Homebuyers Privacy Protection Act

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Bill ID: 119/s/1467
Last Updated: July 17, 2026

Sponsored by

Sen. Reed, Jack [D-RI]

ID: R000122

Follow the money

The bill

Homebuyers Privacy Protection Act

S. 1467, 119th Congress — read as touching Commercial Banks.

The sponsor

Sen. Reed, Jack [D-RI]

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

The money

$56,400 raised

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

The alignment

55% match to Project 2025

This bill's text tracks the "Financial Regulatory Agencies" section, p. 869-871 of the Mandate for Leadership.

Bill's Journey to Becoming a Law

Track this bill's progress through the legislative process

Latest Action

Held at the desk.

June 16, 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 Senate

🏛️

House 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 brilliant example of congressional incompetence masquerading as "consumer protection." The Homebuyers Privacy Protection Act, S 1467, is a masterclass in legislative doublespeak and special interest pandering.

**Main Purpose & Objectives:** The bill's stated purpose is to prevent consumer reporting agencies from furnishing consumer reports under certain circumstances. In reality, it's a thinly veiled attempt to restrict access to credit information for non-lenders, while allowing favored industries (banks, credit unions) to maintain their stranglehold on the market.

**Key Provisions & Changes to Existing Law:** The bill amends Section 604(c) of the Fair Credit Reporting Act by adding new definitions and limitations on consumer report requests. In essence, it creates a tiered system where only select entities (lenders, servicers, insured depository institutions, and credit unions) can access consumer reports for residential mortgage loans. Everyone else is left out in the cold.

**Affected Parties & Stakeholders:** The bill's proponents claim to be protecting homebuyers' privacy, but the real beneficiaries are the financial institutions that lobbied for this legislation. Non-lenders, such as credit counselors and financial advisors, will face significant barriers in accessing necessary information to help their clients. Homebuyers themselves? They'll just get more confusing fine print and reduced access to competitive loan offers.

**Potential Impact & Implications:** This bill is a textbook example of regulatory capture, where special interests hijack the legislative process to serve their own agendas. By limiting access to credit information, this bill will:

* Reduce competition in the mortgage market * Increase costs for homebuyers * Stifle innovation in financial services * Perpetuate the dominance of entrenched financial institutions

In short, S 1467 is a cynical exercise in protecting the interests of powerful lobbies at the expense of consumers. It's a legislative disease, and I'm here to diagnose it: "Acute Regulatory Capture Syndrome" with symptoms of crony capitalism, bureaucratic sclerosis, and a healthy dose of congressional incompetence.

Now, if you'll excuse me, I have better things to do than dissect this legislative abomination further. Next patient, please!

Related Topics

Elections & Voting RightsFederal Budget & AppropriationsCybersecurity & Data Privacy
Generated using Llama 3.1 70B (Dr. Haus personality)

💰 Campaign Finance Network

Sen. Reed, Jack [D-RI]

Congress 119 • 2024 Election Cycle

Total Contributions
$56,400
17 donors
PACs
$0
Organizations
$0
Committees
$0
Individuals
$56,400

No PAC contributions found

No organization contributions found

No committee contributions found

1
MEZZALINGUA, JOHN
2 transactions
$6,600
2
MEZZALINGUA, KIM
2 transactions
$6,600
3
GRANIERI, ROBERT A.
2 transactions
$6,600
4
KHAMIEES, MOHAMMAD D.
1 transaction
$3,300
5
BOYCE, KATHARINE
1 transaction
$2,900
6
SLOANE, CANDACE LAPIDUS
1 transaction
$2,900
7
BONDERMAN, DAVID
1 transaction
$2,500
8
FISH, LAWRENCE K.
1 transaction
$2,500
9
FRADIN, CHARLES SUMNER
1 transaction
$2,500
10
MANCINI, RAYMOND T. SR.
1 transaction
$2,500
11
REEDER, JOE
1 transaction
$2,500
12
ROGERS, MICHAEL
1 transaction
$2,500
13
BROOKS, JOHN W. JR.
1 transaction
$2,500
14
FORMICOLA, JOSEPH JR
1 transaction
$2,500
15
GOODISON, CYNTHIA
1 transaction
$2,500
16
HALMI, DEZI
1 transaction
$2,500
17
MENCOFF, SAMUEL
1 transaction
$2,500

