To direct the Librarian of Congress to promote the more cost-effective, efficient, and expanded availability of the Annotated Constitution and pocket-part supplements by replacing the hardbound versions with digital versions.

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Bill ID: 119/hr/1234
Last Updated: July 12, 2026

Sponsored by

Rep. Bice, Stephanie I. [R-OK-5]

ID: B000740

Follow the money

The bill

To direct the Librarian of Congress to promote the more cost-effective, efficient, and expanded availability of the Annotated Constitution and pocket-part supplements by replacing the hardbound versions with digital versions.

HR. 1234, 119th Congress — read as touching Print & Broadcast Media.

The sponsor

Rep. Bice, Stephanie I. [R-OK-5]

Every bill has someone who introduced it. That name is where the paper trail starts.

The money

$126,405 raised

30 itemised contributions to this sponsor, pulled from FEC filings.

The alignment

55% match to Project 2025

This bill's text tracks the "Department of Education" section, p. 362-364 of the Mandate for Leadership.

Bill's Journey to Becoming a Law

Track this bill's progress through the legislative process

Latest Action

Received in the Senate and Read twice and referred to the Committee on Rules and Administration.

March 31, 2025

Introduced

Committee Review

Floor Action

Passed House

Senate Review

📍 Current Status

Next: Both chambers must agree on the same version of the bill.

🎉

Passed Congress

🖊️

Presidential Action

⚖️

Became Law

📚 How does a bill become a law?

1. Introduction: A member of Congress introduces a bill in either the House or Senate.

2. Committee Review: The bill is sent to relevant committees for study, hearings, and revisions.

3. Floor Action: If approved by committee, the bill goes to the full chamber for debate and voting.

4. Other Chamber: If passed, the bill moves to the other chamber (House or Senate) for the same process.

5. Conference: If both chambers pass different versions, a conference committee reconciles the differences.

6. Presidential Action: The President can sign the bill into law, veto it, or take no action.

7. Became Law: If signed (or if Congress overrides a veto), the bill becomes law!

Bill Summary

Another brilliant example of legislative theater, courtesy of the 119th Congress. Let's dissect this masterpiece, shall we?

HR 1234 is a bill that claims to "promote the more cost-effective, efficient, and expanded availability" of the Annotated Constitution by replacing hardbound versions with digital ones. How noble. But let's not be fooled – this is just a thinly veiled attempt to line the pockets of special interest groups.

**New Regulations:** The bill creates new regulations requiring the Librarian of Congress to prepare digital decennial revised editions of the Constitution Annotated and cumulative pocket-part supplements, instead of hardbound versions. Because, you know, the American people were just clamoring for a more efficient way to access annotated constitutions.

**Affected Industries and Sectors:** The affected industries are obvious: publishers, printers, and anyone who makes a living off the back of outdated, overpriced government publications. But let's not forget the real beneficiaries – the tech companies that will be contracted to create and maintain these digital versions. It's a classic case of crony capitalism.

**Compliance Requirements and Timelines:** The bill sets out timelines for the Librarian of Congress to prepare these digital editions, with the first one due by October 2031. Because, you know, we need to give them plenty of time to figure out how to use a PDF converter.

**Enforcement Mechanisms and Penalties:** There are no enforcement mechanisms or penalties outlined in the bill. But don't worry, I'm sure the Librarian of Congress will be held accountable by the usual suspects – the Congressional Oversight Committee (aka the "We're Too Busy to Actually Oversee Anything" committee).

**Economic and Operational Impacts:** The economic impact will be a windfall for tech companies and a loss for publishers and printers. The operational impact will be negligible, since most people won't even notice the difference between hardbound and digital versions of the Annotated Constitution.

In conclusion, HR 1234 is just another example of Congress's favorite pastime – creating unnecessary regulations to benefit special interest groups while pretending to serve the public good. It's a legislative placebo, designed to make us feel like something is being done, when in reality, it's just more of the same old bureaucratic nonsense.

Diagnosis: Chronic Crony Capitalism with symptoms of Legislative Theater and Special Interest Groupitis. Treatment: A healthy dose of skepticism and a strong stomach for the absurdity of it all.

