Sunshine for Regulatory Decrees and Settlements Act of 2025

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Bill ID: 119/hr/6622
Last Updated: July 13, 2026

Sponsored by

Rep. Cline, Ben [R-VA-6]

ID: C001118

Follow the money

The bill

Sunshine for Regulatory Decrees and Settlements Act of 2025

HR. 6622, 119th Congress — read as touching Private Equity & Hedge Funds.

The sponsor

Rep. Cline, Ben [R-VA-6]

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

The money

$67,000 raised

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

The alignment

70% match to Project 2025

This bill's text tracks the "Small Business Administration" section, p. 795-797 of the Mandate for Leadership.

Bill's Journey to Becoming a Law

Track this bill's progress through the legislative process

Latest Action

Ordered to be Reported (Amended) by the Yeas and Nays: 18 - 8.

January 7, 2026

Introduced

📍 Current Status

Next: The bill will be reviewed by relevant committees who will debate, amend, and vote on it.

🏛️

Committee Review

🗳️

Floor Action

✅

Passed House

🏛️

Senate Review

🎉

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 masterpiece of legislative theater, courtesy of the 119th Congress. Let's dissect this farce and expose the underlying disease.

**Main Purpose & Objectives:** The Sunshine for Regulatory Decrees and Settlements Act of 2025 (HR 6622) claims to promote transparency in consent decrees and settlement agreements between government agencies and private parties. The bill's sponsors, Mr. Cline and Mr. Tiffany, likely want you to believe this is a noble effort to increase accountability and public participation in the regulatory process.

**Key Provisions & Changes to Existing Law:** The bill introduces several provisions that supposedly enhance transparency:

1. Agencies must publish notices of intent to sue and complaints online within 15 days. 2. Parties cannot enter into consent decrees or settlement agreements until after a public comment period (60 days). 3. Courts must consider motions to intervene from parties who claim their interests are not represented.

These changes might seem reasonable, but let's not be naive. This bill is more about optics than actual reform.

**Affected Parties & Stakeholders:** The usual suspects:

1. Government agencies: They'll have to jump through a few more hoops before entering into consent decrees or settlement agreements. 2. Private parties: Those who bring civil actions against government agencies might see slightly increased transparency, but don't hold your breath. 3. Lobbyists and special interest groups: They'll continue to manipulate the system, using this bill as a smokescreen to further their own agendas.

**Potential Impact & Implications:** This bill is a Band-Aid on a bullet wound. It won't address the underlying issues of regulatory capture, corruption, or the revolving door between government and industry. Instead, it will:

1. Create more bureaucratic red tape, allowing agencies to delay and obfuscate. 2. Provide a false sense of security for voters, who will think they're getting more transparency when, in reality, they're just getting more spin. 3. Give lobbyists and special interest groups new opportunities to game the system.

In conclusion, HR 6622 is a classic case of "legislative lupus": it appears to address a problem but actually exacerbates it. The real disease here is the corrupting influence of money and power in politics. This bill is just another symptom of that disease, and we're all just pawns in their game.

Diagnosis: Legislative Theater-itis (LT). Prognosis: Poor. Treatment: None available; the patient is terminal.

Related Topics

Federal Budget & Appropriations
Generated using Llama 3.1 70B (Dr. Haus personality)

💰 Campaign Finance Network

Rep. Cline, Ben [R-VA-6]

Congress 119 • 2024 Election Cycle

Total Contributions
$67,000
13 donors
PACs
$0
Organizations
$1,000
Committees
$0
Individuals
$66,000

No PAC contributions found

1
THE CHICKASAW NATION
1 transaction
$1,000

No committee contributions found

1
JOHNSON, CAMERON MR.
3 transactions
$9,900
2
STOLTZFUS, MICHAEL
2 transactions
$6,600
3
CLINE, JULIA S MRS.
2 transactions
$6,600
4
CARTLEDGE, GEORGE B MR. III
2 transactions
$6,600
5
GOOD, JOHN P JR
2 transactions
$6,600
6
KIRK, JOHN W MR.
2 transactions
$6,600
7
MCNICHOLS, ROBERT MR.
2 transactions
$6,600
8
ROSENBERG, DIANE MS.
1 transaction
$3,300
9
STOLTZFUS, MELISSA
1 transaction
$3,300
10
UIHLEIN, RICHARD MR.
1 transaction
$3,300
11
MCLEOD, JOHN G. MR.
1 transaction
$3,300
12
PEARMAN, JAMES E. MR. JR.
1 transaction
$3,300

Cosponsors & Their Campaign Finance

This bill has 1 cosponsors. Below are their top campaign contributors.

