Rep. Tom Emmer

Maddy summaryThis bill requires the HUD Inspector General to provide annual testimony before the House Financial Services Committee and Senate Banking Committee by October 1 each year. The testimony must cover specific areas: efforts to detect fraud/waste, audit and investigation capabilities, program improvement opportunities, and ongoing oversight activities. It directly affects HUD's Inspector General and the designated congressional committees by establishing a formal reporting requirement. The bill does not change HUD programs but mandates regular transparency about oversight work.

Maddy summaryHJRES 109 is a procedural resolution seeking congressional disapproval of a Securities and Exchange Commission (SEC) accounting rule. It targets the SEC's "Staff Accounting Bulletin No. 121" (SAB 121), which provides guidance on revenue recognition accounting for public companies. The resolution invokes federal law (Chapter 8 of Title 5) to block the rule, following a Government Accountability Office (GAO) determination that SAB 121 qualifies as a "rule" subject to congressional review. If enacted, this resolution would prevent SAB 121 from taking effect, directly affecting how public companies report revenue in financial statements.

Maddy summaryHR 8800 designates the bald eagle as the national bird of the United States, amending Title 36 of the U.S. Code to formally state this. The bill directly affects official federal designations but does not change existing policies or government actions. It includes findings about the bald eagle's historical, cultural, and symbolic significance, including its role in Indigenous traditions and government imagery. The bill explicitly states that this designation cannot be used to alter any current government plans or regulations.

Maddy summaryHR 5403, the CBDC Anti-Surveillance State Act, prohibits the Federal Reserve from issuing or facilitating central bank digital currency (CBDC) directly or indirectly to individuals through financial institutions. It specifically bans Federal Reserve banks from offering digital products to individuals, maintaining individual accounts, or using CBDC for monetary policy implementation. The bill also clarifies that its restrictions do not apply to existing physical cash or private, permissionless digital payment systems. This bill directly affects the Federal Reserve's ability to develop or deploy a government-run digital dollar. The law aims to prevent the Federal Reserve from creating a digital currency that could enable transaction tracking or government oversight of personal financial activity.

Maddy summaryHR 8464, the Tokenization Report Act of 2024, requires four federal financial regulators (the Federal Reserve, FDIC, Comptroller of the Currency, and NCUA) to jointly produce a report within 180 days of enactment. The report will examine blockchain-based tokenization of traditional assets, covering benefits, risks, differences between blockchain types, global regulations, and legal requirements. This procedural bill does not change existing rules but mandates a study to inform future policy decisions. It directly affects the specified federal agencies, requiring them to gather public input and analyze how tokenized assets impact settlement efficiency, risk, and regulatory frameworks.

Maddy summaryThe Blockchain Regulatory Certainty Act (HR 1747) creates a legal safe harbor for blockchain developers and service providers who do not control user digital assets. It prevents these entities from being classified as licensed money transmitters or financial institutions under state or federal law, unless they actively control user assets (defined as the legal right to initiate transactions spending those assets). The bill specifically protects non-controlling developers and services like public blockchain networks enabling digital asset transactions. It clarifies that this protection doesn’t override intellectual property laws or state laws consistent with the act, but blocks enforcement of conflicting state regulations. This directly affects blockchain companies building platforms without managing user funds.

Maddy summaryHR 8241, the SEC Transparency Act of 2024, requires the Securities and Exchange Commission (SEC) Chairman to testify semiannually before specific congressional committees about the Commission's activities. The bill mandates that the Chairman testify at least once every six months to the House Financial Services Committee and Senate Banking Committee, with Commissioners joining at least once annually. This procedural change directly affects SEC leadership by establishing a regular, mandatory reporting schedule to Congress. The law does not alter SEC regulations or enforcement but focuses solely on increasing transparency through scheduled congressional testimony.

Maddy summaryHR 8231, the James Earl Jones Congressional Gold Medal Act, authorizes a Congressional Gold Medal to be awarded to actor James Earl Jones in recognition of his distinguished career in theater and film, and his role in advancing inclusion and equal opportunities for people of all backgrounds in the entertainment industry. The Treasury will strike the medal with an image and inscription of Jones, and may produce and sell bronze duplicates to cover costs, with proceeds deposited into the U.S. Mint's public enterprise fund. This bill serves as a ceremonial honor with no new legal requirements or policy changes.

Maddy summaryThe SEC Regulatory Accountability Act requires the Securities and Exchange Commission (SEC) to conduct detailed cost-benefit analyses before proposing or finalizing new regulations. It mandates that the SEC assess how regulations impact market participants, evaluate alternatives to minimize burden, and ensure rules are written in plain language with clear justifications. For major regulations, the bill also requires the SEC to establish post-implementation assessment plans to measure economic effects and report on outcomes within four years. This bill directly affects the SEC and other securities regulators like the Public Company Accounting Oversight Board, altering their rulemaking processes to prioritize cost-effectiveness and transparency.

Maddy summaryHR 8240, the SEC Cybersecurity Act of 2024, mandates a one-year GAO audit of the Securities and Exchange Commission’s (SEC) IT infrastructure and data handling practices. The audit will compare the SEC’s IT spending to other federal financial regulators, assess the quality of its IT contracting, evaluate cybersecurity systems, and review recent security incidents. The GAO must report findings and recommendations to the SEC and relevant congressional committees (Financial Services and Banking committees) to identify improvements. This procedural bill does not create new regulations but requires an independent review of the SEC’s current cybersecurity posture.