Rep. Guy Reschenthaler

Maddy summaryHRES 1028 is a symbolic House resolution supporting the current legal standard for securities disclosure, which requires companies to share only information investors deem "material" (important to their investment decisions). It opposes new disclosure rules - particularly those focused on environmental, social, and governance (ESG) issues - that would expand beyond the SEC’s core mission of investor protection and market fairness. The resolution argues such changes would burden businesses with costly compliance, create information overload for investors, and distract the SEC from its primary role. It specifically references the decades-old materiality standard established by the 1933 Securities Act and reinforced by the 1976 Supreme Court case *TSC Industries v. Northway*. As a resolution, it does not change law but expresses congressional preference against expanding disclosure requirements.

Ensuring Lasting Smiles Act This bill requires private health insurance plans to cover diagnosis and treatment of congenital anomalies and birth defects, such as reconstructive services and items. Coverage must include services and items that functionally improve, repair, or restore any body part that is medically necessary for normal bodily functions or appearance, as determined by the treating physician. Coverage limits and cost-sharing requirements for such services and items may not be more restrictive than those applicable to all medical and surgical benefits under the plan.

This resolution calls on the Biden administration and its officials to maintain the sanctions on the repressive regimes in Venezuela and Iran. The resolution also expresses the sense of the House of Representatives that American energy independence should be achieved again for the sake of U.S. national security and the security of U.S. allies; and President Biden should immediately rescind his Executive Orders that prohibit the approval of new leases on federal lands and waters, and should immediately take actions to reestablish American energy independence.

Supply Chain Disruptions Relief Act This bill modifies the treatment of liquidations of new motor vehicle inventory as qualified LIFO (last in first out accounting method) inventory. It allows new motor vehicle dealers to elect to wait until the end of 2025 to replace their inventory for purposes of determining income attributable to the sale of such inventory during 2020 and 2021.

Maddy summaryHR 7355, the "Stopping Excessive Climate Reporting Act," prohibits public companies from being required under securities laws to disclose certain climate-related information. Specifically, it prevents issuers from having to report greenhouse gas emissions from their own operations (Scope 1 and 2) or their supply chains and consumers (Scope 3 emissions). The bill also removes requirements for independent certification of this emissions data. This directly affects publicly traded companies subject to securities regulations by eliminating these specific disclosure obligations.

This resolution supports the preservation of the stepped-up basis tax rule that allows recipients of inherited assets such as land, equipment, or buildings to adjust the cost basis of the assets to reflect their fair market value. The resolution opposes any efforts to impose new taxes on family farms or small businesses and recognizes the importance of generational transfers of farm and family-owned businesses.

Securing a Strong Retirement Act of 2022 This bill makes various changes with respect to employer-sponsored retirement plans, including providing for the automatic enrollment of employees in certain plans and increasing the age at which participants are required to begin receiving mandatory distributions.

This resolution honors the life and legacy of the late Representative Don Young and directs the Sergeant at Arms to designate a Don Young Reserved Seat on the floor of the chamber of the House of Representatives.

COI Elimination Act This bill limits U.S. contributions to the United Nations pertaining to the U.N. Independent International Commission of Inquiry on the Occupied Palestinian Territory, including East Jerusalem, and Israel. Current law imposes a cap on the annual U.S. contribution to the U.N. budget. The bill lowers that cap by 25% of the amount budgeted for the commission. The bill also states that it shall be U.S. policy to seek the abolition of the commission and combat systemic anti-Israel bias in international bodies.

Ensuring Sound Guidance Act This bill generally requires investment advisors and fiduciaries of employer-sponsored retirement plans to make investment decisions based only on pecuniary factors (i.e., factors that a fiduciary prudently determines are expected to have a material effect on the risk and return of an investment based on appropriate investment horizons consistent with the plan's policies and objectives). The bill allows nonpecuniary factors to be considered in certain situations, such as when a customer specifically requests that these factors be considered or when selecting investment options for certain participant-directed retirement plans.