Rep. Mike Carey

Maddy summaryHR 4237, the Ensuring Sound Guidance Act, requires investment advisors and retirement plan fiduciaries to prioritize financial factors (like investment returns and costs) when making decisions for clients or plan participants. It mandates that non-financial factors (such as environmental or social goals) can only be considered if the client provides written consent, and advisors must then disclose the expected and actual financial impact over a three-year period. The bill amends the Investment Advisers Act and ERISA to enforce this standard, with changes taking effect 12 months after enactment. Additional provisions direct studies on state pension plans, climate disclosures in municipal bonds, and rules preventing payments to officials for government business.

Maddy summaryHR 4212, the Middle Class Mortgage Insurance Premium Act of 2023, increases the income limit for deducting mortgage insurance premiums on federal income taxes. It raises the cap from $100,000 (or $50,000 for married filing separately) to $200,000 (or $100,000 for married filing separately), making this deduction permanent. This change directly benefits middle-income homeowners who itemize deductions and pay mortgage insurance premiums, allowing them to deduct more of these costs. The bill applies to taxable years beginning after December 31, 2023.

Secure E-Waste Export and Recycling Act This bill prohibits the export or reexport of electronic waste, such as computers, televisions, and consumer electronics, subject to certain exemptions (e.g., items that meet specific criteria designed to ensure they do not become the source of counterfeit products).

Maddy summaryHR 3982, the Methane Reduction and Economic Growth Act, creates a new tax credit for businesses capturing methane from mining operations. It directly affects mining facilities that capture at least 2,500 metric tons of methane annually from underground, abandoned, surface mines, or related activities, requiring the methane to be used for energy (with minimal leaks) or injected into compliant pipelines. The credit replaces carbon capture provisions in the tax code, defining "qualified methane" as methane captured at the source and verified for use or storage. The credit applies to methane captured after December 31, 2022, for facilities beginning construction before January 1, 2033.

Maddy summaryHR 3996 would impose a 60% tax on the purchase of U.S. agricultural interests (including farmland and livestock production land) by individuals or entities from designated "countries of concern," such as China, Russia, Iran, North Korea, Cuba, and Venezuela. It requires transaction closers (like title companies or attorneys) to report buyer details to the IRS and request an affidavit confirming the buyer is not a disqualified person. If a disqualified person fails to provide the affidavit, the closing entity must inform them of the tax obligation, and the buyer would owe 60% of the purchase price. The tax does not apply to U.S. citizens, lawful permanent residents, or U.S. public companies not controlled by disqualified persons.

Maddy summaryThe Neighborhood Homes Investment Act creates a new tax credit for developers who rehabilitate or build affordable homes in distressed communities. The credit is calculated based on the difference between rehabilitation costs and the sale price, with homes required to be sold at affordable prices to qualified homeowners with incomes up to 140% of the local median family income. The bill targets specific "qualified census tracts" defined by high poverty rates, low homeownership, and below-average home values. Developers must ensure homes are sold to qualified homeowners who use them as primary residences for at least five years, with additional safeguards to prevent program abuse and ensure fair housing practices.

Maddy summaryHR 3766, the TRACKS Act, requires federal agencies to track and disclose subawards (funds passed to subrecipients) made to entities in foreign countries designated as "countries of concern" under the 2021 National Defense Authorization Act. It directly affects prime federal award recipients and subrecipients who distribute funds to foreign entities in these designated countries. The bill mandates that covered subawards be disclosed in the same manner as standard subawards, with the Director of the Office of Management and Budget issuing implementation guidance within 90 days of enactment. This creates a new transparency requirement for federal funds flowing to foreign entities deemed high-risk by U.S. security standards.

Maddy summaryHR 3713 creates federal grants to fund comprehensive school-based mental health programs for students in grades K-12, including those in Bureau of Indian Education schools. It requires partnerships between schools and community mental health providers to deliver trauma-informed, culturally appropriate services addressing suicide risk, grief, violence, and trauma exposure. The bill authorizes $300 million annually (2024-2027) for these programs, mandating privacy protections under HIPAA and FERPA, and requires annual reporting on program effectiveness.

Maddy summaryThis bill allows college athletes to sign name, image, and likeness (NIL) endorsement deals without losing athletic eligibility. It prohibits schools from banning such contracts (section 2a) and requires institutions to avoid drafting or funding these agreements themselves (section 2b). The Federal Trade Commission enforces these rules, mandates disclosure of NIL contracts through a public clearinghouse (section 5c), and requires athlete agents to register with the FTC (section 6). It directly affects student athletes, colleges, and sports agents by creating a transparent framework for NIL agreements while preempting state laws that conflict with these provisions.

Maddy summaryHR 3678, the Pay Less at the Pump Act, terminates the Hazardous Substance Superfund financing rate effective January 1, 2023, and changes how advances from the Superfund are repaid. Specifically, it ends the requirement to apply a specific financing rate to the Superfund after 2022 and modifies repayment rules to require quarterly payments from unobligated funds until fully repaid. The bill directly affects the Superfund program and entities receiving advances from it, altering its financial structure. Note: The bill’s title is misleading - the legislation does not address fuel prices or gasoline costs at the pump. It focuses solely on Superfund financing terms, with effective dates specified in the text.