Financial Services and General Government Appropriations Act, 2026

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Bill ID: 119/hr/5166

Last Updated: July 10, 2026

Financial Services and General Government Appropriations Act, 2026

HR. 5166, 119th Congress — read as touching Accounting & Tax Services.

The sponsor

Rep. Joyce, David P. [R-OH-14]

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

The money

$60,200 raised

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

The alignment

95% match to Project 2025

This bill's text tracks the "22" section, p. 727-729 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. 193.

September 4, 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

Summary Style:

The Financial Services and General Government Appropriations Act, 2026 (HR 5166). A bill that exemplifies the inefficiencies of democratic governance. Let's dissect its contents and assess its implications on my interests.

**Total Funding Amounts and Budget Allocations**

The bill allocates a total of $239,424,000 for Departmental Offices within the Treasury Department. This represents a modest increase from previous years, but still a drop in the bucket compared to the vast sums I've invested in my own ventures.

**Key Programs and Agencies Receiving Funds**

Notable recipients include:

1. The Committee on Foreign Investment in the United States (CFIUS), which receives $21,000,000 for expenses related to implementing section 721 of the Defense Production Act. 2. The Office of Terrorism and Financial Intelligence, allocated $230,533,000 to combat illicit financial activities and national security threats. 3. The Cybersecurity Enhancement Account, receiving $99,000,000 for enhanced cybersecurity measures.

**Notable Increases or Decreases from Previous Years**

The CFIUS funding represents a significant increase from previous years, likely due to the growing concerns about foreign investment in sensitive sectors. Conversely, the Office of Terrorism and Financial Intelligence sees a modest decrease in funding, which may indicate a shift in priorities.

**Riders or Policy Provisions Attached to Funding**

Several provisions are attached to the funding allocations:

1. The CFIUS chairperson is authorized to transfer funds to other departments and agencies for expenses related to implementing section 721 of the Defense Production Act. 2. The Office of Terrorism and Financial Intelligence is required to use $500,000 for testing artificial intelligence and machine learning technologies to strengthen sanctions enforcement.

**Fiscal Impact and Deficit Implications**

The total appropriation of $239,424,000 represents a relatively small fraction of the overall federal budget. However, as a savvy investor, I recognize that these funds could be better allocated towards more efficient and innovative endeavors – such as my own ventures in fintech and cybersecurity.

In conclusion, this appropriations bill is a mixed bag for my interests. While it provides some funding for initiatives that align with my business goals, it also perpetuates the inefficiencies of democratic governance and fails to address the root causes of regulatory barriers to innovation. As a visionary leader, I will continue to advocate for policies that prioritize deregulation, privatization, and the empowerment of entrepreneurial spirit.

**Recommendations**

1. Increase funding for initiatives that support fintech and cybersecurity innovation. 2. Streamline regulations and reduce bureaucratic hurdles for entrepreneurs and businesses. 3. Consider privatizing certain government functions to improve efficiency and effectiveness.

By implementing these recommendations, we can unlock the true potential of the American economy and create a more favorable business environment – one that rewards innovation, risk-taking, and visionary leadership.

💰 Campaign Finance Network

Rep. Joyce, David P. [R-OH-14]

Congress 119 • 2024 Election Cycle

Total Contributions

$60,200

21 donors

PACs

$49,100

Organizations

$1,500

Committees

Individuals

MORONGO BAND OF MISSION INDIANS NATIVE AMERICAN RIGHTS FUND

3 transactions

$6,600

PECHANGA BAND OF LUISENO INDIANS

2 transactions

$6,600

POARCH BAND OF CREEK INDIANS

2 transactions

$6,600

CHEROKEE NATION

2 transactions

$5,800

SHAKOPEE MDEWAKANTON TRIBE

2 transactions

$4,950

THE CHICKASAW NATION

1 transaction

$3,300

SAN PABLO LYTTON CASINO

1 transaction

$3,300

AGUA CALIENTE BAND OF CAHUILLA INDIANS

1 transaction

$3,300

MATCH-E-BE-NASH-SHE-WISH BAND OF POTAWATOMI INDIANS

2 transactions

$3,000

CHOCTAW NATION OF OKLAHOMA

2 transactions

$2,650

SOBOBA BAND OF LUISENO INDIANS

1 transaction

$1,000

TOHONO O'ODHAM NATION

1 transaction

$1,000

SANTA YNEZ BAND OF MISION INDIANS

1 transaction

$1,000

MASHANTUCKET PEQUOT TRIBAL NATION

1 transaction

$1,000

MAGYAR FARMS, LLC

1 transaction

$250

CONCORD CLIFFS LLC

1 transaction

$250

No committee contributions found

No individual contributions found

Donor Network - Rep. Joyce, David P. [R-OH-14]

