Financial Services and General Government and National Security, Department of State, and Related Programs Appropriations Act, 2026

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Bill ID: 119/hr/7006

Last Updated: September 7, 2026

Financial Services and General Government and National Security, Department of State, and Related Programs Appropriations Act, 2026

HR. 7006, 119th Congress — read as touching Defense Contractors.

The sponsor

Rep. Cole, Tom [R-OK-4]

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

The money

$414,600 raised

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

The alignment

95% match to Project 2025

This bill's text tracks the "22" section, p. 727-729 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.

January 14, 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

Summary Style:

The HR 7006 appropriations bill - a predictable exercise in bureaucratic inefficiency, but one that warrants scrutiny nonetheless. As a visionary entrepreneur and thought leader, I'll distill the essence of this legislation, focusing on its fiscal implications and potential impact on my interests.

**Total Funding Amounts and Budget Allocations:** The bill allocates $287.6 billion for various government programs, with notable allocations to:

* Department of the Treasury ($287.6 million) * Committee on Foreign Investment in the United States ($21 million) * Office of Terrorism and Financial Intelligence ($237.7 million) * Cybersecurity Enhancement Account ($59 million)

**Key Programs and Agencies Receiving Funds:** The bill supports various initiatives, including:

* The G20 Financial Summit (up to $1.35 million for official reception and representation expenses) * Treasury-wide Financial Statement Audit and Internal Control Program (up to $42 million) * International operations and cybersecurity modernization

**Notable Increases or Decreases from Previous Years:** Comparing this bill to previous years' allocations, I notice:

* A modest increase in funding for the Committee on Foreign Investment in the United States * A slight decrease in overall Treasury Department funding compared to last year's allocation

**Riders or Policy Provisions Attached to Funding:** The bill includes several policy provisions, such as:

* Authorization for the chairperson of the Committee on Foreign Investment in the United States to transfer funds to other departments and agencies * Requirements for reporting and notification regarding transfers and expenditures

**Fiscal Impact and Deficit Implications:** This appropriations bill will contribute to the national debt, which is already projected to exceed $30 trillion by 2026. As a responsible steward of my own wealth, I must consider the long-term implications of such fiscal profligacy.

In conclusion, while this bill may seem like a mundane exercise in bureaucratic accounting, it holds significant implications for my business interests and the broader economy. As a visionary leader, I will continue to monitor these developments closely, always seeking opportunities to optimize my investments and shape policy to favor innovation and growth.

💰 Campaign Finance Network

Rep. Cole, Tom [R-OK-4]

Congress 119 • 2024 Election Cycle

Total Contributions

$414,600

24 donors

PACs

Organizations

$139,000

Committees

Individuals

$275,600

No PAC contributions found

CHEROKEE NATION

3 transactions

$124,200

PECHANGA BAND OF INDIANS

2 transactions

$8,300

SAGINAW CHIPPEWA INDIAN TRIBE

1 transaction

$5,000

ISBELL FARMS

1 transaction

$1,500

No committee contributions found

KANADY, MICHAEL C

1 transaction

$100,000

SPITZER, TERRY

1 transaction

$30,000

PEROT, ROSS MR. JR

1 transaction

$13,200

FAISON, JAY

1 transaction

$11,600

TEMPLETON, WILLIAM

1 transaction

$11,600

BARBOUR, HALEY

1 transaction

$10,000

HELM, JAY

1 transaction

$10,000

AMEY, DEBORAH

1 transaction

$10,000

BORGER, ERIN MR.

1 transaction

$6,600

CRAFT, KELLY MRS.

1 transaction

$6,600

DANIELS, BRANDON MR.

1 transaction

$6,600

DRUMMOND, WENDY MRS.

1 transaction

$6,600

EGGE, LESLIE MRS.

1 transaction

$6,600

FISHER, KENNETH MR.

1 transaction

$6,600

FISHER, SHERRILYN MRS.

