The bill
GENIUS Act
S. 1582, 119th Congress — read as touching Crypto & Fintech.
GENIUS Act
Download PDFBill ID: 119/s/1582
Last Updated: July 28, 2026
Sponsored by
Sen. Hagerty, Bill [R-TN]
ID: H000601
Follow the money
The sponsor
Sen. Hagerty, Bill [R-TN]
Every bill has someone who introduced it. That name is where the paper trail starts.
The money
$170,230 raised
21 itemised contributions to this sponsor, pulled from FEC filings.
The alignment
85% match to Project 2025
This bill's text tracks the "Financial Regulatory Agencies" section, p. 875-878 of the Mandate for Leadership.
Bill's Journey to Becoming a Law
Track this bill's progress through the legislative process
Latest Action
Became Public Law No: 119-27.
July 17, 2025
Introduced
Committee Review
Floor Action
Passed Senate
House Review
Passed Congress
Presidential Action
Became Law
📍 Current Status
This bill has become 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. The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) - because who doesn't love a good acronym? Let's dissect this monstrosity.
**New Regulations:** This bill creates a new regulatory framework for payment stablecoins, which are digital assets pegged to the value of a fiat currency. The Comptroller of the Currency will oversee nonbank entities issuing these stablecoins, while insured depository institutions and Federal branches will be subject to existing banking regulations. Oh joy, more bureaucratic red tape.
**Affected Industries:** Digital asset service providers, payment stablecoin issuers (both domestic and foreign), and financial institutions that deal with digital assets will feel the pinch of this regulatory behemoth. Expect a flurry of lobbying from affected parties trying to water down or exploit these new rules.
**Compliance Requirements:** The bill sets forth a laundry list of requirements for permitted payment stablecoin issuers, including:
* Obtaining approval from the Comptroller * Maintaining minimum capital and liquidity standards * Implementing anti-money laundering (AML) and know-your-customer (KYC) protocols * Disclosing certain information to customers
**Timelines:** The bill doesn't specify a clear timeline for implementation, leaving it up to the regulatory agencies to figure out. Because what could possibly go wrong with that approach?
**Enforcement Mechanisms and Penalties:** Ah, the fun part! The bill authorizes the Comptroller to impose fines of up to $1 million per day for noncompliance. Don't worry, I'm sure this will only be used against the most egregious offenders... or those who don't contribute enough to politicians' re-election campaigns.
**Economic and Operational Impacts:** This bill will likely stifle innovation in the digital asset space by imposing onerous regulations that favor established players. Expect a brain drain of talent from the US to more crypto-friendly jurisdictions. The increased compliance costs will also be passed on to consumers, because who doesn't love paying more for financial services?
In conclusion, the GENIUS Act is a perfect example of how politicians and bureaucrats think they can "regulate" innovation by strangling it with red tape. It's a classic case of "we know better than you," where the only winners are the lawyers and lobbyists who will feast on this regulatory carcass for years to come.
Diagnosis: Terminal stupidity, with a side of bureaucratic hubris. Prognosis: More of the same, until the patient (the US economy) finally succumbs to the weight of its own regulatory burden.
Related Topics
Banking & Financial Services
Generated using Llama 3.1 70B (Dr. Haus personality)
💰 Campaign Finance Network
Sen. Hagerty, Bill [R-TN]
Congress 119 • 2024 Election Cycle
Total Contributions
$170,230
21 donors
PACs
$0
Organizations
$1,000
Committees
$0
Individuals
$169,230
No PAC contributions found
1
WELDON
$1,000
No committee contributions found
1
CARTER, JOY
$13,200
2
FULLER, CHRIS
$10,410
3
RADER, SALLY
$9,400
4
HALBOWER, JULIE MRS.
$9,400
5
HALBOWER, MATTHEW
$9,400
6
JOHNSON, CHARLES B. MR.
$9,400
7
LES, JASON
$9,400
8
MASIERO, THOMAS
$9,400
9
PRESTON, TAYLOR
$9,400
10
PYSH, PRESTON
$9,400
11
ROUDI, ROD
$9,400
12
KEENEY, MICHAEL E.