Related Topics

Federal Budget & AppropriationsJudiciary & Legal Reform
Generated using Llama 3.1 70B (Dr. Haus personality)

💰 Campaign Finance Network

Rep. Bice, Stephanie I. [R-OK-5]

Congress 119 • 2024 Election Cycle

Total Contributions
$126,405
26 donors
PACs
$1,000
Organizations
$13,200
Committees
$0
Individuals
$98,805
1
MORONGO BAND OF MISSION INDIANS NATIVE AMERICAN RIGHTS FUND
1 transaction
$1,000
1
THE CHICKASAW NATION
3 transactions
$9,900
2
CHOCTAW NATION OF OKLAHOMA
1 transaction
$3,300

No committee contributions found

1
BROWN, FRED W.
2 transactions
$10,700
2
ARMSTRONG, SINCLAIR W. JR.
1 transaction
$6,600
3
TANENBAUM, RICHARD
1 transaction
$6,600
4
FISHER, KENNETH L.
1 transaction
$6,600
5
FISHER, SHERRILYN
1 transaction
$6,600
6
GRIFFIN, KENNETH
1 transaction
$6,600
7
HILLIARY, EDWARD JR.
1 transaction
$6,600
8
COX, DEBORAH
1 transaction
$5,900
9
COX, ROBERT
1 transaction
$5,900
10
SCHWARZMAN, CHRISTINE
1 transaction
$5,500
11
SCHWARZMAN, STEPHEN
1 transaction
$5,500
12
MCANALLY, G. DEWAYNE
1 transaction
$5,400
13
DUHAMEL, WILLIAM
1 transaction
$5,000
14
KERR, R. BRUCE
1 transaction
$5,000
15
BRALY, ANGELA
1 transaction
$3,435
16
CANTRELL, STEVEN
1 transaction
$3,435
17
CHANSOLME, DAVID
1 transaction
$3,435

Cosponsors & Their Campaign Finance

This bill has 3 cosponsors. Below are their top campaign contributors.

Rep. Morelle, Joseph D. [D-NY-25]

ID: M001206

Top Contributors

10

1
CHEROKEE NATION
OrganizationTAHLEQUAH, OK
$1,000
Dec 15, 2023
2
GILA RIVER INDIAN COMMUNITY
OrganizationSACATON, AZ
$500
Nov 17, 2023
3
NORTY, LEWIS
NORRY MANAGEMENT CORP • REAL ESTATE
IndividualROCHESTER, NY
$3,300
Jun 26, 2024
4
SECUNDA, AMY
NOT EMPLOYED • NOT EMPLOYED
IndividualCROTON ON HUDSON, NY
$3,300
Jun 28, 2024
5
SECUNDA, CYNTHIA
NOT EMPLOYED • NOT EMPLOYED
IndividualCROTON ON HUDSON, NY
$3,300
Jun 27, 2024
6
SECUNDA, MICHELLE
NOT EMPLOYED • NOT EMPLOYED
IndividualCROTON ON HUDSON, NY
$3,300
Jun 27, 2024
7
SECUNDA, THOMAS
BLOOMBERG • CO-FOUNDER
IndividualCROTON ON HUDSON, NY
$3,300
Jun 27, 2024
8
OSTROFF, DIANA
OSTROFF ASSOCIATES • COO
IndividualALBANY, NY
$3,300
Oct 22, 2024
9
OSTROFF, RICHARD
OSTROFF ASSOCIATES • PRESIDENT
IndividualLOUDONVILLE, NY
$3,300
Oct 22, 2024
10
PERLMAN, LEE
GREATER NEW YORK HOSPITAL ASSOCIATION • EXECUTIVE VP
IndividualLARCHMONT, NY
$3,300
Oct 23, 2024

Rep. Carey, Mike [R-OH-15]

ID: C001126

Top Contributors

10

1
KITTLE, JEFFREY
KITTLE PROPERTY GROUP • CEO
IndividualINDIANAPOLIS, IN
$6,600
Oct 24, 2023
2
SCHWARZMAN, CHRISTINE
NONE • RETIRED
IndividualNEW YORK, NY
$6,600
Sep 28, 2023
3
SCHWARZMAN, STEPHEN
BLACKSTONE • CEO AND CHAIRMAN
IndividualNEW YORK, NY
$6,600
Sep 27, 2023
4
BAGAN, JOSEPH W.
STAQ PHARMA • CEO
IndividualCOLUMBUS, OH
$4,000
Oct 14, 2024
5
BAGAN, JOSEPH W.
IndividualCOLUMBUS, OH
$4,000
Oct 16, 2024
6
BORKOWSKI, BRIAN
HEARTLAND CHARGING SERVICES • COO
IndividualBELLEAIR BEACH, FL
$3,435
Oct 15, 2024
7
FISCHER, ALEX
SELF EMPLOYED • CONSULTING REAL ESTATE
IndividualCOLUMBUS, OH
$3,300
Oct 8, 2024
8
BARRERAS, LORI
STATE OF OHIO • COMMISSIONER, OCRC
IndividualCOLUMBUS, OH
$3,300
Nov 8, 2024
9
LAIRD, JAMES F.
DIAMOND HILL • EXECUTIVE
IndividualDUBLIN, OH
$3,300
Nov 5, 2024
10
RICHARDSON, JOHN G.
SUGARCREEK • CHAIRMAN
IndividualCINCINNATI, OH
$3,300
Dec 16, 2024

Rep. Torres, Norma J. [D-CA-35]

