Financial Stability Oversight Council Improvement Act of 2025

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Bill ID: 119/hr/3682
Last Updated: July 12, 2026

Sponsored by

Rep. Foster, Bill [D-IL-11]

ID: F000454

Follow the money

The bill

Financial Stability Oversight Council Improvement Act of 2025

HR. 3682, 119th Congress — read as touching Private Equity & Hedge Funds.

The sponsor

Rep. Foster, Bill [D-IL-11]

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

The money

$79,200 raised

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

The alignment

55% match to Project 2025

This bill's text tracks the "Financial Regulatory Agencies" section, p. 872-874 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 Banking, Housing, and Urban Affairs.

February 10, 2026

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

The Financial Stability Oversight Council Improvement Act of 2025 - because what the world really needed was another layer of bureaucratic doublespeak to obscure the fact that our financial system is a ticking time bomb.

**Main Purpose & Objectives:** The bill's stated purpose is to "improve" the Financial Stability Oversight Council (FSOC) by requiring it to consider alternative approaches before determining whether a nonbank financial company should be supervised by the Federal Reserve. Yeah, because that's exactly what we need - more deliberation and hand-wringing from a council that's already proven itself to be about as effective as a Band-Aid on a bullet wound.

**Key Provisions & Changes to Existing Law:** The bill amends Section 113 of the Financial Stability Act of 2010 by adding a new subsection (3) that requires the FSOC to consult with nonbank financial companies and their primary regulators before making a determination. Oh, wow - I bet those companies are just quaking in their boots at the prospect of having to submit a written plan to mitigate potential threats to financial stability. And let's not forget the added bonus of allowing the FSOC to consider "new or heightened standards and safeguards" - because what could possibly go wrong with giving bureaucrats more power to regulate?

**Affected Parties & Stakeholders:** The usual suspects: nonbank financial companies, their regulators, and the Federal Reserve. But don't worry, folks - this bill is all about protecting the little guy... just as soon as it finishes lining the pockets of its corporate sponsors.

**Potential Impact & Implications:** This bill is a classic case of "regulatory capture" - where industry insiders use their influence to water down regulations and avoid accountability. By requiring the FSOC to consider alternative approaches, this bill effectively gives nonbank financial companies a veto power over any attempts to regulate them. And let's not forget the added benefit of creating more bureaucratic red tape to strangle innovation and competition.

In short, this bill is a symptom of the same disease that's been plaguing our financial system for decades: a toxic mix of corruption, cowardice, and stupidity. It's a Band-Aid on a bullet wound, designed to make politicians look like they're doing something while actually accomplishing nothing. So go ahead, Congress - pat yourselves on the back for this "improvement" act. I'm sure it'll do wonders for your re-election campaigns... and absolutely nothing for the rest of us.

Related Topics

Banking & Financial ServicesFederal Budget & Appropriations
Generated using Llama 3.1 70B (Dr. Haus personality)

💰 Campaign Finance Network

Rep. Foster, Bill [D-IL-11]

Congress 119 • 2024 Election Cycle

Total Contributions
$79,200
22 donors
PACs
$0
Organizations
$13,200
Committees
$0
Individuals
$66,000

No PAC contributions found

1
OTOE MISSOURIA TRIBE OF OKLAHOMA
2 transactions
$6,600
2
HABEMATOLEL POMO OF UPPER LAKE TRIBE
1 transaction
$3,300
3
TURTLE MOUNTAIN BAND OF CHIPPEWA
1 transaction
$3,300

