Improving Disclosure for Investors Act of 2025

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Bill ID: 119/hr/2441
Last Updated: October 28, 2025

Sponsored by

Rep. Huizenga, Bill [R-MI-4]

ID: H001058

Follow the money

The bill

Improving Disclosure for Investors Act of 2025

HR. 2441, 119th Congress — read as touching Investment Banking & Securities.

The sponsor

Rep. Huizenga, Bill [R-MI-4]

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

The money

$323,650 raised

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

The alignment

85% match to Project 2025

This bill's text tracks the "Trade" section, p. 859-862 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. 105.

June 3, 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 expose its true intentions.

**Main Purpose & Objectives:** The Improving Disclosure for Investors Act of 2025 (HR 2441) claims to "improve disclosure" by allowing covered entities to deliver regulatory documents electronically. How noble. In reality, this bill is a Trojan horse designed to benefit the financial industry at the expense of investors.

**Key Provisions & Changes to Existing Law:** The bill allows covered entities (investment companies, brokers, dealers, and investment advisers) to deliver regulatory documents electronically, with some token provisions for opt-out and readability. The Securities and Exchange Commission (SEC) must propose rules within 180 days and finalize them within a year. Oh, and there's an exemption from the Electronic Signatures in Global and National Commerce Act because, you know, investor protection is overrated.

**Affected Parties & Stakeholders:** Investors, of course, are the supposed beneficiaries of this bill. But let's be real – they're just pawns in a game of regulatory capture. The true stakeholders are the financial industry giants who will save millions on paper and postage while further obscuring their activities from investors.

**Potential Impact & Implications:** This bill is a classic case of "regulatory relief" for the powerful at the expense of the vulnerable. By allowing electronic delivery, covered entities can:

1. Reduce costs and increase profits. 2. Make it harder for investors to access and understand regulatory documents. 3. Further entrench their dominance over the market.

Meanwhile, investors will be left with:

1. More complex and opaque financial disclosures. 2. Reduced ability to opt-out of electronic delivery. 3. Increased reliance on technology to access critical information.

In short, this bill is a disease masquerading as a cure. It's a symptom of a deeper illness – the corrupting influence of money in politics and the willingness of lawmakers to sacrifice investor protection for the sake of their corporate donors.

Diagnosis: Terminal Stupidity Syndrome (TSS) – a condition where politicians prioritize short-term gains over long-term consequences, ignoring the obvious harm caused by their actions. Treatment: None available; prognosis is poor.

Generated using Llama 3.1 70B (Dr. Haus personality)

💰 Campaign Finance Network

Rep. Huizenga, Bill [R-MI-4]

Congress 119 • 2024 Election Cycle

Total Contributions
$323,650
24 donors
PACs
$0
Organizations
$8,550
Committees
$0
Individuals
$315,100

No PAC contributions found

1
POKAGON BAND OF POTAWATOMI INDIANS
1 transaction
$3,300
2
THALOP LLC
2 transactions
$2,000
3
BARREL DOG, LLC
1 transaction
$1,000
4
NOAH HOMES LLC
1 transaction
$1,000
5
B&B DAIRY
2 transactions
$1,000
6
STRAIGHT LINE RED ANGUS
1 transaction
$250

No committee contributions found

1
VAN ANDEL, AMY
1 transaction
$75,000
2
VAN ANDEL, STEPHEN
1 transaction
$75,000
3
HAWORTH, RICHARD G
1 transaction
$47,900
4
SCHWARZMAN, CHRISTINE H.
1 transaction
$11,600
5
SCHWARZMAN, STEPHEN A
1 transaction
$11,600
6
HAWORTH, MATT R
1 transaction
$11,600
7
QUINTILIAN, JOSEPH
1 transaction
$11,600
8
HIBMA, DANIEL
2 transactions
$11,600
9
SHINELDECKER, SHAR
2 transactions
$10,200
10
KLINSKY, STEVEN B.
1 transaction
$6,600
11
DIPRISCO, GREGORY
1 transaction
$6,600
12
PAYNE, ROBERT
1 transaction
$5,800
13
BAKER, JEFFREY
1 transaction
$5,000
14
CARMICHAEL, CATHRYN B
1 transaction
$5,000
15
PETERS, JAMES
1 transaction
$5,000
16
LANTING, ARLYN
1 transaction
$5,000
17
LANTING, MARCIA
1 transaction
$5,000
18
WORKMAN, JOHN
1 transaction
$5,000

Cosponsors & Their Campaign Finance

This bill has 7 cosponsors. Below are their top campaign contributors.