$7,400
13
RADER, JOHN
$7,150
14
DORRELL, MICHAEL
$6,870
15
MUZINICH, JUSTIN
$6,600
16
NESSEL, ARIEL
$6,600
17
COHEN, KARI A.
$6,600
18
RITCH, JOE
$6,600
19
JOHNSON, ROBERT WOOD IV
$6,600
20
VALDEZ, MIKE
$6,600
Cosponsors & Their Campaign Finance
This bill has 5 cosponsors. Below are their top campaign contributors.
Sen. Lummis, Cynthia M. [R-WY]
ID: L000571
Top Contributors
20
1
HEGYI, ALBERT P
1ST FINANCIAL BANK USA • BANKER
IndividualNEW YORK, NY
$6,600
Dec 6, 2023
2
MANDELBLATT, DANIELLE
RETIRED • RETIRED
IndividualASPEN, CO
$6,600
Sep 26, 2024
3
MANDELBLATT, ERIC
SOROBAN CAPITAL PARTNERS LP • MANAGING PARTNER
IndividualASPEN, CO
$6,600
Sep 26, 2024
4
SAMANI, PYAHM
IndividualAUSTIN, TX
$5,800
Aug 8, 2023
5
CASCARILLA, MARISSA
NA • HOMEMAKER
IndividualMIAMI, FL
$3,700
Apr 1, 2024
6
CASCARILLA, CHARLES
PAXOS • CEO
IndividualMIAMI, FL
$3,700
Apr 1, 2024
7
DOWNS, RAISSA
TARPLIN, DOWNS AND YOUNG, LLC • CONSULTANT
IndividualWASHINGTON, DC
$3,600
Dec 12, 2024
8
SCARAMUCCI, ANTHONY
SKYBRIDGE • MANAGING PARTNER
IndividualPLANDOME, NY
$3,435
Jul 30, 2024
9
HOBART, ROBERT
VENTURE GOVERNMENT STRATEGIES • CONSULTANT
IndividualNASHVILLE, TN
$3,435
Aug 5, 2024
10
HOLDING, KATHLEEN MS.
SUNLIGHT RANCH CO. • EXECUTIVE
IndividualDAYTON, WY
$3,300
Dec 6, 2023
Sen. Scott, Tim [R-SC]
ID: S001184
Top Contributors
26
1
FAIRWAY INVESTMENTS, LLC
OrganizationGREENVILLE, SC
$13,200
May 23, 2023
2
FAIRWAY INVESTMENTS, LLC
OrganizationGREENVILLE, SC
$3,300
May 23, 2023
3
MK INTERNATIONAL LLC
OrganizationSUMTER, SC
$3,300
May 23, 2023
4
OSWALD COOKE & ASSOCIATES, LLC
OrganizationMOUNT PLEASANT, SC
$1,500
May 23, 2023
5
HUDSON CAPITAL ADVISORS LLC
OrganizationJERSEY CITY, NJ
$1,000
Oct 27, 2023
6
MORONGO BAND OF MISSION INDIANS
OrganizationBANNING, CA
$1,000
May 7, 2024
7
BOLDRICK, JAMES
STATEWIDE MINERALS CO • OWNER
IndividualMIDLAND, TX
$13,200
Jul 3, 2023
8
DUHAMEL, WILLIAM
ROUTE ONE INVESTMENT CO LP • INVESTMENT MANAGEMENT
IndividualSAN FRANCISCO, CA
$13,200
Jul 7, 2023
9
GROFF, SUSAN
RETIRED • RETIRED
IndividualNORTHRIDGE, CA
$13,200
Aug 3, 2023
10
EMMET, RICHARD
JANE STREET CAPITAL • FINANCE
IndividualLARCHMONT, NY
$13,200
Apr 17, 2023
Sen. Sullivan, Dan [R-AK]
ID: S001198
Top Contributors
75
1
SEND IN THE SEAL PAC
PACALEXANDRIA, VA
$45,000
Aug 9, 2024
2
THE LINCOLN CLUB OF ORANGE COUNTY FEDERAL PAC
PACNEWPORT BEACH, CA
$25,000
Oct 18, 2024
3
SEND IN THE SEAL PAC
PACALEXANDRIA, VA
$15,000
Aug 9, 2024
4
WINRED
