Rep. Brad Sherman

Maddy summaryThe Affordable Connectivity Program Extension Act of 2024 allocates $7 billion in funding for the Affordable Connectivity Program (ACP) during fiscal year 2024. The ACP provides subsidies to low-income households to help cover the cost of internet service and connected devices like laptops or tablets. This funding ensures the program can continue supporting eligible households throughout the year, with the money remaining available until fully spent. The bill extends existing program funding without changing eligibility criteria or service requirements.

Maddy summaryThis bill prohibits the U.S. Treasury from exchanging Special Drawing Rights (SDRs) - an international reserve asset managed by the IMF - held by Iran. It requires the Treasury to urge other IMF member countries to block Iran from exchanging its SDRs and directs the U.S. IMF representative to oppose any new SDR allocations to Iran. The law directly affects Iran’s ability to access and utilize these financial assets through the IMF. It implements a financial restriction targeting Iran’s international monetary holdings without altering broader IMF operations.

Maddy summaryThis bill designates the Elk River Trail in California's Headwaters Forest Reserve as the "Senator Dianne Feinstein Memorial Trail." It updates all official federal references - such as laws, maps, and documents - to reflect this new name. The bill directly affects the Elk River Trail and federal records mentioning it. No substantive policy changes or funding are involved; it solely honors Senator Feinstein through a trail naming designation.

Maddy summaryHR 6416, the "Russian War Crimes in Ukraine Tax Act," imposes a 100% tax on interest and dividends earned from frozen Russian and Belarusian sovereign assets held abroad. This tax revenue is directed into a new Ukraine Reconstruction Trust Fund, which must be used for Ukraine's reconstruction, humanitarian aid, economic development, and transparent governance. The bill requires U.S. financial institutions to withhold this tax from qualifying income and overrides international treaty obligations to ensure implementation. It also mandates annual reports on fund usage to Congress, specifying that all revenues from the tax must support Ukraine's recovery efforts as defined in the legislation.

Maddy summaryThe Foreign Affiliates Sharing Pilot Program Extension Act extends a program allowing U.S. financial institutions to share certain information with their foreign affiliates. It revises the program's end date from three years after the law's enactment to three years after the Treasury Secretary issues implementing rules. This adjustment gives the Treasury Department more time to finalize necessary regulations before the pilot concludes. The bill directly affects participating U.S. banks by prolonging their eligibility for the program.

Maddy summaryHR 5485, the Financial Privacy Act of 2023, requires the Treasury Secretary to submit annual reports to Congress detailing how many financial reports FinCEN collects, how many are retained, and how law enforcement and intelligence agencies access that data. It mandates an annual review of protocols governing agency access to FinCEN's data, focusing on tailoring collection to legitimate national security needs, preventing unauthorized disclosure, and protecting Americans' privacy rights. The bill applies directly to FinCEN, the Treasury Department, and federal agencies accessing financial data collected under the Bank Secrecy Act. The reporting and review requirements will sunset after seven years from the bill's enactment.

Maddy summaryHR 5512 requires U.S. financial institutions to ensure all entities they own or control comply with U.S. sanctions against Russia and Belarus. It directly affects banks, credit card systems, insurance companies, and other financial firms operating in the U.S. or with U.S. branches. The bill mandates that these institutions enforce sanctions covering transactions, deposits, loans, foreign exchange, and securities dealing involving Russia or Belarus. Violations could result in penalties under existing sanctions laws.

Maddy summaryThis bill modifies reporting requirements for small businesses under beneficial ownership rules. It sets a strict 90-day deadline for small businesses to submit ownership information (replacing flexible "timely" or 1-year deadlines) and prohibits the Financial Crimes Enforcement Network (FinCEN) from allowing companies to skip reporting if they cannot obtain required information. The key provision mandates that small businesses must file the report within 90 days of incorporation or when ownership changes, rather than having extended or flexible timelines. This directly affects small businesses required to disclose ownership details to prevent illicit financial activity.

Maddy summaryThe NOTIFIED Act requires the FAA to notify local officials and community groups 30 days before implementing new or modified flight paths below 18,000 feet near airports. It mandates specific details in notifications, including flight path maps, altitudes, and contact information, to help officials assess impacts on their communities. Directly affecting residents and local leaders in cities/counties within 5 miles of proposed changes, the bill targets flight procedures under the FAA's NextGen modernization program. This aims to improve transparency before changes take effect, allowing communities to provide input early in the process.

Maddy summaryHR 6549, the F-AIR Act, amends federal aviation law to change the Federal Aviation Administration's (FAA) airspace priorities. It requires the FAA Administrator to prioritize aircraft safety first, then treat efficient airspace use and minimizing aviation noise/health impacts on nearby residents and communities as equally important secondary goals. The bill mandates the FAA review its regulations and update its mission statement within one year of enactment to reflect these new priorities. This directly affects communities living under flight paths and the FAA's decision-making process regarding airspace assignments.