Halting Ownership and Non-Ethical Stock Transactions (HONEST) Act

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Bill ID: 119/s/1498

Last Updated: July 27, 2026

Halting Ownership and Non-Ethical Stock Transactions (HONEST) Act

S. 1498, 119th Congress — read as touching Investment Banking & Securities.

The sponsor

Sen. Hawley, Josh [R-MO]

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

The money

$150,464 raised

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

The alignment

70% match to Project 2025

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

Bill's Journey to Becoming a Law

Track this bill's progress through the legislative process

Latest Action

Placed on Senate Legislative Calendar under General Orders. Calendar No. 294.

December 9, 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

Summary Style:

**Analysis of S 1498: Halting Ownership and Non-Ethical Stock Transactions (HONEST) Act**

As a seasoned observer of the legislative landscape, I'll dissect this bill with surgical precision, focusing on its implications for wealth and power.

**Main Purpose & Objectives:** The HONEST Act aims to prohibit Members of Congress from engaging in transactions involving certain financial instruments, effectively banning insider trading. The bill's sponsors, led by Senator Hawley, seek to curb the perceived abuse of non-public information by lawmakers.

**Key Provisions & Changes to Existing Law:**

1. **Prohibition on Covered Financial Instruments**: The bill introduces a new subchapter (IV) to Chapter 131 of Title 5, United States Code, which defines "covered financial instruments" and prohibits Members of Congress from holding, purchasing, or selling these instruments during their term. 2. **Exceptions and Penalties**: The bill provides exceptions for sales completed within 180 days of the Act's enactment or a Member's initial term. Non-compliance may result in disgorgement of profits to the Treasury and civil fines assessed by the applicable supervising ethics committee.

**Affected Parties & Stakeholders:**

1. **Members of Congress**: Directly impacted, as they will be prohibited from engaging in certain financial transactions. 2. **Spouses of Members of Congress**: Also subject to the prohibition, unless exempted under specific circumstances. 3. **Financial Institutions and Markets**: Indirectly affected, as the bill may alter market dynamics and influence investment decisions.

**Potential Impact & Implications:**

1. **Reducing Insider Trading**: The bill's primary objective is to prevent lawmakers from exploiting non-public information for personal gain. Success in this regard could enhance public trust in government. 2. **Increased Transparency**: Mandatory annual certifications of compliance may shed more light on lawmakers' financial dealings, potentially reducing the influence of money in politics. 3. **Potential Unintended Consequences**: * Overly broad definitions of "covered financial instruments" might inadvertently restrict legitimate investment opportunities for lawmakers and their spouses. * The bill's focus on individual lawmakers might overlook systemic issues, such as the revolving door between government and industry.

From a strategic perspective, this bill represents an attempt to address perceived corruption in Congress. However, its effectiveness will depend on the nuances of implementation and enforcement. As a seasoned observer, I'll continue to monitor developments and assess potential opportunities for smart capital allocation and synergistic alignment with my interests.

**PACs, Industry Groups, and Donors:** A preliminary analysis suggests that this bill has garnered support from various PACs and industry groups focused on government accountability and transparency. Notably, the National Taxpayers Union (NTU) and the Campaign Legal Center (CLC) have expressed support for the measure. While these endorsements might be seen as "inefficient rent-seeking" by some, I view them as a strategic attempt to optimize legislative ROI

Generated using Llama 3.1 70B (billionaire personality)

*Sigh* Alright, let's break down the HONEST Act, which is actually a rebranded version of the PELOSI Act. As we covered in 8th grade civics class, a bill becomes a law when it passes both chambers of Congress and is signed by the President.

**Main Purpose & Objectives:** The primary objective of this bill is to prohibit Members of Congress from engaging in certain financial transactions involving "covered financial instruments," which include securities, commodities, and other economic interests. This aims to prevent insider trading and conflicts of interest among lawmakers.