Cosponsors & Their Campaign Finance

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

Sen. Hagerty, Bill [R-TN]

ID: H000601

Top Contributors

21

1
WELDON
OrganizationWESTFIELD, NJ
$1,000
Mar 22, 2024
2
CARTER, JOY
AIRTECH INT'L • SALES
IndividualHENDERSONVILLE, TN
$13,200
Jan 2, 2024
3
FULLER, CHRIS
TRANSCARD • OWNER
IndividualCHATTANOOGA, TN
$10,410
Aug 18, 2023
4
RADER, SALLY
CHILDREN'S CLINIC OF NASHVILLE • NURSE PRACTICTIONER
IndividualNASHVILLE, TN
$9,400
Mar 10, 2023
5
HALBOWER, JULIE MRS.
RETIRED • RETIRED
IndividualNAPLES, FL
$9,400
Jun 24, 2024
6
HALBOWER, MATTHEW
PENTWATER CAPITAL MANAGEMENT • CEO
IndividualNAPLES, FL
$9,400
Jun 24, 2024
7
JOHNSON, CHARLES B. MR.
RETIRED • RETIRED
IndividualPALM BEACH, FL
$9,400
May 16, 2024
8
LES, JASON
RIOT PLATFORMS INC. • CEO
IndividualCOSTA MESA, CA
$9,400
Jul 13, 2024
9
MASIERO, THOMAS
ABG ENERGY LLC • CEO
IndividualPALL MALL, TN
$9,400
Jul 16, 2024
10
PRESTON, TAYLOR
EVELYN CAPITAL • MANAGING PARTNER
IndividualNASHVILLE, TN
$9,400
Jul 28, 2024

Sen. Van Hollen, Chris [D-MD]

ID: V000128

Top Contributors

22

1
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$1,000
Jun 3, 2023
2
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$1,000
Apr 25, 2024
3
BROE, PATRICK
FOUNDER • BROE GROUP
IndividualDENVER, CO
$5,000
Sep 17, 2024
4
BROE, PAULA
NOT EMPLOYED • NOT EMPLOYED
IndividualDENVER, CO
$5,000
Sep 17, 2024
5
FUSTOK, OMAR
SELF EMPLOYED • HEALTHCARE
IndividualHOUSTON, TX
$3,300
Dec 6, 2024
6
HUSAIN, NOMAAN K.
HUSAIN LAW • ATTORNEY
IndividualHOUSTON, TX
$3,300
Dec 5, 2024
7
HUSAIN, NOMAAN K.
HUSAIN LAW • ATTORNEY
IndividualHOUSTON, TX
$3,300
Dec 5, 2024
8
JAVED, MOHAMMAD SHAHID
TRUE INSURANCE SOLUTIONS • REAL ESTATE
IndividualBEAUMONT, TX
$3,300
Dec 4, 2024
9
JAVED, MOHAMMAD SHAHID
TRUE INSURANCE SOLUTIONS • REAL ESTATE
IndividualBEAUMONT, TX
$3,300
Dec 4, 2024
10
JAVED, MUHAMMAD TAHIR
RICELAND HEALTHCARE • CEO
IndividualBEAUMONT, TX
$3,300
Dec 4, 2024

Sen. Tillis, Thomas [R-NC]