Rep. Tiffany, Thomas P. [R-WI-7]

ID: T000165

Top Contributors

10

1
SOLBERG, TRYGVE A
SELF • BUSINESS OWNER
IndividualMINOCQUA, WI
$13,200
Sep 30, 2023
2
SHANNON, JEAN L
RETIRED • RETIRED
IndividualMILWAUKEE, WI
$13,200
Jul 27, 2023
3
NICKLAUS, GREG
INCREDIBLE BANK • VICE CHAIRMAN
IndividualARBOR VITAE, WI
$13,200
Mar 31, 2024
4
NICKLAUS, GREG
INCREDIBLE BANK • VICE CHAIRMAN
IndividualARBOR VITAE, WI
$13,200
Mar 31, 2024
5
BUHOLZER, RONALD
KLONDIKE CHEESE • PRESIDENT
IndividualMONROE, WI
$13,200
Jun 30, 2024
6
MAYER, SCOTT A
QPS EMPLOYMENT GROUP • CHAIRMAN OF THE BOARD
IndividualFRANKLIN, WI
$10,000
Feb 29, 2024
7
HILGEMANN, WILLIAM
RETIRED • RETIRED
IndividualSTRATFORD, WI
$9,900
Jun 30, 2024
8
ZIETLOW, DONALD P
RETIRED • RETIRED
IndividualLA CROSSE, WI
$6,666
Jun 28, 2023
9
ALBEE, ALAN P
EAGLE WASTE AND RECYCLING INC • PRESIDENT
IndividualMINOCQUA, WI
$6,600
Aug 12, 2024
10
ALDRIDGE, KENNETH
SELF • EXECUTIVE
IndividualLIBERTYVILLE, IL
$6,600
Aug 3, 2023

Donor Network - Rep. Cline, Ben [R-VA-6]

PACs
Organizations
Individuals
Politicians

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

Loading...

Showing 27 nodes and 24 connections (30 secondary connections hidden)

Total contributions: $106,600

Top Donors - Rep. Cline, Ben [R-VA-6]

Showing top 13 donors by contribution amount

1 Org12 Individuals

Industry Impact

Which industries are materially affected by specific provisions in this bill. 7 harmed.

  • Section 3(e) requires certification by the Attorney General or agency head for proposed consent decrees or settlement agreements with certain terms, which could limit private equity firms' ability to influence regulatory actions through litigation settlements, as described in subsection (e)(2).

  • −Oil & Gasconfidence 0.70

    Section 3(d) requires public comment and transparency for proposed consent decrees or settlement agreements, which could lead to increased scrutiny of regulatory actions affecting the oil and gas industry, as described in subsection (d)(2).

  • −Electric Utilitiesconfidence 0.70

    Section 3(d) requires public comment and transparency for proposed consent decrees or settlement agreements, which could lead to increased scrutiny of regulatory actions affecting the electric utilities industry, as described in subsection (d)(2).

  • Section 3(d) requires public comment and transparency for proposed consent decrees or settlement agreements, which could lead to increased scrutiny of regulatory actions affecting the energy infrastructure industry, as described in subsection (d)(2).

  • −Coal Miningconfidence 0.70

    Section 3(d) requires public comment and transparency for proposed consent decrees or settlement agreements, which could lead to increased scrutiny of regulatory actions affecting the coal mining industry, as described in subsection (d)(2).

  • −Renewable Energyconfidence 0.70

    Section 3(d) requires public comment and transparency for proposed consent decrees or settlement agreements, which could lead to increased scrutiny of regulatory actions affecting the renewable energy industry, as described in subsection (d)(2).