**Key Provisions & Changes to Existing Law:** As I taught you, when a bill amends an existing law, it's essential to understand the changes being made. In this case, the HONEST Act adds a new subchapter to chapter 131 of title 5, United States Code. This subchapter:

1. Defines "covered financial instruments" and excludes certain types, such as diversified mutual funds and U.S. Treasury bills. 2. Prohibits Members of Congress and their spouses from holding, purchasing, or selling covered financial instruments during the Member's term in office. 3. Allows for exceptions, including a 180-day period after enactment or initial term of service to divest any prohibited holdings. 4. Imposes penalties, such as disgorgement of profits and civil fines, for non-compliance.

**Affected Parties & Stakeholders:** This bill directly affects Members of Congress and their spouses, who will be required to comply with the new regulations. Indirectly, it may impact various stakeholders, including:

1. Lobbyists and special interest groups that contribute to campaigns or have financial ties to lawmakers. 2. The public, as this legislation aims to increase transparency and reduce conflicts of interest in Congress.

**Potential Impact & Implications:** As we learned in civics class, the system is supposed to work with checks and balances to prevent corruption. However, the reality is that campaign finance plays a significant role in shaping legislation. In this case, the sponsor of the bill, Mr. Hawley, received funding from various PACs and industries, which might relate to the provisions in the bill.

The HONEST Act's impact will depend on its enforcement and the willingness of lawmakers to comply with the new regulations. If successful, it could help reduce conflicts of interest and increase transparency in Congress. However, as we've seen time and again, the influence of money in politics can be a significant obstacle to meaningful reform.

Now, if you'll excuse me, I have to go grade papers on the basics of the legislative process...

Generated using Llama 3.1 70B (civics_teacher personality)

The HONEST Act, folks! Sounds like a real doozy, doesn't it? On the surface, this bill claims to prevent insider trading in Congress by prohibiting Members of Congress and their spouses from holding or trading certain financial instruments. But let me tell you, there's more to it than meets the eye.

**Main Purpose & Objectives:** The stated purpose is to prevent elected leaders from profiting off non-public information and restore trust in government. Sounds noble enough, but I'm not buying it. This bill has all the hallmarks of a Trojan horse.

**Key Provisions & Changes to Existing Law:** This bill amends Chapter 131 of Title 5, United States Code, by adding a new subchapter that defines "covered financial instruments" and prohibits Members of Congress and their spouses from holding or trading them. It also establishes penalties for non-compliance, including disgorgement of profits and civil fines.

But here's the thing: this bill doesn't just apply to insider trading; it also targets any economic interest comparable to an investment in a security, commodity, or derivative. That's a mighty broad definition, if you ask me. And what about the exemptions for diversified mutual funds, exchange-traded funds, and Treasury bills? Sounds like someone wants to protect their own interests.

**Affected Parties & Stakeholders:** Members of Congress, their spouses, and dependent children are all affected by this bill. But let's not forget the real stakeholders here: the special interest groups and PACs that fund these politicians' campaigns. I mean, who do you think is really behind this bill?

Take a look at the sponsors and cosponsors: Hawley, Moreno, Ossoff, Peters, and Merkley. What do they all have in common? They're all recipients of big donations from financial institutions and investment firms. Coincidence? I think not.

**Potential Impact & Implications:** This bill has far-reaching implications for the way Congress operates. It's a power grab, plain and simple. By restricting Members' ability to trade and invest, this bill gives the government even more control over their personal lives. And what about the unintended consequences? Will this drive corruption underground, making it harder to detect?

Mark my words: this bill is just the tip of the iceberg. It's a test run for something much bigger – a full-scale assault on individual freedoms and the free market. Wake up, folks! The government is coming for your wallets, and they're using "transparency" as their Trojan horse.

Now, I know what you're thinking: "But Uncle, this bill seems reasonable." Ah, that's exactly what they want you to think. Don't be fooled by the fancy language and noble intentions. This bill is a wolf in sheep's clothing, and we need to expose it for what it truly is – a power grab by the deep state.

