Sen. Bill Cassidy

Maddy summaryThe INDEX Act requires investment advisers managing passively managed funds (like index funds) to follow voting instructions from the fund's actual investors for non-routine corporate proposals (e.g., major mergers, governance changes). It applies when an adviser controls over 1% of a company's voting shares through such funds, mandating they distribute voting materials and wait 5 business days for instructions. Advisers may still vote freely on routine matters (e.g., board elections) or use a "mirror voting" exception for majority-approved proposals. This directly affects retail investors in index funds and the advisers managing them, ensuring investor preferences shape votes on significant corporate issues.

Maddy summarySRES 166 is a symbolic Senate resolution honoring the U.S. Coast Guard for its maritime border security work. It recognizes the Coast Guard's 2022 achievements, including interdicting over 330,000 pounds of narcotics, intercepting 12,500 illegal immigrants, and patrolling over 95,000 miles of U.S. coastline. The resolution expresses the Senate's gratitude to Coast Guard personnel for their "exemplary service" in safeguarding borders. As a non-binding resolution, it does not create new laws, funding, or policy changes.

Strengthen American Competitiveness Against Harmful Subsidies Act of 2023 This bill requires the Office of the U.S. Trade Representative (USTR) to regularly monitor and report on industrial subsidies provided by the Chinese government. First, the USTR must coordinate with specified federal agencies to regularly monitor (1) industrial subsidies provided by the Chinese government; and (2) plans by the Chinese government to implement new, or expand existing, industrial subsidies. Second, the USTR must coordinate with specified federal agencies to submit an annual report to Congress that identifies current and expected industrial subsidies provided by the Chinese government that pose a significant risk to (1) employment in the United States, including employment in strategically critical industries; and (2) manufacturing in the United States, including production of strategically critical goods. This report must also include recommendations for legislative, administrative, or other actions that could mitigate the risks posed by industrial subsidies.

Maddy summaryThe Promotion and Expansion of Private Employee Ownership Act of 2023 aims to increase employee ownership in S corporations by making it easier for companies to adopt Employee Stock Ownership Plans (ESOPs). Key provisions include extending tax deferral for sales of company stock to ESOPs, creating a Treasury Department office to provide technical assistance for ESOPs, and amending small business laws to ensure ESOP-owned businesses remain eligible for small business programs. The bill also establishes a dedicated Advocate for Employee Ownership within the Department of Labor to promote ESOP adoption, provide education, and help resolve disputes related to ESOPs. This legislation directly affects S corporations considering employee ownership transitions, their employees who would become partial owners, and small businesses that want to maintain eligibility for small business programs after an ESOP transition. The bill seeks to expand a model that studies show provides employees with retirement savings and greater job stability compared to traditional companies.

Maddy summaryS 2517, the Auto Reenroll Act of 2023, modifies retirement plan rules to allow automatic re-enrollment in 401(k) and similar plans. It permits employers to automatically re-enroll employees who previously opted out of contributions after 1-3 years, without requiring new affirmative elections, provided they don’t actively choose to remain opted out. This affects employees in qualified automatic contribution arrangements (like 401(k) plans) and eligible automatic contribution arrangements, including those who had previously chosen not to participate. The key change ensures employees remain enrolled unless they specifically opt out again, streamlining participation while maintaining their ability to decline contributions.

This bill allows small employers who have a re-enrollment provision in their retirement plans a tax credit for $500 in any taxable year occurring during a specified three-year credit period.

Maddy summarySCONRES 2 is a symbolic congressional resolution commending Iranian protesters who risked their safety to demonstrate against the Iranian regime's human rights abuses, particularly following the death of Mahsa Amini after her arrest by morality police for alleged hijab violations. It specifically highlights protests in over 133 cities where demonstrators, including women removing headscarves, have faced violent crackdowns, with reports of over 500 deaths and 19,000 arrests. The resolution condemns the regime's brutality, supports internet freedom tools to bypass censorship, and urges the administration to impose human rights sanctions on officials responsible for repression. As a non-binding resolution, it expresses congressional support for protesters but does not enact new laws or policies.

Maddy summaryS 2496, the VALID Act of 2023, amends disclosure requirements for FHA-insured loans. It requires lenders to include specific information about VA loans - specifically the loan-to-value ratio and VA loan details assuming prevailing interest rates - when discussing FHA loans. This change directly affects borrowers applying for FHA-insured mortgages by providing clearer comparative information about VA loan options. The bill does not alter VA loan eligibility or require lenders to verify borrower eligibility for VA loans. The key provision is a mandatory update to existing disclosure language under the National Housing Act.

Maddy summaryS 931 mandates federal agencies to conduct a comprehensive review of their software entitlements and inventories within one year of enactment, requiring detailed accounting of software contracts, costs, usage, and interoperability. Agencies must develop plans to consolidate software licenses, prioritize enterprise agreements for cost savings, and minimize restrictive licensing terms - particularly for cloud services - while ensuring vendor-neutral procurement. The bill also requires a government-wide strategy by the Office of Management Budget within two years, including cost-benefit analyses for enterprise licensing and integration of software spending data into federal budget processes. These provisions directly affect all federal agencies, their CIOs, CFOs, and procurement officers, with reporting to Congress and the Government Accountability Office.

Maddy summaryThis bill prohibits the Department of Defense from using military funds to cover travel, lodging, meals, or transportation expenses related to abortions for service members or their dependents, except in cases where the pregnancy endangers the mother’s life, results from rape, or results from incest. It also terminates a 2022 Department of Defense memo that allowed access to abortion-related care and bans using medical convalescent leave or administrative absences for abortion-related travel under the same limited exceptions. The bill directly affects active-duty military personnel, veterans, and their dependents who might seek abortion care. It modifies existing travel and leave regulations under U.S. Code titles 37 and 10 to restrict these benefits, aligning with existing federal law that limits abortion funding. The policy change removes prior allowances for abortion-related travel expenses and leave under military benefits programs.