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

Showing 59 nodes and 30 connections (76 secondary connections hidden)

Total contributions: $60,200

Top Donors - Rep. Joyce, David P. [R-OH-14]

Showing top 21 donors by contribution amount

13 PACs3 Orgs5 Committees

Industry Impact

Which industries are materially affected by specific provisions in this bill. 8 helped, 10 harmed.

+Accounting & Tax Servicesconfidence 0.90
Section 529 of the bill prohibits using funds to review or approve the budget for the Financial Accounting Standards Board (FASB) until the FASB withdraws the Accounting Standards Update on Income Tax Disclosures issued in December 2023. This restriction benefits accounting firms by preventing new disclosure requirements that could increase compliance costs, effectively providing a regulatory rollback.
−Electric Vehicles & Batteriesconfidence 0.90
Section 636 explicitly prohibits using funds to procure electric vehicles, electric vehicle batteries, electric vehicle charging stations or infrastructure. This directly harms EV manufacturers and charging network companies by eliminating a potential government market for their products.
+Health Insuranceconfidence 0.90
Section 761 prohibits using funds to cover gender-affirming care in Federal Employees Health Benefits program, which harms health insurers by limiting coverage options and potentially reducing enrollment in plans offering such care.
+Cybersecurityconfidence 0.90
Title I includes $99M for Treasury cybersecurity enhancement account and $34M for Treasury-wide Financial Statement Audit and Internal Control Program (including cybersecurity), directly benefiting cybersecurity contractors.
−Big Tech Platformsconfidence 0.85
Section 636 prohibits using funds to procure electric vehicles, electric vehicle batteries, electric vehicle charging stations or infrastructure. This harms companies like Tesla, Rivian, and ChargePoint that rely on government procurement for EV adoption, representing a market contraction for the EV industry.
−Hospitals & Health Systemsconfidence 0.85
Section 704 restricts hiring of non-citizens and imposes citizenship requirements for federal employment, which could limit hospitals' ability to hire foreign-trained medical staff, harming healthcare systems reliant on international workers.

+ 12 more industries not shown.

Who funds the sponsor on these industries

For each industry this bill affects, here's what the sponsor (Rep. Joyce, David P. [R-OH-14])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 HARMS

Private Equity & Hedge Funds$14,400
from 6 contributions
- ROWAN, MARC$6,600
- KLEINMAN, SCOTT$3,400
- ZELTER, JAMES C. MR.$3,400
- MORONEY, JOSEPH$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.

22

Very Strong

Vector: 66%

Pages: 727-729AI Enhanced

AI Analysis:

"The bill directly funds the Office of Terrorism and Financial Intelligence and includes a provision requiring AI/ML use to strengthen sanctions enforcement, which advances TFI's core mission; it also funds CFIUS, aligning with the International Affairs objectives outlined in Project 2025."

Key themes:Terrorism and Financial IntelligenceSanctions enforcementCFIUSInternational AffairsCybersecurity/AI for financial oversight

22

Strong

Vector: 65%

Pages: 727-729AI Enhanced

AI Analysis:

"The bill provides significant funding increases for the Office of Terrorism and Financial Intelligence (TFI) and includes provisions to enhance sanctions enforcement using AI/ML, directly supporting Project 2025's emphasis on strengthening TFI's mission to disrupt terrorist financing and enforce economic sanctions. It also funds CFIUS and international affairs activities, aligning with Project 2025's focus on safeguarding U.S. economic security through investment screening and global financial e"

Key themes:Terrorism and Financial Intelligenceeconomic sanctions enforcementCommittee on Foreign Investment in the United Statinternational financial threatsAI-driven financial oversight