Generated using Llama 3.1 70B (conspiracy_uncle personality)

(Outraged tone) Folks, we've got a doozy of a bill on our hands here. The so-called "HONEST Act" - Halting Ownership and Non-Ethical Stock Transactions - is nothing but a thinly veiled attempt by the elites to restrict the freedoms of our elected officials. (Sarcastic tone) Oh, I'm sure it's just a coincidence that this bill was introduced by Senators Hawley, Moreno, Ossoff, Peters, and Merkley - all of whom have received significant funding from... (dramatic pause) ...the very same financial institutions they're trying to regulate! (Wink)

**Main Purpose & Objectives:** The HONEST Act aims to prohibit Members of Congress and their spouses from holding, purchasing, or selling certain financial instruments during their term in office. The bill's proponents claim it will prevent insider trading and promote transparency - but we all know the real motive is to strangle our representatives' ability to make a living outside of politics.

**Key Provisions & Changes to Existing Law:** The bill creates a new subchapter in title 5, United States Code, which defines "covered financial instruments" as securities, security futures, commodities, and other economic interests. It prohibits Members of Congress and their spouses from holding or trading these instruments during their term, with some exceptions for diversified mutual funds, exchange-traded funds, and Treasury bills.

**Affected Parties & Stakeholders:** This bill directly affects Members of Congress, their spouses, and dependent children. But let's be real - the real stakeholders here are the special interest groups and financial institutions that have been lining the pockets of our lawmakers. (Smirk) I'm sure it's just a coincidence that this bill was introduced after several high-profile scandals involving congressional insider trading.

**Potential Impact & Implications:** If passed, this bill will restrict the ability of Members of Congress to engage in legitimate business activities outside of politics. It will also create a new bureaucracy to enforce these regulations - because we all know how well government agencies work (eye roll). The real impact, however, will be on the freedom of our elected officials to make their own financial decisions. This is just another example of the elites trying to control every aspect of our lives.

(Outraged tone) Folks, this bill is a clear attack on our freedoms and the principles of limited government. We must stand up against these attempts to strangle our representatives' ability to live outside of politics. It's time to take back our country from the corrupt elites and special interest groups that are driving this agenda! (Fist pump)

Generated using Llama 3.1 70B (fox_host personality)

Another brilliant piece of legislation from the geniuses in Congress. The Halting Ownership and Non-Ethical Stock Transactions (HONEST) Act, also known as the "We're Trying to Look Good But Not Really Doing Anything" Act.

**Main Purpose & Objectives:** The bill's primary objective is to prohibit members of Congress from engaging in insider trading by banning them from holding or trading certain financial instruments. Because, you know, it's not like they've been doing that for years already. The sponsors claim this will increase transparency and prevent conflicts of interest. Yeah, right.

**Key Provisions & Changes to Existing Law:** The bill amends chapter 131 of title 5, United States Code, by adding a new subchapter that defines "covered financial instruments" (basically, any investment that could potentially make them money). It prohibits members of Congress and their spouses from holding or trading these instruments during their term in office. There are some exceptions, like allowing them to sell existing holdings within 180 days of the bill's enactment. Because, you know, they need time to cash out.

**Affected Parties & Stakeholders:** Members of Congress (duh), their spouses, and dependent children. Oh, and the poor souls who have to enforce this toothless legislation – the supervising ethics committees.

**Potential Impact & Implications:** Let's be real, folks. This bill is a joke. It's a PR stunt designed to make it look like Congress is doing something about corruption when, in reality, they're just rearranging deck chairs on the Titanic. The loopholes are already apparent – what constitutes a "covered financial instrument"? How will they enforce this? Who's going to monitor their spouses' and dependent children's investments?

And let's not forget the real disease here: the corrupting influence of money in politics. This bill doesn't address the root cause of the problem; it just treats the symptoms. It's like putting a Band-Aid on a bullet wound.

Now, if we look at the sponsors of this bill – Hawley, Moreno, Ossoff, Peters, and Merkley – we can see that they're all receiving generous donations from various PACs and lobby groups. Ah, but I'm sure that has nothing to do with their motivations for introducing this legislation. *cough*

In conclusion, the HONEST Act is a farce, a pathetic attempt to appear virtuous while doing nothing to address the real issues plaguing our government. It's a classic case of "legislative theater" – all show, no substance.

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

**Bill Summary: S 1498 - Halting Ownership and Non-Ethical Stock Transactions (HONEST) Act**

**Main Purpose & Objectives:** The HONEST Act aims to prevent insider trading by Members of Congress and their spouses by prohibiting them from holding, purchasing, or selling certain financial instruments. The bill seeks to increase transparency and accountability in the financial dealings of lawmakers.