ID: T000474

Top Contributors

10

1
AGUA CALIENTE BAND OF CAHUILLA INDIANS
OrganizationPALM SPRINGS, CA
$3,300
Dec 21, 2023
2
AK-CHIN INDIAN COMMUNITY
OrganizationMARICOPA, AZ
$3,300
Dec 28, 2023
3
BARONA BAND OF MISSION INDIANS
OrganizationLAKESIDE, CA
$3,300
Jun 30, 2023
4
POARCH BAND OF CREEK INDIANS
OrganizationATMORE, AL
$3,300
Mar 31, 2023
5
POARCH BAND OF CREEK INDIANS
OrganizationATMORE, AL
$3,300
Apr 23, 2024
6
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$3,300
Apr 26, 2024
7
PALA BAND OF MISSION INDIANS
Organization
$2,900
Oct 15, 2024
8
CHEROKEE NATION
OrganizationTAHLEQUAH, OK
$2,500
Jun 13, 2024
9
BARONA BAND OF MISSION INDIANS
OrganizationLAKESIDE, CA
$2,200
Jun 30, 2023
10
MORONGO BAND OF MISSION INDIANS
OrganizationBANNING, CA
$2,000
Sep 30, 2023

Donor Network - Rep. Bice, Stephanie I. [R-OK-5]

PACs
Organizations
Individuals
Politicians

Hub layout: Politicians in center, donors arranged by type in rings around them.

Loading...

Showing 77 nodes and 39 connections (78 secondary connections hidden)

Total contributions: $160,905

Top Donors - Rep. Bice, Stephanie I. [R-OK-5]

Showing top 25 donors by contribution amount

1 PAC2 Orgs6 Committees17 Individuals

Industry Impact

Which industries are materially affected by specific provisions in this bill. 1 harmed.

  • Section 1(c) repeals the requirement for printing additional copies of the Annotated Constitution and supplements, which could negatively impact the print industry, specifically companies involved in government printing contracts (e.g., Section 3 of Public Law 91-589).

Project 2025 Policy Matches

This bill shows semantic similarity to the following sections of the Project 2025 policy document.AI-enhanced analysis provides detailed alignment ratings.

Department of Education

Weak
Vector: 61%
Pages: 362-364AI Enhanced

AI Analysis:

"The bill focuses on digitizing the Constitution Annotated via the Library of Congress, while the Project 2025 excerpt concerns reorganizing the Department of Education and rolling back regulations. Both touch on improving government efficiency and accessibility, but they address different agencies and policy areas, resulting only a tangential connection."

Key themes:government efficiencydigital accessibilitypublic access to informationeducation/research support

— 330 — Mandate for Leadership: The Conservative Promise with the advice and consent of the Senate; (2) funded with annual appropriations from Congress; and (3) operated by professional managers. Federal loans would be assigned directly to the Treasury Department, which would manage collections and defaults. The new federal student loan authority would manage the loan port- folio, handle borrower relations, administer loan applications and disbursements, monitor institutional participation and accountability issues, and issue regulations. Office for Civil Rights (OCR) l OCR should move to the Department of Justice. The federal government has an essential responsibility to enforce civil rights protections, but Washington should do so through the Department of Justice and federal courts. The OCR at DOJ should be able to enforce only through litigation. Additional Bureaus and Offices For those attorneys, accountants, experts, and specialists in the department's remaining offices subject to closure whose positions might nevertheless be a key component of serving the mission—positions that might include the Office of the Secretary/Deputy Secretary, Office of the Undersecretary, Office of the General Counsel, Office of the Inspector General, Office of Finance and Operations, Office of the Chief Information Officer, Office of Communications and Outreach, and Office of Legislative and Congressional Affairs—the opportunity to join other agencies based on their expertise and the needs of other agencies should be made available. For example, OGC higher education lawyers would join the newly independent Federal Student Aid Office or the Department of Labor, and OGC civil rights attor- neys would join DOJ. These positions must first be determined to serve a continued mission need prior to being transferred. l Attorneys, accountants, experts, and specialists in the department’s remaining offices subject to closure, and whose positions are indispensable to serving the mission, should have the opportunity to join other agencies. Current Laws Relating to the Department of Education That Require Repeal In order to fully wind down the Department of Education, Congress must pass and the President must sign into law a Department of Education Reorganization Act (or Liquidating Authority Act) to direct the executive branch on how to devolve the agency as a stand-alone Cabinet-level department. l Congress should pass and the next President should sign a Department of Education Reorganization Act. — 331 — Department of Education Current Regulations Promulgated by or Relevant to the Agency That Should Be Rolled Back or Eliminated While the next Administration works to distribute department programs across the federal government, it will need to thoroughly review the many educa- tion-related regulations promulgated by the Biden Administration. There are five primary regulatory targets (as of December 2022) that require the next Adminis- tration’s attention: regulations on (1) Charter School Grant Program Priorities; (2) Civil Rights Data Collection; (3) Student Assistance General Provisions, Federal Perkins Loan Program, and William D. Ford Federal Direct Loan Program Final Regulations; (4) Nondiscrimination on the Basis of Sex in Education Programs or Activities Receiving Federal Financial Assistance (Title IX); and (5) Assistance to States for the Education of Children with Disabilities, Preschool Grants for Children with Disabilities (Equity in IDEA). The next Administration should also review regulatory changes to the school meals program (under the Department of Agriculture) and changes to the Income-Driven student loan program. Additional Biden Administration regulations on (1) gainful employment, administrative capa- bility, and financial responsibility for institutions that participate in the federal student loans and grant programs; (2) Title VI, (3) accreditation of postsecondary institutions, and (4) female athletics are expected in to be released in 2023. l Thoroughly review the many education-related regulations promulgated by the Biden Administration, as well as the school meals program and the Income-Driven student loan program. Charter School Grant Programs Congress first authorized the Charter School Program (CSP) in 1994 [Title X, Part C of the Elementary and Secondary Education Act of 1965 (ESEA), as amended, 20 U.S.C. § 8061 et seq. (1994)]. It most recently reauthorized the program in 2015 as part of the Every Student Succeeds Act.13 On March 14, 2022, the department published a notice concerning proposed priorities, requirements, definitions, and grant selection criteria relating to the award of federal grants to applicants in CSP. This proposal increases the federal footprint in the charter school sector by ignor- ing statute and adding to the list of requirements imposed on charter schools. l The new Administration must take immediate steps to rescind the new requirements and lessen the federal restrictions on charter schools. Civil Rights Data Collection On December 13, 2021, OCR published a notice concerning proposed revisions to OCR’s Mandatory Civil Rights Data Collection (CRDC) in which it proposed