+ 1 more industry not shown.

Who funds the sponsor on these industries

For each industry this bill affects, here's what the sponsor (Rep. Cline, Ben [R-VA-6])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 HARMS

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.

Small Business Administration

Moderate
Vector: 62%
Pages: 795-797AI Enhanced

AI Analysis:

"The bill's focus on increasing transparency, public comment, and agency accountability in consent decrees and settlements aligns with the SBA's broader regulatory reform goals of reducing unnecessary regulatory burden and ensuring oversight, though it is not specific to SBA programs or faith‑based organizations."

Key themes:regulatory transparencypublic commentaccountabilityregulatory reformoversight

— 762 — Mandate for Leadership: The Conservative Promise 29. U.S. Small Business Administration, “Ensuring Equal Treatment for Faith-Based Organizations in SBA’s Loan and Disaster Assistance Programs,” Proposed Rule, Federal Register, Vol. 86, No. 11 (January 19, 2021), pp. 5036–5040, https://www.federalregister.gov/documents/2021/01/19/2021-00446/ensuring-equal-treatment- for-faith-based-organizations-in-sbas-loan-and-disaster-assistance-programs (accessed February 18, 2023). 30. President Joseph R. Biden Jr., Executive Order 14019, “Promoting Access to Voting,” March 7, 2021, in Federal Register, Vol. 86, No. 45 (March 10, 2021), pp. 13623–13627, https://www.govinfo.gov/content/pkg/ FR-2021-03-10/pdf/2021-05087.pdf (accessed February 19, 2023). See also press release, “Small Business Committee Republicans: The SBA Should Stay Out of Elections and Focus on Our Small Businesses,” Small Business Committee Republicans, Committee on Small Business, U.S. House of Representatives, April 4, 2022, https://republicans-smallbusiness.house.gov/news/documentsingle.aspx?DocumentID=404061 (accessed February 18, 2023). 31. Press release, “SBA Administrator Guzman, Biden–Harris Administration Announce Community Navigator Pilot Program Grantees,” U.S. Small Business Administration, October 28, 2021, https://www.sba.gov/ article/2021/oct/28/sba-administrator-guzman-biden-harris-administration-announce-community-navigator- pilot-program (accessed February 18, 2023). 32. John Reosti, “SBA Hasn’t Given Up on Direct Lending,” American Banker, May 2, 2022, https://www. americanbanker.com/creditunions/news/sba-hasnt-given-up-on-direct-lending (accessed February 18, 2023). 33. Goldman Sachs, 10,000 Small Businesses Voices, “22 Years Is Too Long: Support Small Businesses. Reauthorize the SBA,” Open Letter to Congress, November 16, 2022, https://www.goldmansachs.com/ citizenship/10000-small-businesses/US/voices/reauthorize-the-sba-letter/index.html (accessed February 18, 2023). According to Goldman Sachs, the letter “was published in Politico on Wednesday, November 16 to kick of a broader campaign to prioritize small businesses and modernize the SBA in the next Congress” and “was signed by over 3,000 small business owners from all 50 states.” Ibid. 34. See, for example, “Challenge 3: SBA Faces Significant Challenges in IT Investment, System Development, and Security Controls,” in U.S. Small Business Administration, Office of Inspector General, Top Management and Performance Challenges Facing the Small Business Administration in Fiscal Year 2023, Report 23-01, October 14, 2022, pp. 16–19, https://www.sba.gov/sites/default/files/2022-10/SBA%20OIG%20Report%2023-01_0.pdf (accessed February 18, 2023). 35. Ibid., p. iv. 36. Appendix M, “Office of Advocacy’s Legislative Priorities,” and Appendix Q, “Memorandum of Understanding Between the Small Business Administration and the Office of Advocacy,” in U.S. Small Business Administration, Office of Advocacy, Background Paper, Office of Advocacy, 2017–2020, January 2021, pp. 192 and 197, https://cdn.advocacy.sba.gov/wp-content/uploads/2021/02/09101916/Background-Paper-Office-of- Advocacy-2017-2020-web.pdf (accessed February 18, 2023). 37. President Donald J. Trump, Executive Order 13771, “Reducing Regulation and Controlling Regulatory Costs,” January 30, 2017, in Federal Register, Vol. 82, No. 22 (February 3, 2017), pp. 9339–9341, https://www.govinfo. gov/content/pkg/FR-2017-02-03/pdf/2017-02451.pdf (accessed February 19, 2023), and President Donald J. Trump, Executive Order 13777, “Enforcing the Regulatory Reform Agenda,” February 24, 2017, in Federal Register, Vol. 82, No. 39 (March 1, 2017), pp. 12285–12287, https://www.govinfo.gov/content/pkg/FR-2017-03- 01/pdf/2017-04107.pdf (accessed February 19, 2023). 38. U.S. Small Business Administration, Office of Advocacy, What Small Businesses Are Saying and What Advocacy Is Doing About It: Progress Report on the Office of Advocacy’s Regional Regulatory Reform Roundtables, June 2017–September 2018, December 2018, https://cdn.advocacy.sba.gov/wp-content/ uploads/2018/12/20091536/What-Small-Businesses-Are-Saying-What-Advocacy-Is-Doing.pdf April 2020, https://advocacy.sba.gov/regulatory-reform/ (accessed February 18, 2023December 10, 2022). See also U.S. Small Business Administration, Office of Advocacy, Reforming Regulations and Listening to Small Business: Second Progress Report on the Office of Advocacy’s Regional Regulatory Roundtables, June 2017–December 2019, https://cdn.advocacy.sba.gov/wp-content/uploads/2020/04/20141200/2nd-Progress-Report-on-Reg- Reform-Roundtables.pdf (accessed February 18, 2023). 39. U.S. Small Business Administration, Office of Advocacy, What Small Businesses Are Saying and What Advocacy Is Doing About It: Progress Report on the Office of Advocacy’s Regional Regulatory Reform Roundtables, June 2017–September 2018, pp. 32 and 43. — 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.

