committee on Financial Services will hold a hearing Tomorrow, 5/14 at 10:00 AM entitled, “Examining Treasury Market Fragilities and Preventative Solutions.”

Committee on Small Business will hold a hearing Tomorrow, 5/14 at 10:00 AM entitled “Investing in America: How Private Equity Empowers Main Street.”

Committee on Appropriations will hold a hearing Tomorrow, 5/14 at 10:00 AM entitled “Budget Hearing – U.S. Department of Transportation.”

Committee on Small Business will hold a hearing Thursday, 5/15 at 10:00 AM entitled “A Small Part in A Big Company: Examining the Power of Franchising in the American Economy.”

Committee on Appropriations will hold a hearing Thursday, 5/15 at 10:00 AM entitled “Budget Hearing – U.S. Department of Labor”

The Senate...

Committee on Judiciary will hold a hearing TODAY, 5/13 at 10:15 AM entitled, “PBM Power Play: Examining Competition Issues in the Prescription Drug Supply Chain.”

Committee on Appropriations will hold a hearing Tomorrow, 5/14 at 10:30 AM entitled, “A Review of the President's Fiscal Year 2026 Budget Request for the Environmental Protection Agency.”

Committee on Judiciary will hold a hearing Tomorrow, 5/14 at 2:30 PM entitled, “Foreign Threats to American Innovation and Economic Leadership.”

Committee on Appropriations will hold a hearing Tomorrow, 5/14 at 3:00 PM entitled, “A Review of the Fiscal Year 2026 Budget Requests for the Senate Sergeant at Arms and United States Capitol Police.”

Committee on Finance will hold a hearing Tomorrow, 5/14 at 10:00 AM entitled, “Nominations of James O’Neill to serve as Deputy Secretary of Health and Human Services, and Janette Nesheiwat to serve as Medical Director in the Regular Corps of the Public Health Service and Surgeon General of the Public Health Service.”

Committee on Health, Education, Labor & Pensions will hold a hearing Tomorrow, 5/14 at 1:30 PM entitled, “Fiscal Year 2026 Department of Health and Human Services Budget.”

Committee on Small Business & Entrepreneurship will hold a hearing Tomorrow, 5/14 at 2:30 PM entitled, “Financing America's Manufacturing and Industrial Boom.”

Committee on Appropriations will hold a hearing Thursday, 5/15 at 10:00 AM entitled, “A Review of the President’s Fiscal Year 2026 Budget Request for the Department of Transportation.”

Committee on Judiciary will hold a hearing Thursday, 5/15 at 10:15 AM entitled, “Executive Business Meeting.”

BILLS OF INTEREST