Legislative Activity

The FCRA Liability Harmonization Act aims to standardize civil liability for class action lawsuits under the Fair Credit Reporting Act (FCRA). This bill caps the total recovery amount for both willful and negligent violations in class actions at the lesser of $500,000 or 1% of the company's net worth. Furthermore, it places new limits on the recoverable attorney's fees and court costs associated with these class action claims.

The Catastrophic Specialty Hospital Act of 2025 establishes a new, separate Medicare payment system for hospitals specializing in complex, long-term care for catastrophic injuries like spinal cord or acquired brain injuries. To qualify, hospitals must meet strict criteria regarding patient focus, continuum of care, volume, out-of-state patient draw, and research commitment over a three-year period. This designation grants these specialized facilities an exemption from standard Medicare payment rules for three-year renewable terms.

The Portal for Appraisal Licensing Act of 2025 establishes a centralized, cloud-based system managed by the Appraisal Subcommittee for appraiser credentialing and AMC registration. This portal will streamline license submissions, fee payments, and access to required FBI background checks for state regulators. While the system centralizes data and tracking via unique IDs, states retain final authority over licensing decisions. The Subcommittee will establish an advisory committee and charge reasonable user fees to fund the portal's development and maintenance.

This bill officially renames the Department of Veterans Affairs multispecialty clinic in Marietta, Georgia, to honor the late Colonel Michael H. Boyce. The renaming recognizes Colonel Boyce's distinguished military service and his significant contributions to the Marietta community, particularly his efforts to improve veteran services. Moving forward, the facility will be known as the "Colonel Michael H. Boyce Department of Veterans Affairs Multispecialty Clinic."

This bill establishes a temporary Select Subcommittee within the House Judiciary Committee to investigate remaining questions surrounding the events of January 6, 2021. The subcommittee will have the authority to issue subpoenas and compel testimony to gather evidence for its investigation. It must submit a final report by December 31, 2026, after which the subcommittee will automatically dissolve.

The TAILOR Act of 2025 mandates that federal financial agencies must tailor new regulations to the specific risk profile and business model of the institutions they govern, moving away from a one-size-fits-all approach. It also eases reporting burdens for eligible community banks by allowing for shorter financial reports twice a year. Furthermore, the bill requires federal and state supervisors to report to Congress on modernizing bank supervision practices within 18 months.

This bill amends the Securities Exchange Act of 1934 to impose new annual disclosure requirements on institutional investment managers who use proxy advisory firms for voting decisions. Managers must report how often they followed advisory firm recommendations and detail their process for ensuring votes align with shareholder economic interests. Very large managers face additional requirements, including performing and reporting their own economic analysis before casting a vote.

The Primary Regulators of Insurance Vote Act of 2025 amends the Financial Stability Act of 2010 to elevate the State insurance commissioner to a **voting member** of the Financial Stability Oversight Council (FSOC). This legislation removes the commissioner's previous status as a nonvoting member. The bill also establishes a process for appointing this new voting member, often seeking recommendations from the National Association of Insurance Commissioners (NAIC). Finally, it includes technical amendments and a transition period to ensure continuity until the new voting commissioner is officially seated.

This bill requires U.S. financial regulators to notify Congress before implementing major new banking rules that align with non-governmental international recommendations and exceed a $10 billion economic impact. It also mandates that federal banking agencies report annually to Congress on their engagement with specific international bodies regarding climate-related financial risk. The legislation aims to increase Congressional oversight over the influence of international organizations on domestic banking regulations.

This bill, the Transparency in CFPB Cost-Benefit Analysis Act, mandates that the Consumer Financial Protection Bureau (CFPB) must provide extensive, detailed analysis whenever proposing a new rule. This requires the CFPB to clearly publish the full reasoning, expected costs, and anticipated benefits of any regulation. The goal is to ensure that the justification for new rules, especially concerning small businesses, is fully transparent and publicly scrutinized.

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.