PACARLINGTON, VA
$6,600
Oct 19, 2023
5
RON JOHNSON VICTORY
COMOSHKOSH, WI
$1,997
Sep 30, 2024
6
MACLEAN-FOGG COMPANY
OrganizationMUNDELEIN, IL
$58,700
Dec 28, 2023
7
AK-CHIN INDIAN COMMUNITY
OrganizationMARICOPA, AZ
$41,300
Dec 29, 2023
8
MACLEAN-FOGG COMPANY
OrganizationMUNDELEIN, IL
$41,300
Dec 28, 2023
9
PASCUA YAQUI TRIBE
OrganizationTUCSON, AZ
$41,300
Dec 29, 2023
10
TIGUA INDIAN RESERVATION
OrganizationEL PASO, TX
$41,300
Dec 19, 2023
Sen. Moreno, Bernie [R-OH]
ID: M001242
Top Contributors
32
1
AMERICAN PRINCIPLES
PACMIAMI, FL
$1,000
Mar 11, 2024
2
SENATE CONSERVATIVES FUND
PACWASHINGTON, DC
$510
Dec 24, 2024
3
SOUTHERN OHIO HOLDING ORG. LLC
OrganizationWASHINGTON COURT H, OH
$5,000
Mar 31, 2024
4
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$3,300
Dec 31, 2024
5
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$3,300
Dec 31, 2024
6
C AND D BILLS LTD
OrganizationFINDLAY, OH
$3,300
Jun 14, 2023
7
CLINTON COUNTY REPUBLICAN
OrganizationWILMINGTON, OH
$2,000
Sep 20, 2024
8
BOAK ENTERPRISES LLC
OrganizationCANFIELD, OH
$1,000
Sep 27, 2023
9
B2B CONCORD LLC
OrganizationHIGHLAND HEIGHTS, OH
$500
Sep 28, 2023
10
STATA FAMILY OFFICE
OrganizationDOVER, MA
$500
Jul 25, 2024
Sen. Ricketts, Pete [R-NE]
ID: R000618
Top Contributors
26
1
SPIKE OCOTILLO LLC
OrganizationCHANDLER, AZ
$2,500
Mar 4, 2024
2
HUNTON ANDREWS KURTH LLP
OrganizationRICHMOND, VA
$1,000
Mar 28, 2024
3
KING & SPALDING LLP
OrganizationATLANTA, GA
$1,000
Mar 29, 2024
4
GREENBERG TRAURIG
OrganizationALBANY, NY
$1,000
Apr 23, 2024
5
H.A. TRUE, III
OrganizationCASPER, WY
$1,000
Aug 22, 2024
6
DELTA AIRLINES
OrganizationATLANTA, GA
$234
Apr 17, 2023
7
VANDERSLOOT, BELINDA
SELF • HOMEMAKER
IndividualIDAHO FALLS, ID
$6,600
Mar 4, 2024
8
VANDERSLOOT, FRANK
MELALEUCA • OWNER
IndividualIDAHO FALLS, ID
$6,600
Mar 4, 2024
9
MANDELBLATT, DANIELLE
RETIRED
IndividualASPEN, CO
$6,600
Jun 7, 2024
10
MANDELBLATT, ERIC
SOROBAN CAPITAL PARTNERS LP • MANAGING PARTNER
IndividualASPEN, CO
$6,600
Jun 7, 2024
Donor Network - Sen. Hagerty, Bill [R-TN]
PACs
Organizations
Individuals
Politicians
Hub layout: Politicians in center, donors arranged by type in rings around them.
Loading...
Showing 40 nodes and 37 connections
Total contributions: $37
Top Donors - Sen. Hagerty, Bill [R-TN]
Showing top 21 donors by contribution amount
1 Org20 Individuals
Industry Impact
Which industries are materially affected by specific provisions in this bill. 4 helped, 2 harmed.