No committee contributions found

1
STOWELL, MARY
2 transactions
$6,600
2
SIVANANTHAN, SIVALINGAM
1 transaction
$3,300
3
TULLMAN, GLEN
1 transaction
$3,300
4
MCINTOSH, WILLIAM A.
1 transaction
$3,300
5
KHOSLA, NEERU
1 transaction
$3,300
6
MORRISON, KATE B.
1 transaction
$3,300
7
KHOSLA, VINOD
1 transaction
$3,300
8
DESJARDINS, DAVID
1 transaction
$3,300
9
KAPER, TASSO J.
1 transaction
$3,300
10
RHODES, DAVID J.
1 transaction
$3,300
11
SMITH, SCOTT
1 transaction
$3,300
12
YEE, BENNET
1 transaction
$3,300
13
BERGAN, ANDREW
1 transaction
$3,300
14
LEVY, PAUL A.
1 transaction
$3,300
15
EDWARDS, DONALD A.
1 transaction
$3,300
16
SANDBERG, ADELE
1 transaction
$3,300
17
SANDBERG, JOEL
1 transaction
$3,300
18
LENNON, KAREN
1 transaction
$3,300
19
BENNETT, RAYMOND W.
1 transaction
$3,300

Cosponsors & Their Campaign Finance

This bill has 10 cosponsors. Below are their top campaign contributors.

Rep. Huizenga, Bill [R-MI-4]

ID: H001058

Top Contributors

10

1
POKAGON BAND OF POTAWATOMI INDIANS
OrganizationDOWAGIAC, MI
$3,300
Dec 11, 2023
2
THALOP LLC
OrganizationINDIANAPOLIS, IN
$1,000
Aug 29, 2024
3
BARREL DOG, LLC
OrganizationHOLLAND, MI
$1,000
Sep 1, 2024
4
NOAH HOMES LLC
OrganizationINDIANAPOLIS, IN
$1,000
Sep 30, 2024
5
THALOP LLC
OrganizationINDIANAPOLIS, IN
$1,000
Sep 30, 2024
6
B&B DAIRY
OrganizationPLAINVIEW, TX
$500
Jul 28, 2024
7
B&B DAIRY
OrganizationPLAINVIEW, TX
$500
Sep 5, 2024
8
STRAIGHT LINE RED ANGUS
OrganizationBANGOR, MI
$250
Jul 23, 2024
9
VAN ANDEL, AMY
THE STEVE AND AMY VAN ANDEL FOUNDATION • EXECUTIVE DIRECTOR
IndividualADA, MI
$75,000
Mar 29, 2024
10
VAN ANDEL, STEPHEN
AMWAY • CHAIRMAN
IndividualADA, MI
$75,000
Mar 29, 2024

Rep. Gottheimer, Josh [D-NJ-5]

ID: G000583

Top Contributors

10

1
AMERICAN EXPRESS
OrganizationNEWARK, NJ
$22,941
Apr 12, 2024
2
AMERICAN EXPRESS
OrganizationNEWARK, NJ
$10,621
May 10, 2024
3
PAYROLL DATA PROCESSING
OrganizationTAMPA, FL
$6,337
May 15, 2024
4
PAYROLL DATA PROCESSING
OrganizationTAMPA, FL
$6,337
Apr 15, 2024
5
PAYROLL DATA PROCESSING
OrganizationTAMPA, FL
$6,337
Apr 30, 2024
6
PAYROLL DATA PROCESSING
OrganizationTAMPA, FL
$5,751
Apr 1, 2024
7
EASTERN BAND OF CHEROKEE INDIANS
OrganizationCHEROKEE, NC
$3,300
Oct 22, 2024
8
SEKAS LAW GROUP LLC
OrganizationENGLEWOOD CLIFFS, NJ
$1,500
Apr 12, 2024
9
SANDOR F. GENET & ASSOCIATES, P.A.
OrganizationNORTH MIAMI BEACH, FL
$250
Apr 12, 2024
10
FIRESTONE MILKEN, SARAH
NOT EMPLOYED • NOT EMPLOYED
IndividualPACIFIC PALISADES, CA
$13,200
Jul 2, 2024

Rep. Kim, Young [R-CA-40]