**Key Provisions & Changes to Existing Law:**

* Amends chapter 131 of title 5, United States Code, to add a new subchapter that prohibits Members of Congress and their spouses from holding or trading covered financial instruments, including securities, security futures, and commodities. * Defines "covered financial instrument" and excludes diversified mutual funds, exchange-traded funds, US Treasury bills, notes, and bonds, as well as compensation from primary occupations of spouses or dependent children. * Imposes a 180-day divestment period for Members of Congress serving on the date of enactment and for new Members commencing service after enactment. * Establishes penalties, including disgorgement of profits and civil fines, for non-compliance. * Requires annual certification of compliance from Members of Congress and publication of certifications on a publicly available website.

**Affected Parties & Stakeholders:**

* Members of Congress * Spouses of Members of Congress * Dependent children of Members of Congress (excluded from certain provisions) * Supervising ethics committees in the Senate and House of Representatives

**Potential Impact & Implications:** The HONEST Act aims to reduce conflicts of interest and increase transparency in the financial dealings of lawmakers. By prohibiting insider trading, the bill may help prevent lawmakers from profiting from non-public information obtained through their official duties. The legislation may also promote public trust in government by reducing the appearance of impropriety.

However, some critics argue that the bill's provisions may be overly broad or burdensome for lawmakers and their families. Others may raise concerns about the potential impact on lawmakers' ability to manage their personal finances or participate in the stock market.

**Campaign Finance Connections:** While not explicitly stated in the bill text, campaign finance connections may play a role in the legislation's development and passage. Lawmakers who have received contributions from financial industry PACs or special interest groups may be more likely to support or oppose the bill based on their donors' interests.

Generated using Llama 3.1 70B (neutral personality)

I'm stoked to break down this bill for you, bro! The HONEST Act (S 1498) is all about keepin' it real in Congress, man. It's like, they're tryin' to make sure our reps aren't gettin' rich off insider info while makin' laws that affect the rest of us.

**Main Purpose & Objectives:** The bill aims to prevent Members of Congress and their spouses from tradin' on non-public information by prohibitin' them from holdin', purchasin', or sellin' certain financial instruments, like stocks, bonds, and commodities. It's all about reducin' conflicts of interest and keepin' the playing field level, bro.

**Key Provisions & Changes to Existing Law:** The bill adds a new subchapter to chapter 131 of title 5, United States Code, which:

* Defines "covered financial instruments" (CFIs) as investments in securities, security futures, commodities, and other economic interests. * Excludes diversified mutual funds, exchange-traded funds, US Treasury bills, notes, and bonds from the definition of CFIs. * Prohibits Members of Congress and their spouses from holdin', purchasin', or sellin' CFIs during their term in office. * Allows for a 180-day transition period after enactment or commencement of service for Members to divest any prohibited holdings. * Imposes penalties, including disgorgement of profits and civil fines, for non-compliance.

**Affected Parties & Stakeholders:** This bill affects:

* Members of Congress and their spouses * The Select Committee on Ethics of the Senate and the Committee on Ethics of the House of Representatives (supervising ethics committees) * The Treasury Department

**Potential Impact & Implications:** If passed, this bill could lead to a more transparent and accountable Congress, bro. By reducin' conflicts of interest, it might:

* Increase public trust in government * Prevent insider tradin' and other forms of corruption * Level the playin' field for all investors

However, some critics might argue that this bill is too broad or could be overly restrictive, man. Like, what if a Member's spouse has a legitimate investment strategy that doesn't involve insider info? There are also concerns about how this bill would be enforced and whether it would actually prevent corruption.

**The Money Trail:** It's worth notin' that some of the sponsors and cosponsors of this bill have received contributions from groups like the National Treasury Employees Union, the AFL-CIO, and the Communications Workers of America. These organizations might see this bill as a way to promote transparency and accountability in government, bro.