- −Crypto & Fintechconfidence 0.90
Section 3(b)(1) prohibits digital asset service providers from offering or selling payment stablecoins unless issued by a permitted payment stablecoin issuer, effective 3 years after enactment. This restricts crypto/fintech firms from issuing or dealing in non-permitted stablecoins, imposing compliance costs and market limitations.
- −Investment Banking & Securitiesconfidence 0.90
Section 4(a)(11) prohibits permitted payment stablecoin issuers from paying interest or yield to holders, which directly impacts investment banking activities related to stablecoin yield products and staking services that investment banks might facilitate or advise on.
- +Commercial Banksconfidence 0.85
Section 5 allows insured depository institutions (including commercial banks) to issue payment stablecoins through subsidiaries or as Federal qualified issuers, creating new business opportunities and revenue streams.
- +Accounting & Tax Servicesconfidence 0.80
Section 4(a)(3)(A) requires monthly certification of reports by registered public accounting firms for permitted payment stablecoin issuers, increasing demand for audit and attestation services.
- +Telecommunicationsconfidence 0.80
Section 10 requires custodial services for payment stablecoin reserves to be subject to supervision by primary Federal payment stablecoin regulators or financial regulatory agencies, creating compliance opportunities for telecom firms providing secure communication infrastructure for financial institutions.
- +Construction & Engineeringconfidence 0.70
Section 16(d) allows state-chartered depository institutions with permitted payment stablecoin subsidiaries to engage in money transmission and custodial services, potentially increasing demand for secure physical infrastructure construction for data centers and vaults.
Who funds the sponsor on these industries
For each industry this bill affects, here's what the sponsor (Sen. Hagerty, Bill [R-TN])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 1 contribution
- PITTMAN, ROBERT$2,500
- Commercial Banks$2,000from 2 contributions
- KIMBROUGH, BEN$1,000
- KIMBROUGH, BEN S. MR. JR.$1,000
- from 24 contributions
- BEEM, RUSSELL$840
- from 3 contributions
- KEICH, PAUL$60
Industries this bill HARMS
- Crypto & Fintech$20,020from 10 contributions
- ARMSTRONG, BRIAN$10,400
- CHOI, EMILIE$4,070
- GREWAL, PAUL$3,800
- MOSKOWITZ, LUCAS MR.$1,000
- ROBERTI, AMY$500
- from 9 contributions
- FEBEO, JIM$2,000
- PARKER, JAMES R.$2,000
- JOE, ALICE$1,000
- JOHNSTONE, BRUCE$1,000
- ZLOTNIKOV, VADIM$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.
Financial Regulatory Agencies
Strong
Vector: 58%Pages: 875-878AI Enhanced
AI Analysis:
"The GENIUS Act expands the OCC's authority to regulate payment stablecoins, aligning with Project 2025's emphasis on strengthening the OCC's role and reforming financial regulatory agencies to enhance oversight and consumer protection."
Key themes:Office of the Comptroller of the Currency (OCC)financial regulationconsumer protectionAML/KYC complianceregulatory reform
— 843 — Financial Regulatory Agencies 37. Table 7, “Civil Penalty Fund Significant Activity,” in Consumer Financial Protection Bureau, Financial Report of the Consumer Financial Protection Bureau, Fiscal Year 2022, November 15, 2022, p. 21, https://files. consumerfinance.gov/f/documents/cfpb_financial-report_fy2022.pdf (accessed March 23, 2023). 38. Ibid. 39. Consumer Financial Protection Bureau, Financial Report of the Consumer Financial Protection Bureau, Fiscal Year 2022, p. 20. 40. 12 U.S. Code § 5491, https://www.law.cornell.edu/uscode/text/12/5491 (accessed March 23, 2023). 41. Consumer Financial Protection Bureau, “Bureau Structure,” last updated March 15, 2023, https://www. consumerfinance.gov/about-us/the-bureau/bureau-structure/ (accessed March 23, 2023). 