ID: T000476

Top Contributors

20

1
SASTRY, ASHWANI
SUNRISE VASCULAR • PHYSICIAN
IndividualORLANDO, FL
$3,400
Dec 12, 2024
2
AGARWAL, SAJJAN K
GREENHAWK CORPORATION • CEO
IndividualCARY, NC
$3,300
Dec 11, 2024
3
ALLYN, JILL
BRIGHTHOUSE FINANCIAL • INVESTMENTS
IndividualESTERO, FL
$3,300
Oct 17, 2024
4
BARATTA, JOSEPH PATRICK
BLACKSTONE • FINANCE EXECUTIVE
IndividualNEW YORK, NY
$3,300
Dec 18, 2024
5
BARATTA, JOSEPH PATRICK
BLACKSTONE • FINANCE EXECUTIVE
IndividualNEW YORK, NY
$3,300
Dec 18, 2024
6
BIELEN, RICHARD J
PROTECTIVE LIFE CORPORATION • PRESIDENT & CEO
IndividualMOUNTAIN BRK, AL
$3,300
Oct 29, 2024
7
BLITZER, DAVID S
BLACKSTONE • CHAIRMAN
IndividualNEW YORK, NY
$3,300
Dec 12, 2024
8
BLITZER, DAVID S
BLACKSTONE • CHAIRMAN
IndividualNEW YORK, NY
$3,300
Dec 12, 2024
9
BRAND, MARTIN
BLACKSTONE • FINANCE
IndividualNEW YORK, NY
$3,300
Dec 20, 2024
10
CAMERON, WILLIAM H
CAMERON MANAGMENT • PRESIDENT
IndividualWILMINGTON, NC
$3,300
Oct 28, 2024

Sen. Cortez Masto, Catherine [D-NV]

ID: C001113

Top Contributors

28

1
LAS VEGAS PAIUTE TRIBE
OrganizationLAS VEGAS, NV
$3,300
Nov 28, 2023
2
MISSISSIPPI BAND OF CHOCTAW INDIANS
OrganizationCHOCTAW, MS
$2,500
Dec 20, 2023
3
ALABAMA-COUSHATTA TRIBE
OrganizationLIVINGSTON, TX
$1,500
Oct 2, 2024
4
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$1,000
Apr 26, 2024
5
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$1,000
Jul 11, 2023
6
MUSCOGEE CREEK NATION
OrganizationOKMULGEE, OK
$1,000
Sep 18, 2024
7
MOHEGAN TRIBE OF INDIANS OF CONNECTICUT
OrganizationUNCASVILLE, CT
$1,000
Aug 12, 2024
8
CHOCTAW NATION OF OKLAHOMA
OrganizationDURANT, OK
$550
Oct 2, 2023
9
LONGTIN, LUANN
IndividualPOTOMAC, MD
$17,325
Jun 30, 2024
10
SLIFKA, ROSALYN
IndividualWALTHAM, MA
$5,800
Jun 30, 2024

Sen. Cramer, Kevin [R-ND]

ID: C001096

Top Contributors

26

1
POARCH BAND OF CREEK INDIANS
OrganizationATMORE, AL
$3,300
Sep 29, 2023
2
POARCH BAND OF CREEK INDIANS
OrganizationATMORE, AL
$3,300
Jun 14, 2024
3
SISSETON-WAHPETON OYATE
OrganizationAGENCY VILLAGE, SD
$2,500
Jun 21, 2024
4
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$1,000
Jun 18, 2024
5
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$600
Jun 6, 2023
6
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$400
Jun 6, 2023
7
WALSH, RICHARD
IndividualLAKE WORTH BEACH, FL
$6,700
Oct 16, 2024
8
JORDAN, BORIS
CURALEAF • EXECUTIVE CHAIRMAN OF THE BOARD
IndividualBOCA RATON, FL
$6,600
Sep 15, 2023
9
SMITH, BRAD
MICROSOFT CORPORATION • ATTORNEY
IndividualBELLEVUE, WA
$6,600
Sep 29, 2023
10
KAPLAN, DAVID
ARES MANAGEMENT • CO-FOUNDER
IndividualLOS ANGELES, CA
$6,600
Oct 11, 2023

Sen. Smith, Tina [D-MN]