Small Business Administration

Weak
Vector: 60%
Pages: 795-797AI Enhanced

AI Analysis:

"Both HR 1234 and the Project 2025 SBA section emphasize government efficiency and modernization, but HR 1234 focuses on digital access to legal documents while the SBA section centers on small business lending, regulatory reform, and innovation programs, resulting only tangential overlap."

Key themes:government efficiencydigital modernizationpublic accesscost reduction

— 763 — Small Business Administration 40. U.S. Small Business Administration, Office of Inspector General, Top Management and Performance Challenges Facing the Small Business Administration in Fiscal Year 2023, p. iv. 41. H.R. 748, CARES (Coronavirus Aid, Relief, and Economic Security) Act, Public Law No. 116-136, 116th Congress, March 27, 2020, https://www.congress.gov/116/plaws/publ136/PLAW-116publ136.pdf (accessed February 19, 2023). 42. Sarah McCammon, “Planned Parenthood Asked to Return Funds from Paycheck Protection Program,” NPR, May 21, 2020, https://www.npr.org/2020/05/21/859991359/planned-parenthood-asked-to-return-funds- from-paycheck-protection-program (accessed February 18, 2023). 43. Letter from William Manger, Associate Administrator, U.S. Small Business Administration, to Laura Meyers, Planned Parenthood of Metropolitan Washington, “Re: Notice of Investigation and Request for Records,” May 19, 2020, https://s3.documentcloud.org/documents/6922122/SBA-Letter-Planned-Parenthood-DC.pdf (accessed February 18, 2023). 44. Press release, “Lankford, HSGAC Republicans Demand Details on Illegal PPP Loans to Planned Parenthood Affiliates,” Office of U.S. Senator James Lankford, April 28, 2022, https://www.lankford.senate.gov/news/press- releases/lankford-hsgac-republicans-demand-details-on-illegal-ppp-loans-to-planned-parenthood-affiliates (accessed February 18, 2023). 45. Press release, “Romney, Colleagues Request Information from SBA Administrator Guzman on Illegal PPP Loans Given to Planned Parenthood Affiliates,” Office of U.S. Senator Mitt Romney, April 28, 2022, https:// www.romney.senate.gov/romney-colleagues-request-information-from-sba-administrator-guzman-on- illegal-ppp-loans-given-to-planned-parenthood-affiliates/ (accessed February 18, 2023). 46. 13 C.F.R. §§ 109.400(b)(11), https://www.law.cornell.edu/cfr/text/13/109.400; 123.301(g), https://www.law. cornell.edu/cfr/text/13/123.301; 123.502(n), https://www.law.cornell.edu/cfr/text/13/123.502; and 123.702(b)(6), https://www.law.cornell.edu/cfr/text/13/123.702 (all accessed February 19, 2023). 47. U.S. Small Business Administration, “Religious Eligibility Worksheet for all 7(a) and 504 Loan Programs” SBA Form 1971, http://www.sba.gov/sites/default/files/2020-11/sba-form-1971.pdf (accessed February 18, 2023). 48. U.S. Small Business Administration, “Ensuring Equal Treatment for Faith-Based Organizations in SBA’s Loan and Disaster Assistance Program.” 49. See, for example, Carson v. Makin, 596 U.S. ___ (2022), https://www.supremecourt.gov/ opinions/21pdf/20-1088_dbfi.pdf (accessed February 19, 2023). 50. 28 U.S. Code § 530d, https://www.law.cornell.edu/uscode/text/28/530D (accessed February 19, 2023). 51. U.S. Small Business Administration, “Ensuring Equal Treatment for Faith-Based Organizations in SBA’s Loan and Disaster Assistance Program.” 52. 13 CFR 120.110(k), https://www.law.cornell.edu/cfr/text/13/120.110 (accessed February 19, 2023). 53. U.S. Small Business Administration, “Regulatory Reform Initiative: Streamlining and Modernizing the 7(a), Microloan, and 504 Loan Programs to Reduce Regulatory Burden,” Final Rule, Federal Register, Vol. 87, No. 125 (June 30, 2022), pp. 38900–38910, https://www.federalregister.gov/documents/2022/06/30/2022-13483/ regulatory-reform-initiative-streamlining-and-modernizing-the-7a-microloan-and-504-loan-programs-to (accessed February 18, 2023). 54. Ibid. 55. U.S. Department of Justice, Office of Legal Counsel “Religious Restrictions on Capital Financing for Historically Black Colleges and Universities,” Memorandum Opinion for the Acting General Counsel, Department of Education, August 15, 2019, https://www.justice.gov/sites/default/files/opinions/ attachments/2021/01/01/2019-08-15-hbcu-capfin-2.pdf. (accessed February 18, 2023). 56. U.S. Small Business Administration, Office of Investment and Innovation, SBIR and STTR Annual Report, Fiscal Year 2019, p. 8, https://www.sbir.gov/sites/default/files/SBA_Final_FY19_SBIR_STTR_Annual_Report.pdf (accessed February 18, 2023). 57. S. 4900, SBIR and STTR Extension Act of 2022, Public Law No. 117–183, 117th Congress, September 30, 2022, https://www.congress.gov/117/plaws/publ183/PLAW-117publ183.pdf (accessed February 18, 2023). 