— 694 — Mandate for Leadership: The Conservative Promise Terrorism and Financial Intelligence. Terrorism and Financial Intelligence (TFI) was created in 2004 as part of the larger reorganization of the U.S. government to promote homeland security following the 9/11 terrorist attacks. TFI is charged with the mission of disrupting international financial support for terrorists, weapons of mass destruction proliferation, narcotics trafficking, money laundering, and other national security threats. It is also responsible for implementing and enforcing economic sanctions programs and supporting the wider law enforcement commu- nity in investigating financial crimes. It is led by the Under Secretary for Terrorism and Financial Intelligence. International Affairs protects and supports U.S. economic prosperity and national security by working to foster the most favorable external environment for sustained employment and economic growth in the United States. The most crucial functions of the Office of International Affairs relate to managing the U.S.–China Strategic Dialogue; representing U.S. interests in the World Bank, International Monetary Fund (IMF) and other multilateral development banks; and overseeing the Committee on Foreign Investment in the U.S. (CFIUS). It is led by the Under Secretary for International Affairs. Tax Policy formulates and develops tax policies and programs and works with Congress to get them passed into law. It reviews and issues regulations drafted by attorneys from the IRS’s Office of Chief Counsel to administer the Internal Reve- nue Code, negotiates tax information exchange agreements with the tax authorities of foreign governments, participates in international tax organizations, and pro- vides economic and legal policy analysis for domestic and international tax policy decisions. This office also provides revenue estimates for the President’s budget. It is led by the Assistant Secretary for Tax Policy. Economic Policy reports on current and prospective economic developments and assists in the determination of appropriate economic policies. This office is responsible for the review and analysis of domestic economic issues and develop- ments in financial markets. The Treasurer of the United States is a statutory office that has been assigned varying duties in recent Administrations. In addition to performing public out- reach, treasurers have at times headed Treasury’s financial education program and overseen the U.S. Mint and Bureau of Engraving and Printing. Four Inspectors General provide independent audits, investigations, and over- sight of Treasury and its programs: The Office of the Inspector General of the Department of Treasury; Treasury Inspector General for Tax Administration; Special Inspector General for the Troubled Asset Relief Program; and the Special Inspector General for Pandemic Recovery. Treasury Bureaus. Seven Treasury Department bureaus comprise 98 percent of the Treasury work force and are responsible for carrying out specific operations assigned to the department. — 695 — Department of the Treasury The Alcohol and Tobacco Tax and Trade Bureau collects federal excise taxes on alcohol, tobacco, firearms, and ammunition, and is responsible for enforcing and administering laws covering the production, use, and distribution of alco- hol products. The Internal Revenue Service is the largest of the department’s bureaus, account- ing for about 85 percent of Treasury’s personnel and about four-fifths of its appropriated budget. It administers and enforces U.S. tax laws. The Bureau of Engraving and Printing develops and produces U.S. currency notes. The Financial Crimes Enforcement Network (FinCEN) is designed to protect the financial system from illicit use. It also administers the beneficial ownership reporting regime mandated by the Corporate Transparency Act.12 The Bureau of the Fiscal Service provides central payment services to federal program agencies, operates the U.S. government’s collections and deposit systems, provides government-wide accounting and reporting services, manages the collec- tion of delinquent debt owed to the U.S. government, borrows the money needed to operate the government through the sale of U.S. Treasury securities (including the state and local government series), and accounts for and services the public debt. The United States Mint designs and mints U.S. circulating and bullion coins. The Office of the Comptroller of the Currency (OCC) charters, regulates, and supervises national banks and federal savings associations (thrifts) to ensure that they operate in a safe and sound manner, provide fair access to financial services, and comply with applicable laws and regulations. The OCC also supervises fed- eral branches and agencies of foreign banks and has rulemaking authority for all savings associations. TAX POLICY Tax policy has a powerful impact on the economy. The Treasury Department should develop and promote tax reform legislation that will promote prosperity. To accomplish this, tax reform should improve incentives to work, save, and invest. This, in turn, is accomplished primarily by reducing marginal tax rates,13 reducing the cost of capital14 and broadening the tax base to eliminate tax-induced economic distortions by eliminating special-interest tax credits, deductions, and exclusions. Tax compliance costs will decline precipitously if the tax system is substantially simplified.15 The Treasury Department should also promote tax competition rather than supporting an international tax cartel. Principles of Good Tax Policy. These are the principles governing good tax policy. l First, the tax system should raise the revenue necessary to fund a limited government for constitutionally appropriate activities. It should raise this revenue such that it: (a) applies the least economically destructive forms of

22

Moderate

Vector: 65%

Pages: 724-726AI Enhanced

AI Analysis:

"The bill supports Treasury's core functions and includes provisions to strengthen sanctions enforcement and cybersecurity, which aligns with Project 2025's emphasis on refocusing Treasury on economic stability and national security. However, it does not explicitly address the reversal of Biden-era equity, climate, or beneficial ownership reporting reforms outlined in the policy."