1 transaction

$6,600

FURMAN, MATTHEW MR.

1 transaction

$6,600

HUNT, WOODY L. MR.

1 transaction

$6,600

LE NORMAN, DAVID MR.

1 transaction

$6,600

MCDAVID, SHAWN P. MR.

1 transaction

$6,600

MEHLMAN, KENNETH MR.

1 transaction

$6,600

Donor Network - Rep. Cole, Tom [R-OK-4]

Show Also Donated To

PACs

Organizations

Individuals

Politicians

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

Showing 52 nodes and 57 connections

Total contributions: $57

Top Donors - Rep. Cole, Tom [R-OK-4]

Showing top 24 donors by contribution amount

4 Orgs20 Individuals

Industry Impact

Which industries are materially affected by specific provisions in this bill. 13 helped, 5 harmed.

+Defense Contractorsconfidence 0.95
Title IV, International Security Assistance, includes $6,158,397,000 for the Foreign Military Financing Program (Sec. 7047) to procure defense articles and services to enhance the capacity of foreign security forces. This is a clear benefit (market expansion) for defense contractors.
−Alcoholconfidence 0.90
Sec. 7010(c) prohibits using funds to promote the sale or export of tobacco or tobacco products, including electronic nicotine delivery systems, or to seek reduction/removal by foreign countries of restrictions on marketing of tobacco or tobacco products. This is a regulatory restriction that harms the alcohol industry's ability to market and expand internationally.
−Tobaccoconfidence 0.90
Sec. 7010(c) prohibits using funds to promote the sale or export of tobacco or tobacco products (including electronic nicotine delivery systems), or to seek the reduction or removal by any foreign country of restrictions on the marketing of tobacco or tobacco products (including electronic nicotine delivery systems), except for restrictions which are not applied equally to all tobacco or tobacco products (including electronic nicotine delivery systems) of the same type. This is a clear regulator
+Hospitals & Health Systemsconfidence 0.90
Division B, Title III, Section 7058(a)(1) provides $575,000,000 for family planning/reproductive health programs, which benefits hospitals and health systems that deliver these services.
+Crop Producersconfidence 0.90
Division B, Title VII, Section 7060(e)(1) provides not less than $720,000,000 for food security and agricultural development programs, which includes support for crop producers through international agricultural research and Feed the Future Innovation Labs.
+Pipelines & Energy Infrastructureconfidence 0.85
Title VI, Export and Investment Assistance, includes $983,250,000 for the United States International Development Finance Corporation's Corporate Capital Account (Sec. 7056) to carry out authorized activities, which includes energy infrastructure projects abroad. This represents market expansion for energy infrastructure firms.

+ 12 more industries not shown.

Who funds the sponsor on these industries

For each industry this bill affects, here's what the sponsor (Rep. Cole, Tom [R-OK-4])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

Defense Contractors$29,700
from 27 contributions
- SILBEY, NEELY MRS.$6,700
- SCHMID, ELIZABETH$2,000
- RITTER, DOUGLAS$1,500
- STRIEBEL, ERICA$1,500
- BERGIN, DONALD II$1,500
Private Equity & Hedge Funds$12,400
from 4 contributions
- MEHLMAN, KENNETH MR.$9,900
- ISRAEL, RYAN$1,500
- TIPERMAS, JONATHAN MR.$1,000
Pipelines & Energy Infrastructure$3,000
from 2 contributions
- ALLEN, F. STEPHEN MR.$2,000
- HARBERT, KAREN MS.$1,000

Industries this bill HARMS

Tobacco$3,300
from 1 contribution
- PARK, PHIL MR.$3,300
Health Insurance$1,000
from 1 contribution
- ROSNER, BRANDON$1,000

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.

22

Very Strong

Vector: 61%

Pages: 727-729AI Enhanced

AI Analysis:

"The bill directly funds the Terrorism and Financial Intelligence office and the Committee on Foreign Investment in the United States, which are central to Project 2025's objectives of disrupting terrorist financing, enforcing sanctions, and overseeing foreign investment for national security."

