Retirement Fairness for Charities and Educational Institutions Act of 2025

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Bill ID: 119/hr/1013
Last Updated: July 16, 2026

Sponsored by

Rep. Lucas, Frank D. [R-OK-3]

ID: L000491

Follow the money

The bill

Retirement Fairness for Charities and Educational Institutions Act of 2025

HR. 1013, 119th Congress — read as touching Investment Banking & Securities.

The sponsor

Rep. Lucas, Frank D. [R-OK-3]

Every bill has someone who introduced it. That name is where the paper trail starts.

The money

$70,950 raised

23 itemised contributions to this sponsor, pulled from FEC filings.

The alignment

85% match to Project 2025

This bill's text tracks the "Financial Regulatory Agencies" section, p. 872-874 of the Mandate for Leadership.

Bill's Journey to Becoming a Law

Track this bill's progress through the legislative process

Latest Action

Placed on the Union Calendar, Calendar No. 340.

November 27, 2025

Introduced

📍 Current Status

Next: The bill will be reviewed by relevant committees who will debate, amend, and vote on it.

🏛️

Committee Review

🗳️

Floor Action

✅

Passed House

🏛️

Senate Review

🎉

Passed Congress

🖊️

Presidential Action

⚖️

Became Law

📚 How does a bill become a law?

1. Introduction: A member of Congress introduces a bill in either the House or Senate.

2. Committee Review: The bill is sent to relevant committees for study, hearings, and revisions.

3. Floor Action: If approved by committee, the bill goes to the full chamber for debate and voting.

4. Other Chamber: If passed, the bill moves to the other chamber (House or Senate) for the same process.

5. Conference: If both chambers pass different versions, a conference committee reconciles the differences.

6. Presidential Action: The President can sign the bill into law, veto it, or take no action.

7. Became Law: If signed (or if Congress overrides a veto), the bill becomes law!

Bill Summary

Another masterpiece of legislative theater, courtesy of the 119th Congress. Let's dissect this farce and reveal the underlying disease.

**Main Purpose & Objectives:** The "Retirement Fairness for Charities and Educational Institutions Act of 2025" is a cleverly crafted bill that claims to enhance 403(b) plans for charities and educational institutions. But, as with most congressional creations, the real purpose lies beneath the surface. This bill is a Trojan horse designed to further enrich the financial services industry while pretending to help non-profit organizations.

**Key Provisions & Changes to Existing Law:** The bill amends the Investment Company Act of 1940 and the Securities Act of 1933 to expand the definition of "excluded investment companies" under section 3(c)(11) of the Investment Company Act. This change allows certain collective trust funds, church plans, and other entities to avoid registration requirements, effectively creating a regulatory loophole.

**Affected Parties & Stakeholders:** The primary beneficiaries of this bill are financial institutions, insurance companies, and their lobbyists. Charities and educational institutions will be sold on the idea that this bill helps them, but in reality, they'll be further entangled in the web of complex financial products and services. The real stakeholders here are the ones who'll profit from the increased complexity and lack of oversight.

**Potential Impact & Implications:** This bill has all the makings of a classic case of "regulatory capture." By creating loopholes and exemptions, Congress is essentially allowing financial institutions to self-regulate, which we all know ends well (see: 2008 financial crisis). The increased complexity will lead to more fees, more confusion, and more opportunities for exploitation. Meanwhile, the supposed beneficiaries – charities and educational institutions – will be left to navigate this treacherous landscape with little protection.

In conclusion, HR 1013 is a masterclass in legislative sleight of hand. It's a bill that claims to help non-profits but actually serves the interests of financial institutions. As with most congressional creations, it's a disease masquerading as a cure. The symptoms are clear: regulatory capture, increased complexity, and a further enrichment of the already wealthy at the expense of the vulnerable. Now, if you'll excuse me, I have better things to do than watch this farce unfold.

Related Topics

Social Security & RetirementFederal Budget & Appropriations
Generated using Llama 3.1 70B (Dr. Haus personality)

💰 Campaign Finance Network

Rep. Lucas, Frank D. [R-OK-3]

Congress 119 • 2024 Election Cycle

Total Contributions
$70,950
20 donors
PACs
$0
Organizations
$4,950
Committees
$0
Individuals
$66,000

No PAC contributions found

1
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
3 transactions
$4,950

No committee contributions found

1
LOVE, GREG
2 transactions
$6,600
2
GATES, WILLIAM
1 transaction
$3,300
3
NATION, CHEROKEE
1 transaction
$3,300
4
PILLMORE, BRIAN
1 transaction
$3,300
5
HILLIARY, MEGAN
1 transaction
$3,300
6
WILMES, JEFF
1 transaction
$3,300
7
WORRELL, MITCH
1 transaction
$3,300
8
COX, DEBBIE
1 transaction
$3,300
9
HILLIARY, DUSTIN
1 transaction
$3,300
10
LEVERETT, JOE DR.
1 transaction
$3,300
11
OZMEN, FATIH
1 transaction
$3,300
12
HILLIARY, TRINITY
1 transaction
$3,300
13
HILLIARY, CHERYL
1 transaction
$3,300
14
MARTIN, DWAYNE
1 transaction
$3,300
15
HILLIARY, MIKE
1 transaction
$3,300
16
COX, ROBERT
1 transaction
$3,300
17
GALLAGHER, TATUM
1 transaction
$3,300
18
HILLIARY, EDWARD
1 transaction
$3,300
19
MCCALL, CARSON
1 transaction
$3,300

Cosponsors & Their Campaign Finance

This bill has 10 cosponsors. Below are their top campaign contributors.