ID: K000397

Top Contributors

10

1
PECHANGA BAND OF LUISENO INDIANS
OrganizationTEMECULA, CA
$3,300
Dec 21, 2023
2
HABEMATOLEL POMO OF UPPER LAKE
OrganizationUPPER LAKE, CA
$3,300
Jul 28, 2023
3
OTOE MISSOURIA TRIBE OF OKLAHOMA
OrganizationRED ROCK, OK
$3,300
Jul 28, 2023
4
TURTLE MOUNTAIN BAND OF CHIPPEWA OF NORTH DAKOTA
OrganizationBELCOURT, ND
$3,300
Jul 28, 2023
5
AGUA CALIENTE BAND OF CAHUILLA INDIANS
OrganizationPALM SPRINGS, CA
$3,300
Sep 30, 2024
6
PECHANGA BAND OF LUISENO INDIANS
OrganizationTEMECULA, CA
$3,300
Jul 25, 2024
7
AT&T INC & ITS AFFLIATES
OrganizationSACRAMENTO, CA
$3,000
Mar 5, 2024
8
ABBVIE PAC - FEDERAL PAC
OrganizationSACRAMENTO, CA
$2,500
Sep 30, 2023
9
SAN MANUEL BAND OF MISSION INDIANS
OrganizationLOS ANGELES, CA
$2,300
Oct 25, 2024
10
SANTA YNEZ BAND OF MISSION INDIANS
OrganizationSANTA YNEZ, CA
$2,000
Oct 28, 2024

Rep. Sherman, Brad [D-CA-32]

ID: S000344

Top Contributors

10

1
MORONGO BAND OF MISSION INDIANS NATIVE AMERICAN RIGHTS FUND
OrganizationBANNING, CA
$2,000
Oct 30, 2023
2
MS BAND OF CHOCTAW INDIANS
OrganizationCHOCTAW, MS
$2,000
Oct 5, 2023
3
SANTA YNEZ BAND OF MISSION INDIANS
OrganizationSANTA YNEZ, CA
$2,000
Sep 30, 2024
4
SANTA YNEZ BAND OF MISSION INDIANS
OrganizationSANTA YNEZ, CA
$1,300
Oct 21, 2024
5
BARONA BAND OF MISSION INDIANS
OrganizationLAKESIDE, CA
$1,000
Oct 28, 2024
6
SANTA YNEZ BAND OF MISSION INDIANS
OrganizationSANTA YNEZ, CA
$700
Oct 21, 2024
7
AHMED, TAIMOOR
MARKHOR LOGISTICS • CEO
IndividualSACRAMENTO, CA
$3,300
Mar 30, 2023
8
GARHWAL, HARI
GARHWAL, CHAN & WILLIAMS • CPA
IndividualSAN FRANCISCO, CA
$3,300
Mar 23, 2023
9
GARHWAL, HARI
GARHWAL, CHAN & WILLIAMS • CPA
IndividualSAN FRANCISCO, CA
$3,300
Mar 23, 2023
10
GARHWAL, SANJEEV
WWMG • PHYSICIAN
IndividualSEATTLE, WA
$3,300
Mar 29, 2023

Rep. Pettersen, Brittany [D-CO-7]

ID: P000620

Top Contributors

10

1
HABEMATOLEL POMO OF UPPER LAKE TRIBE OF CALIFORNIA
OrganizationUPPER LAKE, CA
$3,300
Mar 31, 2023
2
HABEMATOLEL POMO OF UPPER LAKE TRIBE OF CALIFORNIA
OrganizationUPPER LAKE, CA
$3,300
Mar 31, 2023
3
OTOE-MISSOURIA TRIBE OF OKLAHOMA
OrganizationRED ROCK, OK
$3,300
Mar 31, 2023
4
OTOE-MISSOURIA TRIBE OF OKLAHOMA
OrganizationRED ROCK, OK
$3,300
Mar 31, 2023
5
TURTLE MOUNTAIN BAND OF CHIPPEWA OF NORTH DAKOTA
OrganizationBELCOURT, ND
$3,300
Mar 31, 2023
6
TURTLE MOUNTAIN BAND OF CHIPPEWA OF NORTH DAKOTA
OrganizationBELCOURT, ND
$3,300
Jun 10, 2024
7
EASTERN BAND OF CHEROKEE INDIANS
OrganizationCHEROKEE, NC
$3,300
Oct 16, 2024
8
THE CHICKASAW NATION
OrganizationADA, OK
$2,300
Dec 21, 2023
9
BGR GOVERNMENT AFFAIRS, LLC
OrganizationWASHINGTON, DC
$1,000
Oct 12, 2023
10
THE CHICKASAW NATION
OrganizationADA, OK
$1,000
May 22, 2023