42. See Consumer Financial Protection Bureau, “Consumer Financial Civil Penalty Fund Rule,” https://www. consumerfinance.gov/rules-policy/final-rules/consumer-financial-civil-penalty-fund-rule/ (accessed March 23, 2023). 43. Consumer Financial Protection Bureau, “Civil Penalty Fund: Consumer Education and Financial Literacy,” https://www.consumerfinance.gov/enforcement/payments-harmed-consumers/civil-penalty-fund/consumer- education-financial-literacy/ (accessed March 23, 2023). 44. U.S. Government Accountability Office, Consumer Financial Protection Bureau: Opportunity Exists to Improve Transparency of Civil Penalty Fund Activities, GAO-14-551, June 2014, https://www.gao.gov/assets/gao-14-551. pdf (accessed March 23, 2023). 45. Seila Law LLC v. Consumer Financial Protection Bureau, 591 U.S. ___ (2020), https://www.supremecourt.gov/ opinions/19pdf/19-7_n6io.pdf (accessed March 23, 2023). 46. Ibid., p. 37. 47. See 12 U.S. Code § 5497(a)(1), https://www.law.cornell.edu/uscode/text/12/5497 (accessed March 23, 2023). Congress specified that the amount transferred to the CFPB “shall not exceed” 12 percent “of the total operating expenses of the Federal Reserve System…in fiscal year 2013, and in each year thereafter.” Ibid., § 5497(2)(A)(iii). 48. Community Financial Services Association of America v. Consumer Financial Protection Bureau (5th Cir. 2022), pp. 31–32, https://www.ca5.uscourts.gov/opinions/pub/21/21-50826-CV0.pdf (accessed March 23, 2023). 49. Ibid., p. 32. 50. Ibid. (quoting Seila Law LLC v. CFPB, 140 S. Ct. 2183, 2202 n. 8 (2020)). 51. U.S. Supreme Court, “Order List: 598 U.S.,” February 27, 2023, Docket No. 22–448, CFPB et al. v. Com. Fin. Services Assn., et al., https://www.supremecourt.gov/orders/courtorders/022723zor_6537.pdf (accessed March 23, 2023). 52. Devin Watkins, Competitive Enterprise Institute, “Consumer Financial Protection Bureau: Ripe for Reform,” testimony before the Subcommittee on Financial Institutions and Monetary Policy, Committee on Financial Services, U.S. House of Representatives, March 9, 2023, https://docs.house.gov/meetings/BA/ BA20/20230309/115384/HHRG-118-BA20-Wstate-WatkinsD-20230309.pdf (accessed March 23, 2023); Norbert J. Michel, “7 Steps Next Director Can Take to Make the Consumer Financial Protection Bureau Less Awful,” Heritage Foundation Commentary, July 28, 2018, https://www.heritage.org/markets-and-finance/ commentary/7-steps-next-director-can-take-make-the-consumer-financial. 53. The Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation, Federal Reserve, and National Credit Union Administration. Those functions performed by the Office of Thrift Supervision (OTS) prior to Dodd–Frank should be transferred to the OCC since OTS has merged with OCC. 54. See “Section 1071 of the Dodd–Frank Act” in David R. Burton, “Improving Small Business Access to Capital,” Consumer Financial Protection Bureau Symposium on Section 1071 of the Dodd–Frank Act, Small Business Lending Panel, November 6, 2019, https://files.consumerfinance.gov/f/documents/cfpb_burton-written- statement_symposium-section-1071.pdf (accessed March 23, 2023). 55. 5 U.S. Code Chapter 5, https://www.law.cornell.edu/uscode/text/5/part-I/chapter-5 (accessed March 23, 2023). 