Legislative Activity

The WAGER Act of 2025 simplifies the statutory language regarding the deduction of gambling losses for federal tax purposes. This amendment clarifies the existing rule that limits the deduction of gambling losses to the amount of gambling winnings. This change will take effect for tax years beginning after December 31, 2025.

The Small Business Investor Capital Access Act updates the threshold for certain private fund investment advisers to qualify for an exemption from registration with the SEC. This bill immediately raises the asset management threshold from $\$150$ million to $\$175$ million. Furthermore, it mandates that the SEC automatically adjust this threshold every five years based on inflation.

The White Oak Resilience Act establishes a multi-agency effort to restore and conserve white oak populations across the United States. It creates the White Oak Restoration Initiative Coalition to coordinate federal, state, and private restoration efforts and recommend policy changes. The bill also mandates pilot projects by the Forest Service and the Department of the Interior, alongside a national plan to address tree nursery shortages and boost white oak research.

The Defend Girls Athletics Act mandates that elementary, secondary, and higher education institutions must certify compliance with Executive Order 14201 regarding biological fairness in women's sports to receive federal funding. This certification must be renewed annually for K-12 districts and by July 1st for colleges and universities. Failure to comply or report results in the immediate requirement to return unobligated federal funds and ineligibility for future federal financial assistance until compliance is restored.

This proposed constitutional amendment seeks to modify the definition of birthright citizenship by requiring that at least one parent be a U.S. national or a lawfully present permanent resident/service member for a child born in the U.S. to be subject to U.S. jurisdiction. It grants Congress the authority to implement this new standard. The amendment requires ratification by three-fourths of the states within seven years to take effect.

The Financial Institution Regulatory Tailoring Enhancement Act significantly raises key asset thresholds across several major financial regulations from $\$10$ billion to $\$50$ billion. This change reduces the scope of supervision by the Consumer Financial Protection Bureau (CFPB) for many large financial institutions. Furthermore, it adjusts the applicability of the Volker Rule, qualified mortgage definitions, and certain capital requirements.

The Bank Failure Prevention Act of 2025 establishes strict, accelerated timelines for federal agencies reviewing applications for bank mergers and holding company changes. This legislation mandates that agencies must either approve or deny applications within 90 days of submission, or the application is automatically approved. The goal is to streamline the regulatory process by imposing clear deadlines for completeness checks and final decisions.

The Financial Integrity and Regulation Management (FIRM) Act prohibits federal banking agencies from using "reputational risk" as a factor in supervising, examining, or rating financial institutions. This legislation aims to ensure that bank oversight focuses strictly on financial safety and soundness, rather than public perception or political considerations. Agencies must remove all references to reputational risk from their guidance and report back to Congress on their compliance within 180 days.

The RACE Act of 2025 streamlines the process for companies to offer new, substantially similar securities by allowing for automatic qualification if certain conditions are met. This provision applies to offerings under a specific exemption of the Securities Act of 1933, provided the new offering does not exceed a $5 million threshold. The goal is to expedite capital raising for closely related securities issuances.

This bill authorizes the Secretary of the Interior to acquire approximately 132 acres of land to expand the boundaries of the Camp Nelson National Monument. Additionally, it officially changes the monument's name by removing the word "Heritage" from its title across all federal documents. This ensures the monument is consistently referred to as the Camp Nelson National Monument.

This resolution expresses the official position of Congress, stating its support for the President's decision to withdraw the United States from the Paris Agreement. The bill specifically references the climate accord adopted in Paris in December 2015.

The NATO Burden Sharing Enforcement Act allows the Secretary of Homeland Security to discontinue granting visas to nationals of NATO countries that do not spend at least 2% of their GDP on national defense. This amends the Immigration and Nationality Act, potentially impacting visa availability for citizens of NATO member states not meeting defense spending obligations.

The Middle Class Savings Act updates the income thresholds for capital gains tax brackets to align with current income tax bracket breakpoints. This adjustment effectively raises the income levels required to trigger higher capital gains tax rates. These changes are designed to benefit middle-class taxpayers and will take effect for tax years beginning after December 31, 2024.

This bill expresses the disapproval of Congress regarding a recently submitted rule by the Office of the Comptroller of the Currency (OCC) concerning the review of applications under the Bank Merger Act. Through this joint resolution, Congress is formally voiding the OCC's proposed changes to bank merger review procedures. Consequently, the rule published on December 29, 2023, will have no legal effect.

The CBO Scoring Accountability Act mandates that the Congressional Budget Office (CBO) produce annual reports for ten years following the enactment of any "major legislation." These reports must compare the actual financial impact of the law against the CBO's original estimates. If significant discrepancies occur, the CBO is required to explain the variance to Congress.

The Promoting New Bank Formation Act aims to encourage the creation of new banks by providing regulatory relief for newly insured institutions. This includes a three-year phase-in period for new capital standards and streamlined processes for adjusting initial business plans. The Act also establishes temporary, favorable capital requirements for new rural depository institutions and expands lending authority for Federal savings associations to include agricultural loans. Finally, it mandates a study on barriers to new bank formation, especially in underserved areas.

This resolution expresses strong support for the goals of National Child Abuse Prevention Month, recognizing the lifelong impact of child abuse and neglect. It emphasizes the importance of evidence-based prevention programs and public education to support families and reduce maltreatment. Furthermore, the bill calls for increased federal investment in prevention, healing for survivors, and justice for victims of child sexual abuse.

The Ensuring Sound Guidance Act of 2025 focuses on strengthening fiduciary duties by prioritizing pecuniary (financial) factors in investment advice unless clients explicitly agree otherwise. It also mandates the SEC to study environmental disclosure practices within the municipal bond market and investigate the effectiveness of current rules preventing corruption in the solicitation of municipal securities business. The bill requires the SEC to report its findings and recommend necessary regulatory or legislative actions within one year of enactment.

The Foreign Investment Guardrails to Help Thwart (FIGHT) China Act aims to protect U.S. national security by imposing sanctions on certain foreign persons and restricting U.S. investments in sensitive technologies within China. The bill establishes new prohibitions and mandatory reporting requirements for U.S. persons engaging in covered national security transactions involving specific prohibited technologies. Furthermore, it mandates the creation of a "Non-SDN Chinese Military-Industrial Complex Companies List" and requires divestment from securities in companies placed on that list.

The Rectifying UDAAP Act amends the Consumer Financial Protection Act of 2010, modifying the rulemaking process for unfair, deceptive, or abusive acts or practices. It requires the CFPB to define "abusive act or practice," conduct cost-benefit analyses for new rules, and consider mitigating factors when assessing civil penalties. The act also sets new limitations and standards for the CFPB's enforcement authority, including where they can file enforcement actions, the clarity of their claims, and the remedies they can seek. Furthermore, it provides a notice and cure period for covered entities that self-report potential violations.