Key themes:Terrorism and Financial IntelligenceCommittee on Foreign Investment in the United StatInternational AffairsEconomic sanctionsFinancial crime enforcement

22

Strong

Vector: 62%

Pages: 727-729AI Enhanced

AI Analysis:

"The bill provides significant funding for the Office of Terrorism and Financial Intelligence and the Committee on Foreign Investment in the United States, both of which are central to Project 2025's Treasury Department priorities, including combating terrorism financing, enforcing sanctions, and reviewing foreign investments for national security risks."

Key themes:Terrorism and Financial IntelligenceCommittee on Foreign Investment in the United StatNational security threatsEconomic sanctionsFinancial crime enforcement

— 694 — Mandate for Leadership: The Conservative Promise Terrorism and Financial Intelligence. Terrorism and Financial Intelligence (TFI) was created in 2004 as part of the larger reorganization of the U.S. government to promote homeland security following the 9/11 terrorist attacks. TFI is charged with the mission of disrupting international financial support for terrorists, weapons of mass destruction proliferation, narcotics trafficking, money laundering, and other national security threats. It is also responsible for implementing and enforcing economic sanctions programs and supporting the wider law enforcement commu- nity in investigating financial crimes. It is led by the Under Secretary for Terrorism and Financial Intelligence. International Affairs protects and supports U.S. economic prosperity and national security by working to foster the most favorable external environment for sustained employment and economic growth in the United States. The most crucial functions of the Office of International Affairs relate to managing the U.S.–China Strategic Dialogue; representing U.S. interests in the World Bank, International Monetary Fund (IMF) and other multilateral development banks; and overseeing the Committee on Foreign Investment in the U.S. (CFIUS). It is led by the Under Secretary for International Affairs. Tax Policy formulates and develops tax policies and programs and works with Congress to get them passed into law. It reviews and issues regulations drafted by attorneys from the IRS’s Office of Chief Counsel to administer the Internal Reve- nue Code, negotiates tax information exchange agreements with the tax authorities of foreign governments, participates in international tax organizations, and pro- vides economic and legal policy analysis for domestic and international tax policy decisions. This office also provides revenue estimates for the President’s budget. It is led by the Assistant Secretary for Tax Policy. Economic Policy reports on current and prospective economic developments and assists in the determination of appropriate economic policies. This office is responsible for the review and analysis of domestic economic issues and develop- ments in financial markets. The Treasurer of the United States is a statutory office that has been assigned varying duties in recent Administrations. In addition to performing public out- reach, treasurers have at times headed Treasury’s financial education program and overseen the U.S. Mint and Bureau of Engraving and Printing. Four Inspectors General provide