58. U.S. Small Business Administration, Office of Investment and Innovation, SBIR and STTR Annual Report, Fiscal Year 2019, pp. 6, 40, and 108. — 764 — Mandate for Leadership: The Conservative Promise 59. Peter L. Singer, “Federally Supported Innovations: 22 Examples of Major Technology Advances that Stem from Federal Support,” Information Technology and Innovation Foundation, February 2014, https://wrnjradio.com/ bipartisan-call-to-crack-down-on-covid-19-ppp-eidl-fraud-prosecute-fraudsters-to-the-fullest-extent-of-the- law/ (accessed March 21, 2023). 60. Wells King, “Uncle Sam’s Top-Performing Venture Fund,” American Compass Case Study, November 2022, https://americancompass.org/wp-content/uploads/2022/11/AC-Case-Study_SBIR_final2.pdf (accessed February 18, 2023). 61. Elisabeth B. Reynolds, Hiram M. Samel, and Joyce Lawrence, “Learning by Building: Complementary Assets and the Migration of Capabilities in U.S. Innovative Firms,” MIT Industrial Performance Center Working Paper No. MIT-IPC-13-001, March 2013, https://ipc.mit.edu/sites/default/files/2019-01/13-001.pdf (accessed February 18, 2023). 62. American Compass, “Where’s The Growth? Assessing the Results of the Globalization Experiment,” March 2022, pp. 3–5, https://americancompass.org/wp-content/uploads/2022/10/AC-Atlas-Wheres-the-Growth.pdf (accessed February 18, 2023). 63. Sridhar Kota and Tom Mahoney, “Innovation Should Be Made in the U.S.A.,” The Wall Street Journal, November 15, 2019, https://www.wsj.com/articles/innovation-should-be-made-in-the-u-s-a-11573833987 (accessed February 18, 2023). 64. S. ___, SBA Reauthorization and Improvement Act of 2019, 116th Congress, 1st Session, Title III, § 303, https://www.rubio.senate.gov/public/_cache/files/80533629-2905-433f-a588-7c4e032f7347/ C096ED9C1EBA68E041CFDA143E01C66C.mir19891.pdf (accessed February 18, 2023). 65. David Adler, “Financing Advanced Manufacturing: Why VCs Aren’t the Answer,” American Affairs, Vol. III, No. 2 (Summer 2019), https://americanaffairsjournal.org/2019/05/financing-advanced-manufacturing-why-vcs- arent-the-answer/ (accessed February 18, 2023). 66. National Association of Manufacturers, “Overview of the Senate HEALS Act,” July 28, 2020, https://documents. nam.org/comm/HEALSActInfo.pdf (accessed February 19, 2023). See also remarks by Senator Mitch McConnell, “HEALS Act,” Congressional Record, Vol. 166, No. 132 (July 27, 2020), pp. S4491–S4492, https:// www.congress.gov/116/crec/2020/07/27/CREC-2020-07-27-pt1-PgS4491-7.pdf (accessed February 20, 2023). 67. S. 1059, American Innovation and Manufacturing Act, 117th Congress, introduced March 25, 2021, https:// www.crfb.org/blogs/whats-11-trillion-heals-act https://www.congress.gov/117/bills/s1059/BILLS-117s1059is.pdf (accessed February 18, 2023). 68. H.R. 7628, IMPROVE (Improve Management, Programs, Resources, and Oversight for Vital Entrepreneurs) the SBA Act, 117th Congress, introduced April 28, 2022, https://www.congress.gov/117/bills/hr7628/BILLS- 117hr7628ih.pdf (accessed February 19, 2023). 69. S. 1120, Small Business Regulatory Flexibility Improvements Act, 116th Congress, introduced April 10, 2019, https://www.congress.gov/116/bills/s1120/BILLS-116s1120is.pdf (accessed February 19, 2023). 70. H.R. 3136, Contract with America Advancement Act of 1996, Public Law No. 104-121, 104th Congress, March 29, 1996, Title II, https://www.congress.gov/104/plaws/publ121/PLAW-104publ121.pdf (accessed February 19, 2023). 71. S. 403, Fair and Open Competition Act, 117th Congress, introduced February 24, 2021, https://www. congress.gov/117/bills/s403/BILLS-117s403is.pdf (accessed February 19, 2023), and H.R. 1284, Fair and Open Competition Act, 117th Congress, introduced February 24, 2021, https://www.congress.gov/117/bills/hr1284/ BILLS-117hr1284ih.pdf (accessed February 19, 2023. 72. President Joseph R. Biden Jr., Executive Order 14063, “Use of Project Labor Agreements for Federal Construction Projects,” February 4, 2022, in Federal Register, Vol. 87, No. 27 (February 9, 2022), pp. 7363–7366, https://www.govinfo.gov/content/pkg/FR-2022-02-09/pdf/2022-02869.pdf (accessed February 19, 2023). 73. “The JOBS Act 4.0: Section-by-Section,” Committee on Banking, Housing, and Urban Affairs, U.S. Senate, https://www.banking.senate.gov/imo/media/doc/the_jobs_act_4.0sectionbysection.pdf (accessed February 19, 2023). 74. Press release, “Luetkeymeyer: SBA Lacks Infrastructure and Expertise to Expand Number of Small Business Lending Companies,” Committee on Small Business, U.S. House of Representatives, November 7, 2022, https:// smallbusiness.house.gov/news/documentsingle.aspx?DocumentID=404376 (accessed February 18, 2023).

