Maddy summaryHR 2579, the Developing and Empowering our Aspiring Leaders Act of 2023, requires the Securities and Exchange Commission (SEC) to revise regulations defining qualifying investments for venture capital funds. Specifically, it directs the SEC to update the definition to include equity securities from qualifying companies (acquired directly or in secondary markets) and investments in other venture capital funds as qualifying investments. The bill also mandates that venture capital funds must hold predominantly direct investments in qualifying companies or investments in other venture capital funds to maintain their regulatory classification. This change directly affects venture capital funds seeking SEC classification and the SEC in enforcing these rules.
Sponsored bills
Maddy summaryHR 2578, the Small Business Investor Capital Access Act, adjusts the exemption threshold for certain investment advisers managing private funds to account for inflation. It requires the Securities and Exchange Commission to annually update the dollar amount based on changes in the Consumer Price Index (CPI), starting with an initial adjustment reflecting CPI changes from 2010 to the bill's enactment date. This provision directly affects investment advisers who manage private funds and qualify for the exemption under Section 203(m) of the Investment Advisers Act of 1940. The key mechanism is a CPI-based inflation adjustment to prevent the exemption threshold from losing value over time due to rising prices.
Maddy summaryHR 2584, the SAVE Act, creates a new federal criminal offense for assaulting or intimidating hospital employees while they're performing their duties, punishable by up to 10 years in prison, with enhanced penalties for using weapons, causing injury, or during public emergencies. The bill authorizes $25 million annually in federal grants to hospitals for violence prevention programs, including staff training, security technologies like panic buttons and video surveillance, and coordination with law enforcement. It defines "hospital" broadly to include various medical facilities such as long-term care hospitals, rehabilitation facilities, and critical access hospitals. The legislation directly affects hospital workers and medical facilities by establishing federal criminal penalties for violence against employees and providing funding to improve workplace safety. The law aims to address the rising problem of workplace violence against healthcare workers, which the bill states has increased since 2011.
This resolution recognizes law enforcement agencies and officers for their tireless work to protect us and make our communities safer. It also condemns calls to defund, disband, dismantle, or abolish the police.
Maddy summaryHR 2380, the Cellphone Jamming Reform Act of 2023, allows state and federal correctional facilities (like prisons and jails) to operate cellphone jamming systems to block wireless signals from contraband devices or communications involving individuals held in the facility. The bill restricts the Federal Communications Commission (FCC) from blocking such jamming systems, but requires facilities to limit jamming only to housing areas, have state facilities cover all costs, and consult with local law enforcement before implementation. It defines "jamming systems" broadly to include all necessary equipment and installation details. This bill directly affects correctional facilities seeking to prevent cell phone use by inmates, particularly for security purposes related to contraband. The law does not create new restrictions on cellphone use but changes how facilities can deploy jamming technology.
Maddy summaryHR 1812 requires the Federal Communications Commission (FCC) to study whether the Universal Service Fund (USF), which funds broadband access in rural and low-income areas, should expand who pays into the fund to ensure fairness. Within 120 days of enactment, the FCC must complete this study and report findings to Congress. By one year after enactment, the FCC must also develop new rules to reform the USF contribution system, specifically expanding who contributes. This directly affects telecommunications companies that pay into the USF, as the changes could shift funding responsibilities, potentially impacting broadband costs for consumers and businesses. The bill aims to make the funding system more equitable without specifying final changes.
Maddy summaryHR 2539 permanently extends the New Markets Tax Credit (NMTC) program, which incentivizes private investment in low-income communities. The bill directly affects community development financial institutions (CDFIs) and investors who fund projects in designated low-income areas by ensuring the credit remains available beyond 2025. Key provisions include automatically adjusting the credit amount annually for inflation starting in 2024 and clarifying that the credit can be used to offset alternative minimum tax liability. This maintains the program’s effectiveness in channeling capital to underserved neighborhoods without changing eligibility or funding levels.
This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau titled Small Business Lending under the Equal Credit Opportunity Act (Regulation B) and published on May 31, 2023. The rule requires financial institutions to collect and report to the bureau credit application data for small businesses. On July 31, 2023, the U.S. District Court for the Southern District of Texas ordered the bureau not to implement or enforce the rule until a related pending case is resolved.
Expand eXpertise in China Education and Language Act or the EXCEL Act This bill requires various actions to address competition with China. The Department of State must use direct hire authority to appoint at least 31 candidates with China-related linguistic, cultural, or regional expertise to positions in the competitive service. The bill requires the State Department to train certain employees on topics such as the domestic and foreign policy objectives of China and the Chinese Communist Party. Additionally, the bill establishes a China strategic advisory board and requires the Government Accountability Office to study the personnel capacity and capability of the State Department and the U.S. Agency for International Development to support strategic competition with China.
Maddy summaryThe ALIGN Act (HR 2406) permanently allows businesses to deduct the full cost of qualified equipment and machinery in the year of purchase, rather than spreading the deduction over multiple years. This applies to property placed in service after September 27, 2017, directly affecting businesses that make capital investments in eligible assets like manufacturing equipment or commercial facilities. The bill eliminates the previous requirement to depreciate these costs over time, reducing taxable income in the purchase year. It makes a temporary 2017 tax provision permanent, impacting businesses across various industries that purchase qualifying property.