Rep. Sherman, Brad [D-CA-32]

ID: S000344

Top Contributors

10

1
MORONGO BAND OF MISSION INDIANS NATIVE AMERICAN RIGHTS FUND
OrganizationBANNING, CA
$2,000
Oct 30, 2023
2
MS BAND OF CHOCTAW INDIANS
OrganizationCHOCTAW, MS
$2,000
Oct 5, 2023
3
SANTA YNEZ BAND OF MISSION INDIANS
OrganizationSANTA YNEZ, CA
$2,000
Sep 30, 2024
4
SANTA YNEZ BAND OF MISSION INDIANS
OrganizationSANTA YNEZ, CA
$1,300
Oct 21, 2024
5
BARONA BAND OF MISSION INDIANS
OrganizationLAKESIDE, CA
$1,000
Oct 28, 2024
6
SANTA YNEZ BAND OF MISSION INDIANS
OrganizationSANTA YNEZ, CA
$700
Oct 21, 2024
7
AHMED, TAIMOOR
MARKHOR LOGISTICS • CEO
IndividualSACRAMENTO, CA
$3,300
Mar 30, 2023
8
GARHWAL, HARI
GARHWAL, CHAN & WILLIAMS • CPA
IndividualSAN FRANCISCO, CA
$3,300
Mar 23, 2023
9
GARHWAL, HARI
GARHWAL, CHAN & WILLIAMS • CPA
IndividualSAN FRANCISCO, CA
$3,300
Mar 23, 2023
10
GARHWAL, SANJEEV
WWMG • PHYSICIAN
IndividualSEATTLE, WA
$3,300
Mar 29, 2023

Rep. Steil, Bryan [R-WI-1]

ID: S001213

Top Contributors

10

1
FOREST COUNTY POTAWATOMI COMMUNITY
OrganizationCRANDON, WI
$3,300
Apr 25, 2024
2
FOREST COUNTY POTAWATOMI COMMUNITY
OrganizationCRANDON, WI
$3,300
Mar 22, 2023
3
OTOE MISSOURIA TRIBE OF OKLAHOMA
OrganizationRED ROCK, OK
$3,300
Sep 30, 2024
4
HO CHUNK NATION
OrganizationBLACK RIVER FALLS, WI
$3,300
Oct 30, 2024
5
HO CHUNK NATION
OrganizationBLACK RIVER FALLS, WI
$2,900
Mar 13, 2023
6
CHEROKEE NATION
OrganizationTAHLEQUAH, OK
$2,500
Dec 23, 2023
7
ONEIDA NATION
OrganizationONEIDA, WI
$2,000
Jun 30, 2023
8
MORONGO BAND OF MISSION INDIANS
OrganizationBANNING, CA
$1,500
Jun 30, 2023
9
MORONGO BAND OF MISSION INDIANS
OrganizationBANNING, CA
$1,500
Jun 30, 2024
10
ONEIDA NATION
OrganizationONEIDA, WI
$1,300
Jun 30, 2024

Rep. Auchincloss, Jake [D-MA-4]