independent audits, investigations, and over- sight of Treasury and its programs: The Office of the Inspector General of the Department of Treasury; Treasury Inspector General for Tax Administration; Special Inspector General for the Troubled Asset Relief Program; and the Special Inspector General for Pandemic Recovery. Treasury Bureaus. Seven Treasury Department bureaus comprise 98 percent of the Treasury work force and are responsible for carrying out specific operations assigned to the department. — 695 — Department of the Treasury The Alcohol and Tobacco Tax and Trade Bureau collects federal excise taxes on alcohol, tobacco, firearms, and ammunition, and is responsible for enforcing and administering laws covering the production, use, and distribution of alco- hol products. The Internal Revenue Service is the largest of the department’s bureaus, account- ing for about 85 percent of Treasury’s personnel and about four-fifths of its appropriated budget. It administers and enforces U.S. tax laws. The Bureau of Engraving and Printing develops and produces U.S. currency notes. The Financial Crimes Enforcement Network (FinCEN) is designed to protect the financial system from illicit use. It also administers the beneficial ownership reporting regime mandated by the Corporate Transparency Act.12 The Bureau of the Fiscal Service provides central payment services to federal program agencies, operates the U.S. government’s collections and deposit systems, provides government-wide accounting and reporting services, manages the collec- tion of delinquent debt owed to the U.S. government, borrows the money needed to operate the government through the sale of U.S. Treasury securities (including the state and local government series), and accounts for and services the public debt. The United States Mint designs and mints U.S. circulating and bullion coins. The Office of the Comptroller of the Currency (OCC) charters, regulates, and supervises national banks and federal savings associations (thrifts) to ensure that they operate in a safe and sound manner, provide fair access to financial services, and comply with applicable laws and regulations. The OCC also supervises fed- eral branches and agencies of foreign banks and has rulemaking authority for all savings associations. TAX POLICY Tax policy has a powerful impact on the economy. The Treasury Department should develop and promote tax reform legislation that will promote prosperity. To accomplish this, tax reform should improve incentives to work, save, and invest. This, in turn, is accomplished primarily by reducing marginal tax rates,13 reducing the cost of capital14 and broadening the tax base to eliminate tax-induced economic distortions by eliminating special-interest tax credits, deductions, and exclusions. Tax compliance costs will decline precipitously if the tax system is substantially simplified.15 The Treasury Department should also promote tax competition rather than supporting an international tax cartel. Principles of Good Tax Policy. These are the principles governing good tax policy. l First, the tax system should raise the revenue necessary to fund a limited government for constitutionally appropriate activities. It should raise this revenue such that it: (a) applies the least economically destructive forms of

