Legislative Activity

The Keeping Deposits Local Act modifies how reciprocal deposits held by agent institutions are calculated to ensure they are not classified as funds obtained through a deposit broker. It establishes specific tiered percentages based on an institution's total liabilities for this calculation and requires agent institutions to maintain strong CAMELS ratings. Furthermore, the bill mandates the FDIC and the Federal Reserve to conduct a comprehensive study on the performance, usage, and risks associated with reciprocal deposits, reporting their findings to Congress within six months.

The Anti-CBDC Surveillance State Act strictly prohibits the Federal Reserve from directly or indirectly issuing a Central Bank Digital Currency (CBDC) to individuals. This legislation prevents the Fed from developing, testing, or implementing any digital currency that functions as a direct liability of the Federal Reserve. Furthermore, Congress asserts that any authority to create such a digital asset must explicitly come from Congress itself.

The Veteran Burial Timeliness and Death Certificate Accountability Act addresses significant delays in obtaining death certificates for veterans who die from natural causes, often due to VA medical staff delays. This bill mandates that VA medical providers must certify a veteran's death within 48 hours or allow the local medical examiner to step in. Furthermore, the VA must annually report on its compliance with this new timely certification requirement.

The Blockchain Regulatory Certainty Act establishes a "safe harbor" to protect non-controlling blockchain developers and service providers from being regulated as financial institutions. This protection applies as long as they do not regularly control users' digital assets on the network. Essentially, the bill shields those who build or provide access to blockchain software unless they have the unilateral power to move user funds.

The Securities Clarity Act of 2025 establishes a new category of digital assets called "investment contract assets." This legislation explicitly excludes these newly defined digital assets from the definition of a "security" across major federal financial laws, including the Securities Act of 1933 and the Securities Exchange Act of 1934. The primary goal is to create regulatory certainty by carving out specific digital assets from traditional securities regulation.

The Firearm Due Process Protection Act of 2025 aims to strengthen due process rights for individuals challenging denials in the National Instant Criminal Background Check System (NICS). It mandates expedited court hearings for record correction lawsuits and shifts the burden of proof onto the government to demonstrate why a person should be ineligible to own a firearm. Additionally, the bill requires the FBI to submit annual reports detailing the outcomes and timelines of all NICS record challenges.

The CFPB Dual Mandate and Economic Analysis Act would modify the Consumer Financial Protection Bureau's (CFPB) objectives to focus on "fair and transparent" markets, removing "competitive," and aim to strengthen private sector participation, increase competition, and enhance consumer choice. It establishes an Office of Economic Analysis within the CFPB to review and assess the impact of the Bureau's actions on consumer choice, price, and access to credit, as well as review existing rules to measure their success. The CFPB Director must consider these assessments before issuing any guidance or regulations and must provide a written explanation if disagreeing with the Office's assessment. The director will also need to identify the problem each proposed rule or regulation aims to solve and specify the metrics for measuring the rule's success.