Rep. Gottheimer, Josh [D-NJ-5]

ID: G000583

Top Contributors

10

1
AMERICAN EXPRESS
OrganizationNEWARK, NJ
$22,941
Apr 12, 2024
2
AMERICAN EXPRESS
OrganizationNEWARK, NJ
$10,621
May 10, 2024
3
PAYROLL DATA PROCESSING
OrganizationTAMPA, FL
$6,337
May 15, 2024
4
PAYROLL DATA PROCESSING
OrganizationTAMPA, FL
$6,337
Apr 15, 2024
5
PAYROLL DATA PROCESSING
OrganizationTAMPA, FL
$6,337
Apr 30, 2024
6
PAYROLL DATA PROCESSING
OrganizationTAMPA, FL
$5,751
Apr 1, 2024
7
EASTERN BAND OF CHEROKEE INDIANS
OrganizationCHEROKEE, NC
$3,300
Oct 22, 2024
8
SEKAS LAW GROUP LLC
OrganizationENGLEWOOD CLIFFS, NJ
$1,500
Apr 12, 2024
9
SANDOR F. GENET & ASSOCIATES, P.A.
OrganizationNORTH MIAMI BEACH, FL
$250
Apr 12, 2024
10
FIRESTONE MILKEN, SARAH
NOT EMPLOYED • NOT EMPLOYED
IndividualPACIFIC PALISADES, CA
$13,200
Jul 2, 2024

Rep. Foster, Bill [D-IL-11]

ID: F000454

Top Contributors

10

1
OTOE MISSOURIA TRIBE OF OKLAHOMA
OrganizationRED ROCK, OK
$3,300
Oct 28, 2024
2
HABEMATOLEL POMO OF UPPER LAKE TRIBE
OrganizationUPPER LAKE, CA
$3,300
May 24, 2023
3
OTOE MISSOURIA TRIBE OF OKLAHOMA
OrganizationRED ROCK, OK
$3,300
May 24, 2023
4
TURTLE MOUNTAIN BAND OF CHIPPEWA
OrganizationBELCOURT, ND
$3,300
May 24, 2023
5
SIVANANTHAN, SIVALINGAM
SIVANANTHAN LABORATORIES • PRESIDENT
IndividualNAPERVILLE, IL
$3,300
Nov 4, 2024
6
TULLMAN, GLEN
TRANSCARENT • CEO
IndividualCHICAGO, IL
$3,300
Oct 17, 2024
7
MCINTOSH, WILLIAM A.
NOT EMPLOYED • NOT EMPLOYED
IndividualKENILWORTH, IL
$3,300
Oct 29, 2024
8
STOWELL, MARY
NOT EMPLOYED • NOT EMPLOYED
IndividualWINNETKA, IL
$3,300
Oct 31, 2024
9
KHOSLA, NEERU
CK-12 FOUNDATION • EXECUTIVE DIRECTOR
IndividualPORTOLA VALLEY, CA
$3,300
Oct 21, 2024
10
MORRISON, KATE B.
NOT EMPLOYED • NOT EMPLOYED
IndividualCHICAGO, IL
$3,300
Nov 5, 2024

Rep. Barr, Andy [R-KY-6]

ID: B001282

Top Contributors

10

1
TED J. BALESTRERI ENTERPRISES
OrganizationMONTEREY, CA
$1,000
Dec 6, 2023
2
QUEENSLAKE
OrganizationGEORGETOWN, KY
$300
Feb 12, 2024
3
VESTER, NANCY
NONE • RETIRED
IndividualCENTERVILLE, MA
$6,600
Sep 15, 2024
4
KOLLAR, CLINT WILLIAM
SIXTH STREET PARTNERS • INVESTOR
IndividualSAN FRANCISCO, CA
$6,600
Mar 22, 2023
5
FIELD, CHESTER JACK
NONE • RETIRED
IndividualSUMMERTON, SC
$6,600
Jun 4, 2024
6
FISHER, KENNETH
FISHER INVESTMENTS • EXECUTIVE CHAIRMAN
IndividualPLANO, TX
$6,600
May 21, 2024
7
FISHER, SHERRILYN
PLANO 6500 LLC • MEMBER
IndividualPLANO, TX
$6,600
May 21, 2024
8
BROWN, CHRIS
MINDSET • PARTNER
IndividualCHEVY CHASE, MD
$5,600
Mar 7, 2023
9
DARWISH, SAM
SINGULARITY INVESTMENTS LLC • CEO
IndividualMCKINNEY, TX
$5,000
Oct 28, 2024
10
CORRELL, JESS T.
FIRST SOUTHERN BANK • BANKER
IndividualSTANFORD, KY
$5,000
May 7, 2024

Rep. Meuser, Daniel [R-PA-9]

