Legislative Activity

The Main Street Depositor Protection Act significantly boosts federal deposit insurance for specific business accounts by adding up to an extra \$10 million in coverage for noninterest-bearing transaction accounts at most banks and credit unions. This enhanced coverage is designed to protect essential operating funds for businesses, excluding those at globally systemically important banks. The bill also mandates a 10-year phase-in period for how these newly insured deposits affect insurance assessments for smaller institutions.

The Financial Exploitation Prevention Act of 2025 allows investment companies to voluntarily adopt rules enabling them to postpone the redemption of shares for vulnerable investors suspected of being financially exploited. If a company opts in, it can delay payouts for up to 25 business days while investigating potential exploitation of an older or impaired adult. Companies must also establish internal procedures and notify customers that such delays are possible under these specific circumstances.

The Protect Our Communities from DUIs Act revises immigration law to address driving while intoxicated or impaired offenses. This bill makes non-citizens inadmissible to the U.S. if they have been convicted of, or admit to committing, DUI/DWI offenses, regardless of whether the offense was a misdemeanor or felony. Furthermore, the Act establishes that a conviction for driving while intoxicated or impaired makes an alien deportable from the United States.

The NeighborWorks Accountability Act establishes an independent Office of Inspector General (IG) for the Neighborhood Reinvestment Corporation to ensure proper oversight. This IG office will be fully funded and dedicated solely to oversight functions, not program operations. Furthermore, the bill mandates an annual, independent financial audit of the corporation's accounts by certified public accountants.

The Defending American Property Abroad Act of 2025 establishes penalties against foreign governments that nationalize or expropriate U.S.-owned port infrastructure in trade partner nations. It mandates the identification of such "prohibited property" seized by foreign governments after January 1, 2024. Once identified, vessels that use these prohibited ports will face strict bans on docking, unloading, or receiving services in the United States. Furthermore, the Act expands the definition of unfair trade practices to include the arbitrary seizure or discriminatory treatment of U.S. assets abroad.

The GENIUS Act establishes a comprehensive federal framework for the issuance and management of "payment stablecoins" in the United States. It mandates strict reserve requirements, capital standards, and regulatory oversight for approved issuers to ensure consumer protection and financial stability. The bill also clarifies the legal status of these stablecoins, explicitly stating they are not securities or commodities, while setting penalties for non-compliance.

The Equal Representation Act mandates the inclusion of a citizenship question on the decennial census starting in 2030. It requires the public release of state-by-state citizenship data following the count. Crucially, this act stipulates that non-citizens will be excluded from the population totals used to determine congressional apportionment and electoral votes.

This bill, the "No Community Development Block Grants for Sanctuary Cities Act," would prohibit federal Community Development Block Grants (CDBG) from being awarded to jurisdictions defined as "sanctuary cities." A sanctuary jurisdiction is defined as any area that limits cooperation with federal immigration enforcement regarding sharing citizenship status or honoring detainer requests. Applicants for CDBG funds would be required to certify that they are not, and will not become, a sanctuary jurisdiction while receiving the grant money.

The Protecting Privacy in Purchases Act prohibits payment card networks and processors from requiring firearms retailers to use a unique Merchant Category Code (MCC) that singles them out. This ensures that credit and debit card transactions for firearms and ammunition are treated the same as general retail purchases. The Attorney General is tasked with enforcing this prohibition and reporting annually to Congress on compliance efforts.

This Act, the District of Columbia Federal Immigration Compliance Act, prohibits the District of Columbia from enacting laws or policies that prevent its agencies from sharing information regarding an individual's immigration status with federal or state authorities. Furthermore, it forbids D.C. from refusing to comply with lawful requests from the Department of Homeland Security (DHS). An exception exists for individuals cooperating with law enforcement as victims or witnesses to a crime.

The SNOOP Act of 2025 aims to adjust the reporting requirements for third-party payment processors regarding transactions sent to the IRS. This bill reinstates the higher reporting threshold of over $20,000 in payments across more than 200 transactions for issuing 1099-K forms. Furthermore, it clarifies that backup withholding on network payments only applies if both the transaction count and dollar amount thresholds are met for the year.

The Innovate to De-Escalate Modernization Act exempts specific less-than-lethal projectile devices from certain federal restrictions under Title 18 of the U.S. Code. This exemption applies only to devices that cannot fire standard ammunition, are designed to minimize serious injury, and meet specific design criteria regarding ammunition feeding mechanisms. The bill also establishes a process for manufacturers to seek a ruling from the Attorney General on whether their device qualifies for this exemption.

The GENIUS Act of 2025 establishes a comprehensive federal framework for regulating "payment stablecoins," defining who can issue them and mandating strict 1:1 reserve requirements backed by safe, liquid assets. This legislation grants primary federal regulators authority to license, supervise, and enforce rules on issuers, while also clarifying that these specific stablecoins are neither securities nor commodities. Furthermore, the Act prioritizes consumer protection by ensuring stablecoin holders have super-priority claims in bankruptcy proceedings and sets standards for international interoperability.

The PROTECT USA Act of 2025 aims to shield U.S. companies deemed integral to national interests—such as those in manufacturing, energy, and mining—from complying with foreign sustainability due diligence regulations. It generally prohibits these essential entities from adhering to such overseas laws, particularly those like the EU's directive, unless specifically required by U.S. law or in the ordinary course of business. Furthermore, the Act prevents U.S. entities from facing adverse actions or having foreign court judgments enforced against them for complying with this federal prohibition.

The "Credit Union Board Modernization Act" amends the Federal Credit Union Act to reduce the frequency of board of directors meetings for well-managed federal credit unions. New federal credit unions are required to meet monthly for the first five years, while those with strong ratings must meet at least six times annually after the initial period. Credit unions with lower ratings will still be required to meet monthly.

The FENCE Act amends the Internal Revenue Code to deny tax-exempt status to organizations that knowingly or should reasonably know are providing support to individuals unlawfully present in the United States. This change does not require proof of citizenship or verification of immigration status, nor does it compel religious organizations to violate their beliefs. It takes effect upon the enactment of the Act.

The GENIUS Act of 2025 establishes a regulatory framework for payment stablecoins, defining who can issue them and setting standards for reserves, redemption policies, and reporting. It mandates federal approval for stablecoin issuers, with an option for state regulation for smaller issuers under certain conditions, and clarifies that payment stablecoins are not securities or commodities. The Act also prioritizes customer protection by requiring custodial services to be supervised and customer assets to be segregated, and it prioritizes stablecoin holders over other creditors in case of issuer insolvency. Finally, it directs the Federal Reserve to establish reciprocal agreements with countries that have similar stablecoin regulations to promote international transactions.