Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text: CR S4861)
The Small Business Audit Correction Act of 2026 amends the Sarbanes-Oxley Act to exempt certain small, privately held securities firms from mandatory audits by registered public accounting firms under Public Company Accounting Oversight Board (PCAOB) oversight. The bill defines these eligible firms as "non-carrying" brokers or dealers that do not hold customer funds or securities and have no more than 150 registered representatives. To qualify for this exemption, a firm must also be in good standing, which requires maintaining specific financial capital ratios, having no recent regulatory orders or felony convictions, and remaining free from suspensions by industry associations. The Securities and Exchange Commission and the PCAOB are directed to update their regulations within 180 days of enactment to implement these changes, allowing qualifying firms to satisfy audit obligations through standard generally accepted auditing standards rather than PCAOB-specific requirements.
Read twice and referred to the Committee on Finance.
S. 5452 raises the asset size limits that trigger enhanced financial regulations for large banks and nonbank financial companies, effectively exempting more institutions from these stricter rules. The bill increases key statutory thresholds, such as raising the limit for certain bank holding company requirements from $250 billion to $370 billion and adjusting other benchmarks from $10 billion to $15 billion. It also mandates that the Federal Reserve adjust these dollar amounts every five years based on inflation or economic growth metrics, ensuring the limits keep pace with the economy over time.
This bill amends the Higher Education Act of 1965 to restrict eligibility for Pell Grants to students who are citizens or nationals of the United States. It directly affects non-citizen and non-national students currently enrolled in or applying to institutions that receive federal financial aid, as they would no longer qualify for this specific grant program. The legislation achieves this by adding a new definition of "eligible student" that explicitly requires U.S. citizenship or nationality, overriding other provisions that might allow broader eligibility.
This bill raises the pay grade for federal railroad safety inspectors by one level on the government's General Schedule. It directly affects these employees by increasing their base salary through a reclassification of their positions from GS-12 to GS-13 and from GS-13 to GS-14. The legislation requires the Office of Personnel Management and the Secretary of Transportation to update official job descriptions and grade standards within 180 days of the law's enactment to reflect these changes.
The Mothers and Newborns Success Act authorizes multiple federal grant programs aimed at reducing maternal and infant mortality rates and addressing racial and geographic health disparities in the United States. Key provisions include funding for state-level innovation projects, a pilot program to coordinate postpartum care, and a new national research network established within the National Institutes of Health to study the causes of maternal death. The bill also supports telehealth initiatives to improve access to obstetric care in rural areas and mandates a public awareness campaign focused on recognizing health warning signs and increasing vaccination rates among pregnant women. These efforts are directed at state health departments, tribal organizations, and non-profit entities, with specific funding authorized for fiscal years 2027 through 2031.
Read twice and referred to the Committee on Finance.
The FAIR Fees Act of 2026 requires the Secretary of Transportation to issue regulations within 270 days that prohibit airlines from charging fees for flight changes, cancellations, baggage, seat selection, or priority boarding if those charges are unreasonable or disproportionate to the actual costs incurred. The bill directs regulators to evaluate specific factors, such as the ability to resell seats and electronic processing costs, when determining if a fee is justified. It also mandates that parents traveling with children age 13 or younger be allowed to sit next to them without paying an extra charge. Airlines holding federal certificates for passenger transport would be subject to these new standards, which must be reviewed and updated at least every three years.
The Cash Refunds for Flight Cancellations Act requires airlines and ticket agents to provide full cash refunds when a flight is cancelled, significantly delayed, or changed if the passenger declines rebooking or other compensation. A significant delay is defined as arriving at least three hours late on domestic flights or six hours late on international flights. Airlines must issue these refunds within seven business days for credit card purchases and twenty days for other payment methods, while passengers who cancel their own tickets at least 48 hours before departure are also entitled to a full refund within 30 days. The bill allows carriers to offer vouchers or credits as an alternative only if they clearly disclose the passenger's right to choose cash instead and ensure the voucher never expires. Violations of these requirements subject airlines and ticket agents to civil penalties, with specific rules applying to larger carriers based on annual operating revenue thresholds that are adjusted for inflation starting in 2028.
The GRACE for Military Survivors Act extends the deadline for surviving family members to deposit military death benefits into Roth IRAs or Coverdell education savings accounts from one year to three years. This change directly affects the spouses, children, and other dependents of deceased service members who are eligible for these tax-advantaged contributions. The bill applies to benefits received after enactment, while also allowing a transition period for amounts received between October 7, 2001, and the date the law is passed.
The Alaska's Right to Produce Act 2.0 mandates the continuation of oil and gas leasing in the Arctic National Wildlife Refuge Coastal Plain by invalidating any presidential or administrative moratoriums on these activities. The bill protects existing leases from cancellation unless a lessee violates terms, and it ratifies all environmental permits and biological opinions issued for the program to satisfy requirements under laws such as the Endangered Species Act. To streamline operations, the legislation restricts federal courts' ability to review agency actions related to leasing permits, while allowing lease holders to petition courts if agencies fail to act within 90 days. Additionally, the bill requires the Secretary of the Interior to establish a unit agreement system for shared infrastructure and grants authority to waive or reduce rental fees and royalties to encourage development.
