American Innovation and R&D Competitiveness Act of 2023 This bill eliminates the five-year amortization requirement for research and experimental expenditures, thus allowing continued expensing of such expenditures in the taxable years in which they are incurred.
Maddy summaryHJRES 27 is a congressional resolution seeking to block a federal rule that redefined which waterways fall under the Clean Water Act's protections. It targets a rule submitted by the Army Corps of Engineers, Department of Defense, and Environmental Protection Agency (EPA) on January 18, 2023, which aimed to revise the "Waters of the United States" definition. The resolution would formally disapprove this rule under a specific federal procedure (Chapter 8 of Title 5), preventing it from taking effect. This would directly affect how federal agencies regulate pollution and development near water bodies, including wetlands and smaller streams.
Maddy summaryHR 2609, the SEED Act of 2023, creates a simplified exemption for small businesses to raise up to $250,000 in investment funds annually without full Securities and Exchange Commission registration. This directly affects small businesses seeking modest capital, allowing them to offer securities (like shares or debt) through a streamlined process. Key safeguards include disqualifying businesses with recent fraud convictions, regulatory bans in finance or banking, or final orders related to deceptive conduct within the past decade. The bill also permits states to maintain regulatory authority over these small offerings while aligning with federal standards.
Maddy summaryHR 2490 creates a new reward program for whistleblowers who provide original information leading to successful enforcement actions by the Consumer Financial Protection Bureau (CFPB) that result in monetary penalties exceeding $1 million. Whistleblowers can receive 10% to 30% of the collected penalties (minimum $50,000, maximum $5 million per person) for information that directly leads to enforcement actions against financial institutions violating consumer financial laws. The bill includes strong confidentiality protections to prevent disclosure of whistleblowers' identities and requires the CFPB to consider factors like the significance of the information and the whistleblower's cooperation when determining award amounts. The CFPB must also report annually to Congress on the program's activity, including the number of awards granted and case types.
Maddy summaryThis bill amends the Consumer Financial Protection Bureau's (CFPB) mission to prioritize fair and transparent markets while explicitly adding a focus on strengthening private sector competition without government interference or subsidies. It requires the CFPB to establish an Office of Economic Analysis to review all proposed rules, assess their impact on consumer choice, credit access, and pricing, and publish these findings in the Federal Register. The bill also mandates that new rules must identify the specific problem they solve and include measurable metrics - like changes in consumer access and cost of financial products - to evaluate success. Existing rules must be periodically reviewed (after 1, 2, 5, and 10 years) to determine if they effectively addressed their intended problem.
Maddy summaryHR 1831 would award Billie Jean King a Congressional Gold Medal to honor her lifelong advocacy for equal rights in sports and society. The bill directs the Secretary of the Treasury to strike the medal and have it presented by congressional leaders, recognizing her pivotal role in advancing women's equality through tennis (including founding the Women’s Tennis Association and securing equal prize money) and her broader impact on society through initiatives like Title IX advocacy.
Maddy summaryHR 5, the Parents Bill of Rights Act, would require public schools receiving federal funding to provide parents with greater access to educational information. The bill mandates that schools post curricula online or widely distribute it to parents, include school budgets in report cards, and provide specific information about school activities including violent incidents and plans to eliminate gifted programs. It also guarantees parents the right to meet with teachers twice a year, review library materials, and address school boards. These requirements would apply to all local educational agencies and schools covered by the Elementary and Secondary Education Act. The bill amends existing education laws to strengthen parental transparency and involvement in their children's education.
Maddy summaryHCONRES 28 is a symbolic resolution expressing Congress's view that tax-exempt fraternal benefit societies - organizations providing life, health, and accident benefits to members - have long delivered critical community support. It states these societies, with about 7 million members nationwide, generate significant annual value through charitable work and volunteer activities (estimated at over $3.8 billion yearly). The resolution affirms that their tax-exempt status under Section 501(c)(8) of the tax code is essential for sustaining their volunteer-driven model and relieving pressure on government safety programs. As a non-binding expression of congressional sentiment, it does not alter existing laws or create new obligations.
Maddy summaryH.J. Res. 30 seeks to block a Department of Labor rule that would have required retirement plan managers (like those handling 401(k)s) to follow strict "prudence and loyalty" standards when selecting investments and voting on company matters. The rule, published in December 2022, aimed to protect retirement savings by ensuring fiduciaries prioritize participants' interests. This resolution, if passed, would prevent the rule from taking effect, avoiding new compliance requirements for retirement plan managers and sponsors. It directly affects retirement plan administrators and the millions of participants in these plans.
Maddy summaryHR 1414, the Keep Innovation in America Act, clarifies the definition of "broker" under tax law to include entities facilitating digital asset sales at customer direction, directly affecting digital asset exchanges and platforms. It defines "digital asset" as value recorded on a secure ledger and requires brokers to report certain transactions involving digital assets starting in 2025. The bill also mandates a Treasury study on treating digital assets as "cash" under specific tax rules, analyzing privacy, innovation, and competitiveness impacts. These changes aim to align tax reporting with digital asset technology while avoiding burdens on non-broker developers like miners or validators.