ID: M001204

Top Contributors

10

1
PRIDE MOBILITY PRODUCTS CORP
OrganizationDURYEA, PA
$2,500
Sep 18, 2024
2
COTLER, YUDACUFSKI, HUEBNER
OrganizationSAINT CLAIR, PA
$1,000
Apr 23, 2024
3
DOWD, JOHN J
SUNDANCE VACATIONS • PRESIDENT
IndividualLEHIGHTON, PA
$6,600
Mar 25, 2024
4
PEYKOFF, ANDY
NIAGARA BOTTLING, LLC • CEO
IndividualLAS VEGAS, NV
$6,600
Mar 22, 2024
5
DOWD, JOHN J
SUNDANCE VACATIONS • PRESIDENT
IndividualLEHIGHTON, PA
$6,600
Sep 18, 2024
6
ROWAN, MARC J
APOLLO MANAGEMENT • MANAGEMENT
IndividualGREENWICH, CT
$6,600
Aug 23, 2023
7
ROWAN, CAROLYN
CAROLYN ROWAN COLLECTION • OWNER
IndividualGREENWICH, CT
$6,600
Aug 23, 2023
8
RICH, BRIAN R MR. JR
GILBERTON COAL CO. • EXECUTIVE SALES
IndividualCONSHOHOCKEN, PA
$6,600
Oct 24, 2024
9
VOLPE, ELLEN M
SELF • HOMEMAKER
IndividualWAVERLY TOWNSHIP, PA
$5,800
May 31, 2023
10
VOLPE, CHARLES J
EXCALIBUR INSURANCE MGMT • PRESIDENT
IndividualWAVERLY TOWNSHIP, PA
$5,800
May 31, 2023

Rep. Pettersen, Brittany [D-CO-7]

ID: P000620

Top Contributors

10

1
HABEMATOLEL POMO OF UPPER LAKE TRIBE OF CALIFORNIA
OrganizationUPPER LAKE, CA
$3,300
Mar 31, 2023
2
HABEMATOLEL POMO OF UPPER LAKE TRIBE OF CALIFORNIA
OrganizationUPPER LAKE, CA
$3,300
Mar 31, 2023
3
OTOE-MISSOURIA TRIBE OF OKLAHOMA
OrganizationRED ROCK, OK
$3,300
Mar 31, 2023
4
OTOE-MISSOURIA TRIBE OF OKLAHOMA
OrganizationRED ROCK, OK
$3,300
Mar 31, 2023
5
TURTLE MOUNTAIN BAND OF CHIPPEWA OF NORTH DAKOTA
OrganizationBELCOURT, ND
$3,300
Mar 31, 2023
6
TURTLE MOUNTAIN BAND OF CHIPPEWA OF NORTH DAKOTA
OrganizationBELCOURT, ND
$3,300
Jun 10, 2024
7
EASTERN BAND OF CHEROKEE INDIANS
OrganizationCHEROKEE, NC
$3,300
Oct 16, 2024
8
THE CHICKASAW NATION
OrganizationADA, OK
$2,300
Dec 21, 2023
9
BGR GOVERNMENT AFFAIRS, LLC
OrganizationWASHINGTON, DC
$1,000
Oct 12, 2023
10
THE CHICKASAW NATION
OrganizationADA, OK
$1,000
May 22, 2023

Rep. Nunn, Zachary [R-IA-3]

ID: N000193

Top Contributors

10

1
OTOE MISSOURIA TRIBE OF OKLAHOMA
OrganizationRED ROCK, OK
$3,300
May 29, 2024
2
TURTLE MOUNTAIN BAND OF CHIPPEWA OF ND
OrganizationBELCOURT, ND
$3,300
May 29, 2024
3
SAC & FOX TRIBE OF THE MISSISSIPPI IN IOWA
OrganizationTAMA, IA
$2,500
Dec 31, 2024
4
SAC & FOX TRIBE OF THE MISSISSIPPI IN IOWA
OrganizationTAMA, IA
$1,000
Sep 1, 2023
5
SMITH, JOHN M.
CRST TRUCKING • CEO
IndividualCEDAR RAPIDS, IA
$6,600
Oct 28, 2024
6
SILVERMAN, JEFFREY
RETIRED • RETIRED
IndividualBAL HARBOUR, FL
$6,600
Oct 17, 2023
7
EMMET, RICHARD
JANE STREET CAPITAL • FINANCE
IndividualLARCHMONT, NY
$6,600
Nov 21, 2023
8
WEEKLEY, RICHARD W.
SELF EMPLOYED • REAL ESTATE DEVELOPER
IndividualHOUSTON, TX
$6,600
Nov 7, 2023
9
STERN, ELIZABETH
RETIRED • RETIRED
IndividualSCARSDALE, NY
$6,600
Dec 6, 2023
10
SILVERMAN, JEFFREY
RETIRED • RETIRED
IndividualBAL HARBOUR, FL
$6,600
Feb 15, 2024

Rep. Morelle, Joseph D. [D-NY-25]