ID: S001203

Top Contributors

34

1
OTOE MISSOURIA TRIBE OF OKLAHOMA
OrganizationRED ROCK, OK
$3,300
Jan 23, 2024
2
OTOE MISSOURIA TRIBE OF OKLAHOMA
OrganizationRED ROCK, OK
$3,300
Jan 23, 2024
3
MUSCOGEE CREEK NATION
OrganizationOKMULGEE, OK
$2,000
Dec 28, 2023
4
MIAMI TRIBE OF OKLAHOMA
OrganizationMIAMI, OK
$2,000
Mar 18, 2024
5
MUSCOGEE CREEK NATION
OrganizationOKMULGEE, OK
$2,000
Jul 31, 2024
6
MILLE LACS BAND OF OJIBWE INDIANS
OrganizationONAMIA, MN
$1,300
Jun 27, 2023
7
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$1,300
Jun 27, 2023
8
MUSCOGEE CREEK NATION
OrganizationOKMULGEE, OK
$1,300
Jul 31, 2024
9
MILLE LACS BAND OF OJIBWE INDIANS
OrganizationONAMIA, MN
$1,200
Jun 27, 2023
10
FOND DU LAC BAND
OrganizationCLOQUET, MN
$1,000
Jun 27, 2023

Sen. Britt, Katie Boyd [R-AL]

ID: B001319

Top Contributors

26

1
POARCH BAND OF CREEK INDIANS
OrganizationATMORE, AL
$3,300
Sep 14, 2023
2
POARCH BAND OF CREEK INDIANS
OrganizationATMORE, AL
$3,300
Oct 11, 2024
3
CHEROKEE NATION
OrganizationTAHLEQUAH, OK
$2,500
Oct 29, 2024
4
HUNTON ANDREWS KURTH LLP
OrganizationRICHMOND, VA
$1,000
Jul 25, 2024
5
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$1,000
May 1, 2024
6
SHAKOPEE MDEWAKANTON SIOUX COMMUNITY
OrganizationPRIOR LAKE, MN
$1,000
Nov 9, 2023
7
STRONG, MIRANDA
CALISTA • DIRECTOR OF GOVERNMENT RELATIONS
IndividualANCHORAGE, AK
$5,000
Sep 20, 2023
8
STEPHENS, TYLER
FIERCE GOVERNMENT RELATIONS • LOBBYIST
IndividualWASHINGTON, DC
$3,300
Jul 1, 2023
9
SINGER, PAUL
ELLIOTT INVESTMENT MANAGEMENT • CO-CEO, CO-CIO, PRESIDENT
IndividualPALM BEACH, FL
$3,300
Jul 6, 2023
10
SINGER, PAUL
ELLIOTT INVESTMENT MANAGEMENT • CO-CEO, CO-CIO, PRESIDENT
IndividualPALM BEACH, FL
$3,300
Jul 9, 2023

Sen. Gallego, Ruben [D-AZ]

ID: G000574

Top Contributors

70

1
NISQUALLY INDIAN TRIBE
OrganizationOLYMPIA, WA
$3,300
Nov 6, 2023
2
SAN MANUEL BAND OF MISSION INDIANS
OrganizationHIGHLAND, CA
$3,300
Dec 27, 2023
3
SUQUAMISH INDIAN TRIBE
OrganizationSUQUAMISH, WA
$3,300
Nov 6, 2023
4
TOHONO O'ODHAM NATION
OrganizationSELLS, AZ
$3,300
Oct 26, 2023
5
AGUA CALIENTE BAND OF CAHUILLA INDIANS
OrganizationPALM SPRINGS, CA
$3,300
Oct 21, 2024
6
SNOQUALMIE TRIBE
OrganizationSNOQUALMIE, WA
$3,300
Oct 25, 2024
7
VIEJAS BAND OF KUMEYAAY INDIANS
OrganizationALPINE, CA
$3,300
Nov 4, 2024
8
AGUA CALIENTE BAND OF CAHUILLA INDIANS
OrganizationPALM SPRINGS, CA
$3,300
Jan 8, 2024
9
NOTTAWASEPPI HURON BAND OF THE POTAWATOMI
OrganizationFULTON, MI
$3,300
Mar 26, 2024
10
POARCH BAND OF CREEK INDIANS
OrganizationATMORE, AL
$3,300
Mar 28, 2024

Sen. Ricketts, Pete [R-NE]

