Legislative Activity

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.