Rep. Darin LaHood

Catastrophic Risk Transfer Act of 2021 or the CART Act This bill establishes a system for the taxation of catastrophic risk transfer companies and their security holders to ensure sufficient capital to cover catastrophic insurance losses. The bill defines catastrophic risk as a risk of loss that has a low likelihood of occurring but that would be large in amount. The bill defines catastrophic risk transfer company as any domestic corporation created and regulated under state law with the purpose of entering into one or more insurance or reinsurance agreements covering catastrophic risk.

This resolution expresses solidarity with the Lebanese people following the explosions at the Port of Beirut on August 4, 2020, and supports their right to peacefully demonstrate to achieve political goals and anti-corruption reforms.

EB-5 Reform and Integrity Act of 2021 This bill reauthorizes the EB-5 Regional Center program through FY2026 and makes various changes to the program, such as imposing various oversight requirements. (EB-5 visas provide permanent resident status to qualified alien investors. A regional center allows EB-5 aliens to pool investments to meet various investment and job creation requirements.) Oversight-related provisions include requiring each center to (1) notify the Department of Homeland Security (DHS) of proposed changes to the center's structure, (2) maintain certain records and make such records available to DHS for audits, (3) obtain approval for each particular investment offering, and (4) annually report to DHS. The bill prohibits certain individuals and entities from involvement in a center, such as (1) a person who had committed a violation involving fraud in the previous 10 years, (2) a non-U.S. national not admitted for permanent residence, or (3) a foreign government official. DHS shall deny petitions, such as a petition to certify a regional center or to classify an alien as an alien investor, if approval would threaten U.S. national interest. The bill provides various enforcement authority to DHS and U.S. Citizenship and Immigration Services, including the ability to permanently bar an individual from participating in the regional center program. The bill establishes the EB-5 Integrity Fund to fund program enforcement activities. The bill contains various provisions related to EB-5 petitions, such as a provision authorizing DHS to extend an alien's conditional permanent residence status.

Lower Costs, More Cures Act of 2021 This bill establishes and modifies several programs and requirements to address prescription drug prices. The bill modifies provisions under Medicare and Medicaid relating to prescription drug coverage and price transparency. Among other changes, the bill requires the Centers for Medicare & Medicaid Services to publish certain information, as reported by pharmacy benefit managers (PBMs), relating to generic dispensing rates, drug discounts and rebates, and payments between PBMs, health plans, and pharmacies; caps annual out-of-pocket spending under the Medicare prescription drug benefit; allows prescription drug plan sponsors under the Medicare prescription drug benefit to offer additional plans in a region; requires pass-through pricing models, and prohibits spread-pricing, for payment arrangements with PBMs under Medicaid; and allows states to include in the Medicaid Drug Rebate Program covered outpatient drugs that are provided as part of physician or outpatient hospital services. The bill also generally modifies other provisions relating to the regulation and costs of generic and brand-name drugs. Among other changes, the bill prohibits the manufacturer of a brand-name, generic, or biosimilar drug from entering into certain agreements to resolve or settle a patent infringement claim in connection with the sale of a drug or biological product; permanently allows high deductible health plans to waive deductibles for insulin and associated products; and establishes the position of Chief Pharmaceutical Negotiator in the Office of the U.S. Trade Representative.

Maximum Pressure Act This bill expands sanctions and economic penalties on Iran. It also restricts the President from unilaterally lifting or waiving the sanctions or penalties and increases congressional oversight of them. Specifically, the bill requires the President to impose visa- and asset-blocking sanctions. Additionally, it modifies existing sanctions, including by (1) providing statutory authority for executive orders imposing sanctions; (2) applying sanctions to additional sectors of Iran's economy; and (3) broadening sanctionable conduct to cover, for example, assisting Iran with the acquisition of ballistic missiles and the complicity of Iranian officials in human rights violations in specified countries. The bill also requires reporting on licenses that authorize activities subject to sanctions. The bill prohibits U.S. representatives at the International Monetary Fund from voting to allow Iran's access to special drawing rights (a currency support tool) and places restrictions on financial transactions with Iran. The restrictions include requiring domestic financial institutions to implement special measures with respect to foreign financial institutions that conduct significant transactions connected to the Instrument in Support of Trade Exchanges (a European mechanism that bypasses U.S. sanctions when carrying out trade with Iran). The Department of State must maintain the Islamic Revolutionary Guard Corps' designation as a terrorist organization and must designate Ansharallah (or Houthis), which operates in Syria, as a foreign terrorist organization. The bill also requires reports on U.S. sanctions concerning Iran, the status of Iran's nuclear weapons program, and other matters.

Prohibiting IRS Financial Surveillance Act This bill prohibits the Department of the Treasury from requiring a financial institution to report the transfers into and out of a financial account. This prohibition does not apply to laws or regulations in effect on October 1, 2021.

Israel Relations Normalization Act of 2021 This bill requires the Department of State to take certain actions promoting the normalization of relations between Israel, Arab states, and other relevant countries and regions. Specifically, the State Department must develop a strategy on expanding and strengthening the Abraham Accords (the term used to refer collectively to agreements between Israel and the United Arab Emirates and between Israel and Bahrain marking the public normalization of relations between the two Arab countries and Israel). The strategy must include a description of how the U.S. government will encourage further normalization of relations with Israel. In addition, the State Department must report on options for U.S. international efforts to promote the strengthening of ties between Israel, Arab states, and other relevant countries and regions. The State Department must also report on the status of the normalization of relations with Israel, including information on (1) laws that punish individuals for people-to-people relations with Israelis (i.e., anti-normalization laws), and (2) evidence of steps taken by Arab governments toward permitting or encouraging normalized relations between their citizens or residents and Israeli citizens.

This resolution supports the designation of National Clean Energy Week.

2020 WHIP+ Reauthorization Act This bill expands disaster indemnity programs through which the Department of Agriculture provides payments to agricultural producers for crop and milk losses resulting from hurricanes, wildfires, and other qualifying natural disasters. In particular, the bill extends the Wildfire and Hurricane Indemnity Program Plus (WHIP+), the On-Farm Storage Loss Program, and the Milk Loss Program to make losses that occurred in the 2021 and 2022 calendar years eligible for payments. Under current law, these programs provide disaster payments to agricultural producers with crop and milk losses resulting from qualifying natural disasters that occurred in the 2018 and 2019 calendar years.

This bill requires the Internal Revenue Service (IRS) to report to Congress on projections of the estimated tax gap (i.e., the difference between tax liabilities owed to the IRS and those liabilities that the IRS actually collects). The IRS may use artificial intelligence and related data analysis tools to calculate a tax gap projection. The bill also requires the Joint Committee on Taxation to issue periodic reports to the congressional tax committees on the tax gap projection. The bill restricts IRS funding to FY2021 levels for audits and enforcement until it publishes an updated tax gap projection. Funding is also restricted for certain purposes, including (1) targeting U.S. citizens who exercise their First Amendment rights, (2) targeting a group for regulatory scrutiny based on its ideological beliefs, and (3) auditing individual taxpayers with an adjusted gross income of less than $400,000. The bill directs the IRS to establish a fellowship program to recruit private sector tax experts to join the IRS to create and participate in the audit task force. The purposes of the tax force include performing audit case selection, educating IRS employees on emerging issues, auditing selected taxpayers, addressing offshore tax evasion, and identifying, mentoring, and training IRS junior employees with respect to audits.