ID: R000618

Top Contributors

26

1
SPIKE OCOTILLO LLC
OrganizationCHANDLER, AZ
$2,500
Mar 4, 2024
2
HUNTON ANDREWS KURTH LLP
OrganizationRICHMOND, VA
$1,000
Mar 28, 2024
3
KING & SPALDING LLP
OrganizationATLANTA, GA
$1,000
Mar 29, 2024
4
GREENBERG TRAURIG
OrganizationALBANY, NY
$1,000
Apr 23, 2024
5
H.A. TRUE, III
OrganizationCASPER, WY
$1,000
Aug 22, 2024
6
DELTA AIRLINES
OrganizationATLANTA, GA
$234
Apr 17, 2023
7
VANDERSLOOT, BELINDA
SELF • HOMEMAKER
IndividualIDAHO FALLS, ID
$6,600
Mar 4, 2024
8
VANDERSLOOT, FRANK
MELALEUCA • OWNER
IndividualIDAHO FALLS, ID
$6,600
Mar 4, 2024
9
MANDELBLATT, DANIELLE
RETIRED
IndividualASPEN, CO
$6,600
Jun 7, 2024
10
MANDELBLATT, ERIC
SOROBAN CAPITAL PARTNERS LP • MANAGING PARTNER
IndividualASPEN, CO
$6,600
Jun 7, 2024

Sen. Alsobrooks, Angela D. [D-MD]

ID: A000382

Top Contributors

27

1
FRIENDS OF JHEANELLE WILKINS
COMSILVER SPRING, MD
$500
Sep 30, 2023
2
FRIENDS OF DIANA FENNELL
COMBRENTWOOD, MD
$250
Sep 21, 2023
3
FRIENDS OF MAHASIN AMIN
COMFORT WASHINGTON, MD
$110
Aug 22, 2023
4
CHEROKEE NATION
OrganizationTAHLEQUAH, OK
$3,300
Dec 13, 2023
5
LAKEWOOD HEALTHCARE ASSOC LLC
OrganizationWOODBINE, MD
$3,300
Sep 7, 2023
6
TYSON PROJECT MANAGEMENT GROUP LLC
OrganizationWASHINGTON, DC
$2,500
Jun 25, 2023
7
MASTER PRODUCTIONS, LLC.
OrganizationBOWIE, MD
$250
Sep 14, 2023
8
ADOLPH, GWENDOLYN
NOT EMPLOYED • NOT EMPLOYED
IndividualNEW ROCHELLE, NY
$6,600
Oct 23, 2023
9
THOMAS, TORI
IndividualMCLEAN, VA
$5,800
Aug 2, 2024
10
JAMAR, STEVEN
IndividualCOLUMBIA, MD
$3,700
Oct 23, 2024

Donor Network - Sen. Reed, Jack [D-RI]

PACs
Organizations
Individuals
Politicians

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

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Showing 34 nodes and 41 connections

Total contributions: $41

Top Donors - Sen. Reed, Jack [D-RI]

Showing top 17 donors by contribution amount

17 Individuals

Industry Impact

Which industries are materially affected by specific provisions in this bill. 2 harmed.

  • −Commercial Banksconfidence 0.90

    Section 2 amends FCRA to restrict furnishing of consumer reports for prescreening requests related to residential mortgage loans unless certain conditions are met, limiting banks' ability to use credit reports for marketing mortgage products, imposing a compliance cost.

  • −Real Estateconfidence 0.85

    Section 2 limits furnishing of consumer reports in connection with residential mortgage loan transactions, which could reduce the effectiveness of prescreened mortgage offers, impacting real estate agents and lenders reliant on such marketing.

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

Weak
Vector: 65%
Pages: 869-871AI Enhanced

AI Analysis:

"The bill expands consumer privacy protections in mortgage lending, while Project 2025's financial regulatory agenda seeks to limit the CFPB's authority and reduce regulatory burdens, resulting in weak thematic alignment."