Department of the Treasury

Moderate

Vector: 63%

Pages: 733-735AI Enhanced

AI Analysis:

"The bill allocates funding to Treasury Department offices and international affairs activities, which aligns with Project 2025's focus on Treasury's role in international financial institutions and fiscal responsibility, though it does not explicitly advance or oppose specific policies like withdrawing from the IMF or reducing information reporting burdens."

Key themes:Department of the Treasury fundinginternational affairsfiscal responsibilityfinancial intelligence

— 701 — Department of the Treasury administers these reporting programs, most of this expense is mandated by Con- gress, not the IRS. One of the primary reasons that Congress mandates ever-increasing infor- mation reporting is that the Treasury Department and the Joint Committee on Taxation staff almost always overestimate how much revenue will be gained from still more burdensome information reporting, and they do not estimate or report private compliance costs. Congress and the Treasury Department must undertake a serious review of the information reporting regime and reduce the burden on the public—especially small businesses. Small businesses suffer disproportionately from complexity and administrative burdens. Costs do not increase linearly with size, so elevated administrative costs have an adverse effect on the competitiveness of small firms. Budget. The operating budget of the IRS should be held constant in real terms. The resources allocated to the Office of the Taxpayer Advocate should be increased by at least 20 percent (about $44 million). The Office of Equity, Diversity, and Inclusion should be closed. Provided that IT management is changed; an effective, well-considered implementation plan is adopted; and serious oversight is put in place, additional resources dedicated solely to IT modernization may be warranted. INTERNATIONAL AFFAIRS The Treasury Department should withdraw from Senate consideration the Protocol Amending the Convention on Mutual Administrative Assistance in Tax Matters.48 The protocol will lead to substantially more transnational identity theft, crime, industrial espionage, financial fraud, and suppression of political oppo- nents and religious or ethnic minorities by authoritarian and corrupt governments, including China, Colombia, Nigeria, and Russia. Unlike the original multilateral convention, the amended convention is open to all governments—including many that are either hostile to the United States, have serious corruption problems, or have inadequate privacy protections. The new Administration should also oppose the multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information.49 International organizations such as the OECD, the World Bank, and the Inter- national Monetary Fund espouse economic theories and policies that are inimical to American free market and limited government principles. The global elites who operate the IMF regularly advance higher taxes and big centralized government. The IMF has intervened in American policy debates—and has even recommended that the U.S. raise taxes. The IMF’s record of advancing global financial stability has been mixed at best. Its development assistance and lending programs in third- world countries have more often than not retarded growth rather than advancing it. The Treasury Department plays an important role in these international institutions and should force reforms and new policies. The U.S., however, should — 702 — Mandate for Leadership: The Conservative Promise withdraw from both the World Bank and the IMF and terminate its financial con- tribution to both institutions. If the U.S. is to provide economic assistance or humanitarian aid to other nations, it should do so unilaterally—not through the pass-throughs of international aid orga- nizations, non-governmental organizations, or other nations. These organizations and countries simply create expensive middle-men, while U.S. funds are intercepted before being distributed to those in need. Also, these foreign entities have interests that do not coincide with American national security and economic interests. FISCAL RESPONSIBILITY Treasury should make balancing the federal budget a mission-critical objective. The federal budget absorbs enormous resources from the economy, both in money taken from taxpayers and in money borrowed. The budget should be balanced by driving down federal spending while maintaining a strong national defense and not raising taxes. To reduce interest payments on the debt, Treasury should lock in current rel- atively low interest rates by issuing longer duration bonds, and even consider creating a 50-year treasury bill. Most of the federal debt rolls over on average about every three to four years. But interest rates, even with the latest Federal Reserve rate increases, are still below the 5 percent historical average. Treasury would thus save taxpayers money during the next several decades by issuing fewer short-term notes that will probably have to be rolled over at higher rates in the future. To promote transparency of finances, each year Americans should receive a financial statement of the U.S. government alerting citizens of the revenues, expen- ditures, deficit, and debt for the preceding fiscal year. The statement should also include this individual family’s pro-rata share of the debt based on family size. INTERNATIONAL COMPETITIVENESS The Treasury must act more assertively in international financial institutions to protect and advance U.S. national interests—and oppose those that do not. It should employ a carrot-and-stick approach by increasing its activity and commitment to those financial institutions that are willing and able to adjust to this new approach and by zeroing out or potentially exiting those institutions that rely on U.S. capital while advancing agendas that run counter to U.S. interests. l A major emphasis of effecting this change must be the addition of a large new cadre of U.S. professionals and contractors at these international financial institutions. l The U.S. must insist on the hiring and support of this human capital as a condition to future funding.

Department of Homeland Security

Weak

Vector: 64%

Pages: 186-188AI Enhanced

AI Analysis:

"The bill provides appropriations for Treasury, CFIUS, and the Office of Terrorism and Financial Intelligence, which tangentially relate to DHS's focus on financial aspects of immigration enforcement and national security, but it does not contain any of the specific DHS policy reforms outlined in Project 2025."

Key themes:financial intelligencenational securityterrorism financingimmigration enforcement