ID: M001206

Top Contributors

10

1
CHEROKEE NATION
OrganizationTAHLEQUAH, OK
$1,000
Dec 15, 2023
2
GILA RIVER INDIAN COMMUNITY
OrganizationSACATON, AZ
$500
Nov 17, 2023
3
NORTY, LEWIS
NORRY MANAGEMENT CORP • REAL ESTATE
IndividualROCHESTER, NY
$3,300
Jun 26, 2024
4
SECUNDA, AMY
NOT EMPLOYED • NOT EMPLOYED
IndividualCROTON ON HUDSON, NY
$3,300
Jun 28, 2024
5
SECUNDA, CYNTHIA
NOT EMPLOYED • NOT EMPLOYED
IndividualCROTON ON HUDSON, NY
$3,300
Jun 27, 2024
6
SECUNDA, MICHELLE
NOT EMPLOYED • NOT EMPLOYED
IndividualCROTON ON HUDSON, NY
$3,300
Jun 27, 2024
7
SECUNDA, THOMAS
BLOOMBERG • CO-FOUNDER
IndividualCROTON ON HUDSON, NY
$3,300
Jun 27, 2024
8
OSTROFF, DIANA
OSTROFF ASSOCIATES • COO
IndividualALBANY, NY
$3,300
Oct 22, 2024
9
OSTROFF, RICHARD
OSTROFF ASSOCIATES • PRESIDENT
IndividualLOUDONVILLE, NY
$3,300
Oct 22, 2024
10
PERLMAN, LEE
GREATER NEW YORK HOSPITAL ASSOCIATION • EXECUTIVE VP
IndividualLARCHMONT, NY
$3,300
Oct 23, 2024

Rep. Panetta, Jimmy [D-CA-19]

ID: P000613

Top Contributors

10

1
ACROSS THE AISLE PAC
PACWASHINGTON, DC
$1,000
Jan 12, 2023
2
ACROSS THE AISLE PAC
PACWASHINGTON, DC
$500
Mar 23, 2023
3
FEDERATED INDIANS OF GRATON RANCHERIA
OrganizationROHNERT PARK, CA
$3,300
Apr 12, 2023
4
FEDERATED INDIANS OF GRATON RANCHERIA
OrganizationROHNERT PARK, CA
$3,300
Apr 12, 2023
5
MORONGO BAND OF MISSION INDIANS
OrganizationBANNING, CA
$3,300
Apr 12, 2023
6
EASTERN BAND OF CHEROKEE INDIANS
OrganizationCHEROKEE, NC
$3,300
Oct 16, 2024
7
SYCUAN BAND OF THE KUMEYAAY NATION
OrganizationEL CAJON, CA
$2,500
Nov 9, 2023
8
MORONGO BAND OF MISSION INDIANS
OrganizationBANNING, CA
$1,700
Apr 12, 2023
9
CROWN, LESTER
NOT EMPLOYED • NOT EMPLOYED
IndividualCHICAGO, IL
$6,600
Aug 9, 2024
10
KIM, SOON
IndividualSANTA CRUZ, CA
$4,300
Sep 30, 2024

Rep. Sessions, Pete [R-TX-17]

ID: S000250

Top Contributors

10

1
POARCH BAND OF CREEK INDIANS
OrganizationATMORE, AL
$5,000
May 16, 2024
2
POARCH BAND OF CREEK INDIANS
OrganizationATMORE, AL
$5,000
Sep 12, 2023
3
POARCH BAND OF CREEK INDIANS
OrganizationATMORE, AL
$3,300
Jun 17, 2024
4
POARCH BAND OF CREEK INDIANS
OrganizationATMORE, AL
$3,300
May 24, 2023
5
ALABAMA-COUSHATTA TRIBE
OrganizationLIVINGSTON, TX
$1,000
Sep 30, 2024
6
HOWARD, RONALD VANCE
BANKERS LIFE • MANAGEMENT
IndividualHUNTSVILLE, TX
$5,000
Mar 13, 2023
7
HOWARD, KAREN
ELEMENTS MASSAGE • MANAGEMENT
IndividualHUNTSVILLE, TX
$5,000
Mar 13, 2023
8
SINGH, PRITPAL
BETA SOFT SYSTEMS • MANAGEMENT
IndividualFREMONT, CA
$5,000
Jun 23, 2023
9
KAUR, MANJIT
SINGH SEMICONDUCTORS & SYSTEMS • MANAGEMENT
IndividualFREMONT, CA
$5,000
Jun 23, 2023
10
BEHRINGER, TODD
THE BEHRINGER GROUP, LLC • CONSTRUCTION
IndividualWOODWAY, TX
$3,400
Sep 1, 2023

Rep. Sewell, Terri A. [D-AL-7]

ID: S001185

Top Contributors

10

1
BUFFALO ROCK COMPANY
OrganizationBIRMINGHAM, AL
$5,000
Oct 15, 2024
2
POARCH BAND OF CREEK INDIANS
OrganizationATMORE, AL
$3,300
Mar 26, 2024
3
POARCH BAND OF CREEK INDIANS
OrganizationATMORE, AL
$3,300
Sep 21, 2023
4
BUFFALO ROCK COMPANY
OrganizationBIRMINGHAM, AL
$2,500
Sep 10, 2024
5
BUFFALO ROCK COMPANY
OrganizationBIRMINGHAM, AL
$2,500
Sep 30, 2024
6
LAW OFFICES OF FREDERICK GRAEFE LLC
OrganizationWASHINGTON, DC
$500
Sep 30, 2023
7
CHIROPRACTIC CARE INC.
OrganizationGULF SHORES, AL
$250
Feb 26, 2024
8
BROWN, CANDACE P.
NONE • RETIRED
IndividualFLORENCE, SC
$4,500
Sep 6, 2024
9
BROWN, JAMES A.
SMS COMPANY • VICE PRESIDENT
IndividualFLORENCE, SC
$4,500
Sep 6, 2024
10
LEHMAN, WILLIAM
NOT EMPLOYED • NOT EMPLOYED
IndividualAVENTURA, FL
$3,300
Dec 9, 2024

Donor Network - Rep. Lucas, Frank D. [R-OK-3]

PACs
Organizations
Individuals
Politicians

Hub layout: Politicians in center, donors arranged by type in rings around them.