56. Consumer Financial Protection Bureau, “Administrative Adjudication Proceedings,” https://www. consumerfinance.gov/administrative-adjudication-proceedings/ (accessed March 23, 2023), and 12 Code of Federal Regulations Part 1081—Rules of Practice for Adjudication Proceedings, https://www.law.cornell.edu/ cfr/text/12/part-1081 (accessed March 23, 2023). — 845 — 28 FEDERAL COMMUNICATIONS COMMISSION Brendan Carr MISSION STATEMENT The FCC should promote freedom of speech, unleash economic opportunity, ensure that every American has a fair shot at next-generation connectivity, and enable the private sector to create good-paying jobs through pro-growth reforms that support a diversity of viewpoints, ensure secure and competitive communi- cations networks, modernize outdated infrastructure rules, and represent good stewardship of taxpayer dollars. OVERVIEW AND BACKGROUND The FCC is an independent regulatory agency that has jurisdiction over inter- state and international communications by radio, television, wire, satellite, and cable.1 Five Commissioners are appointed by the President and confirmed by the Senate for fixed five-year terms.2 The FCC does not have any other presidentially appointed, Senate-confirmed officials. Ordinarily, the five-member FCC is divided politically three to two with a majority of Commissioners from the same political party as the President. The Commissioners’ terms are staggered so that every year at the end of June, one Commissioner’s term expires.3 However, a Commissioner can continue to serve until the end of the next session of Congress (or up to 1.5 years beyond the expiration of the term) if no replacement is confirmed after his or her term ends.4 By law, only a bare majority of Commissioners can be from the same politi- cal party (no more than three when there are five members).5 By tradition, the Chairperson resigns when a new President of a different political party is sworn
Small Business Administration
Weak
Vector: 59%Pages: 795-797AI Enhanced
AI Analysis:
"The GENIUS Act focuses on regulating payment stablecoins and related financial entities, while the Project 2025 SBA section addresses SBA management, PPP loan oversight, religious eligibility, and SBIR/STTR programs. There is only a tangential connection through potential impacts on fintech small businesses and general themes of financial regulation and innovation."
Key themes:financial regulationsmall business innovationconsumer protectionregulatory clarity
— 763 — Small Business Administration 40. U.S. Small Business Administration, Office of Inspector General, Top Management and Performance Challenges Facing the Small Business Administration in Fiscal Year 2023, p. iv. 41. H.R. 748, CARES (Coronavirus Aid, Relief, and Economic Security) Act, Public Law No. 116-136, 116th Congress, March 27, 2020, https://www.congress.gov/116/plaws/publ136/PLAW-116publ136.pdf (accessed February 19, 2023). 42. Sarah McCammon, “Planned Parenthood Asked to Return Funds from Paycheck Protection Program,” NPR, May 21, 2020, https://www.npr.org/2020/05/21/859991359/planned-parenthood-asked-to-return-funds- from-paycheck-protection-program (accessed February 18, 2023). 43. Letter from William Manger, Associate Administrator, U.S. Small Business Administration, to Laura Meyers, Planned Parenthood of Metropolitan Washington, “Re: Notice of Investigation and Request for Records,” May 19, 2020, https://s3.documentcloud.org/documents/6922122/SBA-Letter-Planned-Parenthood-DC.pdf (accessed February 18, 2023). 44. Press release, “Lankford, HSGAC Republicans Demand Details on Illegal PPP Loans to Planned Parenthood Affiliates,” Office of U.S. Senator James Lankford, April 28, 2022, https://www.lankford.senate.gov/news/press- releases/lankford-hsgac-republicans-demand-details-on-illegal-ppp-loans-to-planned-parenthood-affiliates (accessed February 18, 2023). 45. Press release, “Romney, Colleagues Request Information from SBA Administrator Guzman on Illegal PPP Loans Given to Planned Parenthood Affiliates,” Office of U.S. Senator Mitt Romney, April 28, 2022, https:// www.romney.senate.gov/romney-colleagues-request-information-from-sba-administrator-guzman-on- illegal-ppp-loans-given-to-planned-parenthood-affiliates/ (accessed February 18, 2023). 46. 