ID: A000148

Top Contributors

10

1
SIDMAN, HOPE
H2O APPLIED TECHNOLOGIES • CEO
IndividualBOSTON, MA
$9,900
Nov 3, 2023
2
DIXON, CHRIS
ANDREESSEN HOROWITZ • GENERAL PARTNER
IndividualMENLO PARK, CA
$6,600
Nov 22, 2023
3
DIXON, CHRIS
IndividualMENLO PARK, CA
$6,600
Nov 27, 2023
4
SIDMAN, HOPE
IndividualBOSTON, MA
$6,600
Nov 28, 2023
5
SMITH, JOSEPH
CROSS COUNTRY MORTGAGE • MORTGAGE BANKER
IndividualBROOKLINE, MA
$6,200
Mar 2, 2024
6
BIZOZA, BRIAN
DEERFIELD MANAGEMENT COMPANY • FINANCIAL ANALYST
IndividualBROOKLYN, NY
$3,800
Apr 29, 2024
7
BOBBILI, PRIYANKA
ANALYSIS GROUP • VICE PRESIDENT
IndividualBROOKLINE, MA
$3,300
Nov 5, 2024
8
HOLT, WILL
WILLIAM HOLT • MANAGER
IndividualWESTON, MA
$3,300
Nov 25, 2024
9
TYE, TED
NATIONAL DEVELOPMENT • REAL ESTATE
IndividualBOSTON, MA
$3,300
Oct 26, 2024
10
BUCKLER, SHELDON A
NOT EMPLOYED • NOT EMPLOYED
IndividualNEWTON CENTRE, MA
$3,300
Dec 30, 2024

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. Wagner, Ann [R-MO-2]

ID: W000812

Top Contributors

10

1
OTOE MISSOURIA TRIBE
OrganizationRED ROCK, OK
$3,300
Aug 23, 2023
2
DEMOCRACY ENGINE, INC., PAC
OrganizationWASHINGTON, DC
$2,000
Jul 14, 2023
3
DEMOCRACY ENGINE, INC., PAC
OrganizationWASHINGTON, DC
$500
Mar 15, 2023
4
WINRED
OrganizationARLINGTON, VA
$9
May 9, 2024
5
WILHELM, MARK A MR.
SAFETY NATIONAL CASUALTY CORP. • CHAIRMAN & CEO
IndividualSAINT LOUIS, MO
$13,200
Dec 18, 2023
6
DRURY, TIM M.
DRURY DEVELOPMENT • PRESIDENT
IndividualSAINT LOUIS, MO
$13,200
Feb 27, 2023
7
DANFORTH, JOHN C
DOWD BENNETT LLP • ATTORNEY
IndividualSAINT LOUIS, MO
$13,200
Feb 17, 2023
8
TRACY, RICHARD L. MR.
DOT FOODS, INC. • PRESIDENT
IndividualDES PERES, MO
$13,200
Feb 17, 2023
9
RINEY, RODGER O. MR.
T.D. AMERITRADE • ADVISOR TO CEO
IndividualSAINT LOUIS, MO
$13,200
Mar 23, 2023
10
O'CONNELL, JOHN T.
RETIRED • RETIRED
IndividualSAINT LOUIS, MO
$13,200
Mar 15, 2023

Rep. McClain, Lisa C. [R-MI-9]

ID: M001136

Top Contributors

10

1
A & ALL WASTE LLC
OrganizationOAKLAND TWP, MI
$1,000
Oct 21, 2024
2
THE CHICKASAW NATION
OrganizationADA, OK
$1,000
Dec 31, 2023
3
MORONGO BAND OF MISSION INDIANS
OrganizationBANNING, CA
$1,000
Apr 20, 2023
4
SALT RIVER PIMA MARICOPA INDIAN COMMUNITY
OrganizationSCOTTSDALE, AZ
$1,000
Apr 20, 2023
5
SANTA YNEZ BAND OF MISSION INDIANS
OrganizationSANTA YNEZ, CA
$1,000
Sep 11, 2023
6
THE CHICKASAW NATION
OrganizationADA, OK
$1,000
Sep 30, 2023
7
BANKE, BARBARA R.
IndividualGEYSERVILLE, CA
$6,600
Nov 16, 2023
8
SAMONA, MAZIN
WILD BILL'S TOBACCO • CEO
IndividualTROY, MI
$6,600
Sep 15, 2023
9
ALKHAFAJI, AMMAR
W INVESTORS GROUP • PRINCIPAL
IndividualSOUTHFIELD, MI
$6,600
Jul 24, 2023
10
YALDO, RUDI
PEARL TRADING LLC • CEO
IndividualBLOOMFIELD HILLS, MI
$6,600
Jul 21, 2023

Rep. Vindman, Eugene Simon [D-VA-7]