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Showing 50 nodes and 38 connections (39 secondary connections hidden)

Total contributions: $148,649

Top Donors - Rep. Lucas, Frank D. [R-OK-3]

Showing top 20 donors by contribution amount

1 Org19 Individuals

Industry Impact

Which industries are materially affected by specific provisions in this bill. 1 helped.

  • Section 2(a) amends the Investment Company Act of 1940 to expand the definition of exempt entities to include certain 403(b) plans, collective trust funds, and separate accounts, which reduces regulatory burden and expands permissible investment vehicles for asset managers and investment advisers.

Who funds the sponsor on these industries

For each industry this bill affects, here's what the sponsor (Rep. Lucas, Frank D. [R-OK-3])received from donors associated with that industry during the 2022–present cycles. Donations are not proof of intent — they are a record of who funds the people writing the law.

Industries this bill HELPS

Project 2025 Policy Matches

This bill shows semantic similarity to the following sections of the Project 2025 policy document.AI-enhanced analysis provides detailed alignment ratings.

Financial Regulatory Agencies

Strong
Vector: 62%
Pages: 872-874AI Enhanced

AI Analysis:

"The bill’s expansion of exemptions from Securities Act and Investment Company Act registration requirements and its push for broader investment options directly reflect Project 2025’s financial regulatory agenda of reducing regulatory burdens and increasing access to capital. Both emphasize greater flexibility for plan sponsors and participants while maintaining fiduciary oversight."

Key themes:securities exemptionsregulatory deregulationinvestment option expansionfiduciary responsibilityretirement plan flexibility

