Sen. David McCormick

Maddy summaryS 3216, the Greenlighting Growth Act, exempts emerging growth companies (EGCs) from certain historical financial reporting requirements under federal securities laws. Specifically, it removes the need for EGCs to present acquired company financial statements for periods before their IPO's earliest audited period, both during their initial public offering and after they no longer qualify as EGCs. This applies to filings under the Securities Act of 1933 and Securities Exchange Act of 1934, waiving requirements in SEC regulations (17 CFR §210.3-05 and §210.8-04) for prior periods. The bill directly affects EGCs, defined as companies with under $1 billion in annual revenue, by simplifying their financial disclosure obligations during and after their IPO transition. This is a procedural change to securities reporting rules, not a new policy.

Maddy summaryThe Skills Investment Act of 2025 renames "Coverdell education savings accounts" to "Coverdell lifelong learning accounts" and expands their use to cover career training and skill development expenses for people aged 16 and older. It allows account funds to be used for training services, career education programs, youth workforce activities, and adult literacy courses, rather than just traditional education. The bill increases the account limit to $10,000 after age 30 (from $2,000), extends the contribution age limit to 70 (from 18), and creates a new 25% tax credit for employers who contribute to these accounts. It also allows beneficiaries aged 18 and older to deduct contributions to these accounts on their tax returns. These changes take effect in 2026, with some provisions applying to contributions made after December 2025.

Maddy summaryThe REVOKE Act requires the Secretary of Defense to revoke security clearances for retired or separated military members or Defense Department civilians who lobby for specific Chinese military-linked companies. It targets lobbying activities on behalf of entities listed in the Treasury's "Non-SDN Chinese Military-Industrial Complex Companies List" or identified under a 2021 defense law. The law automatically revokes clearances for such lobbying, with limited 180-day waivers possible only if the Secretary certifies it serves national security. This directly affects former defense personnel engaging in lobbying for designated Chinese entities, aiming to prevent potential security risks from classified information access.

Maddy summaryThe UNLOCK Housing Act (S 3169) updates federal housing law to expand eligibility for existing funding. It allows metropolitan cities, counties, states, local governments, insular areas, and tribes receiving Section 106 housing funds to build new residential housing for low- and moderate-income people. This change applies directly to jurisdictions already managing federal housing assistance programs. The bill adds this specific housing type as an approved use of funds, without requiring nonprofit partnerships, making it easier to develop affordable housing options.

Shutdown Fairness Act This bill provides appropriations to pay federal employees who work during a government shutdown. Specifically, the bill provides appropriations for federal agencies to provide standard rates of pay, allowances, pay differentials, benefits, and other payments to excepted employees for work performed during any period in which interim continuing appropriations or full-year appropriations are not in effect for a fiscal year (i.e., a government shutdown). An excepted employee is an employee who is required to work during a government shutdown. Under current law, excepted employees are not paid until the government shutdown is over. This bill provides appropriations to pay excepted employees during a government shutdown. The bill also specifies that the term  excepted employee includes certain contractors who support federal employees during a government shutdown and members of the Armed Forces who are on active duty.  A federal agency may not use the funds provided by this bill during any period in which continuing appropriations are in effect for the purpose of paying excepted employees of the agency. The bill must take effect as if it had been enacted on September 30, 2025.

Maddy summarySRES 490 is a Senate resolution (not a bill) that affirms the U.S. Senate's position on maintaining American leadership in artificial intelligence. It states that preserving U.S. AI dominance is critical for national security, economic competitiveness, and global influence, particularly in countering China's AI investments and reliance on U.S. chips. The resolution supports existing policies like export controls on advanced chips and emphasizes prioritizing U.S. companies' access to AI resources while restricting adversaries' access. It does not create new laws or alter current policy but expresses the Senate's endorsement of the White House AI Action Plan and ongoing efforts to secure U.S. technological advantages.

Maddy summaryThis bill creates a Department of Veterans Affairs grant program to fund innovative, non-drug treatments for veterans with chronic mild traumatic brain injury (mTBI). It provides up to $5 million per grantee annually (totaling $30 million over 2026-2028) to eligible groups like nonprofits, universities, and healthcare providers for developing and testing patient-centered neurorehabilitation approaches. Grantees must measure outcomes including improved mental health, reduced suicide risk factors (like depression), and better accessibility of care, while coordinating with existing VA mental health services. The program runs for three years, with annual reports to Congress on effectiveness and recommendations for future VA services.

Maddy summaryThis bill establishes a 5-year pilot program at five Department of Veterans Affairs (VA) medical centers to reduce veteran suicides through evidence-based suicide care improvements. The program requires participating VA staff to complete 10 weeks of training on suicide screening, assessment, safety planning, and care transitions, using the Zero Suicide Institute's curriculum. The VA must annually report on key metrics like suicide screenings, referrals, and outcomes compared to other VA centers, with a final evaluation determining if the program should expand or become permanent. The pilot directly affects veterans receiving care at the selected sites and VA staff implementing these new protocols.

Maddy summaryThis bill requires U.S. companies exporting advanced integrated circuits (high-performance chips used in AI/data centers) to "countries of concern" (including China, Hong Kong, and Macau) to first offer them to U.S. customers for 15 days. Companies must certify they have no backlog of U.S. orders for similar chips and aren’t providing better terms to foreign buyers. It also creates a "trusted U.S. person" program, allowing certain companies to export without licenses if they meet security, U.S. manufacturing sourcing, and ownership requirements. The law directly affects chip exporters, U.S. tech companies purchasing these chips, and foreign entities seeking access to advanced semiconductors.

Maddy summaryS 3109 (TRAFFIC Act of 2025) permanently disqualifies individuals convicted of human trafficking from obtaining or holding transportation-related licenses and certifications. It amends federal laws governing merchant mariners (46 U.S.C. § 7512), locomotive operators (49 U.S.C. § 20135), train conductors (49 U.S.C. § 20163), commercial drivers (49 U.S.C. § 31310), pilots (49 U.S.C. § 44703), and other transportation authorizations. The bill prohibits issuing these licenses to anyone convicted of offenses under federal human trafficking law (18 U.S.C. Chapter 77) or substantially similar state/local/Tribal laws. This applies directly to transportation workers seeking or holding credentials for operating vehicles, vessels, or aircraft.