Rep. Troy Downing

Maddy summaryHR 3380, the TAILOR Act of 2025, requires federal banking regulators to tailor rules based on each institution's risk level and business model. It directly affects banks, particularly smaller community banks eligible for the Community Bank Leverage Ratio, by limiting unnecessary regulatory burdens like excessive reporting costs. Key provisions mandate regulators to adjust rule requirements to fit institutions' actual risks, reduce paperwork (including simplified annual reports for eligible banks), and document these adjustments in public notices. Regulators must also report annually to Congress on how they implemented the tailoring requirements and submit a report on modernizing bank supervision within 18 months.

Maddy summaryHR 3512, the Tackling Predatory Litigation Funding Act, imposes a new annual tax on funds received by third-party investors who finance lawsuits through litigation financing agreements. It directly affects investors (including foreign entities) who provide funding to plaintiffs or law firms in exchange for a share of settlement or judgment proceeds, excluding small agreements under $10,000 or standard loans. The tax equals the top individual income tax rate plus 3.8 percentage points, with 50% withheld from settlement payments by parties involved in the lawsuit. The law also clarifies that such funds cannot offset losses and excludes certain typical legal fee reimbursements from taxation. The provisions take effect for taxable years beginning after December 31, 2025.

This bill authorizes coal to be mined on approximately 800 acres of federal land in Musselshell County, Montana. Specifically, it allows all federal coal reserves in such federal land and leased under Federal Coal Lease MTM 97988 to be mined in accordance with the 2020 Bull Mountains Mining Plan Modification. The Bull Mountains Mine is operated by Signal Peak Energy. This bill directs the Department of the Interior, without modification or delay, to approve the Bull Mountains Mining Plan Modification to the extent necessary to mine such land.

Maddy summaryHR 3437, the Insurance Data Protection Act, prevents duplicate data collection from insurance companies by requiring federal financial regulators to coordinate with state insurance regulators before gathering data already available through other channels. It reinforces confidentiality by ensuring that sharing nonpublic data with federal regulators does not waive privacy protections under federal or state law, and maintains existing confidentiality agreements. The bill also establishes that data shared with regulators can only be provided to state regulators through new agreements that comply with privacy laws. This directly affects insurance companies (as "covered entities"), federal financial regulators, and state insurance regulators. The key change is creating a formal process to avoid redundant data requests while strengthening data privacy for the insurance industry.

Maddy summaryHR 3318, the SEC Modernization Act, reorganizes the internal structure of the Securities and Exchange Commission (SEC) without changing its regulatory authority or affecting businesses or investors directly. It moves several offices (like the Office of the Secretary, Ethics Counsel, and International Affairs) under the General Counsel, transfers the Chief Accountant and Credit Ratings offices into Corporate Finance, and merges the Office of Legislative Affairs into Public Affairs. The bill also allows the SEC to consolidate regional offices if deemed appropriate. This is a procedural change focused solely on the SEC's internal management, not on new securities rules or policy impacts.

Maddy summaryThis bill changes how married couples filing jointly can deduct student loan interest on their federal taxes. Currently, the deduction limit of $2,500 applies to the household as a whole. The bill would amend the tax code to apply the $2,500 limit separately to each spouse, meaning both partners could each deduct up to $2,500 in interest. This directly affects married couples with student loans who file jointly, providing them with a larger potential tax benefit. The change takes effect for taxable years beginning after December 31, 2024.

Maddy summaryHR 3228, the Constitutional Hearing Protection Act, reclassifies firearm silencers as firearms under federal tax law and eliminates their separate registration under the National Firearms Act. It requires the Attorney General to destroy all existing federal silencer registration records within one year and preempts state laws that impose taxes, registration, or recordkeeping requirements on silencers. The bill defines "firearm silencer" and specifies that manufacturers must mark silencers on a "keystone part" with a serial number. This directly affects silencer owners, manufacturers, and state governments by standardizing federal regulation and removing state-level restrictions.

Maddy summaryThis bill increases mandatory prison sentences for non-citizens convicted of certain crimes after entering the U.S. without authorization or being deported. It raises the minimum sentence from 2 to 5 years for those who improperly enter the U.S. and later commit a crime punishable by over one year in prison. For non-citizens previously deported who commit crimes, it increases the minimum sentence from 2 to 10 years and mandates at least 10 years for offenses including aggravated felonies, state/federal felonies, or crimes punishable by over one year. These changes apply to all non-citizens convicted under these circumstances, regardless of jurisdiction.

Maddy summaryThe STABLE Act of 2025 establishes a regulatory framework for stablecoins, which are digital assets designed to maintain a stable value relative to a national currency. It restricts stablecoin issuance to "permitted payment stablecoin issuers," including bank subsidiaries, federally-approved nonbank entities, and state-qualified issuers. These issuers must maintain 1:1 reserves backed by specific assets (like U.S. currency, Treasury securities, or demand deposits), publish monthly reserve reports, and cannot pay interest to stablecoin holders. The Act also includes transparency requirements, restrictions on leadership (prohibiting those with certain felony convictions), and preempts conflicting state laws for federally-approved issuers.

Maddy summaryHR 976, the "1071 Repeal to Protect Small Business Lending Act," would repeal data collection and reporting requirements for small business loans under Section 704B of the Equal Credit Opportunity Act. This specifically removes the mandate for financial institutions - especially community banks and credit unions - to track and submit loan data by business characteristics like race or gender. The bill aims to reduce compliance costs for lenders, which its findings argue limit small business access to credit. The repeal would eliminate these reporting obligations and remove references to the requirement from related federal laws.