Key themes:consumer financial protectionmortgage lendingFair Credit Reporting Actprivacyregulatory oversight

— 837 — Financial Regulatory Agencies l Require the SEC and the CFTC to publish a detailed annual report on SRO supervision. AUTHOR’S NOTE: The preparation of this chapter was a collective enterprise of individuals involved in the 2025 Presidential Transition Project. All contributors to this chapter are listed at the front of this volume, but Paul Atkins, C. Wallace DeWitt, Christopher Iacovella, Brian Knight, Chelsea Pizzola, and Andrew Vollmer deserve special mention. The author alone assumes responsibility for the content of this chapter, and no views expressed herein should be attributed to any other individual. CONSUMER FINANCIAL PROTECTION BUREAU Robert Bowes The Consumer Financial Protection Bureau (CFPB) was authorized in 2010 by the Dodd–Frank Act.32 Since the Bureau’s inception, its status as an “inde- pendent” agency with no congressional oversight has been questioned in multiple court cases, and the agency has been assailed by critics33 as a shakedown mecha- nism to provide unaccountable funding to leftist nonprofits politically aligned with those who spearheaded its creation. In 2015, for example, Investor’s Business Daily accused the CFPB of “diverting potentially millions of dollars in settlement payments for alleged victims of lending bias to a slush fund for poverty groups tied to the Democratic Party” and plan- ning “to create a so-called Civil Penalty Fund from its own shakedown operations targeting financial institutions” that would use “ramped-up (and trumped-up) anti-discrimination lawsuits and investigations” to “bankroll some 60 liberal non- profits, many of whom are radical Acorn-style pressure groups.”34 The CFPB has a fiscal year (FY) 2023 budget of $653.2 million35 and 1,635 full- time equivalent (FTE) employees.36 From FY 2012 through FY 2020, it imposed approximately $1.25 billion in civil money penalties;37 in FY 2022, it imposed approximately $172.5 million in civil money penalties.38 These penalties are imposed by the CFPB Civil Penalty Fund, described as “a victims relief fund, into which the CFPB deposits civil penalties it collects in judicial and administrative actions under Federal consumer financial laws.”39 The CFPB is headed by a single Director who is appointed by the President to a five-year term.40 Its organizational structure includes five divisions: Operations; Consumer Education and External Affairs; Legal; Supervision, Enforcement and Fair Lending; and Research, Monitoring and Regulations.41 Each of these divisions reports to the Office of the Director, except for the Operations Division, which reports to the Deputy Director. Passage of Title X of Dodd–Frank was a bid to placate concern over a series of regulatory failures identified in the wake of the 2008 financial crisis. The law imported a new superstructure of federal regulation over consumer finance and — 838 — Mandate for Leadership: The Conservative Promise mortgage lending and servicing industries traditionally regulated by state bank- ing regulators. Consumer protection responsibilities previously handled by the Office of the Comptroller of the Currency, Office of Thrift Supervision, Federal Deposit Insurance Corporation, Federal Reserve, National Credit Union Admin- istration, and Federal Trade Commission were transferred to and consolidated in the CFPB, which issues rules, orders, and guidance to implement federal consumer financial law. The CFPB collects fines from the private sector that are put into the Civil Pen- alty Fund.42 The fund serves two ostensible purposes: to compensate the victims whom the CFPB perceives to be harmed and to underwrite “consumer education” and “financial literacy” programs.43 How the Civil Penalty Fund is spent is at the discretion of the CFPB Director. The CFPB has been unclear as to how it decides what “consumer education” or “financial literacy programs” to fund.44 As noted, critics have charged that money from the Civil Penalty Fund has ended up in the pockets of leftist activist organizations. In Seila Law LLC v. Consumer Financial Protection Bureau,45 the Supreme Court of the United States held that the CFPB’s leadership by a single individual remov- able only for inefficiency, neglect, or malfeasance violated constitutional separation of powers requirements because “[t]he Constitution requires that such officials remain dependent on the President, who in turn is accountable to the people.”46 The CFPB Director is thus subject to removal by the President. The CFPB is not subject to congressional oversight, and its funding is not determined by elected lawmakers in Congress as part of the typical congressional appropriations process. It receives its funding from the Federal Reserve, which is itself funded outside the appropriations process through bank assessments. CFPB funding represents 12 percent of the total operating expenses of the Fed- eral Reserve and is disbursed by the unelected Board of Governors of the Federal Reserve System.47 This is not the case with respect to any other federal agency. On October 19, 2022, in Community Financial Services Association of America v. Consumer Financial Protection Bureau, the U.S. Court of Appeals for the Fifth Circuit held that the CFPB’s “perpetual insulation from Congress’s appropriations power, including the express exemption from congressional review of its funding, renders the Bureau ‘no longer dependent and, as a result, no longer accountable’ to Congress and, ultimately, to the people”48 and that “[b]y abandoning its ‘most complete and effectual’ check on ‘the overgrown prerogatives of the other branches of the government’—indeed, by enabling them in the Bureau’s case—Congress ran afoul of the separation of powers embodied in the Appropriations Clause.”49 The Court further remarked that the CFPB’s “capacious portfolio of authority acts ‘as a mini legislature, prosecutor, and court, responsible for creating substantive rules for a wide swath of industries, prosecuting violations, and levying knee-buckling penalties against private citizens.’”50