— 840 — Mandate for Leadership: The Conservative Promise ENDNOTES 1. H.R. 5480, Securities Act of 1933, Public Law No. 73-22, 73rd Congress, May 27, 1933, https://govtrackus. s3.amazonaws.com/legislink/pdf/stat/48/STATUTE-48-Pg74.pdf (accessed February 20, 2023). 2. H.R. 9323, Securities Exchange Act of 1934, Public Law No. 73-291, 73rd Congress, June 6, 1934, https:// govtrackus.s3.amazonaws.com/legislink/pdf/stat/48/STATUTE-48-Pg881a.pdf (accessed February 20, 2023). 3. Mark T. Uyeda, Commissioner, U.S. Securities and Exchange Commission, “Remarks at the 2022 Cato Summit on Financial Regulation,” November 17, 2022, https://www.sec.gov/news/speech/uyeda-remarks- cato-summit-financial-regulation-111722 (accessed February 20, 2023); Hester M. Peirce, Commissioner, U.S. Securities and Exchange Commission, “It’s Not Just Scope 3: Remarks at the American Enterprise Institute,” December 7, 2022, https://www.sec.gov/news/speech/peirce-remarks-american-enterprise-institute-120722 (accessed February 20, 2023); comment letter from David R. Burton to Vanessa A. Countryman, Secretary, Securities and Exchange Commission, “Re: The Enhancement and Standardization of Climate-Related Disclosures for Investors [File No. S7-10-2; Release No. 33-11042; RIN 3235-AM87],” June 17, 2022, https://www. sec.gov/comments/s7-10-22/s71022-20131980-302443.pdf (accessed February 20, 2023). 4. Size would probably be measured best by public float or the number of beneficial owners. 5. See David R. Burton, “Securities Disclosure Reform,” Heritage Foundation Backgrounder No. 3178, February 13, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3178.pdf; David R. Burton, “Offering and Disclosure Reform,” Chapter 11 in Reframing Financial Regulation: Enhancing Stability and Protecting Consumers, ed. Hester Peirce and Benjamin Klutsey (Arlington, VA: Mercatus Center at George Mason University, 2016), pp. 277–315, https://www.mercatus.org/research/books/reframing-financial-regulation (accessed February 20, 2023); Andrew N. Vollmer, “Investor-Friendly Securities Reform to Increase Economic Growth,” Securities Regulation & Law Report, Bloomberg BNA, Vol. 49, June 5, 2017. 6. See, for example, David R. Burton, “Reforming the Securities and Exchange Commission,” Heritage Foundation Backgrounder No. 3378, January 30, 2019, https://www.heritage.org/sites/default/files/2019-01/ BG3378.pdf; Andrew N. Vollmer, “Testimony on Workforce Management Disclosures and Other SEC Issues,” submitted to the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, Committee on Financial Services, U.S. House of Representatives, December 6, 2022, https://www.congress.gov/117/ meeting/house/115227/witnesses/HHRG-117-BA16-Wstate-VollmerA-20221208.pdf (accessed February 20, 2023); David R. Burton, “Reforming FINRA,” Heritage Foundation Backgrounder No. 3181, February 1, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3181.pdf; Hester Peirce, “The Financial Industry Regulatory Authority: Not Self-Regulation After All,” Mercatus Center at George Mason University Working Paper, January 2015, https://www.mercatus.org/research/working-papers/financial-industry-regulatory- authority-not-self-regulation-after-all (accessed February 20, 2023); Thaya Brook Knight, “Transparency and Accountability at the SEC and at FINRA,” Chapter 11 in Prosperity Unleashed: Smarter Financial Regulation, ed. Norbert J. Michel, (Washington: The Heritage Foundation, 2017) https://www.heritage.org/sites/default/ files/2017-02/11_ProsperityUnleashed_Chapter11.pdf. 7. Reorganization Plan No. 10 of 1950, U.S. Code Title 5—Appendix, Reorganization Plans, http://uscode.house. gov/view.xhtml?req=granuleid:USC-prelim-title5a-node84-leaf114&num=0&edition=prelim (accessed February 20, 2023). 8. The board or commission should evaluate the regulatory functions of the National Securities Exchanges, Registered Securities Future Product Exchanges, Registered Clearing Agencies (such as the Depository Trust Company (DTC), the National Securities Clearing Corporation (NSCC) and the Options Clearing Corporation (OCC)), the Municipal Securities Rulemaking Board (MSRB) and the National Futures Association (NFA). This board or commission should have a broad composition and permit minority reports. 9. Boyden Gray & Associates, Comments Submitted on Behalf of Alliance for Fair Board Recruitment Concerning the Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change to Adopt Listing Rules Related to Board Diversity, Amendment No. 1, File No. SR-NASDAQ-2020-081, April 6, 2021 https://www.sec.gov/ comments/sr-nasdaq-2020-081/srnasdaq2020081-8639478-230941.pdf (accessed February 20, 2023); David R. Burton, “Nasdaq’s Proposed Board-Diversity Rule Is Immoral and Has No Basis in Economics,” Heritage Foundation Backgrounder No. 3591, March 9, 2021, https://www.heritage.org/sites/default/ files/2021-03/BG3591_0.pdf. The SEC is contemplating at least two rules that can be expected to require differential treatment based on race, sex, ethnicity, and so on. See Executive Office of the President, Office — 841 — Financial Regulatory Agencies of Management and Budget, Office of Information and Regulatory Affairs, “Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions: Active Regulatory Actions Listed by Agency,” https://www.reginfo.gov/ public/do/eAgendaMain (accessed February 20, 2023); “Human Capital Management Disclosure,” RIN: 3235- AM88, https://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202204&RIN=3235-AM88 (accessed February 20, 2023); “Corporate Board Diversity,” RIN: 3235-AL91, https://www.reginfo.gov/public/do/ eAgendaViewRule?pubId=202204&RIN=3235-AL91 (accessed February 20, 2023). 