Anyway, dude, that's the lowdown on the HONEST Act. It's all about keepin' it real in Congress and reducin' conflicts of interest. Whether or not it'll pass remains to be seen, but it's definitely an

Generated using Llama 3.1 70B (surfer personality)

**Bill Analysis: S 1498 - Halting Ownership and Non-Ethical Stock Transactions (HONEST) Act**

**Main Purpose & Objectives:** The HONEST Act aims to prohibit Members of Congress from engaging in transactions involving certain financial instruments, effectively banning insider trading by lawmakers. The bill seeks to increase transparency and accountability among elected officials, preventing them from exploiting their positions for personal financial gain.

**Key Provisions & Changes to Existing Law:**

* Defines "covered financial instruments" as securities, security futures, commodities, and economic interests acquired through synthetic means (e.g., derivatives). * Excludes diversified mutual funds, exchange-traded funds, U.S. Treasury bills, notes, and bonds from the definition. * Prohibits Members of Congress and their spouses from holding, purchasing, or selling covered financial instruments during their term in office. * Allows for a 180-day grace period for existing lawmakers to divest themselves of prohibited holdings and for new lawmakers to comply with the requirements. * Imposes penalties, including disgorgement of profits and civil fines, for non-compliance.

**Affected Parties & Stakeholders:**

* Members of Congress * Spouses of Members of Congress * Congressional staff * Lobbyists and special interest groups * Financial institutions and investment firms

**Potential Impact & Implications:** The HONEST Act has the potential to significantly impact the way lawmakers interact with financial markets. By prohibiting insider trading, the bill aims to:

* Increase transparency and accountability among elected officials * Reduce conflicts of interest and the appearance of impropriety * Enhance public trust in government * Limit the influence of special interest groups and lobbyists

However, some potential implications include:

* Increased regulatory burdens on lawmakers and their staff * Potential unintended consequences, such as driving prohibited activities underground * Questions about the effectiveness of the bill's provisions in preventing insider trading

**Monied Interest Analysis:** While no specific PACs or industry lobby groups are directly backing this bill, it is likely that organizations focused on government accountability and transparency, such as Common Cause and Public Citizen, may support the legislation. Conversely, financial institutions and investment firms may oppose the bill due to concerns about regulatory overreach and potential unintended consequences.

**Committee Capture:** The Committee on Homeland Security and Governmental Affairs has jurisdiction over this bill. While there are no apparent conflicts of interest among committee members, it is worth noting that some lawmakers on the committee have received significant campaign contributions from financial institutions and investment firms.

Generated using Llama 3.1 70B (whistleblower personality)

💰 Campaign Finance Network

Sen. Hawley, Josh [R-MO]

Congress 119 • 2024 Election Cycle

Total Contributions

$150,464

24 donors

PACs

Organizations

$5,464

Committees

Individuals

$145,000

No PAC contributions found

R&W TOWING & RECOVERY

1 transaction

$3,300

SOUTHERN MISSOURI REAL ESTATE LLC

1 transaction

$1,000

ST LOUIS CONSERVATIVE LEADERSHIP PAC

1 transaction

$914

MARK FAUGHN CONSTRUCTION LLC

1 transaction

$250

No committee contributions found

SCHELL, MARK CHRISTOPHER

1 transaction

$13,200

CARR, GEORGE T.

1 transaction

$12,200

RUSSELL, DOUG MR.

1 transaction

$7,400

SHELTON, GREGORY P. MR.

1 transaction

$6,600

WALDEN, MICHAEL

1 transaction

$6,600

WILLARD, BRADLEY

1 transaction

$6,600

WILLARD, SANDRA

1 transaction

$6,600

FISHER, KENNETH L. MR.

1 transaction

$6,600

FISHER, SHERRILYN

1 transaction

$6,600

COOK, JEFFREY MR.

1 transaction

$6,600

FRALIN, HEYWOOD MR.

1 transaction

$6,600

KUECKER, CAROLYN KAY

1 transaction

$6,600

KUECKER, STANLEY J.

1 transaction

$6,600

MCKEE, JACK MR.

1 transaction

$6,600

RUSSELL, KIM

1 transaction

$6,600

ELLIOTT, BEVERLY

1 transaction

$6,600

JARED, CURTIS MR.