Key themes:Treasury Department reformfinancial intelligence and sanctions enforcementcybersecurity enhancementeconomic stability focus

— 692 — Mandate for Leadership: The Conservative Promise l Reform of the anti-money laundering and beneficial ownership reporting systems; l Reversal of the racist “equity” agenda of the Biden Administration; and l Reversal of the economically destructive and ineffective climate-related financial-risk agenda of the Biden Administration. BIDEN ADMINISTRATION TREASURY DEPARTMENT The Biden Administration Treasury Department has failed badly in achieving every one of the agency’s core objectives. The financial affairs of the nation have seldom been in worse condition, with the national debt expanding by more than $4 trillion in Biden’s first two years in office. No President in modern times—perhaps ever—has been more fiscally reckless than has the Biden Administration. The soundness and stability of U.S. currency, the dollar, has been put at risk because of the worst inflation in four decades. American families have been made poorer by Biden’s economic strategy of taxing, spending, borrowing, regulating, and printing money. The average family has seen real annual earn- ings fall about $6,000 during the Biden Administration.1 In 2022, the average American’s 401(k) plan dropped in value from $130,700 to $103,900—more than 20 percent.2 Why has the Biden Administration failed to achieve virtually all components of its mission? Under the leadership of Treasury Secretary Janet Yellen, the depart- ment has made “equity” and “climate change” among its top five priorities. The next Administration must act decisively to curtail activities that fall outside Trea- sury’s mandate and primary mission. Treasury must refocus on its core missions of promoting economic growth, prosperity, and economic stability. For a clear statement of Treasury’s mission drift, one need look no further than Secretary Yellen’s introduction in the Treasury Department’s Fiscal Year 2022–2026 Strategic Plan: We will have to address the structural problems that have plagued our economy for decades: the decline in labor force participation, income and racial inequality, and serious underinvestment in crucial public goods like childcare, education, and physical infrastructure. And then there are rising challenges, like climate change, which, left unchecked, will undermine every aspect of our economy from supply chains to the financial system.3 Treasury’s mission drift into a “woke” agenda, is exemplified in a comparison of Domestic Finance’s changed responsibilities from 2015 to 2023: — 693 — Department of the Treasury [2015] Domestic Finance works to preserve confidence in the U.S. Treasury securities market, effectively manage federal fiscal operations, strengthen financial institutions and markets, promote access to credit, and improve financial access and education in service of America’s long-term economic strength and stability.4 [2023] Domestic Finance works to support equitable and sustainable economic growth and financial stability through policies to increase the resilience of financial institutions and markets and financial wellbeing of consumers, and to increase access to credit for small businesses and low-to- moderate income communities.5 TREASURY DEPARTMENT ORGANIZATION The Treasury Department is one of the few executive agencies recognized in the U.S. Constitution. It states: No Money shall be drawn from the Treasury, but in Consequence of Appropri- ations made by Law; and a regular Statement and Account of the Receipts and Expenditures of all public Money shall be published from time to time.6 The Treasury Department was established by statute in 1789. Today, it is respon- sible for financing the federal government, promoting economic prosperity, and ensuring the financial security of the United States. In fiscal year 2022, Treasury received discretionary appropriations of approximately $16.4 billion.7 It also has highly variable “mandatory” expenses (COVID-related CARES Act spending, for example). In fiscal year (FY) 2022, Treasury employed approximately 96,000 full-time employees, including approximately 81,000 at the Internal Revenue Service (IRS).8 Approximately four-fifths of Treasury’s discretionary funds are used for IRS operations. The remaining amounts are for its offices, bureaus, and interna- tional assistance programs. Treasury is organized into various departmental offices,9 seven bureaus,10 and four inspectors general.11 Departmental Offices. Departmental offices are composed of divisions headed by under-secretaries and assistant secretaries who are primarily responsible for policy formulation and overall management of the Treasury Department. Domestic Finance is run by the Under Secretary for Domestic Finance, to whom the assistant secretaries for financial markets, financial stability, financial institu- tions and the fiscal assistant secretary report. Additionally, the Financial Stability Oversight Council (FSOC) Secretariat and the Office of Financial Research report to the Under Secretary for Domestic Finance.