ID: V000138

Top Contributors

10

1
LUX FOR VIRGINIA
OrganizationLADYSMITH, VA
$500
Mar 29, 2024
2
LUX FOR VIRGINIA
OrganizationLADYSMITH, VA
$500
Mar 31, 2024
3
FORSTER-BURKE, DIANE
NOT EMPLOYED • NOT EMPLOYED
IndividualCOTTONWOOD HEIGHTS, UT
$4,000
Apr 20, 2024
4
FORSTER-BURKE, DIANE
IndividualCOTTONWOOD HEIGHTS, UT
$4,000
May 5, 2024
5
VON STEIN, THOMSON
IndividualROCKVILLE, MD
$3,500
Aug 7, 2024
6
HULL, MEGAN
SELF • ACTIVIST
IndividualWASHINGTON, DC
$3,300
Nov 2, 2024
7
KAISER, GEORGE
GBK CORPORATION • EXECUTIVE
IndividualTULSA, OK
$3,300
Oct 25, 2024
8
PARSONS, KATHLEEN
NOT EMPLOYED • NOT EMPLOYED
IndividualPOTOMAC, MD
$3,300
Oct 18, 2024
9
STAPLE, HARISE
SELF • MD
IndividualLOS ALTOS, CA
$3,300
Oct 18, 2024
10
HOLMES, LAURA
SELF • REAL ESTATE INVESTOR
IndividualBOCA RATON, FL
$3,300
Oct 22, 2024

Donor Network - Rep. Huizenga, Bill [R-MI-4]

PACs
Organizations
Individuals
Politicians

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

Loading...

Showing 62 nodes and 43 connections (47 secondary connections hidden)

Total contributions: $378,350

Top Donors - Rep. Huizenga, Bill [R-MI-4]

Showing top 24 donors by contribution amount

6 Orgs18 Individuals

Industry Impact

Which industries are materially affected by specific provisions in this bill. 3 helped.

  • Section 2(b)(1)-(7) and (f) require the SEC to finalize rules allowing covered entities (including brokers, dealers, investment advisers, investment companies, etc.) to deliver regulatory documents electronically, reducing paper delivery costs and administrative burden for firms in the investment banking and securities industry.

  • +Big Tech Platformsconfidence 0.70

    Section 2(g)(3)(B) and (g)(7) define electronic delivery to include posting documents to a website and delivering notice of availability, which could benefit big tech platforms that provide cloud hosting, website services, or digital infrastructure used for such electronic delivery.

  • +Telecommunicationsconfidence 0.60

    Section 2(g)(3)(A) and (g)(7) include direct delivery to an electronic address and mobile applications as forms of electronic delivery, which could increase demand for broadband and wireless services used by investors to receive documents, benefiting telecom providers.

Who funds the sponsor on these industries

For each industry this bill affects, here's what the sponsor (Rep. Huizenga, Bill [R-MI-4])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

  • from 15 contributions
    • SACKETT, DEAN III$1,750
    • BRACERAS, ROBERTO$1,000
    • CHAN, DERRICK$1,000
    • FEBEO, JIM$1,000
    • WARD, BRIAN$1,000

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.

Trade

Strong
Vector: 63%
Pages: 859-862AI Enhanced

AI Analysis:

"The bill's focus on modernizing and streamlining disclosure delivery aligns with Project 2025's call for a simplified, rationalized securities disclosure system that reduces impediments to capital formation."

Key themes:electronic disclosurecost reductioninvestor accessregulatory efficiencycapital formation

— 827 — Section 5: Independent Regulatory Agencies with government.” Under the Biden FTC, he writes, firms try “to get out of anti- trust liability by offering climate, diversity, or other forms of ESG-type offerings.” Candeub says that state AGs “are far more responsive to their constituents” than the federal government generally is, and he recommends that the FTC establish a position in the chairman’s office that is “focused on state AG cooperation and inviting state AGs to Washington, DC, to discuss enforcement policy in key sectors under the FTC’s jurisdiction: Big Tech, hospital mergers, supermarket mergers, and so forth.” — 829 — 27 FINANCIAL REGULATORY AGENCIES SECURITIES AND EXCHANGE COMMISSION AND RELATED AGENCIES David R. Burton The primary purposes of the laws and regulations governing capital markets and of capital market regulators are to deter and punish fraud and other material misstatements to investors; foster reasonable, scaled disclosure of information that is material to investors’ financial outcomes and proxy voting decisions; and maintain fair, orderly, and efficient secondary capital markets. The Securities Act of 19331 and the Securities Exchange Act of 19342 reflect nearly nine decades of rushed and haphazard amendments. The securities laws are now extremely complex and do not constitute a coherent, rational regulatory regime. For example, the current SEC has proposed a climate change reporting rule that would quadruple the costs of being a public company.3 This would have a substantial adverse impact on existing companies. Over time, it would also sub- stantially reduce the number of public companies and therefore the number of investing options available to ordinary Americans. The Securities and Exchange Commission (SEC) should be reducing impediments to capital formation, not rad- ically increasing them. The SEC and Congress should fundamentally reform the securities laws gov- erning issuers, broker–dealers, exchanges, and other market participants. Among other things, they should establish a simplified and rationalized securities disclo- sure system with:

Trade

Moderate
Vector: 63%
Pages: 863-865AI Enhanced

AI Analysis:

"The bill aligns with Project 2025's goal of improving SEC efficiency and transparency by modernizing disclosure processes, though it does not directly address broader reforms like abolishing FINRA or PCAOB, or reducing regulatory burdens on small issuers as emphasized in the policy."

Key themes:SEC reformdisclosure modernizationinvestor accessregulatory efficiencycapital formation support

— 830 — Mandate for Leadership: The Conservative Promise l Three basic categories of firm: private firms, an intermediate category of smaller firms,4 and public firms; l Reasonable, scaled disclosure requirements; and l Specified secondary markets for the securities of these firms.5 The SEC needs to be reformed to achieve its important core functions more effectively, to improve transparency and due process, and to reduce unnecessary regulatory impediments to capital formation.6 Under current law, the SEC Chair- man has the authority to make almost all of the necessary changes.7 Unfortunately, financial regulators, particularly the SEC and the Financial Industry Regulatory Authority (FINRA), are poorly managed and organized. With regulatory authority delegated by the government, both the Public Company Accounting Oversight Board (PCAOB) and FINRA have proved to be ineffective, costly, opaque, and largely impervious to reform. To reduce costs and improve transparency, due process, congressional oversight, and responsiveness, PCAOB and FINRA should be abolished, and their regulatory functions should be merged into the SEC. Furthermore, Congress should establish an indepen- dent board or commission and charge it with producing a detailed report within 18 months that examines the degree to which the regulatory functions of the var- ious other so-called self-regulatory organizations (SROs), which are no longer self-regulatory in any meaningful sense, should be moved to the SEC.8 Discrimination based on immutable characteristics has no place in financial regulation. Offices at financial regulators that promote racist policies (usually in the name of “diversity, equity, and inclusion”) should be abolished, and regulations that require appointments on the basis of race, ethnicity, sex, or sexual orientation should be eliminated. Equal protection of the law, equal opportunity, and individ- ual merit should govern regulatory decisions.9 Congress has given the SEC broad “general exemptive authority,”10 but the SEC has used this authority only rarely. It should use this authority significantly more often to reduce the regulatory burden on issuers, particularly smaller entrepreneurs. ENTREPRENEURIAL CAPITAL FORMATION Financial regulators should remove regulatory impediments to entrepreneur- ial capital formation.11 In the absence of the fundamental reform outlined above, the SEC should: l Simplify and streamline Regulation A (the small issues exemption)12 and Regulation CF (crowdfunding)13 and preempt blue sky registration and quali- fication requirements for all primary and secondary Regulation A offerings.14 — 831 — Financial Regulatory Agencies l Either democratize access to private offerings by broadening the definition of accredited investor for purposes of Regulation D or eliminate the accredited investor restriction altogether.15 l Allow traditional self-certification of accredited investor status for all Regulation D Rule 506 offerings. l Exempt small micro-offerings from registration requirements.16 l Exempt small and intermittent finders from broker–dealer registration requirements and provide a simplified registration process for private placement brokers.17 l Exempt peer-to-peer lending from federal and state securities laws and reduce the regulatory burden on Regulation CF debt securities. l Make the Title I Emerging Growth Company (EGC) exemptions permanent for all EGCs. l Reduce the regulatory burden on small broker–dealers and exempt privately held, non-custodial broker–dealers from the requirements to use a PCAOB- registered firm for their audits. Congress should: l Amend the Internal Revenue Code to disregard crowdfunding and Regulation A shareholders for purposes of the 100-shareholder limit for Subchapter S corporations.18 BETTER CAPITAL MARKETS To improve capital markets, the SEC should: l Preempt blue sky registration, qualification, and continuing reporting requirements for securities traded on established securities markets (including a national securities exchange or an alternative trading system).19 l Terminate the Consolidated Audit Trail (CAT) program.20 l Abolish Rule 144 and other regulations that restrict securities resales and instead require a company that has sold securities to provide sufficient current informa- tion to the market to permit reasonable investment decisions and secondary sales.