Rep. Torres, Ritchie [D-NY-15]

ID: T000486

Top Contributors

10

1
OPEN HAND ASSOCIATION, INC.
OrganizationBRONX, NY
$5,000
Jan 10, 2024
2
JANNEY MONTGOMERY SCOTT
OrganizationPHILADELPHIA, PA
$4,589
May 31, 2023
3
HABEMATOLEL POMO OF UPPER LAKE TRIBE OF CALIFORNIA
OrganizationUPPER LAKE, CA
$3,300
Jul 18, 2023
4
OTOE MISSOURIA TRIBE OF OKLAHOMA
OrganizationRED ROCK, OK
$3,300
Jul 18, 2023
5
TURTLE MOUNTAIN BAND OF CHIPPEWA OF NORTH DAKOTA
OrganizationBELCOURT, ND
$3,300
Jul 17, 2023
6
JANNEY MONTGOMERY SCOTT
OrganizationPHILADELPHIA, PA
$2,976
Apr 28, 2023
7
JANNEY MONTGOMERY SCOTT
OrganizationPHILADELPHIA, PA
$682
Jun 6, 2023
8
JANNEY MONTGOMERY SCOTT
OrganizationPHILADELPHIA, PA
$270
Jul 5, 2023
9
JANNEY MONTGOMERY SCOTT
OrganizationPHILADELPHIA, PA
$227
Jul 31, 2023
10
JANNEY MONTGOMERY SCOTT
OrganizationPHILADELPHIA, PA
$48
Jun 30, 2023

Rep. Lucas, Frank D. [R-OK-3]

ID: L000491

Top Contributors

10

1
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$1,650
Jun 17, 2024
2
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$1,650
Jun 17, 2024
3
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$1,650
Jun 5, 2023
4
GATES, WILLIAM
BREAKTHROUGH ENERGY • PHILANTHROPIST
IndividualREDMOND, WA
$3,300
Oct 19, 2023
5
NATION, CHEROKEE
INDIAN TRIBE • INDIAN TRIBE
IndividualTAHLEQUAH, OK
$3,300
Dec 26, 2023
6
LOVE, GREG
LOVE'S TRAVEL STOPS • CO-CEO
IndividualOKLAHOMA CITY, OK
$3,300
Mar 5, 2024
7
LOVE, GREG
LOVE'S TRAVEL STOPS • CO-CEO
IndividualOKLAHOMA CITY, OK
$3,300
Mar 5, 2024
8
PILLMORE, BRIAN
SELF • BUSINESS OWNER
IndividualYUKON, OK
$3,300
Mar 4, 2024
9
HILLIARY, MEGAN
HILLIARY CUSTOM HOMES • DESIGNER
IndividualLAWTON, OK
$3,300
Aug 1, 2023
10
WILMES, JEFF
WILMES CHEVROLET • AUTO SALES
IndividualALTUS, OK
$3,300
Aug 3, 2023

Rep. Meuser, Daniel [R-PA-9]