Department of the Treasury

Weak

Vector: 66%

Pages: 733-735AI Enhanced

AI Analysis:

"The bill focuses on Treasury funding allocations, cybersecurity, sanctions enforcement, and CFIUS operations, while Project 2025 emphasizes reducing IRS reporting burdens, withdrawing from international financial institutions, and fiscal responsibility through spending cuts—areas not addressed in the bill. There is minimal thematic overlap beyond general Treasury operations."

Key themes:Department of the Treasuryfinancial policyinternational affairs

— 701 — Department of the Treasury administers these reporting programs, most of this expense is mandated by Con- gress, not the IRS. One of the primary reasons that Congress mandates ever-increasing infor- mation reporting is that the Treasury Department and the Joint Committee on Taxation staff almost always overestimate how much revenue will be gained from still more burdensome information reporting, and they do not estimate or report private compliance costs. Congress and the Treasury Department must undertake a serious review of the information reporting regime and reduce the burden on the public—especially small businesses. Small businesses suffer disproportionately from complexity and administrative burdens. Costs do not increase linearly with size, so elevated administrative costs have an adverse effect on the competitiveness of small firms. Budget. The operating budget of the IRS should be held constant in real terms. The resources allocated to the Office of the Taxpayer Advocate should be increased by at least 20 percent (about $44 million). The Office of Equity, Diversity, and Inclusion should be closed. Provided that IT management is changed; an effective, well-considered implementation plan is adopted; and serious oversight is put in place, additional resources dedicated solely to IT modernization may be warranted. INTERNATIONAL AFFAIRS The Treasury Department should withdraw from Senate consideration the Protocol Amending the Convention on Mutual Administrative Assistance in Tax Matters.48 The protocol will lead to substantially more transnational identity theft, crime, industrial espionage, financial fraud, and suppression of political oppo- nents and religious or ethnic minorities by authoritarian and corrupt governments, including China, Colombia, Nigeria, and Russia. Unlike the original multilateral convention, the amended convention is open to all governments—including many that are either hostile to the United States, have serious corruption problems, or have inadequate privacy protections. The new Administration should also oppose the multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information.49 International organizations such as the OECD, the World Bank, and the Inter- national Monetary Fund espouse economic theories and policies that are inimical to American free market and limited government principles. The global elites who operate the IMF regularly advance higher taxes and big centralized government. The IMF has intervened in American policy debates—and has even recommended that the U.S. raise taxes. The IMF’s record of advancing global financial stability has been mixed at best. Its development assistance and lending programs in third- world countries have more often than not retarded growth rather than advancing it. The Treasury Department plays an important role in these international institutions and should force reforms and new policies. The U.S., however, should — 702 — Mandate for Leadership: The Conservative Promise withdraw from both the World Bank and the IMF and terminate its financial con- tribution to both institutions. If the U.S. is to provide economic assistance or humanitarian aid to other nations, it should do so unilaterally—not through the pass-throughs of international aid orga- nizations, non-governmental organizations, or other nations. These organizations and countries simply create expensive middle-men, while U.S. funds are intercepted before being distributed to those in need. Also, these foreign entities have interests that do not coincide with American national security and economic interests. FISCAL RESPONSIBILITY Treasury should make balancing the federal budget a mission-critical objective. The federal budget absorbs enormous resources from the economy, both in money taken from taxpayers and in money borrowed. The budget should be balanced by driving down federal spending while maintaining a strong national defense and not raising taxes. To reduce interest payments on the debt, Treasury should lock in current rel- atively low interest rates by issuing longer duration bonds, and even consider creating a 50-year treasury bill. Most of the federal debt rolls over on average about every three to four years. But interest rates, even with the latest Federal Reserve rate increases, are still below the 5 percent historical average. Treasury would thus save taxpayers money during the next several decades by issuing fewer short-term notes that will probably have to be rolled over at higher rates in the future. To promote transparency of finances, each year Americans should receive a financial statement of the U.S. government alerting citizens of the revenues, expen- ditures, deficit, and debt for the preceding fiscal year. The statement should also include this individual family’s pro-rata share of the debt based on family size. INTERNATIONAL COMPETITIVENESS The Treasury must act more assertively in international financial institutions to protect and advance U.S. national interests—and oppose those that do not. It should employ a carrot-and-stick approach by increasing its activity and commitment to those financial institutions that are willing and able to adjust to this new approach and by zeroing out or potentially exiting those institutions that rely on U.S. capital while advancing agendas that run counter to U.S. interests. l A major emphasis of effecting this change must be the addition of a large new cadre of U.S. professionals and contractors at these international financial institutions. l The U.S. must insist on the hiring and support of this human capital as a condition to future funding.

