The Disaster Loan Outreach Consistency Act requires the Small Business Administration to create standardized procedures for its disaster field operations centers within 180 days of enactment. These procedures must ensure that all public communications, such as press releases and fact sheets, accurately reflect current loan terms and eligibility requirements. The bill mandates the use of verified templates and an annual review process to maintain consistency across different regional offices. Additionally, the agency head must notify relevant congressional committees within 30 days of establishing or significantly updating these outreach procedures.
The SBIC Reporting Modernization Act of 2026 requires the Small Business Investment Company (SBIC) Administrator to publish a quarterly report on the performance of licensed small business investment companies. This mandate begins 90 days after the bill is enacted and applies to all SBICs operating under the Small Business Investment Act of 1958. The reports must include specific data points such as the number of applicants approved for final licensing, the dollar value of debentures issued, and the total number of jobs created or sustained through these investments.
The 504 Program Level Flexibility Act allows the Small Business Administration to exceed its annual loan guarantee limit by up to 15 percent if demand for financing from qualified state or local development companies is high. This provision applies starting in fiscal year 2027 and requires the agency administrator to notify specific congressional committees at least 30 days before using this extra authority. The bill also restricts the SBA to using this flexibility measure no more than once per fiscal year.
This bill directs the Forced Labor Enforcement Task Force to complete an investigation within 180 days regarding the use of forced labor in cobalt mining in the Democratic Republic of the Congo. The resulting report must include a strategy to enforce existing U.S. laws that ban the importation of goods produced by forced labor, with specific measures to trace supply chains and prevent such materials from entering the market through third countries. The investigation is required to identify entities potentially involved in these practices and recommend tools for customs officials to detect prohibited cobalt. This mandate remains in effect for eight years or until the President determines that forced labor in the Congolese mining industry has ended.
The EFIN Verification Act of 2026 requires tax preparers to validate their Electronic Filing Identification Numbers (EFINs) before electronically submitting federal tax returns or other documents on behalf of taxpayers. The bill mandates that the Treasury Secretary establish a real-time validation system capable of processing high-volume requests from large-scale tax preparation software and financial institutions. This system will confirm whether an EFIN is active, authorized, or compromised at the moment a filing attempt is made. Additionally, the legislation permits the disclosure of specific information to approved third-party validators to facilitate this verification process, with these requirements taking effect for taxable years beginning two years after enactment.
The Combating Foreign Threats to Main Street Act of 2026 directs the Small Business Administration to create and distribute educational materials that help small businesses identify and protect against harmful activities by foreign adversaries. These materials must cover topics such as intellectual property theft, cybersecurity risks, forced labor in supply chains, and the dangers of specific commercial relationships with foreign-controlled entities. The bill requires the agency to review and update these resources annually starting in 2027 to ensure they reflect current threats and best practices. Additionally, if the agency determines that a specific activity poses a significant risk to national or economic security, it must notify the relevant congressional committees about the finding and its justification.
This bill increases the mandatory financial contributions from Federal Home Loan Banks to the Affordable Housing Program by extending a 15 percent net income requirement through 2025 and establishing it as the permanent rate for 2026 and beyond. The legislation directly affects the Federal Home Loan Banks, which are government-sponsored enterprises that provide funding to member banks and credit unions. A key provision ensures that these annual contributions will not fall below $100 million in any given year, regardless of the banks' net income fluctuations.
The Cybersecurity for Small Businesses Act of 2026 directs the Small Business Administration, in partnership with federal cybersecurity agencies, to create and distribute resources that help small businesses improve their digital security practices. The bill specifically requires the administration to provide guidance on federal cybersecurity compliance standards to small companies seeking government contracts or subcontracting opportunities. This information must be made available through small business development centers, district offices, and the agency's website. Additionally, the Office of Advocacy is required to submit an annual report to Congress detailing how many small businesses have contacted them regarding cybersecurity issues.
The CLEAR Forms Act directs the Securities and Exchange Commission to create new registration forms for specific insurance products, including contingent deferred annuities and registered index-linked life insurance. The bill requires the agency to design these forms so that purchasers can make informed decisions, mandating investor testing to ensure the language is understandable for these complex financial instruments. If the SEC fails to finalize the rules within 30 months of enactment, insurers would be permitted to register these products using existing forms currently used for variable annuities and life insurance.
The Consumer Financial Protection Accountability and Reform Act of 2026 significantly restructures the Bureau of Consumer Financial Protection by subjecting it to the regular federal appropriations process and establishing an independent Inspector General appointed by the President. The bill restricts the Bureau's supervisory authority over banks and credit unions with assets under $30 billion, allowing these institutions to elect to remain under their existing prudential regulators instead. It also introduces a safe harbor for small-dollar loans of $3,500 or less that meet specific structural requirements, shielding compliant lenders from civil money penalties and private damages. Additionally, the legislation creates federal standards for earned wage access services, requiring providers to offer a no-cost option for early wage access and prohibiting them from treating these services as credit or debt under federal law.
The Open-Source AI Leadership Act directs the Secretary of Commerce to promote the adoption of U.S.-developed open-source artificial intelligence models by coordinating with private sector entities, state governments, and foreign partners. The bill requires the Department of Commerce to identify barriers to using these domestic models and to enter into agreements that facilitate their use in interstate and foreign commerce. Additionally, it mandates an annual public report assessing the risks associated with AI models developed by foreign adversary nations, including concerns about data security, national safety, and model performance. A specific provision ensures that the Secretary of Commerce cannot use this authority to ban or restrict any open-source AI model from being available in the market.
The Automotive National and Economic Security Act of 2026 directs the Secretary of Commerce to conduct a study on commercial partnerships between U.S. automotive manufacturers and entities controlled by foreign adversaries. The bill defines these covered activities to include ownership interests, joint ventures, technology sharing agreements, and investments involving critical hardware or software for vehicles and automated driving systems. The study must assess potential impacts on national security, economic competitiveness, and intellectual property protection, including any involvement of state-directed investment vehicles from adversary nations. Within two years of enactment, the Secretary is required to submit a report to Congress and publish an unclassified summary online while protecting confidential business information and trade secrets.
