Rep. Andrew Ogles

Maddy summaryThis bill (HR 8394) restricts the Chinese government and its controlled commercial entities from accessing U.S. capital markets, exchanges, and financial services if the U.S. Treasury determines they violate specific international financial laws. It targets new investments and transactions by prohibiting U.S. financial entities (like stock exchanges, banks, and brokers) from accepting such investments if the Chinese government fails to comply with three key areas: sovereign debt succession rules, transparency/disclosure standards, and prohibitions against discriminatory payments or default. The measure applies only to new transactions, not existing investments, and is triggered by a Treasury determination after consultation with the Committee on Foreign Investment in the U.S.

Maddy summaryHR 8153, the Bank Risk Reduction Act of 2024, exempts covered banking institutions (like insured banks and their holding companies) from certain regulatory requirements when using interest rate swaps to hedge interest rate risk on debt securities or loans held on their balance sheets. Specifically, it removes mandatory clearing and margin rules for these swaps, allows banks to use hedge accounting for such hedges, and eliminates accounting restrictions that previously limited how banks could report these hedges. The bill directly affects banks that hold debt securities or loans on their balance sheets, providing them more flexibility in managing interest rate risk without triggering specific regulatory or accounting constraints. This is a technical regulatory change focused on financial reporting and risk management for banking institutions.

Maddy summaryHJRES 201 is a joint resolution that would disapprove a rule issued by the Bureau of Consumer Financial Protection (CFPB) requiring nonbank financial companies to register with the CFPB if they are subject to certain agency or court orders. The rule, published in the Federal Register on July 8, 2024, aimed to create a registry for such entities. If enacted, this resolution would make the rule unenforceable, preventing nonbank companies from having to comply with the registration requirement. The bill directly affects nonbank financial institutions that would have been obligated to register under the disapproved rule.

Maddy summaryHR 3507, the "Yes In My Backyard Act," requires local governments receiving certain federal Community Development Block Grants (CDBG) to report on their progress toward adopting specific housing-friendly land use policies. It directly affects cities and counties that administer CDBG funds by mandating they submit plans tracking 22+ policy changes, such as allowing duplexes in single-family zones, reducing parking requirements, or streamlining permits. The bill does not require local governments to adopt these policies but requires them to document their current status and plans for implementation. This reporting mechanism aims to identify barriers to affordable housing without binding local governments to specific actions. The requirement applies to CDBG recipients starting one year after the bill's enactment.

Maddy summaryHR 3161, the CDFI Fund Transparency Act, requires the Treasury Secretary (or their designee) to annually testify before the House Financial Services Committee and Senate Banking Committee about the operations of the Community Development Financial Institutions (CDFI) Fund. This testimony would cover the Fund's activities from the previous year and is requested at the discretion of the committee chairs. The bill does not change how the CDFI Fund provides funding but mandates regular reporting to Congress on its operations. It directly affects the Treasury Department's reporting obligations and the congressional committees overseeing the Fund. This is a procedural transparency measure, not a substantive policy change.

Maddy summaryThe SAFER at the Border Act prohibits the U.S. Department of Homeland Security from temporarily admitting (paroling) certain individuals at the border. It defines "known terrorists" (those arrested, charged, or convicted for terrorism), "suspected terrorists" (reasonably suspected of terrorism), and "special interest aliens" (those with potential terrorism links based on travel patterns). The bill explicitly bans parole for these individuals, even for humanitarian reasons or public benefit, and also prohibits parole for refugees. Additionally, it allows states to sue the Department of Homeland Security if they suffer financial harm exceeding $100 from the parole of such individuals.

Maddy summaryThis resolution aims to block a rule issued by the National Highway Traffic Safety Administration (NHTSA) that sets new fuel efficiency standards for passenger cars, light trucks (starting in 2027), and heavy-duty pickup trucks/vans (starting in 2030). If passed, it would prevent this specific rule from taking effect by disapproving it under a congressional review process. The rule directly affects vehicle manufacturers by requiring them to meet these updated fuel economy targets for future model years. This is a procedural resolution, not a new law, focused solely on halting the implementation of the existing NHTSA rule.

Freedom from Unfair Gun Taxes Act of 2024 This bill prohibits states or localities from imposing a levy or collecting an excise tax on the sale of a firearm, ammunition, or any part or component thereof, by a manufacture or retailer.

Maddy summaryHJRES 127 is a congressional disapproval resolution targeting a Securities and Exchange Commission (SEC) rule requiring public companies to standardize climate-related financial disclosures. It seeks to block the SEC’s March 2024 rule (89 Fed. Reg. 21668), which would mandate consistent reporting on climate risks for investors. If passed, this resolution would prevent the SEC rule from taking effect, directly affecting publicly traded companies required to comply with the proposed disclosure standards. The bill uses a specific congressional process under Title 5, U.S. Code, to nullify the rule without creating new regulations.

Maddy summaryHJRES 124 is a resolution seeking congressional disapproval of a rule issued by the Office of the Comptroller of the Currency (OCC) that required large financial institutions to adopt climate-related risk management practices. The rule, published in October 2023 (88 Fed. Reg. 74183), would have mandated major banks to assess and manage climate change risks in their operations. This resolution, if passed, would block the rule from taking effect by invoking the congressional disapproval process under Title 5 of the U.S. Code. It directly affects large banks and financial institutions that would have been required to comply with the climate risk management standards. The bill does not create new rules but aims to prevent the implementation of the OCC's existing proposal.