CHIRSTOPHER PAYNE

H.R. 1165 Data Privacy Act of 2023: Summary in progress H.R. 1807 Improving Disclosure for Investors Act of 2023. This bill requires the Securities and Exchange Commission (SEC) to propose and finalize rules to allow entities to deliver regulatory documents to investors electronically. The SEC must establish a mechanism for investors to opt out of electronic delivery and receive paper documents instead. If the SEC does not finalize rules within one year after enactment, the bill allows for electronic delivery of these documents. HR 2799 The Expanding Access to Capital Act of 2023. This bill reduces various securities regulations applicable to certain companies, brokers, and advisors. The bill also allows more investors to invest in specified types of ventures. The bill reduces regulations, for example, by establishing an exemption to certain securities regulations for small offerings of securities. Specifically, under the bill, securities registration is not required for a sale of securities if the total amount of securities sold by the issuer during the preceding 12-month period does not exceed $250,000. The bill also allows certain issuers of securities regulated as emerging growth companies to continue operating under these regulations, including those related to reduced disclosures, for an additional period of time. It also raises the limit of total annual gross revenues under which issuers qualify as emerging growth companies to $1.5 billion. The bill allows more investment, for example, by raising the caps on the allowed capital and number of investors under which a fund may qualify as a venture capital fund. Venture capital funds are exempt from certain regulations applicable to other investment firms, including those related to filings, audits, and restricted communications with investors. The bill increases the caps from (1) $10 million to $150 million in capital contributions and commitments, and (2) 250 to 600 allowed investors. In addition, the bill expands who may be considered an accredited investor for purposes of participating in private offerings of securities. Certain unregistered securities may only be offered to accredited investors. S 3735 Protecting Innovation in Investment Act. Summary in progress. To prohibit the Securities and Exchange Commission from finalizing, implementing, or enforcing a proposed rule with respect to conflicts of interest associated with the use of predictive data analytics by broker-dealers and investment advisers, and for other purposes. HR 3063 Retirement Fairness for Charities and Educational Institutions Act: Summary is in progress. To amend the Federal securities laws to enhance 403(b) plans, and for other purposes. HR 2799 Expanding Access to Capital Act of 2023 This bill reduces various securities regulations applicable to certain companies, brokers, and advisors. The bill also allows more investors to invest in specified types of ventures. The bill reduces regulations, for example, by establishing an exemption to certain securities regulations for small offerings of securities. Specifically, under the bill, securities registration is not required for a sale of securities if the total amount of securities sold by the issuer during the preceding 12-month period does not exceed $250,000. The bill also allows certain issuers of securities regulated as emerging growth companies to continue operating under these regulations, including those related to reduced disclosures, for an additional period of time. It also raises the limit of total annual gross revenues under which issuers qualify as emerging growth companies to $1.5 billion. The bill allows more investment, for example, by raising the caps on the allowed capital and number of investors under which a fund may qualify as a venture capital fund. Venture capital funds are exempt from certain regulations applicable to other investment firms, including those related to filings, audits, and restricted communications with investors. The bill increases the caps from (1) $10 million to $150 million in capital contributions and commitments, and (2) 250 to 600 allowed investors. In addition, the bill expands who may be considered an accredited investor for purposes of participating in private offerings of securities. Certain unregistered securities may only be offered to accredited investors. H.Amdt.857 An amendment numbered 7 printed in Part B of House Report 118-407 to ensure that exemptions or benefits provided by the bill may only apply to companies that do not impose "junk fees" on customers. HR 8818 American Privacy Rights Act of 2024. To provide Americans with foundational data privacy rights, create strong oversight mechanisms, and establish meaningful enforcement, and for other purposes.