13 C.F.R. §§ 109.400(b)(11), https://www.law.cornell.edu/cfr/text/13/109.400; 123.301(g), https://www.law. cornell.edu/cfr/text/13/123.301; 123.502(n), https://www.law.cornell.edu/cfr/text/13/123.502; and 123.702(b)(6), https://www.law.cornell.edu/cfr/text/13/123.702 (all accessed February 19, 2023). 47. U.S. Small Business Administration, “Religious Eligibility Worksheet for all 7(a) and 504 Loan Programs” SBA Form 1971, http://www.sba.gov/sites/default/files/2020-11/sba-form-1971.pdf (accessed February 18, 2023). 48. U.S. Small Business Administration, “Ensuring Equal Treatment for Faith-Based Organizations in SBA’s Loan and Disaster Assistance Program.” 49. See, for example, Carson v. Makin, 596 U.S. ___ (2022), https://www.supremecourt.gov/ opinions/21pdf/20-1088_dbfi.pdf (accessed February 19, 2023). 50. 28 U.S. Code § 530d, https://www.law.cornell.edu/uscode/text/28/530D (accessed February 19, 2023). 51. U.S. Small Business Administration, “Ensuring Equal Treatment for Faith-Based Organizations in SBA’s Loan and Disaster Assistance Program.” 52. 13 CFR 120.110(k), https://www.law.cornell.edu/cfr/text/13/120.110 (accessed February 19, 2023). 53. U.S. Small Business Administration, “Regulatory Reform Initiative: Streamlining and Modernizing the 7(a), Microloan, and 504 Loan Programs to Reduce Regulatory Burden,” Final Rule, Federal Register, Vol. 87, No. 125 (June 30, 2022), pp. 38900–38910, https://www.federalregister.gov/documents/2022/06/30/2022-13483/ regulatory-reform-initiative-streamlining-and-modernizing-the-7a-microloan-and-504-loan-programs-to (accessed February 18, 2023). 54. Ibid. 55. U.S. Department of Justice, Office of Legal Counsel “Religious Restrictions on Capital Financing for Historically Black Colleges and Universities,” Memorandum Opinion for the Acting General Counsel, Department of Education, August 15, 2019, https://www.justice.gov/sites/default/files/opinions/ attachments/2021/01/01/2019-08-15-hbcu-capfin-2.pdf. (accessed February 18, 2023). 56. U.S. Small Business Administration, Office of Investment and Innovation, SBIR and STTR Annual Report, Fiscal Year 2019, p. 8, https://www.sbir.gov/sites/default/files/SBA_Final_FY19_SBIR_STTR_Annual_Report.pdf (accessed February 18, 2023). 57. S. 4900, SBIR and STTR Extension Act of 2022, Public Law No. 117–183, 117th Congress, September 30, 2022, https://www.congress.gov/117/plaws/publ183/PLAW-117publ183.pdf (accessed February 18, 2023). 58. U.S. Small Business Administration, Office of Investment and Innovation, SBIR and STTR Annual Report, Fiscal Year 2019, pp. 6, 40, and 108. — 764 — Mandate for Leadership: The Conservative Promise 59. Peter L. Singer, “Federally Supported Innovations: 22 Examples of Major Technology Advances that Stem from Federal Support,” Information Technology and Innovation Foundation, February 2014, https://wrnjradio.com/ bipartisan-call-to-crack-down-on-covid-19-ppp-eidl-fraud-prosecute-fraudsters-to-the-fullest-extent-of-the- law/ (accessed March 21, 2023). 60. Wells King, “Uncle Sam’s Top-Performing Venture Fund,” American Compass Case Study, November 2022, https://americancompass.org/wp-content/uploads/2022/11/AC-Case-Study_SBIR_final2.pdf (accessed February 18, 2023). 61. Elisabeth B. Reynolds, Hiram M. Samel, and Joyce Lawrence, “Learning by Building: Complementary Assets and the Migration of Capabilities in U.S. Innovative Firms,” MIT Industrial Performance Center Working Paper No. MIT-IPC-13-001, March 2013, https://ipc.mit.edu/sites/default/files/2019-01/13-001.pdf (accessed February 18, 2023). 62. American Compass, “Where’s The Growth? Assessing the Results of the Globalization Experiment,” March 2022, pp. 3–5, https://americancompass.org/wp-content/uploads/2022/10/AC-Atlas-Wheres-the-Growth.pdf (accessed February 18, 2023). 