— 153 — Department of Homeland Security l 287(g) program. Issue a memo prohibiting any jurisdiction that applies from being denied access to the program unless good cause is shown. l Homeland Security Investigations (HSI) priorities. Issue Department Management Directive (and ICE companion Directive) to refocus HSI on immigration offenses and criminal offenses typically associated with immigration (for example, human trafficking). All criminal investigative work without a clear nexus to the border or otherwise to Title 8 should be turned over to the appropriate federal agency. l Blackie’s Warrants. ICE OPLA, ERO, and HSI should issue a joint internal memo on operationalizing Blackie’s Warrants for immediate use on worksite enforcement and other appropriate investigations and operations. FEDERAL EMERGENCY MANAGEMENT AGENCY (FEMA) Needed Reforms FEMA is the lead federal agency in preparing for and responding to disasters, but it is overtasked, overcompensates for the lack of state and local preparedness and response, and is regularly in deep debt. After passage of the 1988 Stafford Act,12 the number of declared federal disasters rose dramatically as most disaster costs were shifted from states and local governments to the federal government. In addition, state-friendly FEMA regulations, such as a “per capita indicator,” failed to maintain the pace of inflation and made it easy to meet disaster declaration thresholds. This combination has left FEMA unprepared in both readiness and funding for the truly catastrophic disasters in which its services are most needed. Reform of FEMA requires a greater emphasis on federalism and state and local preparedness, leaving FEMA to focus on large, widespread disasters. Under the Stafford Act, FEMA has the authority to adjust the per capita indi- cator for damages, which creates a threshold under which states and localities are not eligible for public assistance. FEMA should raise the threshold because the per capita indicator has not kept pace with inflation, and this over time has effectively lowered the threshold for public assistance and caused FEMA’s resources to be stretched perilously thin. Alternatively, applying a deductible could accomplish a similar outcome while also incentivizing states to take a more proactive role in their own preparedness and response capabilities. In addition, Congress should change the cost-share arrangement so that the federal government covers 25 per- cent of the costs for small disasters with the cost share reaching a maximum of 75 percent for truly catastrophic disasters. FEMA is also responsible for the National Flood Insurance Program (NFIP), nearly all of which is issued by the federal government. Washington provides — 154 — Mandate for Leadership: The Conservative Promise insurance at prices lower than the actuarially fair rate, thereby subsidizing flood insurance. Then, when flood costs exceed NFIP’s revenue, FEMA seeks taxpay- er-funded bailouts. Current NFIP debt is $20.5 billion, and in 2017, Congress canceled $16 billion in debt when FEMA reached its borrowing authority limit. These subsidies and bailouts only encourage more development in flood zones, increasing the potential losses to both NFIP and the taxpayer. The NFIP should be wound down and replaced with private insurance starting with the least risky areas currently identified by the program. Budget Issues FEMA manages all grants for DHS, and these grants have become pork for states, localities, and special-interest groups. Since 2002, DHS/FEMA have provided more than $56 billion in preparedness grants for state, local, tribal, and territorial governments. For FY 2023, President Biden requested more than $3.5 billion for federal assistance grants.13 Funds provided under these programs do not provide measurable gains for preparedness or resiliency. Rather, more than any objective needs, political interests appear to direct the flow of nondisaster funds. The principles of federalism should be upheld; these indicate that states better understand their unique needs and should bear the costs of their particularized programs. FEMA employees in Washington, D.C., should not determine how bil- lions of federal tax dollars should be awarded to train local law enforcement officers in Texas, harden cybersecurity infrastructure in Utah, or supplement migrant shelters in Arizona. DHS should not be in the business of handing out federal tax dollars: These grants should be terminated. Accomplishing this, however, will require action by Members of Congress who repeatedly vote to fund grants for political reasons. The transition should focus on building resilience and return on investment in line with real threats. Personnel FEMA currently has four Senate-confirmed positions. Only the Administrator should be confirmed by the Senate; other political leadership need not be con- firmed by the Senate. Additionally, FEMA’s “springing Cabinet position” should be eliminated, as this creates significant unnecessary challenges to the functioning of the whole of DHS at points in time when coordinated responses are most needed. CYBERSECURITY AND INFRASTRUCTURE SECURITY AGENCY (CISA) Needed Reforms CISA is supposed to have two key roles: (1) protection of the federal civilian government networks (.gov) while coordinating the execution of national cyber defense and sharing information with non-federal and private-sector partners

Department of the Treasury

Weak

Vector: 63%

Pages: 739-741AI Enhanced

AI Analysis:

"The bill provides appropriations for Treasury components including the Office of Terrorism and Financial Intelligence (which oversees FinCEN), but it does not contain any of the Project 2025 policy directives such as mandatory FinCEN data reporting, repeal of the Corporate Transparency Act, withdrawal of the beneficial ownership rule, or elimination of equity and climate initiatives. Thus the alignment is only tangential, relating to general Treasury funding and AML-CFT activities."

