Senate Banking, Housing, and Urban Affairs Committee activity: July 18, 2025 – August 22, 2025

Topics of legislation referred to this committee include AI, affordable housing, "digital assets," China, real estate, manufactured and modular housing, and debt relief.

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DAVE McCORMICK sits on this committee.

Republican members: Tim Scott (R-SC), chair; Mike Crapo (R-ID); Mike Rounds (R-SD); Thom Tillis (R-NC); John Kennedy (R-LA); Bill Hagerty (R-TN); Cynthia Lummis (R-WY); Katie Britt (R-AL); Pete Ricketts (R-NE); Jim Banks (R-IN); Kevin Cramer (R-ND); Bernie Moreno (R-OH); Dave McCormick (R-PA).

Democratic members: Elizabeth Warren (D-MA), Ranking Minority Member; Jack Reed (D-RI); Mark Warner (D-VA); Chris Van Hollen (D-MD); Catherine Cortez Masto (D-NV); Tina Smith (D-MN); Raphael Warnock (D-GA); Andy Kim (D-NJ); Ruben Gallego (D-AZ); Lisa Blunt Rochester (D-DE); Angela Alsobrooks (D-MD).

ANNOUNCEMENTS

July 24, 2025: Meeting scheduled for July 30, 2025. 10:00AM(EDT), 538 Dirksen Senate Office Building, Washington, D.C. Hearings to examine “Guardrails and Growth,” focusing on AI’s role in capital and insurance markets. Meeting Details – Link has video of the meeting (a little over an hour long). Transcript not yet available.

Comment: AI!

July 26, 2025: Meeting scheduled for July 29, 2025. 10:00AM(EDT), 538 Dirksen Senate Office Building, Washington, D.C. Business meeting to markup an original bill entitled, “ROAD to Housing Act of 2025.” Meeting Details – Link will eventually make names of witnesses, video, and transcript available. Currently no data.

ACTIONS

Business meeting to consider nominations, July 23, 2025. Business meeting to consider the nominations of Benjamin DeMarzo, of Virginia, to be an Assistant Secretary, and Craig Trainor, of Virginia, to be an Assistant Secretary, both of the Department of Housing and Urban Development, Jovan Jovanovic, of Pennsylvania, to be President of the Export-Import Bank of the United States for a term expiring January 20, 2029, Francis Brooke, of Virginia, to be an Assistant Secretary of the Treasury, and David Peters, of Virginia, to be an Assistant Secretary of Commerce. – Link has video of the business meeting (approximately 30 minutes). Transcript not yet available.

NOMINATIONS — ALERT! New cabinet-level nominees!

PN462-1 – Following the resignation of Julia Ruth Gordon, President Trump nominated Francis Cassidy to be an Assistant Secretary of Housing and Urban Development on August 1, 2025. Received in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs.

PN462-3 – On August 1, 2025, President Trump nominated Joseph Gormley, of Maryland, to be President, Government National Mortgage Association, vice Alanna McCargo. Department of Housing and Urban Development. Received in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs.

LEGISLATION THAT PASSED THE HOUSE, NOW REFERRED TO COMMITTEE IN SENATE

General alert: Shortly before the House went into recess, preventing a vote on the Epstein files, the House rammed through ten financially-related bills, all blessed by the ultra-right US Chamber of Commerce, all under suspension of House rules. That alone should give the Senate Committee on Banking, Housing, and Urban Affairs pause.

I read as much as I could, but these are quite technical in nature, mostly applicable to publicly-traded companies. (My 40+ years in accounting and finance were solely with privately-held corporations.) That, together with the involvement of the US Chamber of Commerce, worries me.

Additionally troublesome: Mike Johnson appointed someone else Speaker for the day. So he has plausible deniability?

If this is your area of expertise, please contact me and I will highlight your comment in a future post! Am I being too cynical to be bothered by this legislative avalanche?

H.R. 1469 – Senior Security Act of 2025. Congress.gov summary: This bill establishes the Senior Investor Taskforce within the Securities and Exchange Commission. The taskforce must report on topics relating to investors over the age of 65, including industry trends and serious issues impacting such investors, and make recommendations for legislative or regulatory actions to address problems encountered by senior investors.

The Government Accountability Office must report on the financial exploitation of senior citizens.

House action: July 21, 5:10 pm: Considered under suspension of the rules. 5:17 pm: On motion to suspend the rules and pass the bill, agreed to by voice vote. Passed.

Senate: July 22, received in the Senate. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

H.R.1549 - China Financial Threat Mitigation Act of 2025.