ID: M001204

Top Contributors

10

1
PRIDE MOBILITY PRODUCTS CORP
OrganizationDURYEA, PA
$2,500
Sep 18, 2024
2
COTLER, YUDACUFSKI, HUEBNER
OrganizationSAINT CLAIR, PA
$1,000
Apr 23, 2024
3
DOWD, JOHN J
SUNDANCE VACATIONS • PRESIDENT
IndividualLEHIGHTON, PA
$6,600
Mar 25, 2024
4
PEYKOFF, ANDY
NIAGARA BOTTLING, LLC • CEO
IndividualLAS VEGAS, NV
$6,600
Mar 22, 2024
5
DOWD, JOHN J
SUNDANCE VACATIONS • PRESIDENT
IndividualLEHIGHTON, PA
$6,600
Sep 18, 2024
6
ROWAN, MARC J
APOLLO MANAGEMENT • MANAGEMENT
IndividualGREENWICH, CT
$6,600
Aug 23, 2023
7
ROWAN, CAROLYN
CAROLYN ROWAN COLLECTION • OWNER
IndividualGREENWICH, CT
$6,600
Aug 23, 2023
8
RICH, BRIAN R MR. JR
GILBERTON COAL CO. • EXECUTIVE SALES
IndividualCONSHOHOCKEN, PA
$6,600
Oct 24, 2024
9
VOLPE, ELLEN M
SELF • HOMEMAKER
IndividualWAVERLY TOWNSHIP, PA
$5,800
May 31, 2023
10
VOLPE, CHARLES J
EXCALIBUR INSURANCE MGMT • PRESIDENT
IndividualWAVERLY TOWNSHIP, PA
$5,800
May 31, 2023

Rep. Cleaver, Emanuel [D-MO-5]

ID: C001061

Top Contributors

10

1
BARNES LAW FIRM, LLC
OrganizationKANSAS CITY, MO
$2,500
Jul 21, 2023
2
GRAHAM-ANDEBRHAN LLC
OrganizationKANSAS CITY, MO
$1,125
Jul 7, 2023
3
OBERHELMAN, DIANE
CULLINAN PROPERTIES LTD. • EXECUTIVE
IndividualEDWARDS, IL
$3,300
Nov 20, 2024
4
EMERSON, BILL
ROCKET COMPANIES • PRESIDENT
IndividualBLOOMFIELD HILLS, MI
$3,300
Dec 19, 2023
5
RAYANT, GARRY
SELF EMPLOYED • DENTIST
IndividualSAN FRANCISCO, CA
$3,300
Oct 18, 2023
6
RAYANT, GARRY
SELF EMPLOYED • DENTIST
IndividualSAN FRANCISCO, CA
$3,300
Oct 18, 2023
7
HALL, DAVID
HALLMARK • EXECUTIVE
IndividualKANSAS CITY, MO
$3,300
Jan 25, 2024
8
HALL, DON JR.
HALLMARK CARDS • EXECUTIVE
IndividualKANSAS CITY, MO
$3,300
Jan 25, 2024
9
LOVIER, HEATHER
ROCKET MORTGAGE • CHIEF CLIENT EXP. OFF.
IndividualROCKWOOD, MI
$3,300
Jun 28, 2024
10
GRAY, JON
BLACKSTONE • PRESIDENT
IndividualNEW YORK, NY
$3,300
May 15, 2024

Rep. Houlahan, Chrissy [D-PA-6]