10. 15 U.S. Code § 77z–3, https://www.law.cornell.edu/uscode/text/15/77z-3 (accessed February 20, 2023); 15 U.S. Code § 78mm, https://www.law.cornell.edu/uscode/text/15/78mm (accessed February 20, 2023). 11. S. ___, Jumpstart Our Business Startups Act of 2022, discussion draft, 117th Congress, 2nd Session, https:// www.banking.senate.gov/imo/media/doc/the_jobs_act_4.0discussiondraft.pdf (accessed February 20, 2023); David R. Burton, “Entrepreneurial Capital Formation,” Testimony before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, April 5, 2022, https://www.heritage.org/testimony/entrepreneurial- capital-formation; “Removing Barriers to Small Business Capital Formation and Expanding Investor Opportunities,” Section 6 in Nicholas Anthony, Norbert J. Michel, Jennifer J. Schulp, George Selgin, and Jack Solowey, “Sound Financial Policy: Principled Recommendations for the 118th Congress,” ed. Norbert J. Michel and Ann Rulon, Cato Institute, 2022, pp. 22–27, https://www.cato.org/sites/cato.org/files/2022-10/sound- financial-policy-118th-congress.pdf (accessed February 20, 2023); David R. Burton and Norbert J. Michel, Proposals to Foster Economic Growth and Capital Formation, Submission to Committee on Banking, Housing, and Urban Affairs, U.S. Senate, March 18, 2021, https://www.banking.senate.gov/imo/media/doc/David%20 Burton%20and%20Norbert%20Michel%20-%202021-3-18.pdf (accessed February 20, 2023); David R. Burton, “Improving Entrepreneurs’ Access to Capital: Vital for Economic Growth,” Heritage Foundation Backgrounder No. 3182, February 14, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3182.pdf. 12. The small issues exemptive authority has been in the Securities Act since its initial enactment. 13. The crowdfunding exemption was created by Title III of the 2012 JOBS Act. See H.R. 3606, Jumpstart Our Business Startups Act, Public Law No. 112-106, 112th Congress, April 5, 2021, Title III, § 302, https://www. govinfo.gov/content/pkg/PLAW-112publ106/pdf/PLAW-112publ106.pdf (accessed February 20, 2023). 14. Burton, “Improving Entrepreneurs’ Access to Capital: Vital for Economic Growth”; Rutheford B. Campbell Jr., “The Case for Federal Pre-Emption of State Blue Sky Laws,” Chapter 6 in Prosperity Unleashed: Smarter Financial Regulation, https://www.heritage.org/sites/default/files/2017-02/06_ProsperityUnleashed_ Chapter06.pdf. 15. Andrew N. Vollmer, “Abandon the Concept of Accredited Investors in Private Securities Offerings,” Securities Regulation Law Journal, Vol. 49, No. 5 (Spring 2021), https://papers.ssrn.com/sol3/papers.cfm?abstract_ id=3719280 (accessed February 20, 2023); Thaya Brook Knight, “Your Money’s No Good Here: How Restrictions on Private Securities Offerings Harm Investors,” Cato Institute Policy Analysis No. 833, February 9, 2018, https:// www.cato.org/sites/cato.org/files/pubs/pdf/pa833.pdf (accessed February 20, 2023); David R. Burton, “Congress Should Increase Access to Private Securities Offerings,” Heritage Foundation Issue Brief No. 4899, August 29, 2018, https://www.heritage.org/sites/default/files/2018-08/IB4899.pdf; Andrew N. Vollmer, “Evidence on the Use of Disclosure Documents in Private Securities Offerings to Accredited Investors,” Mercatus Center at George Mason University Working Paper, October 22, 2020, https://www.mercatus.org/publications/financial-regulation/ evidence-use-disclosure-documents-private-securities-offerings-0 (accessed February 20, 2023). 16. For a detailed discussion, see “Micro-Offerings,” Section IId in Burton and Michel, Proposals to Foster Economic Growth and Capital Formation, pp. 15–17. 17. David R. Burton, “Let Entrepreneurs Raise Capital Using Finders and Private Placement Brokers,” Heritage Foundation Backgrounder No. 3328, July 10, 2018, https://www.heritage.org/sites/default/files/2018-07/ BG3328.pdf; Andrew N. Vollmer, “Make It Easy for Startups to Sell Stock,” Mercatus Center at George Mason University Discourse, September 21, 2020, https://www.mercatus.org/bridge/commentary/make-it-easy- startups-sell-stock (accessed February 20, 2023). 18. See H.R. 531, S-Corp Access to Crowdfunding Act, 115th Congress, introduced January 13, 2017, https://www. govinfo.gov/content/pkg/BILLS-115hr531ih/pdf/BILLS-115hr531ih.pdf (accessed February 20, 2023); David Burton, “The Tax Law Makes It Almost Impossible for ‘S Corporations’ to Use Equity Crowdfunding,” The Daily Signal, April 19, 2016, https://www.dailysignal.com/2016/04/19/the-tax-law-makes-it-almost-impossible-for- s-corporations-to-use-equity-crowdfunding/.