Congress.gov’s summary: This bill requires the Department of the Treasury, in consultation with specified federal financial agencies, to report on the exposure of the United States to the activity of China’s financial sector.

The report must include:

the effects that risks in China’s financial sector have on U.S. and global financial systems
a description of the policies the United States is adopting to protect U.S. financial stability
a description and evaluation of the reliability of Chinese economic data
recommendations for additional actions to strengthen international cooperation to mitigate risks and protect U.S. interests.

House action: July 23, 2:23pm: Considered under suspension of the rules. 2:29pm: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.

Senate action: July 24, referred to the Committee on Banking, Housing, and Urban Affairs.

H.R. 1716 – Taiwan Conflict Deterrence Act of 2025. Congress.gov summary: This bill, in the event of a threat to U.S. interests by China, (1) requires additional reporting on the domestic and foreign financial activity of specified Chinese officials, and (2) prohibits certain financial transactions with specified Chinese officials.

Upon a determination by the President that such a threat exists, the bill requires the Department of the Treasury to (1) report to Congress on funds held by certain members of the Chinese Communist Party, including the total amount of funds, a description of the funds, and a list of related financial institutions; and (2) brief Congress on how these funds were acquired and any illicit or corrupt means employed to acquire or use the funds. These requirements are subject to specified exemptions and waivers.

After such a report is made, Treasury must prohibit significant transactions between U.S. financial institutions and these individuals (and their immediate family, if appropriate). The bill provides exceptions for intelligence, law enforcement, and national security activities. The President may waive the prohibition under certain circumstances.

House action: July 21, 6:09 pm: Considered under suspension of the rules. 6:19 pm: On motion to suspend the rules and pass the bill, agreed to by voice vote. Passed.

Senate: July 22, received in the Senate. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

H.R. 1764 – Aligning SEC Regulations for the World Bank’s International Development Association Act. Congress.gov summary: This bill exempts from securities regulations any securities issued by the International Development Association (IDA) of the World Bank. The association provides loans and grants to developing countries. The Securities and Exchange Commission may suspend this exemption at any time.

The bill does not apply if, before the bill’s date of enactment, the Department of the Treasury reports that IDA is providing financial support to a country whose government has repeatedly provided support for acts of international terrorism, as determined by the Department of State.

House action: July 21, 6:00 pm: Considered under suspension of the rules. 6:08 pm: On motion to suspend the rules and pass the bill, agreed to by voice vote. Passed.

Senate: July 22, received in the Senate. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

H.R. 2384 – Financial Technology Protection Act of 2025. Congress.gov summary: This bill establishes the Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing. The working group must study and report on terrorist and illicit use of digital assets and other related emerging technologies and develop proposals to improve anti-money laundering and counterterrorist financing efforts.

The working group terminates four years after the bill’s enactment or after the working group completes any ongoing activities, whichever is later.

In addition, the Department of the Treasury must (1) report on the potential use of digital assets and other emerging technologies by states, nonstate actors, and terrorist groups for the purpose of evading sanctions to threaten the national security of the United States; and (2) describe a strategy to mitigate and prevent this usage.

House action: July 21, 5:39 pm: Considered under suspension of the rules. 5:52 pm: On motion to suspend the rules and pass the bill, agreed to by voice vote. Passed.

Senate: July 22, received in the Senate. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

H.R. 3339 – Equal Opportunity for All Investors Act of 2025. Congress.gov summary: This 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.)

Specifically, the bill allows an individual to qualify through an examination established by the Securities and Exchange Commission. The examination must be designed with an appropriate difficulty level such that an individual with financial sophistication or training would be unlikely to fail, include methods to determine competency and knowledge in certain areas such as the disclosure requirements of different securities, and be administered by a registered national securities association and offered free of charge to the public.

Currently, accredited investors must satisfy certain requirements indicating their reduced exposure to financial risk, including those related to income, net worth, or knowledge and experience.

House action: July 21, 5:18 pm: Considered under suspension of the rules. 5:30 pm: On motion to suspend the rules and pass the bill, agreed to by voice vote. Passed.

Senate: July 22, received in the Senate. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

H.R. 3343 – Greenlighting Growth Act. Congress.gov summary: This bill limits the financial information an emerging growth company (EGC) must submit to the Securities and Exchange Commission. An EGC is a type of issuer that qualifies for reduced disclosures after its initial public offering (IPO) if its annual gross revenues are below a specific dollar amount. For example, an EGC must currently provide two years of financial statements after its IPO, rather than the three required for other companies.

