EIW Today - May 21st, 2025

Prism Group's Daily Summary

HOUSE GOP PUSHES AHEAD WITH BROAD TAX AND SPENDING CUT BILL… House Speaker Mike Johnson is racing to advance a sweeping reconciliation package before Memorial Day, aiming for a floor vote as early as today. The bill, still undergoing major last-minute changes - including adjustments to the SALT deduction and clean energy tax credits - has yet to be completely finalized, though House leaders appeared confident yesterday that they were close to reaching consensus within the caucus. That said, internal GOP divisions remain, with conservatives pressing for further changes and some Senate Republicans already signaling skepticism about key provisions.

SBA LAUNCHES ONSHORING DATABASE TO STRENGTHEN U.S. SUPPLY CHAINS… The Small Business Administration has unveiled a new “Make Onshoring Great Again” portal to help small businesses connect with over 1 million domestic suppliers. The initiative aims to reduce reliance on foreign supply chains—especially China—and support U.S. manufacturing. The tool, launched under Administrator Kelly Loeffler, builds on SBA’s broader effort to expand capital access, promote a skilled workforce, and streamline regulations.

NEW AMAZON REPORT: SMALL BUSINESSES CREATE MILLIONS OF U.S. JOBS...

Amazon’s 2024 Small Business Empowerment Report outlines the economic impact of third-party sellers on its platform, the majority of which are small and medium-sized businesses. According to the report, these sellers have generated more than $2.5 trillion in sales since 2000 and now account for over 60% of sales on Amazon. The report also highlights that these businesses have supported more than 2 million jobs in the U.S. and benefited from tools like Fulfillment by Amazon and new AI-powered services to expand their operations and reach new customers.

INTUIT HONORS SMALL BUSINESS HEROES WITH $20,000 AWARDS, LAUNCHES SMALL BUSINESS HERO PROGRAM… In a celebration of local entrepreneurship and community impact, Intuit Inc.—maker of TurboTax, QuickBooks, Credit Karma, and Mailchimp—honored three exceptional small businesses as part of its fourth annual Small Business Hero Day. Held at the Intuit Dome and hosted by basketball legend Lisa Leslie, the event recognized BJ’s Nevada BBQ, the Homeless Garden Project, and Perry’s Joint for their outstanding contributions to their customers, employees, and neighborhoods. Each business received a $20,000 grant to fuel continued growth and community impact. Building on the program’s success, Intuit announced its expansion into a year-long initiative—the Small Business Hero Program—which will award quarterly grants to small business owners who demonstrate courage, perseverance, and service. With 90% of Americans saying small businesses shape their sense of community, the program affirms what many already know: small businesses are the beating heart of America’s economy and social fabric.

THE STATE OF THE STATES

SESSIONS BY THE NUMBERS: 

Twenty-six states are in regular session. Maine is in special session.

WHAT WE'RE WATCHING: 

Washington Gov. Bob Ferguson (D) has signed legislation raising taxes by about $9 billion over the next four years. The measure will add new surcharge on corporations with more than $250 million in taxable state income and taxes on electric vehicle credits that companies like Tesla receive.

The Texas House has given preliminary approval to legislation allowing apartments and mixed-use developments to be built in retail and commercial corridors that now only allow office buildings. The bill would allow the construction of new homes without the need to rezone those areas.

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 hold a hearing TODAY, 5/21 at 10:00 AM entitled, “Day Two: Markup of Various Measures.” 

Committee on Appropriations will hold a hearing TODAY, 5/21 at 10:00 AM entitled, “Budget Hearing - U.S. Department of Education.” 

Committee on Energy and Commerce will hold a hearing TODAY, 5/21 at 10:00 AM entitled, “Examining Ways to Enhance Our Critical Mineral Supply Chains.” 

The Senate...    

Committee on Small Business will hold a hearing TODAY, 5/21 at 10:00 AM entitled, “Fueling America’s Manufacturing Comeback.” 

Committee on Appropriations will hold a hearing TODAY, 5/21 at 2:30 PM entitled, “A Review of the President’s Fiscal Year 2026 Budget Request for the Department of Labor.”

Committee on Appropriations will hold a hearing Tomorrow, 5/22 at 2:30 PM entitled, “Hearings to examine proposed budget estimates for fiscal year 2026 for the Small Business Administration.”

Committee on Banking, Housing, and Urban Affairs will hold a hearing Tomorrow, 5/22 at 10:00 AM entitled, “Securing America: Key Authorities Under the Defense Production Act.”

BILLS OF INTEREST 

Rep. Robert Scott introduced HR 3522 to amend the Age Discrimination in Employment Act of 1967 and other laws to clarify appropriate standards for Federal employment discrimination and retaliation claims.

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 

Secretary Lutnick released a statement announcing a revamp of the Tech Hubs program. 

The U.S. Trade Representative  

Check back tomorrow for possible updates.  

The U.S. Small Business Administration 

The SBA has launched an "Onshoring Portal" to help small business find domestic suppliers.

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