Department of Education

Weak
Vector: 62%
Pages: 383-385AI Enhanced

AI Analysis:

"The bill addresses retirement plan improvements for charities and educational institutions, while the Project 2025 education policy focuses on school choice, state opt-outs from federal programs, and accreditation reform. Both mention educational institutions, but their substantive goals and mechanisms do not overlap significantly."

Key themes:educational institutionstax-exempt organizationsfederal regulation

— 351 — Department of Education as the Educational Choice for Children Act. This bill would create a federal scholarship tax credit that would incentivize donors to contribute to nonprofit scholarship granting organizations (SGOs). Eligible families could then use that funding from the SGOs for their children’s education expenses including private school tuition, tutoring, and instructional materials. ADDITIONAL K–12 REFORMS Allowing States to Opt Out of Federal Education Programs. States should be able to opt out of federal education programs such as the Academic Partnerships Lead Us to Success (APLUS) Act. Much of the red tape and regulations that hinder local school districts are handed down from Washington. This regulatory burden far exceeds the federal government’s less than 10 percent financing share of K–12 education. In the most recent fiscal year (FY 2022), states and localities financed 93 percent of K–12 education costs, and the federal government just 7 percent. That 7 percent share should not allow the federal government to dictate state and local education policy. l To restore state and local control of education and reduce the bureaucratic and compliance burden, Congress should allow states to opt out of the dozens of federal K–12 education programs authorized under the Elementary and Secondary Education Act, and instead allow states to put their share of federal funding toward any lawful education purpose under state law. This policy has been advanced over the years via a proposal known as the Academic Partnerships Lead Us to Success (APLUS) Act. HIGHER EDUCATION REFORM HEA: Accreditation Reform Congress established two primary responsibilities for the U.S. Department of Education in the HEA: 1) to ensure the “administrative capacity and financial responsibility” of colleges and universities that accept Title IV funds; and 2) to ensure the quality of those institutions. Congress did not endow the Department of Education with the authority to involve itself in academic quality issues relating to colleges and universities that participate in the Title IV student aid program; the HEA allows the agency only to recognize accreditors, which are then supposed to provide quality assurance measures. Unfortunately, the Biden Administration has followed closely in the footsteps of the Obama Administration by engaging in a politically motivated and incon- sistent administration of the accrediting agency recognition process. As a result, accreditors have transformed into de facto government agents. Despite claims by — 352 — Mandate for Leadership: The Conservative Promise the department and accreditation agencies that accreditation is voluntary, the fact that Americans are denied access to an otherwise widely available entitle- ment benefit if the institution “elects” to not be accredited makes accreditation anything but voluntary. Today, accreditation determines whether Americans can access federal student aid benefits, transfer academic credits, enroll in higher-level degree programs, and even qualify for federal employment. Unnecessarily focused on schools in a specific geographic region, institutional accreditation reviews have also become wildly expensive audits by academic “peers” that stifle innovation and discourage new institutions of higher education. Of par- ticular concern are efforts by many accreditation agencies to leverage their Title IV (student loans and grants) gatekeeper roles to force institutions to adopt policies that have nothing to do with academic quality assurance and student outcomes. One egregious example of this is the extent to which accreditors have forced col- leges and universities, many of them faith-based institutions, to adopt diversity, equity, and inclusion policies that conflict with federal civil rights laws, state laws, and the institutional mission and culture of the schools. Perhaps more distress- ingly, accreditors, while professing support for academic freedom and campus free speech, have presided over a precipitous decline in both over the past decade. Despite maintaining criteria that demand such policies, accreditors have done nothing to dampen the illiberal chill that has swept across American campuses over the past decade. The current system is not working. A radical overhaul of the HEA’s accreditation requirements is thus in order. The next Administration should work with Congress to amend the HEA and should consider the following reforms: l Prohibit accreditation agencies from leveraging their Title IV gatekeeper role to mandate that educational institutions adopt diversity, equity, and inclusion policies. l Protect the sovereignty of states to decide governance and leadership issues for their state-supported colleges and universities by prohibiting accreditation agencies from intruding upon the governance of state-supported educational institutions. l Protect faith-based institutions by prohibiting accreditation agencies from: 1. Requiring standards and criteria that undermine the religious beliefs of, or require policies or conduct that conflict with, the religious mission or religious beliefs of the institution; and

Department of the Treasury

Weak
Vector: 62%
Pages: 748-751AI Enhanced

AI Analysis:

"The bill deals with expanding investment options and fiduciary rules for 403(b) retirement plans, while the Project 2025 Treasury excerpt focuses on financial institution definitions, anti‑money‑laundering reporting, and opposition to ESG initiatives. Both touch on financial regulation, but their substantive objectives are largely unrelated."

Key themes:financial regulationretirement savingsinvestment flexibility

— 715 — Department of the Treasury 67. On banks, credit unions, broker-dealers, and other financial institutions as normally understood, but note that 31 U.S. Code §5312(a)(2) also defines “financial institutions” to include money service businesses; insurance companies; jewelers; pawnbrokers; travel agencies; dealers in automobiles, airplanes, and boats; persons involved in real estate closings and settlements; casinos; and telegraph companies. 68. David R. Burton, “The Corporate Transparency Act and the ILLICIT CASH Act,” Heritage Foundation Backgrounder No. 3449, November 7, 2019, https://www.heritage.org/sites/default/files/2019-11/BG3449_0. pdf, and David R. Burton to AnnaLou Tirol, Financial Crimes Enforcement Network, “Re: Beneficial Ownership Information Reporting Requirements,” Comment, May 5, 2021 http://thf_media.s3.amazonaws.com/2022/ Regulatory_Comments/FINCEN-2021-0005-0132_attachment_1.pdf (accessed March 19, 2023). 69. Burton comment, ibid. 70. Federal Register, Vol. 87, No. 189, September 30, 2022, pp. 59498–59596. 71. U.S. Department of the Treasury, Fiscal Year 2022–2026 Strategic Plan. 72. Ibid. 73. United Nations, “Paris Agreement,” 2015, https://unfccc.int/files/essential_background/convention/ application/pdf/english_paris_agreement.pdf (accessed March 20, 2023). 74. United Nations, “United Nations Framework Convention on Climate Change,” GE.5–62220, 1992, https://unfccc. int/resource/docs/convkp/conveng.pdf (accessed March 20, 2023). 75. “What Is ESG?” ESG Hurts, https://esghurts.com/ (accessed March 22, 2023), and Samuel Gregg, “Why Business Should Dispense with ESG,” American Institute for Economic Research, December 4, 2022, https:// www.aier.org/article/why-business-should-dispense-with-esg/ (accessed March 22, 2023). 76. PRI Association, “What are the Principles for Responsible Investment?” https://www.unpri.org/about-us/ what-are-the-principles-for-responsible-investment (accessed March 22, 2023). The PRI Association is a U.N.- affiliated non-governmental organization. See also PRI Association, “Articles of Association of PRI Association,” Art. 9, November 14, 2016, https://d8g8t13e9vf2o.cloudfront.net/Uploads/g/e/r/2016-11-14-Articles-of- Association-of-PRI-Association-.pdf (accessed March 22, 2023).

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About These Correlations

Policy matches are calculated using a hybrid approach: initial candidates are found using semantic similarity between bill summaries and Project 2025 policy text, then an AI model (Llama 3.1 70B) provides detailed alignment ratings and analysis. Ratings range from 1 (minimal alignment) to 5 (very strong alignment). This analysis does not imply direct causation or intent.

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