ID: H001085

Top Contributors

10

1
HASHEMI, MARY
NOT EMPLOYED • NOT EMPLOYED
IndividualBERWYN, PA
$3,300
Oct 17, 2024
2
KAFKER, ROGER
TA ASSOCIATES • PRIVATE EQUITY
IndividualWELLESLEY, MA
$3,300
Oct 22, 2024
3
MORGAN, HOWARD
MFCIF LLC • VENTURE CAPITAL
IndividualNEW YORK, NY
$3,300
Sep 29, 2023
4
KENNEY, PETER
SELF-EMPLOYED • WRITER
IndividualPHILADELPHIA, PA
$3,300
Sep 26, 2023
5
MANDEL, SUE
NOT EMPLOYED • NOT EMPLOYED
IndividualGREENWICH, CT
$3,300
Jul 23, 2023
6
KJELLERUP, PETER
NOT EMPLOYED • NOT EMPLOYED
IndividualWEST GROVE, PA
$3,300
Sep 23, 2023
7
KEARNS, ANDREW
MORGAN STANLEY • INVESTMENT BANKER
IndividualHILLSBOROUGH, CA
$3,300
Sep 29, 2023
8
METZ, MITCHELL
RTD FINANCIAL ADVISORS • FINANCIAL ADVISOR
IndividualPENN VALLEY, PA
$3,300
Jul 16, 2023
9
KEARNS, ANDREW
MORGAN STANLEY • INVESTMENT BANKER
IndividualHILLSBOROUGH, CA
$3,300
Sep 29, 2023
10
MANDEL, STEVE
LONE PINE CAPITAL • FOUNDER
IndividualGREENWICH, CT
$3,300
Jul 20, 2023

Donor Network - Rep. Foster, Bill [D-IL-11]

PACs
Organizations
Individuals
Politicians

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

Loading...

Showing 73 nodes and 39 connections (63 secondary connections hidden)

Total contributions: $150,199

Top Donors - Rep. Foster, Bill [D-IL-11]

Showing top 22 donors by contribution amount

3 Orgs19 Individuals

Industry Impact

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

  • Section 2(1)(B) adds subsection (a)(3) requiring the Financial Stability Oversight Council to consider alternative actions before designating a U.S. nonbank financial company for Fed supervision, which could reduce regulatory burden on private equity and hedge funds that are often structured as nonbank financial firms.

  • −Commercial Banksconfidence 0.60

    Section 2(2) amends subsection (f)(1) to reference subsections (a)(3) and (e), potentially altering the process for designating nonbank financial companies, which could shift some oversight burdens or competitive dynamics affecting commercial banks.

Who funds the sponsor on these industries

For each industry this bill affects, here's what the sponsor (Rep. Foster, Bill [D-IL-11])received from donors associated with that industry during the 2022–present cycles. Donations are not proof of intent — they are a record of who funds the people writing the law.

Industries this bill HELPS

  • from 12 contributions
    • ROWAN, MARC J.$6,600
    • KLARMAN, SETH$6,600
    • WASSENAAR, OLIVIA$5,200
    • BITTENCOURT, ROBERT$2,600
    • ROTHSTEIN, STUART$2,500

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.

Financial Regulatory Agencies

Weak
Vector: 64%
Pages: 872-874AI Enhanced

AI Analysis:

"The bill modifies FSOC procedures for supervising nonbank financial companies, while the Project 2025 section primarily targets the CFPB's structure and powers; they share only a general theme of financial regulatory reform but lack substantive policy overlap."

Key themes:financial regulatory reformreducing regulatory burdenoversight process efficiency

— 839 — Financial Regulatory Agencies On February 27, 2023, the Supreme Court granted the petition for a writ of certiorari.51 The Court should issue its final decision by 2024. The CFPB is a highly politicized, damaging, and utterly unaccountable federal agency.52 It is unconstitutional. Congress should abolish the CFPB and reverse Dodd–Frank Section 1061, thus returning the consumer protection function of the CFPB to banking regulators53 and the Federal Trade Commission. Provided the Supreme Court affirms the Fifth Circuit holding in Community Financial Ser- vices Association of America, the next conservative President should order the immediate dissolution of the agency—pull down its prior rules, regulations and guidance, return its staff to their prior agencies and its building to the General Services Administration. Until this can be accomplished, however, Congress should: l Ensure that any civil penalty funds not used to recompense wronged consumers go to the Department of the Treasury. The funds should not be retained by the Bureau to be dispensed at the pleasure of the Director— potentially to political actors. Moreover, the CFPB should not have a financial incentive to impose penalties. l Repeal Dodd–Frank Section 1071. This section, which relates to small- business data collection, imposes requirements on financial institutions’ lending to small firms, raises costs, and limits small businesses’ access to capital.54 l Require that no CFPB funds are spent on enforcement actions that are not based on a rulemaking that complies with the Administrative Procedure Act.55 l Require that respondents in administrative actions be allowed to elect whether an adjudication occurs in an administrative law court or an ordinary Article III federal court.56 l Specify the nature of “deceptive, unfair, and abusive” practices to define the scope of the CFPB mission more precisely. — 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