Under the bill, an emerging growth company is not required to present certain financial statements from acquired companies. This applies to statements from the time period prior to the earliest audited period presented in connection with the EGC’s IPO. In addition, the bill provides that no issuer that was formerly an EGC is required to present financial statements older than its earliest audit performed in connection with its IPO.

House action: July 21, 5:04 pm: Considered under suspension of the rules. 5:09 pm: On motion to suspend the rules and pass the bill, agreed to by voice vote. Passed.

Senate: July 22, received in the Senate. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Alert: This bill appears to be a boondoggle for techbros and people like the Trumps. When Mike Johnson accepts the US Chamber of Commerce’s May 2025 markup and when the USCoC then puts their stamp of approval on the bill, you know it doesn’t favor the 99.8%.

H.R. 3351 – Improving Access to Small Business Information Act. Congress.gov summary: This bill excludes from the Paperwork Reduction Act actions taken by the Office of the Advocate for Small Business Capital Formation within the Securities and Exchange Commission. Under the Paperwork Reduction Act, agencies must comply with specific procedures when gathering information from the public.

The bill establishes several exceptions. For example, the office must inform the person receiving the collection of information the reasons the information is being collected, as required under current law.

House action: July 21, 4:56 pm: Considered under suspension of the rules. 6:58 pm: Considered as unfinished business. 7:05 pm: On motion to suspend the rules and pass the bill, agreed to by voice vote. Passed.

Senate: July 22, received in the Senate. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

H.R.3357 - Enhancing Multi-Class Share Disclosures Act.

Congress.gov’s summary: This bill requires issuers of securities with multi-class share structures to disclose certain information in any proxy solicitation or consent solicitation material. A multi-class share structure occurs when a company issues two or more classes of shares that have different voting rights. For example, a company may issue one class of shares with no or few voting rights for the public, and another class with more voting rights for company founders and executives.

Under the bill, the issuer must disclose certain information about each director, director nominee, named executive officer, and each beneficial owner of securities with 5% or more of the total combined voting power of all classes of securities entitled to vote in the election of directors. Specifically, the issuer must disclose (1) the number of shares of all classes of securities entitled to vote in the election of directors beneficially owned by such person, and (2) the amount of voting power held by such person.

House action: July 21, 5:30pm: Considered under suspension of the rules. July 23, 3:30pm: Considered as unfinished business. 3:58pm: On motion to suspend the rules and pass the bill, as amended Agreed to by the Yeas and Nays: (2/3 required): 381 - 31 (Roll no. 217).

Senate action: July 24, referred to the Committee on Banking, Housing, and Urban Affairs.

H.R. 3382 – Small Entity Update Act. Congress.gov summary: This bill requires the Securities and Exchange Commission (SEC) to study approaches to reduce the impact of SEC rules on small businesses and other small entities, make appropriate recommendations, and revise applicable rules.

Specifically, the bill requires the SEC to evaluate the current definition of small entity with respect to SEC rules.

Under the bill, the SEC must provide specific and detailed recommendations to Congress on how the SEC can revise the definition of small entity to (1) align with specified statutory goals, including reducing unnecessary burdens on small entities; and (2) expand the number of entities covered. In addition, the SEC must adjust for inflation every five years any dollar amounts used to define small entities.

The SEC must also revise the applicable rules to implement these recommendations.

House action: July 21, 4:48 pm: Considered under suspension of the rules. 4:46 pm: On motion to suspend the rules and pass the bill, agreed to by voice vote. Passed.

Senate: July 22, received in the Senate. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Alert: As an old CFO, this bothers me. Small businesses generally are privately held. Any conglomerate that has dozens of small entities all under a single megacorporation umbrella, where that umbrella is publicly held, generally is up to no good. Often money laundering or fraud is involved in that setup.

I also worry about H.R. 1450 for the same reasons. OFAC (Office of Foreign Assets Control) is one of the US’s primary defenses against money-laundering and fraud. I’m not thrilled to see it weakened as this House bill seems to do (allowing private companies to be licensed).

H.R. 1450 – OFAC Licensure for Investigators Act. Congress.gov summary: This bill requires the Office of Foreign Assets Control (OFAC) to establish a pilot program to license eligible private sector firms to conduct nominal financial transactions as part of the firm’s sanctions-related investigations.

A firm that receives a license must submit monthly reports to OFAC on activities conducted under the license.

(OFAC, within the Department of the Treasury, is one of the primary agencies responsible for enforcing economic sanctions. OFAC requires firms to take various actions, such as ensuring that they are not engaging in transactions with entities subject to U.S. sanctions. A firm may also provide voluntary self-disclosures to OFAC with information from a firm’s investigation of suspicious activities.)

