Legislative Activity

The Uplifting First-Time Homebuyers Act of 2025 significantly increases the penalty-free withdrawal limit from retirement accounts for first-time homebuyers. This legislation raises the maximum allowable distribution from $\$10,000$ to $\$50,000$. This change is designed to provide greater financial flexibility for individuals purchasing their first home, taking effect for tax years beginning after December 31, 2024.

The Regulatory Accountability Act significantly overhauls the federal rulemaking process to increase transparency and rigor in agency decision-making. It establishes new definitions for "Major Rule" and "Major Guidance" based on economic impact and mandates comprehensive cost-benefit analyses and exploration of alternatives for significant regulations. Furthermore, the Act imposes strict communication restrictions during rulemaking and requires agencies to establish post-implementation assessment frameworks for major rules, limiting judicial review primarily to compliance with these procedural documentation requirements.

The Portable Ultrasound Reimbursement Equity Act of 2025 updates Medicare coverage to include diagnostic ultrasound tests. This legislation mandates that Medicare establish separate payments for the transportation and setup of portable ultrasound equipment, mirroring existing payments for portable X-ray services. These changes are set to take effect starting January 1, 2027.

This bill, the Generating Retirement Ownership through Long-Term Holding Act, allows individual investors to defer paying taxes on capital gain dividends from mutual funds if those dividends are automatically reinvested into more fund shares. Taxes on these deferred gains are only due when the investor sells the shares or upon death. This provision aims to encourage long-term investment in mutual funds by providing immediate tax relief on reinvested earnings.

The "Agency Accountability and Cost Transparency Act of 2025" mandates that federal agencies estimate the costs of new major regulations, identify and repeal existing rules to offset these costs, and declare whether the new rule is budget neutral in the Federal Register. This ensures that new regulations do not increase the overall financial burden on the public and promotes fiscal responsibility within government agencies. The Act defines a major rule as one with a significant economic impact, and the cost includes the expense of understanding and implementing the rule.

The Leveling the Playing Field 2.0 Act aims to strengthen U.S. trade laws by addressing unfair subsidies, currency undervaluation, duty evasion, and circumvention of trade remedies. It refines the process for handling successive trade investigations, ensuring that the International Trade Commission considers prior findings and assesses cumulative effects on domestic industries. The act also empowers authorities to counteract cost distortions in foreign countries and prevent importers from avoiding duties. Additionally, it includes provisions related to trade with Canada and Mexico and sets effective dates for new regulations.

The REDUCE Act mandates executive branch agencies to identify and eliminate redundant positions, limiting new hires to one for every four departures until staffing reaches 80% of the agency's size at the time of the Act's enactment. Agencies must also develop plans for workforce reduction or reorganization, with exemptions for critical national security and public safety roles.

The "Voter Eligibility Verification Act of 2025" aims to ensure accurate voter rolls by requiring the prompt release of immigration status information to state officials. The Attorney General or Secretary of State must receive an individual's immigration status within 15 days of requesting it, including for potential voters. This will allow states to verify the eligibility of individuals for voter registration.

The Small Business Regulatory Reduction Act aims to ease the financial burden of federal regulations on small businesses. Starting in 2026, the Small Business Administration must ensure that new rule changes do not increase costs for small businesses. The Act also requires the Small Business Administration to report annually to Congress on all federal rules impacting small businesses. No additional funds are authorized to implement the Act.

The GORAC Act of 2025 mandates a comprehensive review of federal agencies and programs every 10 years to identify duplication, waste, or outdated functions. A non-Federal auditor will make recommendations for realignment or elimination, with the goal of streamlining government operations and saving taxpayer money. The Comptroller General will then submit these recommendations to Congress, along with proposed legislation to implement the changes and ensure that savings are used to reduce the national debt. Congress will then be required to consider the proposed legislation under expedited procedures.

The "Preventing Financial Exploitation in Higher Education Act" aims to hold colleges accountable for their students' loan outcomes by imposing financial penalties on institutions with large endowments if their students have high rates of loan default, delinquency, or underpayment. It also increases the tax on net investment income for certain educational institutions with large endowments that increase tuition. These penalties and tax increases are designed to encourage institutions to better support their students in managing their student loan obligations and to control tuition costs. The penalties collected will not affect the borrower's loan status or obligations.

The Chemical Tax Repeal Act repeals specific excise taxes on certain chemicals and substances listed under sections B and C of chapter 38 of the Internal Revenue Code of 1986. This repeal is set to take effect on January 1, 2024.

This bill amends the Convention on Cultural Property Implementation Act, updating the definition of "numismatic material" to include various forms of currency and related objects. It revises import restrictions for these materials, requiring evidence of lawful acquisition and specifying that customs officials should not demand excessive documentation without reasonable suspicion of fraud. The goal is to facilitate the lawful trade and collecting of numismatic items while preventing the import of items from illegal excavations.

This bill repeals Section 45Z of the Internal Revenue Code of 1986, effectively eliminating the clean fuel production credit. The repeal is applicable for taxable years beginning after December 31, 2024.

The HSA Modernization Act expands access to health savings accounts (HSAs) by allowing individuals with certain veterans' benefits, those entitled to Medicare Part A due to age, and those eligible for Indian Health Service assistance to contribute. It also broadens the types of health plans that qualify for HSAs, including bronze and catastrophic plans, and allows high-deductible plans to offer mental health services with no deductible for the first $500 of expenses. The Act also increases HSA contribution limits to match deductible and out-of-pocket maximums and enables the use of HSAs for qualified long-term care services. Additionally, it permits HSAs to cover medical expenses incurred up to 60 days before the HSA was established and allows both spouses to make catch-up contributions to the same HSA.

The Border Wall Waste Accountability Act mandates a study by the Comptroller General to assess the financial cost of unused construction materials acquired for the U.S.-Mexico border wall between January 20, 2021, and January 20, 2025, with a report due to Congress within 90 days.

The "Valor Earned Not Stolen Act of 2025" increases the penalty for individuals who fraudulently misrepresent having received military medals or decorations, with potential imprisonment of up to three years. It mandates a study by the Attorney General, in coordination with the Inspector General of the Department of Veterans Affairs, to identify benefits obtained through fraudulent misrepresentation of military honors. The Attorney General must then report the study's findings and policy recommendations to Congress.

The "No Congressional Funds for Sanctuary Cities Act" prohibits federal funds from being used for congressional earmarks that benefit sanctuary jurisdictions, defined as those with laws or practices that prevent cooperation with federal immigration enforcement, with exceptions for victims and witnesses of crimes. This act will be effective starting in fiscal year 2026.