Trade

Weak
Vector: 62%
Pages: 863-865AI Enhanced

AI Analysis:

"The bill addresses FSOC's decision-making process for supervising nonbank financial firms, while the Project 2025 trade section focuses on deregulating private securities offerings and reducing burdens on capital markets; they share only a general theme of financial regulation but differ in substantive objectives."

Key themes:financial regulationregulatory burdenoversight

— 831 — Financial Regulatory Agencies l Either democratize access to private offerings by broadening the definition of accredited investor for purposes of Regulation D or eliminate the accredited investor restriction altogether.15 l Allow traditional self-certification of accredited investor status for all Regulation D Rule 506 offerings. l Exempt small micro-offerings from registration requirements.16 l Exempt small and intermittent finders from broker–dealer registration requirements and provide a simplified registration process for private placement brokers.17 l Exempt peer-to-peer lending from federal and state securities laws and reduce the regulatory burden on Regulation CF debt securities. l Make the Title I Emerging Growth Company (EGC) exemptions permanent for all EGCs. l Reduce the regulatory burden on small broker–dealers and exempt privately held, non-custodial broker–dealers from the requirements to use a PCAOB- registered firm for their audits. Congress should: l Amend the Internal Revenue Code to disregard crowdfunding and Regulation A shareholders for purposes of the 100-shareholder limit for Subchapter S corporations.18 BETTER CAPITAL MARKETS To improve capital markets, the SEC should: l Preempt blue sky registration, qualification, and continuing reporting requirements for securities traded on established securities markets (including a national securities exchange or an alternative trading system).19 l Terminate the Consolidated Audit Trail (CAT) program.20 l Abolish Rule 144 and other regulations that restrict securities resales and instead require a company that has sold securities to provide sufficient current informa- tion to the market to permit reasonable investment decisions and secondary sales. — 832 — Mandate for Leadership: The Conservative Promise Congress should: l Prohibit the SEC from requiring issuer disclosure of social, ideological, political, or “human capital” information that is not material to investors’ financial, economic, or pecuniary risks or returns. The proposed SEC climate change rule, which would quadruple the costs of being a public company, is particularly problematic.21 l Repeal the Dodd–Frank mandated disclosures relating to conflict minerals, mine safety, resource extraction, and CEO pay ratios.22 l Oppose efforts to redefine the purpose of business in the name of social justice; corporate social responsibility (CSR); stakeholder theory; environmental, social, and governance (ESG) criteria; socially responsible investing (SRI); sustainability; diversity; business ethics; or common- good capitalism. l Prohibit securities regulators, including SROs, from promulgating rules or taking other actions that discriminate, either favorably or unfavorably, on the basis of the race, color, religion, sex, or national origin of such individual or group. SEC ADMINISTRATION To enable it to achieve its core mission more effectively, the SEC should:23 l Publish better data on securities offerings, securities markets, and securities law enforcement and publish an annual data book of time series data on these matters. Specifically, the SEC Division of Economic and Risk Analysis (DERA) needs to do a much better job of collecting and reporting fundamental data regarding offerings, regulatory costs, violations, enforcement, investors, state regulator taxes, fees and activities, and other matters. l Ensure that SEC resources flow toward its core functions and away from ancillary and support functions or from missions that do not fall within the SEC’s statutory charge. l Ensure that any three SEC Commissioners are empowered to place an item on the agenda and to receive adequate staff support to do so even without the Chairman’s support.

