Rep. Troy Downing

Maddy summaryHR 3318, the SEC Modernization Act, reorganizes the internal structure of the Securities and Exchange Commission (SEC) without changing its regulatory authority or affecting businesses or investors directly. It moves several offices (like the Office of the Secretary, Ethics Counsel, and International Affairs) under the General Counsel, transfers the Chief Accountant and Credit Ratings offices into Corporate Finance, and merges the Office of Legislative Affairs into Public Affairs. The bill also allows the SEC to consolidate regional offices if deemed appropriate. This is a procedural change focused solely on the SEC's internal management, not on new securities rules or policy impacts.

Maddy summaryThis bill changes how married couples filing jointly can deduct student loan interest on their federal taxes. Currently, the deduction limit of $2,500 applies to the household as a whole. The bill would amend the tax code to apply the $2,500 limit separately to each spouse, meaning both partners could each deduct up to $2,500 in interest. This directly affects married couples with student loans who file jointly, providing them with a larger potential tax benefit. The change takes effect for taxable years beginning after December 31, 2024.

Maddy summaryHR 3228, the Constitutional Hearing Protection Act, reclassifies firearm silencers as firearms under federal tax law and eliminates their separate registration under the National Firearms Act. It requires the Attorney General to destroy all existing federal silencer registration records within one year and preempts state laws that impose taxes, registration, or recordkeeping requirements on silencers. The bill defines "firearm silencer" and specifies that manufacturers must mark silencers on a "keystone part" with a serial number. This directly affects silencer owners, manufacturers, and state governments by standardizing federal regulation and removing state-level restrictions.

Maddy summaryThis bill increases mandatory prison sentences for non-citizens convicted of certain crimes after entering the U.S. without authorization or being deported. It raises the minimum sentence from 2 to 5 years for those who improperly enter the U.S. and later commit a crime punishable by over one year in prison. For non-citizens previously deported who commit crimes, it increases the minimum sentence from 2 to 10 years and mandates at least 10 years for offenses including aggravated felonies, state/federal felonies, or crimes punishable by over one year. These changes apply to all non-citizens convicted under these circumstances, regardless of jurisdiction.

Maddy summaryThe STABLE Act of 2025 establishes a regulatory framework for stablecoins, which are digital assets designed to maintain a stable value relative to a national currency. It restricts stablecoin issuance to "permitted payment stablecoin issuers," including bank subsidiaries, federally-approved nonbank entities, and state-qualified issuers. These issuers must maintain 1:1 reserves backed by specific assets (like U.S. currency, Treasury securities, or demand deposits), publish monthly reserve reports, and cannot pay interest to stablecoin holders. The Act also includes transparency requirements, restrictions on leadership (prohibiting those with certain felony convictions), and preempts conflicting state laws for federally-approved issuers.

Maddy summaryHR 976, the "1071 Repeal to Protect Small Business Lending Act," would repeal data collection and reporting requirements for small business loans under Section 704B of the Equal Credit Opportunity Act. This specifically removes the mandate for financial institutions - especially community banks and credit unions - to track and submit loan data by business characteristics like race or gender. The bill aims to reduce compliance costs for lenders, which its findings argue limit small business access to credit. The repeal would eliminate these reporting obligations and remove references to the requirement from related federal laws.

Maddy summaryThis bill provides a 3-year transition period for newly insured banks to meet federal capital requirements, easing compliance for institutions that recently became federally insured. It allows these banks to request temporary deviations from approved business plans, with regulators required to respond within 30 days (or the request is automatically approved). Small rural banks with less than $10 billion in assets located in rural areas receive a lower 8% leverage ratio requirement during this transition. Additionally, the bill expands lending authority for certain banks to include agricultural loans and requires a federal study on increasing new bank formations in underserved areas.

Maddy summaryThis bill creates an Advisory Committee under the Financial Stability Oversight Council to study how Chinese military actions toward Taiwan could impact U.S. financial markets. The committee, composed of market experts and participants, will annually assess vulnerabilities like banking risks, market volatility, and potential losses from such scenarios, then recommend resilience strategies. It requires an annual public report detailing these findings and actionable steps for regulators - such as improving circuit breakers or coordinating responses - to strengthen market preparedness. The bill does not enact new regulations but mandates ongoing analysis and reporting on this specific geopolitical risk.

Maddy summaryHR 3141, the CFPB Budget Integrity Act, limits the Consumer Financial Protection Bureau's (CFPB) leftover funds. It requires the CFPB to keep unobligated balances below 5% of its annual appropriation, transferring any excess to the Treasury general fund. The bill also adds a reporting requirement for the CFPB to describe how it uses any unobligated balances. This bill directly affects the CFPB's budget management practices, not consumer financial protections. It is a procedural budget rule change with no direct impact on consumers or financial institutions.

Maddy summaryThis bill expands access to employee ownership by modifying the Small Business Act to allow S corporations owned by employee stock ownership plans (ESOPs) to retain small business status, even when an ESOP owns over 49% of the company. It creates a new Treasury Department office to provide education and technical assistance for S corporations establishing ESOPs, and establishes a Labor Department Advocate for Employee Ownership to coordinate outreach and resolve disputes. These changes directly affect S corporations transitioning to ESOP ownership and their employees, who gain retirement benefits through ESOP accounts. The bill aims to increase employee ownership by removing eligibility barriers and improving support for businesses adopting this model.