Trade

Weak
Vector: 67%
Pages: 863-865AI Enhanced

AI Analysis:

"The bill focuses on modernizing electronic delivery of investor disclosures, which aligns tangentially with Project 2025's broader goal of reducing regulatory burdens and improving capital market efficiency, but does not directly address any specific Trade section policies such as accredited investor reform, EGC exemptions, or ESG disclosure prohibitions."

Key themes:regulatory efficiencycapital marketsSEC modernization

— 831 — Financial Regulatory Agencies l Either democratize access to private offerings by broadening the definition of accredited investor for purposes of Regulation D or eliminate the accredited investor restriction altogether.15 l Allow traditional self-certification of accredited investor status for all Regulation D Rule 506 offerings. l Exempt small micro-offerings from registration requirements.16 l Exempt small and intermittent finders from broker–dealer registration requirements and provide a simplified registration process for private placement brokers.17 l Exempt peer-to-peer lending from federal and state securities laws and reduce the regulatory burden on Regulation CF debt securities. l Make the Title I Emerging Growth Company (EGC) exemptions permanent for all EGCs. l Reduce the regulatory burden on small broker–dealers and exempt privately held, non-custodial broker–dealers from the requirements to use a PCAOB- registered firm for their audits. Congress should: l Amend the Internal Revenue Code to disregard crowdfunding and Regulation A shareholders for purposes of the 100-shareholder limit for Subchapter S corporations.18 BETTER CAPITAL MARKETS To improve capital markets, the SEC should: l Preempt blue sky registration, qualification, and continuing reporting requirements for securities traded on established securities markets (including a national securities exchange or an alternative trading system).19 l Terminate the Consolidated Audit Trail (CAT) program.20 l Abolish Rule 144 and other regulations that restrict securities resales and instead require a company that has sold securities to provide sufficient current informa- tion to the market to permit reasonable investment decisions and secondary sales. — 832 — Mandate for Leadership: The Conservative Promise Congress should: l Prohibit the SEC from requiring issuer disclosure of social, ideological, political, or “human capital” information that is not material to investors’ financial, economic, or pecuniary risks or returns. The proposed SEC climate change rule, which would quadruple the costs of being a public company, is particularly problematic.21 l Repeal the Dodd–Frank mandated disclosures relating to conflict minerals, mine safety, resource extraction, and CEO pay ratios.22 l Oppose efforts to redefine the purpose of business in the name of social justice; corporate social responsibility (CSR); stakeholder theory; environmental, social, and governance (ESG) criteria; socially responsible investing (SRI); sustainability; diversity; business ethics; or common- good capitalism. l Prohibit securities regulators, including SROs, from promulgating rules or taking other actions that discriminate, either favorably or unfavorably, on the basis of the race, color, religion, sex, or national origin of such individual or group. SEC ADMINISTRATION To enable it to achieve its core mission more effectively, the SEC should:23 l Publish better data on securities offerings, securities markets, and securities law enforcement and publish an annual data book of time series data on these matters. Specifically, the SEC Division of Economic and Risk Analysis (DERA) needs to do a much better job of collecting and reporting fundamental data regarding offerings, regulatory costs, violations, enforcement, investors, state regulator taxes, fees and activities, and other matters. l Ensure that SEC resources flow toward its core functions and away from ancillary and support functions or from missions that do not fall within the SEC’s statutory charge. l Ensure that any three SEC Commissioners are empowered to place an item on the agenda and to receive adequate staff support to do so even without the Chairman’s support.

Showing 3 of 5 policy matches

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.

Full Policy Text

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