Financial Regulatory Agencies

Weak
Vector: 63%
Pages: 875-878AI Enhanced

AI Analysis:

"The bill focuses on consumer privacy protections in mortgage lending under the FCRA, while the Project 2025 excerpt discusses CFPB funding limits, civil penalty funds, and structural reforms to financial regulatory agencies—topics that are only tangentially related through the broader financial regulation context."

Key themes:consumer financial protectionfinancial regulatory agenciesdata privacy

— 843 — Financial Regulatory Agencies 37. Table 7, “Civil Penalty Fund Significant Activity,” in Consumer Financial Protection Bureau, Financial Report of the Consumer Financial Protection Bureau, Fiscal Year 2022, November 15, 2022, p. 21, https://files. consumerfinance.gov/f/documents/cfpb_financial-report_fy2022.pdf (accessed March 23, 2023). 38. Ibid. 39. Consumer Financial Protection Bureau, Financial Report of the Consumer Financial Protection Bureau, Fiscal Year 2022, p. 20. 40. 12 U.S. Code § 5491, https://www.law.cornell.edu/uscode/text/12/5491 (accessed March 23, 2023). 41. Consumer Financial Protection Bureau, “Bureau Structure,” last updated March 15, 2023, https://www. consumerfinance.gov/about-us/the-bureau/bureau-structure/ (accessed March 23, 2023). 42. See Consumer Financial Protection Bureau, “Consumer Financial Civil Penalty Fund Rule,” https://www. consumerfinance.gov/rules-policy/final-rules/consumer-financial-civil-penalty-fund-rule/ (accessed March 23, 2023). 43. Consumer Financial Protection Bureau, “Civil Penalty Fund: Consumer Education and Financial Literacy,” https://www.consumerfinance.gov/enforcement/payments-harmed-consumers/civil-penalty-fund/consumer- education-financial-literacy/ (accessed March 23, 2023). 44. U.S. Government Accountability Office, Consumer Financial Protection Bureau: Opportunity Exists to Improve Transparency of Civil Penalty Fund Activities, GAO-14-551, June 2014, https://www.gao.gov/assets/gao-14-551. pdf (accessed March 23, 2023). 45. Seila Law LLC v. Consumer Financial Protection Bureau, 591 U.S. ___ (2020), https://www.supremecourt.gov/ opinions/19pdf/19-7_n6io.pdf (accessed March 23, 2023). 46. Ibid., p. 37. 47. See 12 U.S. Code § 5497(a)(1), https://www.law.cornell.edu/uscode/text/12/5497 (accessed March 23, 2023). Congress specified that the amount transferred to the CFPB “shall not exceed” 12 percent “of the total operating expenses of the Federal Reserve System…in fiscal year 2013, and in each year thereafter.” Ibid., § 5497(2)(A)(iii). 48. Community Financial Services Association of America v. Consumer Financial Protection Bureau (5th Cir. 2022), pp. 31–32, https://www.ca5.uscourts.gov/opinions/pub/21/21-50826-CV0.pdf (accessed March 23, 2023). 49. Ibid., p. 32. 50. Ibid. (quoting Seila Law LLC v. CFPB, 140 S. Ct. 2183, 2202 n. 8 (2020)). 51. U.S. Supreme Court, “Order List: 598 U.S.,” February 27, 2023, Docket No. 22–448, CFPB et al. v. Com. Fin. Services Assn., et al., https://www.supremecourt.gov/orders/courtorders/022723zor_6537.pdf (accessed March 23, 2023). 52. Devin Watkins, Competitive Enterprise Institute, “Consumer Financial Protection Bureau: Ripe for Reform,” testimony before the Subcommittee on Financial Institutions and Monetary Policy, Committee on Financial Services, U.S. House of Representatives, March 9, 2023, https://docs.house.gov/meetings/BA/ BA20/20230309/115384/HHRG-118-BA20-Wstate-WatkinsD-20230309.pdf (accessed March 23, 2023); Norbert J. Michel, “7 Steps Next Director Can Take to Make the Consumer Financial Protection Bureau Less Awful,” Heritage Foundation Commentary, July 28, 2018, https://www.heritage.org/markets-and-finance/ commentary/7-steps-next-director-can-take-make-the-consumer-financial. 