Department of the Treasury

Weak

Vector: 66%

Pages: 739-741AI Enhanced

AI Analysis:

"The bill focuses on Treasury funding, cybersecurity, sanctions enforcement, and CFIUS operations, but does not address Project 2025's specific Treasury priorities such as AML-CFT data transparency, repeal of the Corporate Transparency Act, elimination of DEI initiatives, or opposition to climate-related financial risk offices."

Key themes:Department of the Treasuryfinancial regulationsanctions enforcement

— 707 — Department of the Treasury There were 2 .7 million suspicious activity reports (SARs) filed in 2021.60 The number of CTRs filed were approximately 10 times that number.61 In 2014, FinCEN anti-money laundering/countering the financing of terrorism (AML-CFT) rules cost an estimated $5 billion to $8 billion per year.62 Undoubtedly, this cost is now substantially higher both because of inflation and because the rules have become more onerous.63 Yet there is little evidence that this massive expenditure of resources is doing much good,64 and there is no evidence regarding which aspects of the AML-CFT regime are effective and which are not. The AML-CFT regime is a major contributing factor causing the decline in the number of small broker-deal- ers and the decline in the competitiveness of community banks. Congress must require FinCEN to annually publish data regarding: l The number of SARs filed; l The number of CTRs filed;65 l The number of AML-CFT prosecutions, disaggregating those in which the AML-CFT prosecution is stand-alone and in which the prosecution is an add-on count connected to other predicate crime;66 l The number of AML-CFT convictions (similarly disaggregated); l The number and aggregate amount of AML-CFT fines imposed and the type of institution upon which the fine was imposed; and l Annual estimates of the aggregate costs imposed on private entities by the AML-CFT regime.67 Without this data, it is impossible for policymakers to make an informed judg- ment about the effectiveness of the AML-CFT regime. Congress should also require both FinCEN and the Government Accountability Office to undertake separate evaluations regarding which aspects of the AML-CFT regime are effective and which are not. FinCEN should be required to undertake a thorough retrospec- tive review of its regulations and various statutory requirements and report to Congress on its findings in a publicly available report. Anecdotes and assurances from FinCEN staff that all is well—but that even more onerous requirements are needed—are not enough. Congress should repeal the Corporate Transparency Act, and FinCEN should withdraw its poorly written and overbroad beneficial ownership reporting rule. Both are targeted at the smallest businesses in the U.S. (those with 20 or fewer employees) and will do nothing material to impede criminal finance.68 The FinCEN — 708 — Mandate for Leadership: The Conservative Promise beneficial ownership reporting rule will impose costs exceeding $1 billion annu- ally and is exceedingly poorly drafted.69 FinCEN itself estimates that more than 33 million businesses will be affected and that costs will be $547 million to $8.1 billion annually.70 THE “EQUITY” AGENDA Under the Biden Administration, the Treasury Department has appointed a Counselor for Racial Equity, established an Advisory Committee on Racial Equity, and created an office for Diversity, Equity, Inclusion, and Accessibility. All these should be eliminated. Treasury has created several new offices to promote “equity” and has made this its first of five strategic goals in its Fiscal Year 2022–2226 Strategic Plan. “Equity” is identified as a cross-cutting theme in 15 of 19 of the plan’s objectives. The avowed purpose of these initiatives is to implement policies that delib- erately favor some races or ethnicities over others. The casual acceptance and rapid spread of racist policymaking in the federal government must be forcefully opposed and reversed. The next conservative Administration should take affirma- tive steps to expose and eradicate the practice of critical race theory and diversity, equity, and inclusion (DEI) throughout the Treasury Department. These steps will include: l Identify every Treasury official who participated in DEI initiatives and interview him or her for the purpose of determining the scope and nature of these initiatives and to ensure that such initiatives are completely ended. l Make public immediately all communications relating to the work of the Treasury’s critical race theory and DEI initiatives. l Treat the participation in any critical race theory or DEI initiative, without objecting on constitutional or moral grounds, as per se grounds for termination of employment. l Expose and make public all training materials and initiatives designed to single out any race, ethnicity, or sex for special treatment. The Administration should eliminate the 25-member Treasury Advisory Com- mittee on Racial Equity. CLIMATE-RELATED FINANCIAL RISK Treasury has created a new departmental office, “Climate Hub,” and has made “combating climate change” one of the Biden Treasury Department’s top five

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.

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