House action: July 21, 6:19 pm: Considered under suspension of the rules. 6:32 pm: On motion to suspend the rules and pass the bill, agreed to by voice vote. Passed.

Senate: July 22, received in the Senate. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

H.R. 3395 – Middle Market IPO Cost Act. Congress.gov summary: This bill requires the Government Accountability Office to study and report on the costs encountered by small- and medium-sized companies when undertaking initial public offerings.

House action: July 21, 5:52 pm: Considered under suspension of the rules. 5:59 pm: On motion to suspend the rules and pass the bill, agreed to by voice vote. Passed.

Senate: July 22, received in the Senate. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

LEGISLATION REFERRED TO COMMITTEE

S.2322 – Appraisal Modernization Act. To amend the Federal Housing Enterprises Safety and Soundness Act of 1992 to require that financial institutions, appraisal management companies, appraisers, and other valuation professionals are serving the housing market in a manner that is efficient and consistent for all mortgage loan applicants, borrowers, and communities.

Introduced July 17, 2025 by Raphael Warnock (D-GA). Cosponsored by six Democratic Senators, no Republicans. Referred to Banking, Housing, and Urban Affairs the same day.

S.2326 – Payment Choice Act of 2025. To ensure that United States currency is treated as legal tender to be accepted as payment for purchases of goods and services at brick-and-mortar businesses throughout the United States.

Introduced July 17, 2025 by Kevin Cramer (R-ND). Cosponsored by JOHN FETTERMAN. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

S.2327 – Federal Reserve Transparency Act of 2025. To require a full audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks by the Comptroller General of the United States.

Introduced July 17, 2025 by Rand Paul (R-KY). Cosponsored by six Republican senators, no Democrats. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

S.2349 – INSURE Act (Incorporating National Support for Unprecedented Risks and Emergencies Act). To require the Secretary of the Treasury to establish a catastrophic property loss reinsurance program.

Introduced July 17, 2025 by Adam Schiff (D-CA). Cosponsored by Mazie Hirono (D-HI). No Republican cosponsors. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

S.2352 – PROTECTED Act (Preventing Regulatory Overreach to Empower Communities to Thrive and Ensure Data Privacy Act). To amend the Equal Credit Opportunity Act to modify the requirements associated with small business loan data collection.

Introduced July 17, 2025 by Katie Boyd Britt (R-AL). Cosponsored by John Boozman (R-AR). Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Alert: This bill appears to be and is worded to sound like it protects small business. However, since it was introduced by Katie Britt (R-AL) and cosponsored only by John Boozman (R-AR), I remain skeptical.

S.2359 - SAFE HIRE Act (Strengthening Accountability for Employers Hiring Individuals and Reforming Enforcement Act). To require certification of employment eligibility compliance in annual reporting of certain securities issuers.

Introduced July 21, 2025 by Bernie Moreno (R-OH). No cosponsors. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Comment: This actually strengthens Sarbanes-Oxley. Surprised Moreno did not find more support among Democrats.

S.2361 - Accelerating Home Building Act of 2025. To provide grants to units of general local government related to pre-reviewed designs for mixed-income housing.

Introduced July 21, 2025 by Lisa Blunt Rochester (D-DE). Cosponsored by Bernie Moreno (R-OH). Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

S.2363 - Build More Housing Near Transit Act of 2025. To amend title 49, United States Code, to include affordable housing incentives in certain capital investment grants.

Introduced July 21, 2025 by Brian Schatz (D-HI). Cosponsored by Jim Banks (R-IN). Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

S. 2382 – Trusted Foreign Auditing Act of 2025. To amend the Sarbanes-Oxley Act of 2002 to provide for disclosure regarding foreign jurisdictions that hinder inspections.

Introduced July 22, 2025 by Rick Perry (R-FL). No cosponsors. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Alert: I would like more information about this proposed legislation, especially from my friends involved with fraud investigation. It appears to be legit. But since only Rick Perry (R-FL) is associated with this bill, it makes me wonder what the fine print is. I have a general rule of thumb: Never mess with Sarbanes-Oxley! This legislation amends SOX.

S. 2384 – American Investment Accountability Act. To monitor United States investments in entities that are controlled by foreign adversaries.

Introduced July 22, 2025 by Rick Perry (R-FL). No cosponsors. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Alert: As with S. 2382 above, this is a Rick-Perry-only special. The bill purports to tighten reporting regulations for investments in and transactions with “foreign adversaries.” In addition to Iran, North Korea, Russia, and China, Perry named Venezuela and Cuba as “foreign adversaries.” Is that the reason he couldn’t get cosponsors? Or am I missing something?