Small Business Administration

Moderate
Vector: 62%
Pages: 795-797AI Enhanced

AI Analysis:

"The bill's focus on increasing transparency and accountability in federal agency settlements aligns with Project 2025's SBA emphasis on regulatory reform and reducing regulatory burden, though it is not SBA-specific."

Key themes:regulatory transparencyaccountabilityregulatory reformpublic commentintervention rights

— 762 — Mandate for Leadership: The Conservative Promise 29. U.S. Small Business Administration, “Ensuring Equal Treatment for Faith-Based Organizations in SBA’s Loan and Disaster Assistance Programs,” Proposed Rule, Federal Register, Vol. 86, No. 11 (January 19, 2021), pp. 5036–5040, https://www.federalregister.gov/documents/2021/01/19/2021-00446/ensuring-equal-treatment- for-faith-based-organizations-in-sbas-loan-and-disaster-assistance-programs (accessed February 18, 2023). 30. President Joseph R. Biden Jr., Executive Order 14019, “Promoting Access to Voting,” March 7, 2021, in Federal Register, Vol. 86, No. 45 (March 10, 2021), pp. 13623–13627, https://www.govinfo.gov/content/pkg/ FR-2021-03-10/pdf/2021-05087.pdf (accessed February 19, 2023). See also press release, “Small Business Committee Republicans: The SBA Should Stay Out of Elections and Focus on Our Small Businesses,” Small Business Committee Republicans, Committee on Small Business, U.S. House of Representatives, April 4, 2022, https://republicans-smallbusiness.house.gov/news/documentsingle.aspx?DocumentID=404061 (accessed February 18, 2023). 31. Press release, “SBA Administrator Guzman, Biden–Harris Administration Announce Community Navigator Pilot Program Grantees,” U.S. Small Business Administration, October 28, 2021, https://www.sba.gov/ article/2021/oct/28/sba-administrator-guzman-biden-harris-administration-announce-community-navigator- pilot-program (accessed February 18, 2023). 32. John Reosti, “SBA Hasn’t Given Up on Direct Lending,” American Banker, May 2, 2022, https://www. americanbanker.com/creditunions/news/sba-hasnt-given-up-on-direct-lending (accessed February 18, 2023). 33. Goldman Sachs, 10,000 Small Businesses Voices, “22 Years Is Too Long: Support Small Businesses. Reauthorize the SBA,” Open Letter to Congress, November 16, 2022, https://www.goldmansachs.com/ citizenship/10000-small-businesses/US/voices/reauthorize-the-sba-letter/index.html (accessed February 18, 2023). According to Goldman Sachs, the letter “was published in Politico on Wednesday, November 16 to kick of a broader campaign to prioritize small businesses and modernize the SBA in the next Congress” and “was signed by over 3,000 small business owners from all 50 states.” Ibid. 34. See, for example, “Challenge 3: SBA Faces Significant Challenges in IT Investment, System Development, and Security Controls,” in U.S. Small Business Administration, Office of Inspector General, Top Management and Performance Challenges Facing the Small Business Administration in Fiscal Year 2023, Report 23-01, October 14, 2022, pp. 16–19, https://www.sba.gov/sites/default/files/2022-10/SBA%20OIG%20Report%2023-01_0.pdf (accessed February 18, 2023). 