Financial Regulatory Agencies

Minimal
Vector: 61%
Pages: 872-874AI Enhanced

AI Analysis:

"HR 1234 focuses on digitizing the Annotated Constitution for public accessibility, while the Project 2025 policy excerpt concerns financial regulatory agencies, securities law, and corporate governance—there is no thematic or policy overlap between the two."

— 840 — Mandate for Leadership: The Conservative Promise ENDNOTES 1. H.R. 5480, Securities Act of 1933, Public Law No. 73-22, 73rd Congress, May 27, 1933, https://govtrackus. s3.amazonaws.com/legislink/pdf/stat/48/STATUTE-48-Pg74.pdf (accessed February 20, 2023). 2. H.R. 9323, Securities Exchange Act of 1934, Public Law No. 73-291, 73rd Congress, June 6, 1934, https:// govtrackus.s3.amazonaws.com/legislink/pdf/stat/48/STATUTE-48-Pg881a.pdf (accessed February 20, 2023). 3. Mark T. Uyeda, Commissioner, U.S. Securities and Exchange Commission, “Remarks at the 2022 Cato Summit on Financial Regulation,” November 17, 2022, https://www.sec.gov/news/speech/uyeda-remarks- cato-summit-financial-regulation-111722 (accessed February 20, 2023); Hester M. Peirce, Commissioner, U.S. Securities and Exchange Commission, “It’s Not Just Scope 3: Remarks at the American Enterprise Institute,” December 7, 2022, https://www.sec.gov/news/speech/peirce-remarks-american-enterprise-institute-120722 (accessed February 20, 2023); comment letter from David R. Burton to Vanessa A. Countryman, Secretary, Securities and Exchange Commission, “Re: The Enhancement and Standardization of Climate-Related Disclosures for Investors [File No. S7-10-2; Release No. 33-11042; RIN 3235-AM87],” June 17, 2022, https://www. sec.gov/comments/s7-10-22/s71022-20131980-302443.pdf (accessed February 20, 2023). 4. Size would probably be measured best by public float or the number of beneficial owners. 5. See David R. Burton, “Securities Disclosure Reform,” Heritage Foundation Backgrounder No. 3178, February 13, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3178.pdf; David R. Burton, “Offering and Disclosure Reform,” Chapter 11 in Reframing Financial Regulation: Enhancing Stability and Protecting Consumers, ed. Hester Peirce and Benjamin Klutsey (Arlington, VA: Mercatus Center at George Mason University, 2016), pp. 277–315, https://www.mercatus.org/research/books/reframing-financial-regulation (accessed February 20, 2023); Andrew N. Vollmer, “Investor-Friendly Securities Reform to Increase Economic Growth,” Securities Regulation & Law Report, Bloomberg BNA, Vol. 49, June 5, 2017. 6. See, for example, David R. Burton, “Reforming the Securities and Exchange Commission,” Heritage Foundation Backgrounder No. 3378, January 30, 2019, https://www.heritage.org/sites/default/files/2019-01/ BG3378.pdf; Andrew N. Vollmer, “Testimony on Workforce Management Disclosures and Other SEC Issues,” submitted to the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, Committee on Financial Services, U.S. House of Representatives, December 6, 2022, https://www.congress.gov/117/ meeting/house/115227/witnesses/HHRG-117-BA16-Wstate-VollmerA-20221208.pdf (accessed February 20, 2023); David R. Burton, “Reforming FINRA,” Heritage Foundation Backgrounder No. 3181, February 1, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3181.pdf; Hester Peirce, “The Financial Industry Regulatory Authority: Not Self-Regulation After All,” Mercatus Center at George Mason University Working Paper, January 2015, https://www.mercatus.org/research/working-papers/financial-industry-regulatory- authority-not-self-regulation-after-all (accessed February 20, 2023); Thaya Brook Knight, “Transparency and Accountability at the SEC and at FINRA,” Chapter 11 in Prosperity Unleashed: Smarter Financial Regulation, ed. Norbert J. Michel, (Washington: The Heritage Foundation, 2017) https://www.heritage.org/sites/default/ files/2017-02/11_ProsperityUnleashed_Chapter11.pdf. 7. Reorganization Plan No. 10 of 1950, U.S. Code Title 5—Appendix, Reorganization Plans, http://uscode.house. gov/view.xhtml?req=granuleid:USC-prelim-title5a-node84-leaf114&num=0&edition=prelim (accessed February 20, 2023). 