53. The Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation, Federal Reserve, and National Credit Union Administration. Those functions performed by the Office of Thrift Supervision (OTS) prior to Dodd–Frank should be transferred to the OCC since OTS has merged with OCC. 54. See “Section 1071 of the Dodd–Frank Act” in David R. Burton, “Improving Small Business Access to Capital,” Consumer Financial Protection Bureau Symposium on Section 1071 of the Dodd–Frank Act, Small Business Lending Panel, November 6, 2019, https://files.consumerfinance.gov/f/documents/cfpb_burton-written- statement_symposium-section-1071.pdf (accessed March 23, 2023). 55. 5 U.S. Code Chapter 5, https://www.law.cornell.edu/uscode/text/5/part-I/chapter-5 (accessed March 23, 2023). 56. Consumer Financial Protection Bureau, “Administrative Adjudication Proceedings,” https://www. consumerfinance.gov/administrative-adjudication-proceedings/ (accessed March 23, 2023), and 12 Code of Federal Regulations Part 1081—Rules of Practice for Adjudication Proceedings, https://www.law.cornell.edu/ cfr/text/12/part-1081 (accessed March 23, 2023). — 845 — 28 FEDERAL COMMUNICATIONS COMMISSION Brendan Carr MISSION STATEMENT The FCC should promote freedom of speech, unleash economic opportunity, ensure that every American has a fair shot at next-generation connectivity, and enable the private sector to create good-paying jobs through pro-growth reforms that support a diversity of viewpoints, ensure secure and competitive communi- cations networks, modernize outdated infrastructure rules, and represent good stewardship of taxpayer dollars. OVERVIEW AND BACKGROUND The FCC is an independent regulatory agency that has jurisdiction over inter- state and international communications by radio, television, wire, satellite, and cable.1 Five Commissioners are appointed by the President and confirmed by the Senate for fixed five-year terms.2 The FCC does not have any other presidentially appointed, Senate-confirmed officials. Ordinarily, the five-member FCC is divided politically three to two with a majority of Commissioners from the same political party as the President. The Commissioners’ terms are staggered so that every year at the end of June, one Commissioner’s term expires.3 However, a Commissioner can continue to serve until the end of the next session of Congress (or up to 1.5 years beyond the expiration of the term) if no replacement is confirmed after his or her term ends.4 By law, only a bare majority of Commissioners can be from the same politi- cal party (no more than three when there are five members).5 By tradition, the Chairperson resigns when a new President of a different political party is sworn

Trade

Weak
Vector: 62%
Pages: 863-865AI Enhanced

AI Analysis:

"The bill focuses on enhancing consumer privacy protections in mortgage lending by restricting access to credit reports, while Project 2025's Trade section emphasizes deregulating securities markets and reducing regulatory burdens. The two initiatives address different aspects of financial regulation and have largely divergent objectives."

Key themes:financial regulationconsumer privacymortgage lendingdata sharing

— 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.

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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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