Sen. Ted Budd

Maddy summaryThis bill requires the Federal Housing Finance Agency (FHFA) to immediately revert to the previous mortgage pricing structure (effective April 30, 2023) by eliminating the "recalibrated" fee system for single-family mortgages. It directly affects lenders and borrowers by banning fees based on debt-to-income ratios and mandating that future fee adjustments must align with risk-based pricing principles. The bill also mandates a 14-month GAO study to analyze the previous pricing changes' methodology, economic impacts on borrowers and lenders, and effects on affordable housing. This reverses recent FHFA policy changes without altering the underlying regulatory framework for mortgage enterprises.

Maddy summaryThe Ensuring Sound Guidance Act requires investment advisors and retirement plan fiduciaries to prioritize financial factors (like risk and return) in investment decisions, unless clients or participants provide written consent to consider non-financial goals such as environmental or social objectives. If non-financial factors are used, advisors must disclose expected and actual financial impacts over a three-year period. The bill also mandates three studies: one on state/local pension plans potentially subordinating financial interests to non-financial goals, one on climate change disclosures in municipal bonds, and one on rules preventing payments to officials for municipal securities business. These studies aim to assess financial risks and regulatory effectiveness without advocating for specific outcomes.

Maddy summaryThe Nuclear Fuel Security Act of 2023 establishes programs to increase domestic production of nuclear fuel, specifically low-enriched uranium (LEU) and high-assay low-enriched uranium (HALEU), to support advanced nuclear reactor development. It requires the Department of Energy to acquire specific quantities of HALEU by 2026 (3 metric tons by 2024, 8 more by 2025, and 10 more by 2026) while prioritizing domestic production but allowing partnerships with U.S. allies when domestic options are insufficient. The legislation authorizes $3.5 billion for these programs, to be used through 2032, and includes provisions to ensure reasonable compensation for fuel supplied under these programs. The bill directly affects U.S. nuclear energy companies, advanced nuclear reactor developers, and the Department of Energy's operations.

Maddy summaryThis joint resolution (SJRES 36) seeks congressional disapproval of a Department of Labor rule (88 Fed. Reg. 12842, March 1, 2023) that would have removed religious exemption provisions from the Equal Opportunity Clause requirements for federal contractors. If approved, it would prevent the rule from taking effect, meaning federal contractors would continue to be required to comply with the Equal Opportunity Clause without the religious exemption previously allowed. The bill directly affects federal contractors subject to the Office of Federal Contract Compliance Programs' (OFCCP) regulations. It is a procedural disapproval measure under Title 5, U.S. Code, not a new policy change.

Maddy summarySJRES 11 is a joint resolution seeking to cancel an Environmental Protection Agency (EPA) rule that set new emissions standards for heavy-duty vehicles, including trucks and buses. The rule, published in the Federal Register on January 24, 2023, would have required manufacturers to meet specific pollution control measures for new vehicles. This resolution uses a congressional disapproval process under the Congressional Review Act to nullify the EPA rule, meaning it would have no legal effect if enacted. If passed, the EPA's emissions standards for heavy-duty vehicles would be voided, removing requirements for manufacturers to comply with those specific pollution controls.

Maddy summaryThis resolution (SRES 272) commemorates the one-year anniversary of the U.S. Supreme Court's June 24, 2022, *Dobbs v. Jackson Women's Health Organization* decision, which overturned *Roe v. Wade*. It expresses the Senate's support for the Court's ruling that the Constitution does not guarantee a right to abortion and affirms the return of abortion regulation authority to state legislatures. The resolution celebrates the decision as a step toward protecting "unborn life" and commits to supporting families and "proclaiming the humanity of the unborn." As a non-binding resolution, it does not create new laws or affect any individuals directly.

Maddy summaryThe PLUS Act of 2023 amends federal labor law to address disruptions at U.S. ports. It defines "labor slowdown" as any intentional reduction in productivity by maritime workers (excluding safety-related actions) and prohibits unions from engaging in slowdowns or blocking port modernization efforts that interfere with supply chains. The bill adds new unfair labor practices under the National Labor Relations Act, with penalties including doubled damages plus attorney fees for violations. It directly affects labor organizations representing maritime workers at ports, making it unlawful to impede port upgrades or interfere with uncrewed vessel operations. The law aims to prevent economic disruptions by targeting specific union activities at ports.

Maddy summaryS 2210, the Iran Sanctions Relief Review Act, requires the President to submit a detailed report to Congress before terminating, waiving, or significantly altering U.S. sanctions on Iran. Congress then has 30 days (or 60 days during summer months) to review the proposal through committee hearings and decide whether to approve or disapprove it via joint resolution. During this review period, the President cannot implement the sanction change without Congressional approval. The bill directly affects the executive branch's ability to modify Iran sanctions policy and gives Congress formal oversight authority over major foreign policy shifts related to Iran.

Maddy summaryThis bill clarifies that human cadaveric islet transplants (cells from deceased donors used in diabetes treatment) are not classified as "drugs," "biological products," or "HCT/Ps" under existing federal law. It amends the Public Health Service Act to explicitly include "human cadaveric islets" in regulatory references, ensuring these transplants are not subject to the same oversight as pharmaceuticals or other biological products. The bill requires the Health Secretary to update relevant regulations within one year of enactment and report progress to Congress within six months. This change directly affects how the FDA and other agencies regulate islet transplants, streamlining their approval process without altering medical practice.

Work Without Worry Act This bill modifies eligibility for Social Security Disability Insurance (SSDI) benefits for individuals who have a disability that began before age 22. Under current law, these individuals may obtain SSDI benefits based on the work record of a retired, disabled, or deceased parent. However, an individual with earnings after age 22 that exceed a specified monetary limit (i.e., constitute substantial gainful activity) permanently loses eligibility for such benefits. This bill allows individuals to retain eligibility for such benefits regardless of the amount of earnings after age 22. Additionally, individuals who apply for SSDI benefits on a parent's record and also independently qualify for Social Security benefits on their own record will receive the larger of the two benefit amounts.