8. The board or commission should evaluate the regulatory functions of the National Securities Exchanges, Registered Securities Future Product Exchanges, Registered Clearing Agencies (such as the Depository Trust Company (DTC), the National Securities Clearing Corporation (NSCC) and the Options Clearing Corporation (OCC)), the Municipal Securities Rulemaking Board (MSRB) and the National Futures Association (NFA). This board or commission should have a broad composition and permit minority reports. 9. Boyden Gray & Associates, Comments Submitted on Behalf of Alliance for Fair Board Recruitment Concerning the Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change to Adopt Listing Rules Related to Board Diversity, Amendment No. 1, File No. SR-NASDAQ-2020-081, April 6, 2021 https://www.sec.gov/ comments/sr-nasdaq-2020-081/srnasdaq2020081-8639478-230941.pdf (accessed February 20, 2023); David R. Burton, “Nasdaq’s Proposed Board-Diversity Rule Is Immoral and Has No Basis in Economics,” Heritage Foundation Backgrounder No. 3591, March 9, 2021, https://www.heritage.org/sites/default/ files/2021-03/BG3591_0.pdf. The SEC is contemplating at least two rules that can be expected to require differential treatment based on race, sex, ethnicity, and so on. See Executive Office of the President, Office — 841 — Financial Regulatory Agencies of Management and Budget, Office of Information and Regulatory Affairs, “Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions: Active Regulatory Actions Listed by Agency,” https://www.reginfo.gov/ public/do/eAgendaMain (accessed February 20, 2023); “Human Capital Management Disclosure,” RIN: 3235- AM88, https://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202204&RIN=3235-AM88 (accessed February 20, 2023); “Corporate Board Diversity,” RIN: 3235-AL91, https://www.reginfo.gov/public/do/ eAgendaViewRule?pubId=202204&RIN=3235-AL91 (accessed February 20, 2023). 10. 15 U.S. Code § 77z–3, https://www.law.cornell.edu/uscode/text/15/77z-3 (accessed February 20, 2023); 15 U.S. Code § 78mm, https://www.law.cornell.edu/uscode/text/15/78mm (accessed February 20, 2023). 11. S. ___, Jumpstart Our Business Startups Act of 2022, discussion draft, 117th Congress, 2nd Session, https:// www.banking.senate.gov/imo/media/doc/the_jobs_act_4.0discussiondraft.pdf (accessed February 20, 2023); David R. Burton, “Entrepreneurial Capital Formation,” Testimony before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, April 5, 2022, https://www.heritage.org/testimony/entrepreneurial- capital-formation; “Removing Barriers to Small Business Capital Formation and Expanding Investor Opportunities,” Section 6 in Nicholas Anthony, Norbert J. Michel, Jennifer J. Schulp, George Selgin, and Jack Solowey, “Sound Financial Policy: Principled Recommendations for the 118th Congress,” ed. Norbert J. Michel and Ann Rulon, Cato Institute, 2022, pp. 22–27, https://www.cato.org/sites/cato.org/files/2022-10/sound- financial-policy-118th-congress.pdf (accessed February 20, 2023); David R. Burton and Norbert J. Michel, Proposals to Foster Economic Growth and Capital Formation, Submission to Committee on Banking, Housing, and Urban Affairs, U.S. Senate, March 18, 2021, https://www.banking.senate.gov/imo/media/doc/David%20 Burton%20and%20Norbert%20Michel%20-%202021-3-18.pdf (accessed February 20, 2023); David R. Burton, “Improving Entrepreneurs’ Access to Capital: Vital for Economic Growth,” Heritage Foundation Backgrounder No. 3182, February 14, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3182.pdf. 12. The small issues exemptive authority has been in the Securities Act since its initial enactment. 