Rep. Tom Emmer

Financial Stability Oversight Council Reform Act This bill subjects the budgets of the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR) to the annual appropriations process and establishes requirements for reports and a public notice and comment period. The budgets of the FSOC and the OFR are funded by assessments on financial institutions which are deposited into the Financial Research Fund and, under current law, are immediately available to be spent. This bill requires the funding from the Financial Research Fund to be made available by appropriations acts. The OFR must submit quarterly reports to Congress regarding its finances; workforce; and actions taken to achieve the goals, objectives, and performance measures of the office. The OFR must provide a public notice and comment period of at least 90 days before issuing any proposed report, rule, or regulation. The bill expands the duties of the OFR to include publishing an annual work plan; consulting with other federal departments and agencies with relevant expertise prior to preparing any public report with respect to a specified entity, class of entities, or financial product or service; and developing and implementing a cybersecurity plan. The Government Accountability Office must annually audit the cybersecurity plan and its implementation.

Maddy summaryHR 6922, the Securing Facilities for Mental Health Services Act, amends Section 242(b)(1) of the National Housing Act to adjust the structure of mortgage insurance provisions for hospitals. The bill revises punctuation and renumbers subsections to clarify that hospitals are eligible for mortgage insurance parity under existing law. This procedural change does not alter substantive requirements but ensures consistent application of the provision. The amendment takes effect upon the bill's enactment.

Maddy summaryThis bill permanently cancels unused funds from the Department of Commerce's Nonrecurring Expenses Fund, which were set aside under the 2023 Fiscal Responsibility Act. It specifies that this cancellation won't count toward federal budget caps or allocation rules under existing budget laws. The bill directly affects how leftover government funds are handled within the Commerce Department's budget, eliminating a specific account for nonrecurring expenses.

Maddy summaryThis bill clarifies the Consumer Financial Protection Bureau's (CFPB) authority to enforce rules against "unfair, deceptive, or abusive acts or practices" (UDAAP) affecting consumers. It defines "abusive" acts as those intentionally interfering with consumer understanding or taking unreasonable advantage of consumer vulnerabilities, requiring the CFPB to provide a clear definition within 180 days. Financial institutions must now receive written notice and 180 days to correct potential violations before penalties are imposed, and the CFPB must conduct cost-benefit analyses for new rules. The bill also prohibits the CFPB from treating discrimination as part of UDAAP enforcement and limits penalties for past conduct to the most recent compliance rating period.

Maddy summaryHR 6734 prohibits the use of federal funds to finalize, implement, or enforce the Bureau of Alcohol, Tobacco, Firearms, and Explosives' (ATF) proposed rule (2022R-17) defining "engaged in the business as a dealer in firearms." This bill directly affects the ATF by blocking funding for this specific regulatory rule, which was proposed in August 2023. The legislation does not create new requirements but prevents federal resources from being used to advance this particular ATF regulation.

Maddy summaryThe Main Street Growth Act (HR 6623) creates a new type of securities exchange called a "venture exchange" to facilitate trading of stocks from early-stage companies. It allows companies that haven't had an initial public offering (IPO) and have a small public float (under $2 billion) to list their shares on these specialized exchanges, where they can trade under modified rules. The bill requires specific disclosures about the unique risks of these "venture securities" and prohibits trading them on regular exchanges while they're listed on a venture exchange. This primarily affects early-stage startups seeking capital and investors buying their shares, with the goal of improving access to capital markets for smaller businesses.

Maddy summaryThis bill appropriates $14.3 billion in supplemental security funding to Israel following the October 7, 2023 attacks. The funding includes $4 billion for Iron Dome and David's Sling defense systems, $1.35 billion for the Iron Beam defense system development, and $3.5 billion for foreign military financing. The bill requires regular reporting to Congress on security assistance provided to Israel and designates all funds as "emergency requirements" under federal budget law. It also modifies existing laws to facilitate the transfer of defense articles and services to Israel, aiming to strengthen Israel's defense capabilities against rocket threats.

Maddy summaryThe SHIP Act imposes sanctions on foreign entities that knowingly handle Iranian petroleum, targeting those involved in port operations, transportation, refining, or ship-to-ship transfers of Iranian oil. Starting 90 days after enactment, the President must block assets, deny visas, and impose penalties on individuals or companies engaging in these activities, including family members or owners of sanctioned entities. It requires annual reports tracking Iran's oil exports, revenues, and key players like shipping companies and ports. The sanctions terminate if the President certifies Iran has stopped supporting terrorism and dismantled weapons programs.

Maddy summaryHRES 771 is a non-binding resolution expressing the U.S. House of Representatives' support for Israel following Hamas' October 7, 2023, attack. It condemns Hamas' actions, affirms Israel's right to self-defense, and calls for the immediate release of hostages. The resolution also urges enforcement of existing laws restricting aid to terrorists and sanctions against Iran for supporting Hamas. It does not create new policies or allocate funds, as it is a symbolic statement of congressional support.

Maddy summaryHRES 768 is a symbolic House Resolution expressing congressional support for Israel following Hamas' October 7, 2023 attacks. It condemns Hamas' actions, reaffirms Israel's right to self-defense, and calls for the immediate release of hostages. The resolution references the U.S. commitment to Israel's security through existing military aid programs, including the 2016 U.S.-Israel Memorandum of Understanding, and emphasizes enforcement of laws like the Taylor Force Act to prevent U.S. aid from reaching terrorist groups. As a symbolic resolution, it does not create new policy but serves as a statement of congressional support for Israel.