Key themes:Department of the TreasuryFinCEN/OTFI fundingAML-CFT activities

— 707 — Department of the Treasury There were 2 .7 million suspicious activity reports (SARs) filed in 2021.60 The number of CTRs filed were approximately 10 times that number.61 In 2014, FinCEN anti-money laundering/countering the financing of terrorism (AML-CFT) rules cost an estimated $5 billion to $8 billion per year.62 Undoubtedly, this cost is now substantially higher both because of inflation and because the rules have become more onerous.63 Yet there is little evidence that this massive expenditure of resources is doing much good,64 and there is no evidence regarding which aspects of the AML-CFT regime are effective and which are not. The AML-CFT regime is a major contributing factor causing the decline in the number of small broker-deal- ers and the decline in the competitiveness of community banks. Congress must require FinCEN to annually publish data regarding: l The number of SARs filed; l The number of CTRs filed;65 l The number of AML-CFT prosecutions, disaggregating those in which the AML-CFT prosecution is stand-alone and in which the prosecution is an add-on count connected to other predicate crime;66 l The number of AML-CFT convictions (similarly disaggregated); l The number and aggregate amount of AML-CFT fines imposed and the type of institution upon which the fine was imposed; and l Annual estimates of the aggregate costs imposed on private entities by the AML-CFT regime.67 Without this data, it is impossible for policymakers to make an informed judg- ment about the effectiveness of the AML-CFT regime. Congress should also require both FinCEN and the Government Accountability Office to undertake separate evaluations regarding which aspects of the AML-CFT regime are effective and which are not. FinCEN should be required to undertake a thorough retrospec- tive review of its regulations and various statutory requirements and report to Congress on its findings in a publicly available report. Anecdotes and assurances from FinCEN staff that all is well—but that even more onerous requirements are needed—are not enough. Congress should repeal the Corporate Transparency Act, and FinCEN should withdraw its poorly written and overbroad beneficial ownership reporting rule. Both are targeted at the smallest businesses in the U.S. (those with 20 or fewer employees) and will do nothing material to impede criminal finance.68 The FinCEN — 708 — Mandate for Leadership: The Conservative Promise beneficial ownership reporting rule will impose costs exceeding $1 billion annu- ally and is exceedingly poorly drafted.69 FinCEN itself estimates that more than 33 million businesses will be affected and that costs will be $547 million to $8.1 billion annually.70 THE “EQUITY” AGENDA Under the Biden Administration, the Treasury Department has appointed a Counselor for Racial Equity, established an Advisory Committee on Racial Equity, and created an office for Diversity, Equity, Inclusion, and Accessibility. All these should be eliminated. Treasury has created several new offices to promote “equity” and has made this its first of five strategic goals in its Fiscal Year 2022–2226 Strategic Plan. “Equity” is identified as a cross-cutting theme in 15 of 19 of the plan’s objectives. The avowed purpose of these initiatives is to implement policies that delib- erately favor some races or ethnicities over others. The casual acceptance and rapid spread of racist policymaking in the federal government must be forcefully opposed and reversed. The next conservative Administration should take affirma- tive steps to expose and eradicate the practice of critical race theory and diversity, equity, and inclusion (DEI) throughout the Treasury Department. These steps will include: l Identify every Treasury official who participated in DEI initiatives and interview him or her for the purpose of determining the scope and nature of these initiatives and to ensure that such initiatives are completely ended. l Make public immediately all communications relating to the work of the Treasury’s critical race theory and DEI initiatives. l Treat the participation in any critical race theory or DEI initiative, without objecting on constitutional or moral grounds, as per se grounds for termination of employment. l Expose and make public all training materials and initiatives designed to single out any race, ethnicity, or sex for special treatment. The Administration should eliminate the 25-member Treasury Advisory Com- mittee on Racial Equity. CLIMATE-RELATED FINANCIAL RISK Treasury has created a new departmental office, “Climate Hub,” and has made “combating climate change” one of the Biden Treasury Department’s top five

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.

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