Rep. Barry Loudermilk

Maddy summaryThis bill sets new deadlines for the Federal Reserve Board to process applications from bank and savings holding companies seeking regulatory approvals. It requires the Board to notify applicants within 30 days (with a possible 30-day extension for complex cases) whether their application file is complete, and mandates a final decision within 90 days of submission - deeming the application approved if the deadline passes. The law restricts the Board from considering third-party information (like reports or recommendations) when determining if an application file is complete. It directly affects financial institutions applying for mergers, acquisitions, or other regulatory actions under the Bank Holding Company Act and Home Owners’ Loan Act. The key change is accelerating the approval process to reduce delays in the financial regulatory system.

Maddy summaryThis bill appropriates over $15 billion in supplemental funding for U.S. security assistance to Israel following attacks in Israel. It includes specific allocations such as $5.2 billion for Israel's Iron Dome, David's Sling, and Iron Beam defense systems, as well as funds for military personnel, operations, and equipment across all branches of the military. The bill requires the Secretary of Defense and Secretary of State to submit regular reports to Congress detailing security assistance provided to Israel and designates all funding as "emergency requirements" under federal law. This funding directly supports U.S. security assistance programs with Israel to respond to regional security threats.

Maddy summaryHJRES 107 is a congressional resolution seeking to block a Federal Communications Commission (FCC) rule published on January 22, 2024 (89 Fed. Reg. 4128). The resolution aims to disapprove the FCC's rule implementing digital discrimination protections under the Infrastructure Investment and Jobs Act, which would have required internet providers to prevent discriminatory practices. If passed, this resolution would nullify the FCC rule, preventing it from taking effect under the Congressional Review Act (Chapter 8 of Title 5, U.S. Code). The bill directly affects the FCC's regulatory authority over digital discrimination enforcement in broadband services.

Maddy summaryHR 7183, the PROTECTS Act of 2024, prohibits federal funding from being used to provide or refer for specific gender transition procedures to individuals under 18. The bill defines prohibited procedures broadly to include surgeries (like hysterectomy, mastectomy, or genital reconstruction), puberty-blocking medications, and hormone treatments administered at supraphysiologic doses. It includes limited exceptions for medically necessary care, such as treating precocious puberty or correcting genetic disorders of sex development. The law directly affects minors seeking gender-affirming medical care covered by federal programs, restricting federal financial support for these services.

Maddy summaryHR 7092, the "Protecting Private Job Creators Act," exempts fixed-income securities from SEC Rule 15c2-11. This rule change specifically applies to securities like bonds, notes, debentures, and asset-backed securities used by businesses to raise capital. The bill codifies the SEC’s 2023 exemption of fixed-income securities sold under Rule 144A from Rule 15c2-11 requirements, which the SEC had previously applied without formal rulemaking. It directly affects businesses relying on fixed-income markets to access capital, ensuring they are not subject to the rule’s quotation disclosure requirements.

Maddy summaryThe RIFLE Act of 2024 changes how the federal government handles violations by firearms licensees, affecting gun dealers and manufacturers who hold federal licenses. It creates a graduated penalty system where non-willful violations require the Attorney General to work with licensees to fix issues before taking action, while willful violations may lead to license suspension or revocation only after proper notice, hearing, and evidence of continued noncompliance. The bill establishes new procedures for administrative hearings, defines "willful" violations more clearly, and gives licensees 90 days to liquidate inventory after license expiration or revocation, with extensions possible for reasonable cause. These changes aim to create a more transparent process for addressing violations while maintaining public safety standards.

Maddy summaryHR 839, the China Exchange Rate Transparency Act of 2023, requires the U.S. Treasury Secretary to direct the U.S. representative at the International Monetary Fund (IMF) to advocate for greater transparency from China regarding its exchange rate policies. The bill directs advocacy for China to provide more data on its exchange rate management, comply with IMF information requests, publish significant deviations from other currencies used in IMF calculations, and consider transparency in IMF governance reviews. It directly affects China’s exchange rate practices, aiming to address U.S. Treasury findings that China lacks transparency in its foreign exchange interventions and policies. The law expires 30 days after China demonstrates substantial compliance with IMF rules on exchange rate transparency or 7 years from enactment, whichever comes first.

Financial Stability Oversight Council Reform Act This bill subjects the budgets of the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR) to the annual appropriations process and establishes requirements for reports and a public notice and comment period. The budgets of the FSOC and the OFR are funded by assessments on financial institutions which are deposited into the Financial Research Fund and, under current law, are immediately available to be spent. This bill requires the funding from the Financial Research Fund to be made available by appropriations acts. The OFR must submit quarterly reports to Congress regarding its finances; workforce; and actions taken to achieve the goals, objectives, and performance measures of the office. The OFR must provide a public notice and comment period of at least 90 days before issuing any proposed report, rule, or regulation. The bill expands the duties of the OFR to include publishing an annual work plan; consulting with other federal departments and agencies with relevant expertise prior to preparing any public report with respect to a specified entity, class of entities, or financial product or service; and developing and implementing a cybersecurity plan. The Government Accountability Office must annually audit the cybersecurity plan and its implementation.

Maddy summaryHRES 955 is a resolution commending Taiwan for its democratic election history and supporting Taiwan's democratic institutions. It recognizes Taiwan's transition to democracy since the late 1980s, including 7 presidential and 9 legislative elections held since then, all deemed free and fair. The resolution specifically expresses support for Taiwan's upcoming January 13, 2024, elections and condemns interference by the Chinese Communist Party. It affirms U.S. commitment to a strong partnership with Taiwan across multiple domains and supports Taiwan's self-defense and liberty. As a procedural resolution, it does not create new law but formally expresses congressional support for Taiwan's democratic development.

Maddy summaryHR 6934, the Families’ Rights and Responsibilities Act, protects parents' fundamental right to direct their child's upbringing, education, and health care without government interference. It prohibits government actions that substantially burden these parental rights - including withholding benefits, imposing penalties, or excluding families from programs - unless the government proves a "compelling interest" and uses the "least restrictive means." The bill explicitly applies to all federal laws and requires courts to consider parental rights as a fundamental right under the Constitution, with exceptions only for actions causing serious child injury or death. It also adds parental rights to existing legal frameworks for recovering attorney fees in court cases involving these protections.