S.2391 - BUILD Housing Act (Better Use of Intergovernmental and Local Development for Housing Act). To designate an environmental review procedure for certain assistance administered by the Secretary of Housing and Urban Development.

Introduced July 23, 2025 by Andy Kim (D-NJ). Cosponsored by two Democrats and one Republican [Mike Rounds (D-SD)]. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

S.2400 - Art Market Integrity Act. To amend title 31, United States Code, to subject certain art traders to provisions relating to records and reports on monetary instruments transactions.

Introduced July 23, 2025 by John Fetterman (D-PA). Cosponsored by three Republicans and two Democrats. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Comment: This is another piece of legislation targeting money laundering.

S.2414 - Housing Supply Expansion Act of 2025. To update the definition of manufactured home.

Introduced July 23, 2025 by Thomas Tillis (R-NC). Cosponsored by five Democrats and three Republicans. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Comment: The new definition of manufactured home strikes the requirement that the manufactured home be placed “on a permanent chassis” and replaces that with “with or without a permanent chassis.” All state and federal certifications for manufactured homes are to be revised to include manufactured homes without a permanent chassis.

S.2416 - Identifying Regulatory Barriers to Housing Supply Act. To require certain grantees under title I of the Housing and Community Development Act of 1974 to submit a plan to track overly burdensome land use policies.

Introduced July 23, 2025 by Todd Young (R-IN). Cosponsored by three Democrats [Raphael Warnock (D-GA), Tina Smith (D-MN), and Brian Schatz (D-HI)] and two Republicans. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Comment: This seems to be a compromise bill, with elements that will make Democrats happy-angry and Republicans happy-angry. Among other things, it reverses the defunding of Department of Housing and Urban Development. Additionally, it allows manufactured homes to count as single-family residences, as well as duplexes and triplexes. It also reduces minimum lot size.

S.2419 - Business of Insurance Regulatory Reform Act of 2025. To amend the Consumer Financial Protection Act of 2010 to clarify the authority of the Bureau of Consumer Financial Protection with respect to persons regulated by a State insurance regulator.

Introduced July 23, 2025 by Tim Scott (R-SC). Cosponsored by five Republicans and no Democrats. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Snarky comments: Well, Tim Scott did not ram this one through committee! And, it looks like he is positioning himself to be J.D. Vance’s VP candidate.

Serious comment: This is “states rights” legislation removing insurance regulation from federal jurisdiction and making it state-only. I feel for people who live along the Gulf of Mexico if this passes!

S.2423 - Streamlining Rural Housing Act of 2025. To require the Secretary of Housing and Urban Development and the Secretary of Agriculture to enter into a memorandum of understanding relating to housing projects.

Introduced July 23, 2025 by Jerry Moran (R-KS). Cosponsored by four Democrats and two Republicans. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Comment: This bill is extraordinarily vague. It forces Department of Housing and Urban Development and Department of Agriculture to work together on rural housing, while the stated goal is terribly unclear.

S.2429 - Stop the Scammers Act. To amend the Consumer Financial Protection Act of 2010 to ensure the Bureau of Consumer Financial Protection retains adequate resources to ensure fair, transparent, and competitive markets for financial products and services for consumers and to provide for whistleblower incentives and protection.

Introduced July 24, 2025 by Catherine Cortez Masto (D-NV). Cosponsored by twenty-three Democrats and one Independent [Bernie Sanders (I-VT)]. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Comment: I am genuinely pleased to see Democrats in the Senate working to preserve the Consumer Financial Protection Bureau over Trump Republican actions to kill it. This particular bill would not only protect whistleblowers, but would reward them with a percentage of the amount saved by the federal government due to their whistleblowing.

S.2430 - Wildfire Insurance Coverage Study Act of 2025. To require the Comptroller General of the United States to conduct a study regarding insurance coverage for damages from wildfires.

Introduced July 24, 2025 by Martin Heinrich (D-NM). Cosponsored by Tim Sheehy (R-MT). Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Comment: Fairly simple. The bill asks for a study and report on risk assessment, current state of coverage, regulatory responses to wildfires, challenges in underwriting wildfire risk, along with the effects of construction in areas prone to wildfire.

It’s crazy that this was not cosponsored by all senators in Nevada, Utah, Arizona, New Mexico, Colorado (for western Colorado)—Republican and Democratic alike. California is hardly the only state subject to wildfire risk.