13. The crowdfunding exemption was created by Title III of the 2012 JOBS Act. See H.R. 3606, Jumpstart Our Business Startups Act, Public Law No. 112-106, 112th Congress, April 5, 2021, Title III, § 302, https://www. govinfo.gov/content/pkg/PLAW-112publ106/pdf/PLAW-112publ106.pdf (accessed February 20, 2023). 14. Burton, “Improving Entrepreneurs’ Access to Capital: Vital for Economic Growth”; Rutheford B. Campbell Jr., “The Case for Federal Pre-Emption of State Blue Sky Laws,” Chapter 6 in Prosperity Unleashed: Smarter Financial Regulation, https://www.heritage.org/sites/default/files/2017-02/06_ProsperityUnleashed_ Chapter06.pdf. 15. Andrew N. Vollmer, “Abandon the Concept of Accredited Investors in Private Securities Offerings,” Securities Regulation Law Journal, Vol. 49, No. 5 (Spring 2021), https://papers.ssrn.com/sol3/papers.cfm?abstract_ id=3719280 (accessed February 20, 2023); Thaya Brook Knight, “Your Money’s No Good Here: How Restrictions on Private Securities Offerings Harm Investors,” Cato Institute Policy Analysis No. 833, February 9, 2018, https:// www.cato.org/sites/cato.org/files/pubs/pdf/pa833.pdf (accessed February 20, 2023); David R. Burton, “Congress Should Increase Access to Private Securities Offerings,” Heritage Foundation Issue Brief No. 4899, August 29, 2018, https://www.heritage.org/sites/default/files/2018-08/IB4899.pdf; Andrew N. Vollmer, “Evidence on the Use of Disclosure Documents in Private Securities Offerings to Accredited Investors,” Mercatus Center at George Mason University Working Paper, October 22, 2020, https://www.mercatus.org/publications/financial-regulation/ evidence-use-disclosure-documents-private-securities-offerings-0 (accessed February 20, 2023). 16. For a detailed discussion, see “Micro-Offerings,” Section IId in Burton and Michel, Proposals to Foster Economic Growth and Capital Formation, pp. 15–17. 17. David R. Burton, “Let Entrepreneurs Raise Capital Using Finders and Private Placement Brokers,” Heritage Foundation Backgrounder No. 3328, July 10, 2018, https://www.heritage.org/sites/default/files/2018-07/ BG3328.pdf; Andrew N. Vollmer, “Make It Easy for Startups to Sell Stock,” Mercatus Center at George Mason University Discourse, September 21, 2020, https://www.mercatus.org/bridge/commentary/make-it-easy- startups-sell-stock (accessed February 20, 2023). 18. See H.R. 531, S-Corp Access to Crowdfunding Act, 115th Congress, introduced January 13, 2017, https://www. govinfo.gov/content/pkg/BILLS-115hr531ih/pdf/BILLS-115hr531ih.pdf (accessed February 20, 2023); David Burton, “The Tax Law Makes It Almost Impossible for ‘S Corporations’ to Use Equity Crowdfunding,” The Daily Signal, April 19, 2016, https://www.dailysignal.com/2016/04/19/the-tax-law-makes-it-almost-impossible-for- s-corporations-to-use-equity-crowdfunding/.

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Policy matches are calculated using a hybrid approach: initial candidates are found using semantic similarity between bill summaries and Project 2025 policy text, then an AI model (Llama 3.1 70B) provides detailed alignment ratings and analysis. Ratings range from 1 (minimal alignment) to 5 (very strong alignment). This analysis does not imply direct causation or intent.

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