HR 5339 RETIRE Act: Summary is in progress. To amend the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors, and for other purposes. HR 5337 Retirement Proxy Protection Act: Summary is in progress. To amend the Employee Retirement Income Security Act of 1974 to clarify the application of prudence and exclusive purpose duties to the exercise of shareholder rights. HR 5338 No Discrimination In My Benefits Act: Summary is in progress. To amend the Employee Retirement Income Security Act of 1974 to establish that fiduciaries must act with prudence and loyalty when selecting service providers for pension plans. HR 5340 Providing Complete Information to Retirement Investors Act: Summary is in progress. To amend the Employee Retirement Income Security Act of 1974 to ensure that pension plans provide notice to participants and beneficiaries on risks associated with certain investments, and for other purposes. S5271 Retirement Savings for Americans Act: This bill provides retirement savings accounts to eligible workers without employer-sponsored retirement plans. Participants' contributions are matched (up to certain thresholds) by the government through a federal income tax credit. No Bill Number. Automatic IRA Act of 20204. To amend the Internal Revenue Code of 1986 to provide rules for automatic contribution retirement plans and arrangements. HR 1807 Improving Disclosure for Investors Act of 2024. To direct the Securities and Exchange Commission to promulgate rules with respect to the electronic delivery of certain required disclosures, and for other purposes. This bill requires the Securities and Exchange Commission (SEC) to propose and finalize rules to allow entities to deliver regulatory documents to investors electronically. The SEC must establish a mechanism for investors to opt out of electronic delivery and receive paper documents instead. If the SEC does not finalize rules within one year after enactment, the bill allows for electronic delivery of these documents. S.4398 - A bill to amend the Internal Revenue Code of 1986 to provide for a microemployer pension plan startup credit. A legislative analyst in the Congressional Research Service will begin analyzing this legislation after text becomes available. HR 6007 Retirement Investment in Small Employers Act. This bill allows an increased start-up tax credit (from $500 to $2,500) for micro-businesses (not more than 10 employees) for the costs of setting up a defined contribution pension plan.

HR 6336 Further Continuing Appropriations and Other Extensions Act, 2024: Summary is in progress HR 10545 The American Relief Act of 2025: Making further continuing appropriations for the fiscal year ending September 30, 2025, and for other purposes.

S 1212 Securing and Enabling Commerce Using Remote and Electronic Notarization Act: Summary in progress. To authorize notaries public to perform, and to establish minimum standards for, electronic notarizations and remote notarizations that occur in or affect interstate commerce, to require any Federal court to recognize notarizations performed by a notarial officer of any State, to require any State to recognize notarizations performed by a notarial officer of any other State when the notarization was performed under or relates to a public Act, record, or judicial proceeding of the notarial officers State or when the notarization occurs in or affects interstate commerce, and for other purposes.

S 2771 Increasing Access to Dental Insurance Act: Summary is in progress. To allow additional individuals to enroll in standalone dental plans offered through Federal Exchanges. S2860/HR2891 SAFER Banking Act: To create protections for financial institutions that provide financial services to State-sanctioned marijuana businesses and service providers for such businesses, and for other purposes. This bill provides protections for federally regulated financial institutions that serve state-sanctioned marijuana businesses. Currently, many financial institutions do not provide services to state-sanctioned marijuana businesses due to the federal classification of marijuana as a Schedule I controlled substance. Under the bill, a federal banking regulator may not penalize a depository institution for providing banking services to a state-sanctioned marijuana business. For example, regulators may not terminate or limit the deposit or share insurance of a depository institution solely because the institution provides financial services to a state-sanctioned marijuana business. The bill also prohibits a federal banking regulator from requesting or requiring a depository institution to terminate a deposit account unless (1) there is a valid reason, such as the regulator has cause to believe that the depository institution is engaging in an unsafe or unsound practice; and (2) reputational risk is not the dispositive factor. Additionally, proceeds from a transaction conducted by a state-sanctioned marijuana business are no longer considered proceeds from unlawful activity. (Financial institutions that handle proceeds from unlawful activity are subject to anti-money laundering laws. Violators of these laws are subject to fines and imprisonment.) Furthermore, a financial institution, insurer, or federal agency may not be held liable or subject to asset forfeiture under federal law for providing a loan, mortgage, or other financial service to a state-sanctioned marijuana business.

S5139 Empowering Main Street in America Act of 2024 - Summary in progress. To amend the Securities Act of 1933 to address emerging growth companies, and for other purposes.

PRINCIPAL FINANCIAL GROUP

PRINCIPAL FINANCIAL GROUP

PRINCIPAL FINANCIAL GROUP

PRINCIPAL FINANCIAL GROUP