April 2025 Public Policy Update
Spring Brings a Wild Ride for Businesses and the Markets
By Erin Koeppel
Managing Director, Government Relations and Public Policy Counsel
As Washington’s famous cherry blossoms hit peak bloom and drew crowds from around the world, a wave of activity from the White House and Congress also kept the Capital City buzzing. Chief among the headlines have been President Trump’s tariffs, which have sent businesses and markets on a wild ride.
Soon after country-specific tariffs took effect last week, the President paused most for 90 days to allow the administration to negotiate with individual countries. However, baseline tariffs on all imported goods and tariffs on steel, aluminum, cars and car parts remain, and tariffs on China were raised to 125%.
More Executive Orders Signed
President Trump’s executive orders and actions continue to target the federal government and regulation with goals of, among other things, efficiency; eliminating “waste, fraud and abuse;” and increasing competition. Of particular interest to CFP® professionals may be an April 9 directive from the President to review and repeal certain categories of “unlawful and potentially unlawful regulations” under various U.S. Supreme Court cases, including SEC v. Jarkesy (2024), which held that when the Securities and Exchange Commission (SEC) seeks civil penalties against a defendant for securities fraud, the Seventh Amendment entitles the defendant to a jury trial and thus the SEC must bring the action in federal court.
The President has focused many of his recent executive actions on certain law firms he deemed dishonest and engaging in litigation and conduct he declared detrimental to American interests. In the orders, President Trump has moved to terminate federal government contracts with the firms, limiting them from entering federal buildings and, in some cases, barring interaction by federal employees with the firms. Impacted organizations and individuals continue to bring lawsuits challenging executive actions.
Crypto Draws SEC’s Attention
Much of the SEC’s recent activity has been focused on crypto assets, with the SEC’s newly formed crypto task force reviewing the application of the federal securities laws to the crypto asset market and the SEC dropping or pausing several major crypto cases. These actions have presumably set the table for further leadership on this issue by SEC Chair Paul Atkins, who was confirmed by the Senate on April 9.
‘One Big Beautiful Bill’ Process Inches Forward
On Capitol Hill, the Senate and House passed a budget resolution that unlocked the reconciliation process and inched the legislative branch toward passing President Trump’s “one big beautiful bill.” This comprehensive legislation would cover taxes, border issues, energy and more. The next step in this process is for House and Senate committees to craft their portion of the bill, which they have until May 9 to do, pursuant to the budget resolution. However, lawmakers will wait to begin this work in earnest after they return from a two-week recess on April 28.