63. Sridhar Kota and Tom Mahoney, “Innovation Should Be Made in the U.S.A.,” The Wall Street Journal, November 15, 2019, https://www.wsj.com/articles/innovation-should-be-made-in-the-u-s-a-11573833987 (accessed February 18, 2023). 64. S. ___, SBA Reauthorization and Improvement Act of 2019, 116th Congress, 1st Session, Title III, § 303, https://www.rubio.senate.gov/public/_cache/files/80533629-2905-433f-a588-7c4e032f7347/ C096ED9C1EBA68E041CFDA143E01C66C.mir19891.pdf (accessed February 18, 2023). 65. David Adler, “Financing Advanced Manufacturing: Why VCs Aren’t the Answer,” American Affairs, Vol. III, No. 2 (Summer 2019), https://americanaffairsjournal.org/2019/05/financing-advanced-manufacturing-why-vcs- arent-the-answer/ (accessed February 18, 2023). 66. National Association of Manufacturers, “Overview of the Senate HEALS Act,” July 28, 2020, https://documents. nam.org/comm/HEALSActInfo.pdf (accessed February 19, 2023). See also remarks by Senator Mitch McConnell, “HEALS Act,” Congressional Record, Vol. 166, No. 132 (July 27, 2020), pp. S4491–S4492, https:// www.congress.gov/116/crec/2020/07/27/CREC-2020-07-27-pt1-PgS4491-7.pdf (accessed February 20, 2023). 67. S. 1059, American Innovation and Manufacturing Act, 117th Congress, introduced March 25, 2021, https:// www.crfb.org/blogs/whats-11-trillion-heals-act https://www.congress.gov/117/bills/s1059/BILLS-117s1059is.pdf (accessed February 18, 2023). 68. H.R. 7628, IMPROVE (Improve Management, Programs, Resources, and Oversight for Vital Entrepreneurs) the SBA Act, 117th Congress, introduced April 28, 2022, https://www.congress.gov/117/bills/hr7628/BILLS- 117hr7628ih.pdf (accessed February 19, 2023). 69. S. 1120, Small Business Regulatory Flexibility Improvements Act, 116th Congress, introduced April 10, 2019, https://www.congress.gov/116/bills/s1120/BILLS-116s1120is.pdf (accessed February 19, 2023). 70. H.R. 3136, Contract with America Advancement Act of 1996, Public Law No. 104-121, 104th Congress, March 29, 1996, Title II, https://www.congress.gov/104/plaws/publ121/PLAW-104publ121.pdf (accessed February 19, 2023). 71. S. 403, Fair and Open Competition Act, 117th Congress, introduced February 24, 2021, https://www. congress.gov/117/bills/s403/BILLS-117s403is.pdf (accessed February 19, 2023), and H.R. 1284, Fair and Open Competition Act, 117th Congress, introduced February 24, 2021, https://www.congress.gov/117/bills/hr1284/ BILLS-117hr1284ih.pdf (accessed February 19, 2023. 72. President Joseph R. Biden Jr., Executive Order 14063, “Use of Project Labor Agreements for Federal Construction Projects,” February 4, 2022, in Federal Register, Vol. 87, No. 27 (February 9, 2022), pp. 7363–7366, https://www.govinfo.gov/content/pkg/FR-2022-02-09/pdf/2022-02869.pdf (accessed February 19, 2023). 73. “The JOBS Act 4.0: Section-by-Section,” Committee on Banking, Housing, and Urban Affairs, U.S. Senate, https://www.banking.senate.gov/imo/media/doc/the_jobs_act_4.0sectionbysection.pdf (accessed February 19, 2023). 74. Press release, “Luetkeymeyer: SBA Lacks Infrastructure and Expertise to Expand Number of Small Business Lending Companies,” Committee on Small Business, U.S. House of Representatives, November 7, 2022, https:// smallbusiness.house.gov/news/documentsingle.aspx?DocumentID=404376 (accessed February 18, 2023).
Small Business Administration
Weak
Vector: 58%Pages: 795-797AI Enhanced
AI Analysis:
"The GENIUS Act regulates payment stablecoins and related financial entities, while the Project 2025 SBA section focuses on faith‑based organization equity, regulatory reform, IT challenges, and small‑business lending programs. There is only a tangential connection through general themes of regulatory compliance and financial innovation."
Key themes:regulatory compliancefinancial innovationsmall business impact
— 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.
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.