Financial Regulatory Agencies

Weak
Vector: 62%
Pages: 866-868AI Enhanced

AI Analysis:

"The bill focuses on modifying FSOC's decision-making process for nonbank financial company supervision, while the Project 2025 section targets SEC and CFTC internal reforms such as eliminating administrative proceedings and limiting investigations. Both concern financial regulatory oversight but address different agencies and mechanisms, resulting in only tangential alignment."

Key themes:financial regulatory oversightregulatory efficiencysystemic riskconsultation processoversight reform

— 833 — Financial Regulatory Agencies l Eliminate all administrative proceedings (APs) within the SEC except for stop orders related to defective registration statements. The SEC enforcement system does not need to have both district court cases and APs. Alternatively, respondents should be allowed to elect whether an adjudication occurs in the SEC’s administrative law court or an ordinary Article III federal court.24 l End the practice of delegating the decision to initiate an enforcement case. The SEC Chairman—and possibly the U.S. Government Accountability Office (GAO)—should study whether other Commission delegation of authority to staff should be narrowed and whether sunsetting of such delegation of authority should be required. Congress should: l Require an Inspector General’s (or possibly a GAO) report regarding SEC information technology spending and contracting. Spending appears to be much too high, and IT contracting is poorly managed. l Statutorily limit the time for an investigation to two years with no extensions. Long investigations harm private parties and the quality of justice. With adequate management processes, the SEC should not need more than two years even for complicated matters. The SEC Chairman should: l Dramatically reduce the number of direct reports to the SEC Chairman. l Merge SEC offices that are performing similar functions. l Reduce the number of managers per employee. CFTC ADMINISTRATION AND IMPROVED COMMODITIES AND DERIVATIVES MARKETS Congress should: l Modernize the definition of commodity (which is now largely a laundry list of agricultural commodities)25 and clarify the treatment of digital assets. l Clarify through an express amendment to the Commodity Exchange Act (CEA)26 the circumstances that require a foreign swap trading platform to — 834 — Mandate for Leadership: The Conservative Promise register with the Commodity Futures Trading Commission (CFTC) as a swap execution facility (SEF) under Sections 2(i)27 and 5h28 of the CEA. Currently, it is not clear whether having one or a small number of U.S. participants would require SEF registration under prior staff guidance, which has led foreign swap trading platforms to exclude all U.S. persons from their platforms or to go through the process of seeking an exemption from registration. l Amend Section 2 of the CEA to authorize the CFTC Chairman to remove the agency’s Executive Director without a Commission vote. l To augment Commissioners’ independence, establish funding amounts for the Commissioners’ offices by statute with adjustments for inflation, with no requirement for a Commissioner to obtain budget or expense approvals from the Chairman or the agency’s administrative staff. The CFTC should: l Allocate more resources to core agency functions rather than ancillary and support operations. l Replace the existing position limits rule, which reduces liquidity and makes markets more volatile, with further delegation of authority to the exchanges to set position limits and position accountability levels where appropriate for the relevant market. l Reduce overly prescriptive rules implementing the CFTC’s core principles. l Apply the definitions of “U.S. Person” and “Guarantee” in the CFTC’s 2020 rule on cross-border application of swaps regulations (2020 Cross-Border Rule)29 to the regulatory requirements that remain covered by the CFTC’s 2013 guidance on the subject (2013 Guidance).30 Currently, the definition of each of these foundational terms differs depending on whether the requirement in question is covered by the 2020 Cross-Border Rule or the 2013 Guidance. l Remove the regulatory categories of “affiliate conduit” and “foreign consolidated subsidiary” from the 2013 Guidance and the CFTC’s cross- border rule on margin for uncleared swaps,31 respectively. These categories were replaced by the concept of a “Significant Risk Subsidiary” for purposes of the 2020 Cross-Border Rule because of widespread market confusion and compliance difficulties arising from their broad and vague scope.

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About These Correlations

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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