Legislative Activity

The "Transparency in CFPB Cost-Benefit Analysis Act" requires the Consumer Financial Protection Bureau (CFPB) to include more detailed information and analysis in its proposed rulemaking notices. This includes explaining the need for the regulation, assessing its costs and benefits (especially for small businesses), examining alternative approaches, and justifying the regulation's impact. The bill aims to ensure greater transparency and accountability in the CFPB's regulatory process.

The Financial Reporting Threshold Modernization Act updates the thresholds for currency transaction reports and suspicious activity reports to reflect inflation. It raises the threshold for currency transaction reports from $10,000 to $30,000 and mandates updates every 5 years based on the Consumer Price Index. Additionally, it increases the reporting threshold for coins and currency received in nonfinancial trades or businesses from $10,000 to $30,000, also with CPI-based updates every 5 years. The Act requires federal agencies and the Secretary of the Treasury to revise regulations to reflect these changes, which must be implemented within 180 days of enactment.

The "Protecting Investors Personally Identifiable Information Act" prevents the SEC from requiring national securities exchanges or associations to provide personally identifiable information about market participants. Personally identifiable information includes data that can identify an individual, such as name, address, date of birth, Social Security number, phone number, email, and IP address. This ensures sensitive personal data is not part of consolidated audit trail reporting requirements.

The "Respect State Housing Laws Act" repeals a provision in the CARES Act that restricted states' abilities to enforce their own eviction moratoriums. This change clarifies that state laws regarding evictions should be respected and not overridden by federal measures. By removing the subsection, the bill aims to restore states' authority over housing regulations and eviction processes within their jurisdictions.

The MERIT Act of 2025 aims to reform federal employment practices by modifying performance-based actions, adverse action procedures, and employee grievance processes. It streamlines the process for addressing misconduct or poor performance, extends probationary periods, and allows for recouping bonuses from employees found to have engaged in misconduct. Additionally, the act reduces annuity benefits for employees convicted of felonies related to their official duties and modifies procedures for furloughs. The Act intends to create a more efficient and accountable federal workforce.