S.2441 - Build Now Act of 2025. To provide for adjustments to community development block grant allocations based on improvements in housing growth rates.

Introduced July 24, 2025 by John Kennedy (R-LA). Cosponsored by Elizabeth Warren (D-MA). Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Unexpected bipartisan alert!

S.2454 - Fair Debt Collection Practices for Servicemembers Act. To amend the Fair Debt Collection Practices Act to provide enhanced protection against debt collector harassment of members of the Armed Forces.

Introduced July 24, 2025 by Raphael Warnock (D-GA). Cosponsored by Ted Budd (R-NC) and John Cornyn (R-TX). Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Unexpected bipartisan alert!

S.2456 - Promoting Rural Exports Act of 2025. To establish rural export centers.

Introduced July 24, 2025 by Amy Klobuchar (D-MN). Cosponsored by John Hoeven (R-ND), Tina Smith (D-MN), and Kevin Cramer (R-ND). Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Comment: Surprised that neither John Fetterman nor Dave McCormick cosponsored. Perhaps they will do so yet.

S.2460 - RESIDE Act (Revitalizing Empty Structures Into Desirable Environments Act). To establish a pilot program to convert blighted buildings into housing.

Introduced July 24, 2025 by Jim Banks (R-IN). Cosponsored by Mark Warner (D-VA). Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

S.2463 - Eviction Right to Counsel Act of 2025. To provide grants to State and local governments that enact or are fiscally responsible for implementing right to counsel legislation for low-income tenants facing eviction.

Introduced July 24, 2025 by Cory Booker (D-NJ). Cosponsored by three Democrats and one Independent [Bernie Sanders (I-VT)]. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Comment: The $100 million annually would not only provide legal counsel for indigent facing eviction, but would train public defenders to take on such cases.

S.2464 - Community Investment and Prosperity Act. To allow the Comptroller of the Currency and the Board of Governors of the Federal Reserve System to increase the aggregate amount of investments that a national banking association and a State member bank may make to promote the public welfare.

Introduced July 24, 2025 by Tim Scott (R-SC). Cosponsored by four Democratic and three Republican senators. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Unexpected bipartisan alert!

However, before we all get too excited, this bill merely amends the following: In no case shall an association's aggregate investments under this paragraph exceed an amount equal to the sum of 15 percent of the association's capital stock actually paid in and unimpaired and 15 percent of the association's unimpaired surplus fund. The foregoing standards and limitations apply to investments under this paragraph made by a national bank directly and by its subsidiaries. Fifteen percent is increased to twenty percent.

S.2471 - 21st Century Mortgage Act of 2025. To require government-sponsored enterprises to consider digital assets in a mortgage loan risk assessment.

Introduced July 28, 2025 by Cynthia Lummis (R-WY). No cosponsors. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Comment: NONONONONONO. Lummis wants digital assets to be considered as part of real estate or other mortgage loan applications. Will Trump Republicans never learn?

S.2478 - Freedom to Move Act. To direct the Secretary of Transportation to carry out a grant program to support efforts to provide fare-free transit service.

Introduced July 28, 2025 by Edward Markey (D-MA). Cosponsored by Elizabeth Warren (D-MA). Referred to the Committee on Banking, Housing, and Urban Affairs. Referred to Banking, Housing, and Urban Affairs the same day.

Comment: The bill not only would provide grants to low-income individuals, foster children, and related. It would also fund safer bus stops, bike parking areas, and accessibility to public transportation. Unlike Republican proposals, Markey and Warren discussed cost-benefit analysis and ROI.

S.2484 - NeighborWorks Accountability Act. To establish an Inspector General of the Neighborhood Reinvestment Corporation.

Introduced July 28, 2025 by Bill Hagerty (R-TN). No cosponsors. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Snarky comment: I hate how Trump Republicans cloak bad bills in pleasant language. This one would add another of audit to the Neighborhood Reinvestment Corporation. The NRC would still be audited by the Office of the Inspector General, but would now also be audited by a new Inspector General assigned solely to the NRC. Double audit for a single agency, while cutting staff. Makes sense to me.

S.2487 - Buffalo Soldiers Congressional Gold Medal Act of 2025. To award a Congressional Gold Medal collectively to the Buffalo Soldier regiments, authorized by Congress in 1866 to serve in the United States Armed Forces, in recognition of their superior, dedicated, and vital service to the United States.

Introduced July 28, 2025 by Andy Kim (D-NJ). Cosponsored by three Democrats, one Independent [Angus King (I-ME)], and one Republican [Tim Scott (R-SC)]. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

S.2489 - Modular Housing Production Act. To conduct a review of Federal Housing Administration construction financing programs.

