Sen. David McCormick

Maddy summaryThis bill amends the Financial Stability Oversight Council's (FSOC) process for addressing threats posed by nonbank financial companies. It requires the FSOC to first determine, in consultation with the company and its primary regulator, that alternative actions (like new safeguards or company plans) are impractical or insufficient before voting on a formal determination. The key change adds a new step (paragraph (3)) to Section 113 of the 2010 Financial Stability Act, directly affecting how the FSOC evaluates risks to U.S. financial stability. This applies specifically to U.S. nonbank financial companies under FSOC review.

Maddy summaryThis bill reauthorizes a federal program providing funding for wildlife crossings - such as overpasses or underpasses - to help animals safely cross roads. It authorizes $100 million annually from 2027 through 2031 from the Highway Trust Fund, making the program permanent (removing "pilot" language). Key provisions include requiring 90% federal funding for projects in small, rural, or disadvantaged communities (up to 100% if financial hardship exists) and allocating 0.5% of funds yearly to help tribes and other eligible groups apply for and access program funding more efficiently. The bill directly affects communities and tribes seeking to build wildlife crossings near highways.

Maddy summaryS 3519, the Remote Access Security Act, amends the Export Control Reform Act of 2018 to regulate remote access to U.S.-controlled items (like dual-use technology) via cloud services from outside the U.S. by "foreign persons of concern" (including governments of specified countries and their entities). It defines prohibited remote access as activities posing national security risks, such as enabling weapons development, offensive cyber operations, or human rights violations through spyware. The bill requires new licensing for remote access, imposes penalties for violations, and mandates annual reports to Congress on implementation, with controls set to expire after 10 years. It directly affects U.S. cloud service providers and foreign entities seeking remote access to controlled items.

Maddy summaryS 3513, the "Decreasing Russian Oil Profits Act of 2025," imposes U.S. sanctions on foreign entities (including companies and individuals) involved in purchasing or facilitating the import of Russian oil or petroleum products after a 90-day delay from enactment. The sanctions block all U.S. financial transactions with these entities, though the bill includes four exception frameworks: countries reducing Russian oil purchases, payments for Ukraine support, countries providing military/economic aid to Ukraine, and limited temporary port-specific exemptions. Exceptions require annual congressional certifications and strict fund usage rules (e.g., Ukraine aid funds must support defense or humanitarian needs). The sanctions expire 5 years after enactment.

Maddy summaryThis bill requires U.S. exporters to obtain a license before sending digital sequences of human- or AI-designed synthetic DNA or RNA to "foreign entities of concern" (such as entities tied to specific countries like China). It directly affects biotechnology companies, researchers, and academic institutions that export these digital genetic blueprints. The key mechanism is a new license requirement for exporting the digital files representing synthetic biological sequences, which are defined as binary files or digital representations of DNA/RNA molecules. This policy change aims to prevent foreign adversaries from accessing U.S. biotechnology research and intellectual property through export channels.

Maddy summaryS 3447 establishes the Advisory Committee on Economic Impacts of Military Escalation by the People's Republic of China toward Taiwan. This committee, composed of federal financial regulators and private sector experts, will study how potential Chinese military actions near Taiwan could affect U.S. markets, including estimated economic costs, market volatility risks, and impacts on securities listed in the U.S. The committee must conduct a comprehensive study within three years of the bill's enactment and submit recommendations to the Financial Stability Oversight Council, Congress, and the Secretary of State. It will hold public meetings to share findings, excluding sensitive national security details. The bill directly affects financial markets, regulators, and institutions participating in capital markets.

Maddy summaryS 3451, the Houthi Human Rights Accountability Act, requires the U.S. State Department to report on Houthi (Ansarallah) actions in Yemen that restrict humanitarian aid, promote extremist indoctrination, and commit human rights abuses like child soldier recruitment and torture. The bill mandates three specific reports within 180 days of enactment: on Houthi indoctrination efforts, obstacles to aid delivery, and human rights violations committed by the Houthis since 2015. It also directs annual determinations on whether Houthi members should face sanctions under existing laws like the Global Magnitsky Act for restricting aid or committing abuses. The bill directly targets Houthi leadership and members, with no immediate policy changes but setting a framework for potential future sanctions based on the reports. The law expires five years after enactment.

Maddy summaryThe Safeguarding U.S. Rulemaking Act restricts public participation in federal rulemaking to U.S. citizens and entities, excluding foreign governments and their nationals or entities designated as "foreign adversaries" by the Secretary of Commerce under 15 CFR §791.4(a). It amends Section 553 of Title 5, U.S. Code, to add a new provision (f) explicitly barring these foreign adversaries from commenting on or petitioning for agency rules. This change directly affects foreign governments, nationals, and entities meeting the "foreign adversary" definition, preventing them from influencing U.S. regulatory processes during public comment periods. The bill does not alter standard rulemaking procedures but limits who can submit input during agency rulemaking.

Maddy summaryThis bill requires federal agencies to report detailed payment information - including the purpose, funding source, and payment type - to the Treasury before disbursing funds. It mandates agencies to verify recipient bank account details and cross-check payment records to prevent errors or fraud. The Treasury gains access to databases like the National Directory of New Hires and tax/Social Security data (with privacy safeguards) to identify and recover improper payments. These requirements apply to all agencies using Treasury payment systems, aiming to improve transparency and reduce wasteful spending.

Maddy summaryThis bill (S 3405) requires the Securities and Exchange Commission (SEC) to study financial firms controlled by or organized under Chinese law that operate in the U.S. Specifically, it mandates a study of Chinese-controlled brokers/dealers registered with the SEC and Chinese-controlled investment advisers registered with the SEC, focusing on transparency and cooperation. The SEC must complete this study and submit a report to Congress within one year of the bill's enactment. The bill directly affects Chinese-controlled financial intermediaries operating under U.S. SEC registration, but does not impose new regulations or alter existing laws.