Rep. Troy Downing

Maddy summaryThis bill provides a 3-year transition period for newly insured banks to meet federal capital requirements, easing compliance for institutions that recently became federally insured. It allows these banks to request temporary deviations from approved business plans, with regulators required to respond within 30 days (or the request is automatically approved). Small rural banks with less than $10 billion in assets located in rural areas receive a lower 8% leverage ratio requirement during this transition. Additionally, the bill expands lending authority for certain banks to include agricultural loans and requires a federal study on increasing new bank formations in underserved areas.

Maddy summaryThis bill creates an Advisory Committee under the Financial Stability Oversight Council to study how Chinese military actions toward Taiwan could impact U.S. financial markets. The committee, composed of market experts and participants, will annually assess vulnerabilities like banking risks, market volatility, and potential losses from such scenarios, then recommend resilience strategies. It requires an annual public report detailing these findings and actionable steps for regulators - such as improving circuit breakers or coordinating responses - to strengthen market preparedness. The bill does not enact new regulations but mandates ongoing analysis and reporting on this specific geopolitical risk.

Maddy summaryHR 3141, the CFPB Budget Integrity Act, limits the Consumer Financial Protection Bureau's (CFPB) leftover funds. It requires the CFPB to keep unobligated balances below 5% of its annual appropriation, transferring any excess to the Treasury general fund. The bill also adds a reporting requirement for the CFPB to describe how it uses any unobligated balances. This bill directly affects the CFPB's budget management practices, not consumer financial protections. It is a procedural budget rule change with no direct impact on consumers or financial institutions.

Maddy summaryThis bill expands access to employee ownership by modifying the Small Business Act to allow S corporations owned by employee stock ownership plans (ESOPs) to retain small business status, even when an ESOP owns over 49% of the company. It creates a new Treasury Department office to provide education and technical assistance for S corporations establishing ESOPs, and establishes a Labor Department Advocate for Employee Ownership to coordinate outreach and resolve disputes. These changes directly affect S corporations transitioning to ESOP ownership and their employees, who gain retirement benefits through ESOP accounts. The bill aims to increase employee ownership by removing eligibility barriers and improving support for businesses adopting this model.

Maddy summaryHR 2968 prohibits the Small Business Administration (SBA) from using its programs or funds to assist with voter registration. It requires all SBA contracts to include terms banning recipients from using assistance for voter registration and prevents state or local governments receiving SBA funds from doing so. The bill directly affects SBA operations and its grant recipients, including state agencies, by restricting how federal funds can be utilized. It does not create new programs but limits the SBA’s existing authority to avoid involvement in voter registration activities.

Maddy summaryThis bill amends federal laws governing short-barreled shotguns (SBS), which are shotguns with barrels under 18 inches or overall length under 26 inches. It removes state-level taxes, registration, or recordkeeping requirements for SBS owned legally under federal rules, preempts conflicting state laws, and requires the federal government to destroy existing SBS registration records within one year. The bill directly affects lawful owners of SBS who previously registered under the National Firearms Act, simplifying their compliance with federal standards. Key changes include updating definitions to better align with sporting use and eliminating state-level barriers for legally owned SBS.

Maddy summaryHRES 339 is a non-binding House resolution supporting the Second Amendment and criticizing the Biden administration's firearm-related policies. It does not create new laws or directly affect anyone; instead, it formally disapproves of specific Biden-era actions by the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) and Bureau of Industry and Security (BIS) that the resolution claims restricted constitutional rights. Key provisions include condemning ATF rules limiting firearm access, BIS policies restricting firearm exports, and the Biden administration's "gun control agenda," while commending former President Trump for seeking to reverse these policies. The resolution reaffirms the constitutional right to bear arms but has no legal effect, as it is a symbolic statement of legislative opinion.

This joint resolution nullifies requirements for persons effectuating decentralized financial (DeFi) transactions to report certain information regarding digital asset sales to the Internal Revenue Service (IRS). Specifically, the joint resolution nullifies the requirements included in the rule titled Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales and issued by the IRS on December 30, 2024. Decentralized finance refers to the suite of financial activities and services that are facilitated by cryptocurrency and intended to be conducted without any sort of reliance on traditional financial tools or intermediaries.

Safeguard American Voter Eligibility Act or the SAVE Act This bill requires individuals to provide documentary proof of U.S. citizenship when registering to vote in federal elections. Specifically, the bill prohibits states from accepting and processing an application to register to vote in a federal election unless the applicant presents documentary proof of U.S. citizenship. The bill specifies what documents are considered acceptable proof of U.S. citizenship, such as identification that complies with the REAL ID Act of 2005 that indicates U.S. citizenship. Further, the bill (1) prohibits states from registering an individual to vote in a federal election unless, at the time the individual applies to register to vote, the individual provides documentary proof of U.S. citizenship; and (2) requires states to establish an alternative process under which an applicant may submit other evidence to demonstrate U.S. citizenship. Each state must take affirmative steps on an ongoing basis to ensure that only U.S. citizens are registered to vote, which shall include establishing a program to identify individuals who are not U.S. citizens using information supplied by certain sources. Additionally, states must remove noncitizens from their official lists of eligible voters. The bill allows for a private right of action against an election official who registers an applicant to vote in a federal election who fails to present documentary proof of U.S. citizenship. The bill establishes criminal penalties for certain offenses, including registering an applicant to vote in a federal election who fails to present documentary proof of U.S. citizenship.

Nuclear Family Priority Act This bill imposes limits on various types of family-sponsored immigration visas. The non-U.S. national ( alien  under federal law) parents of U.S. citizens shall not qualify for visas for immediate relatives, which are not subject to any direct numerical limits. Currently, the spouses, unmarried children under 21, and parents of citizens are considered immediate relatives. The bill also creates a nonimmigrant visa for such parents of citizens. Such non-U.S. nationals shall not be eligible for employment or any public benefits. The bill also reduces the baseline annual cap for family-sponsored visas from 480,000 to 88,000, and revises the methods for calculating the cap. Currently, the 480,000 cap may be adjusted depending on various factors but shall not be less than 226,000. The bill eliminates preference allocations (visa categories subject to various annual caps) for various family-sponsored visas, including those for the siblings and married children of citizens. The bill provides for a preference allocation for the unmarried children under 21 and spouses of permanent residents, subject to the 88,000 annual cap.