35. Ibid., p. iv. 36. Appendix M, “Office of Advocacy’s Legislative Priorities,” and Appendix Q, “Memorandum of Understanding Between the Small Business Administration and the Office of Advocacy,” in U.S. Small Business Administration, Office of Advocacy, Background Paper, Office of Advocacy, 2017–2020, January 2021, pp. 192 and 197, https://cdn.advocacy.sba.gov/wp-content/uploads/2021/02/09101916/Background-Paper-Office-of- Advocacy-2017-2020-web.pdf (accessed February 18, 2023). 37. President Donald J. Trump, Executive Order 13771, “Reducing Regulation and Controlling Regulatory Costs,” January 30, 2017, in Federal Register, Vol. 82, No. 22 (February 3, 2017), pp. 9339–9341, https://www.govinfo. gov/content/pkg/FR-2017-02-03/pdf/2017-02451.pdf (accessed February 19, 2023), and President Donald J. Trump, Executive Order 13777, “Enforcing the Regulatory Reform Agenda,” February 24, 2017, in Federal Register, Vol. 82, No. 39 (March 1, 2017), pp. 12285–12287, https://www.govinfo.gov/content/pkg/FR-2017-03- 01/pdf/2017-04107.pdf (accessed February 19, 2023). 38. U.S. Small Business Administration, Office of Advocacy, What Small Businesses Are Saying and What Advocacy Is Doing About It: Progress Report on the Office of Advocacy’s Regional Regulatory Reform Roundtables, June 2017–September 2018, December 2018, https://cdn.advocacy.sba.gov/wp-content/ uploads/2018/12/20091536/What-Small-Businesses-Are-Saying-What-Advocacy-Is-Doing.pdf April 2020, https://advocacy.sba.gov/regulatory-reform/ (accessed February 18, 2023December 10, 2022). See also U.S. Small Business Administration, Office of Advocacy, Reforming Regulations and Listening to Small Business: Second Progress Report on the Office of Advocacy’s Regional Regulatory Roundtables, June 2017–December 2019, https://cdn.advocacy.sba.gov/wp-content/uploads/2020/04/20141200/2nd-Progress-Report-on-Reg- Reform-Roundtables.pdf (accessed February 18, 2023). 39. U.S. Small Business Administration, Office of Advocacy, What Small Businesses Are Saying and What Advocacy Is Doing About It: Progress Report on the Office of Advocacy’s Regional Regulatory Reform Roundtables, June 2017–September 2018, pp. 32 and 43.

Trade

Weak
Vector: 63%
Pages: 863-865AI Enhanced

AI Analysis:

"The bill focuses on transparency and public participation in federal agency consent decrees and settlements, while the Project 2025 Trade section centers on deregulating securities offerings, reducing SEC oversight, and opposing ESG-related disclosures. There is minimal thematic overlap, as the bill does not address capital markets, accredited investor rules, or securities regulation reforms."

Key themes:regulatory oversighttransparencyfederal agencies

— 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.

Showing 3 of 5 policy matches

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.

Full Policy Text

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