Introduced July 28, 2025 by Elizabeth Warren (D-MA). Cosponsored by Jim Banks (R-IN). Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Comment: This bill would permit FHA financing for the construction of manufactured and modular housing.

S.2499 - FAIR Act (Fiscal Accountability for Interest on Reserves Act). To amend the Federal Reserve Act to strike a provision relating to earnings on balances.

Introduced July 29, 2025 by Rick Scott (R-FL). Cosponsored by Ted Cruz (R-TX). Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Serious comment: The bill itself is essentially a one-liner. But it strikes the entire section as described, which is fairly long and comprehensive: [(a) In general.—Section 19(b) of the Federal Reserve Act (12 U.S.C. 461(b)) is amended by striking paragraph (12).]

Snarky comment: Doncha just love how Scott and Cruz are looking out for middle-class America?

S.2519 - Medical Debt Relief Act of 2025. To amend the Fair Credit Reporting Act to prohibit the inclusion of medical debt on a consumer report.

Introduced July 29, 2025 by Jeff Merkley (D-OR). Cosponsored by five Democrats, no Republicans. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Very serious comment: Democrats in the Senate are genuinely trying to effect change via the rule of law. The five Democrats who cosponsored this bill: Richard Blumenthal (D-CT), John Fetterman (D-PA), Peter Welch (D-VT), Raphael Warnock (D-GA), Kirsten Gillibrand (D-NY). I strongly recommend you write those five (plus Jeff Merkley who introduced it) and thank them. This is a big deal for many Americans. It will likely not get out of committee thanks to Tim Scott. But maybe in 2026, if we can hold on.

S.2528 - Unleashing AI Innovation in Financial Services Act. To establish AI Innovation Labs that permit certain persons to experiment with artificial intelligence without expectation of enforcement actions.

Introduced July 29, 2025 by Mike Rounds (D-SD). Cosponsored by Martin Heinrich (D-NM), Thomas Tillis (R-NC), and Andy Kim (D-NJ). Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Comment: On the other hand, you may want to write these four gentlemen and let them know that unregulated AI is a very bad idea indeed. This bill is government-sponsored chaos.

S.2545 - NCUA Central Liquidity Facility Enhancements Act. To amend the Federal Credit Union Act to provide for certain ways in which credit unions may be Agent members of the National Credit Union Administration Central Liquidity Facility.

Introduced July 30, 2025 by Alex Padilla (D-CA). Cosponsored by Kevin Cramer (R-ND). Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Comment: I set an alert for this bill, because our little nonprofit banks with a local credit union. The proposed amendment reads (in its entirety): Section 304(b)(2) of the Federal Credit Union Act (12 U.S.C. 1795c(b)(2)) is amended by striking “all those credit unions” and inserting “such credit unions as the Board may in its discretion determine.”

S.2552 - PRC Broker-Dealers and Investment Advisers Moratorium Act. To amend the securities laws to prohibit brokers and dealers with certain connections to the People’s Republic of China from being members of a national securities association, to prohibit investment advisers with certain connections to the People’s Republic of China from registering with the Securities and Exchange Commission.

Introduced July 30, 2025 by DAVE McCORMICK. Cosponsored by John Fetterman (D-PA). Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

S.2569 - Mortgage Relief for Disaster Survivors Act. To provide forbearance assistance during a major disaster or emergency.

Introduced July 31, 2025 by Adam Schiff (D-CA). Cosponsored by Michael Bennet (D-CO). Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

S.2573 - Foreign Property Ownership Transparency Act. To require the Comptroller General of the United States to conduct a study on the purchase of residential real estate in the United States by foreign individuals, entities, and governments.

Introduced July 31, 2025 by Marsha Blackburn (R-TN). No cosponsors. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

S.2593 - PROTECT the Grid Act (Preventing Remote Operations by Threatening Entities on Critical Technology for the Grid Act). To direct the Secretary of Commerce to submit a report assessing vulnerabilities to the electric grid in the United States from certain Internet-connected devices and applications.

Introduced July 31, 2025 by Rick Scott (R-FL). No cosponsors. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

S.2609 - Financial Technology Protection Act of 2025. To establish an Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing.

Introduced July 31, 2025 by Ted Budd (R-NC). Cosponsored by Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY). Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

S.2651 - ROAD to Housing Act of 2025 (Renewing Opportunity in the American Dream to Housing Act of 2025). To increase the supply of affordable housing in America.

Introduced August 1, 2025 by Tim Scott (R-SC). No cosponsors. Referred to Committee on Banking, Housing, and Urban Affairs. Original measure reported to Senate by Senator Scott SC. Without written report. Placed on Senate Legislative Calendar under General Orders. Calendar No. 143.

MAJOR ALERT!

Alert: As chair of this Committee, Tim Scott was able to push this bill through committee in a single day, with no discussion and no report. It is a very, very long bill, allegedly addressing issues of homelessness, manufactured housing, and related.

Are there really no checks and balances to prevent a committee chair from steamrolling a piece of legislation through committee? This is already on the Senate Legislative Calendar, with no reports or studies to back it up. And not a single cosponsor.

S.2663 - Merchant Banking Modernization Act. To amend the Bank Holding Company Act of 1956 to generally permit holding merchant banking investments of up to 15 years.

Introduced August 1, 2025 by Mike Rounds (R-SD). Cosponsored by seven Republicans, no Democrats. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

S.2668 - HOME Act of 2025 (Housing Oversight and Mitigating Exploitation Act of 2025). To protect consumers from price gouging of residential rental and sale prices.

Introduced August 1, 2025 by Jacky Rosen (D-NV). No cosponsors. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Comment: Although no one cosponsored, this type legislation is critical, especially to states like Nevada where renters experienced and continue to experience price gouging. During COVID, rents tripled or quadrupled, even though landlords’ mortgages were not increasing. The surge in homelessness in Las Vegas was terrible to witness.

This bill, or one like it, is critical to middle class America.

S.2670 - STOP Scammers Act (Strengthening Targeting of Organized Predatory Scammers Act). To require the Secretary of the Treasury to designate certain covered organizations as Foreign Financial Threat Organizations.

Introduced August 1, 2025 by Rick Scott (R-FL). No cosponsors. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

S.2672 - SANCTIONS in the West Bank Act (Sanctions and Accountability for Non-Compliance and Transparent Investigative Oversight for National Security in the West Bank Act). To codify Executive Order 14115 imposing certain sanctions on persons undermining peace, security, and stability in the West Bank.

Introduced August 1, 2025 by Peter Welch (D-VT). Cosponsored by three Democrats and one Independent (Bernie Sanders). Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Comment: This was a Biden-era directive to OFAC, dated February 2024.

RESOLUTIONS REFERRED TO COMMITTEE

S.Res.347 - A resolution expressing the sense of the Senate that the Board of Governors of the Federal Reserve System and the Federal Open Market Committee should take immediate steps to lower interest rates to support economic growth, job creation, and affordability for American families and businesses.

Introduced July 30, 2025 by Bernie Moreno (R-OH). No cosponsors. Referred to the Committee on Banking, Housing, and Urban Affairs the same day.

Executive communications and presidential messages to the Senate Banking, Housing, and Urban Affairs Committee

PM35 – July 21, 2025. From the President of the United States, transmitting, pursuant to law, a report on the continuation of the national emergency that was originally declared in Executive Order 13882 of July 26, 2019, with respect to the situation in Mali.

PM36 - July 21, 2025. From the President of the United States, transmitting, pursuant to law, a report of the continuation of the national emergency that was originally declared in Executive Order 13581 of July 24, 2011, with respect to significant transnational criminal organizations.

EC1397 – July 28, 2025. From the Attorney-Advisor, Federal Transit Administration, Department of Transportation, transmitting, pursuant to law, the report of a rule entitled “Major Capital Investment Projects.”

EC1398 – July 29, 2025. From the President of the United States, transmitting, pursuant to law, a report of the continuation of the national emergency with respect to Lebanon that was declared in Executive Order 13441 of August 1, 2007.

Comment: Not sure why EC1398 was an executive communication and not a presidential message (PM).

EC1399 - July 28, 2025. From the Deputy Assistant General Counsel, General Law and Regulation, Department of the Treasury, transmitting, pursuant to law, a report relative to a vacancy in the position of Assistant Secretary of Financial Institutions, Department of the Treasury.

EC1405 – July 29, 2025. From the Acting President and Chairman, Board of Directors of the Export-Import Bank, transmitting, pursuant to law, a report relative to a transaction involving U.S. exports to Kazakhstan.

EC1549 – August 2, 2025. From the Secretary of the Treasury, transmitting, pursuant to law, a six-month periodic report on the national emergency with respect to the advancement by countries of concern in sensitive technologies and products critical to the military, intelligence, surveillance, or cyber-enabled capabilities of such countries that was declared in Executive Order 14105 of August 9, 2023.

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