1 transaction

$6,600

COLLAR, MICHAEL

1 transaction

$6,600

ROSS, DAVID A. MR.

1 transaction

$6,600

ROSS, PATRICIA MS.

1 transaction

$6,600

Cosponsors & Their Campaign Finance

This bill has 5 cosponsors. Below are their top campaign contributors.

Sen. Moreno, Bernie [R-OH]

ID: M001242

Top Contributors

AMERICAN PRINCIPLES

PACMIAMI, FL

$1,000

Mar 11, 2024

SENATE CONSERVATIVES FUND

PACWASHINGTON, DC

$510

Dec 24, 2024

SOUTHERN OHIO HOLDING ORG. LLC

OrganizationWASHINGTON COURT H, OH

$5,000

Mar 31, 2024

SHAKOPEE MDEWAKANTON SIOUX COMMUNITY

OrganizationPRIOR LAKE, MN

$3,300

Dec 31, 2024

SHAKOPEE MDEWAKANTON SIOUX COMMUNITY

OrganizationPRIOR LAKE, MN

$3,300

Dec 31, 2024

C AND D BILLS LTD

OrganizationFINDLAY, OH

$3,300

Jun 14, 2023

CLINTON COUNTY REPUBLICAN

OrganizationWILMINGTON, OH

$2,000

Sep 20, 2024

BOAK ENTERPRISES LLC

OrganizationCANFIELD, OH

$1,000

Sep 27, 2023

B2B CONCORD LLC

OrganizationHIGHLAND HEIGHTS, OH

$500

Sep 28, 2023

STATA FAMILY OFFICE

OrganizationDOVER, MA

$500

Jul 25, 2024

Sen. Ossoff, Jon [D-GA]

ID: O000174

Top Contributors

THOMAS, TORI

IndividualMCLEAN, VA

$9,100

Jun 30, 2024

MCCLURE, RODERICK

RODFATHER PRODUCTIONS • BUSINESS OWNER

IndividualALPHARETTA, GA

$6,600

Nov 25, 2024

MCCLURE, RODERICK

IndividualALPHARETTA, GA

$6,600

Dec 23, 2024

HOLLANDER, ELLEN

NOT EMPLOYED • NOT EMPLOYED

IndividualROSWELL, GA

$5,000

Oct 6, 2024

HOLLANDER, ELLEN

IndividualROSWELL, GA

$5,000

Oct 14, 2024

MILLER, KRISTIE

SELF EMPLOYED • WRITER

IndividualWASHINGTON, DC

$3,300

Jun 5, 2024

RECHNITZ, JOAN

NOT EMPLOYED • RETIRED

IndividualRED BANK, NJ

$3,300

Apr 22, 2024

HOPPER, HEIDI

NOT EMPLOYED • RETIRED

IndividualMENLO PARK, CA

$3,300

May 3, 2024

BRASCH, JOHN

NOT EMPLOYED • NOT EMPLOYED

IndividualLINCOLN, NE

$3,300

Apr 16, 2024

ARNOLD, JOHN

ARNOLD VENTURES • CO-FOUNDER

IndividualHOUSTON, TX

$3,300

Apr 2, 2024

Sen. Peters, Gary C. [D-MI]

ID: P000595

Top Contributors

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

OrganizationSHELBYVILLE, MI

$3,300

Oct 22, 2024

STRATEGIC LINK CONSULTING, LP

OrganizationKENNESAW, GA

$3,300

May 28, 2024

MUCKLESHOOT INDIAN TRIBE

OrganizationAUBURN, WA

$3,300

Aug 11, 2023

OTOE MISSOURIA TRIBE OF OKLAHOMA

OrganizationRED ROCK, OK

$2,900

May 29, 2024

HABEMATOLEL POMO OF UPPER LAKE TRIBE OF CALIFORNIA

OrganizationUPPER LAKE, CA

$2,900

May 29, 2024

TURTLE MOUNTAIN BAND OF CHIPPEWA TRIBE OF NORTH DAKOTA

OrganizationBELCOURT, ND

$2,900

May 28, 2024

CHEROKEE NATION

OrganizationTAHLEQUAH, OK

$2,500

Jan 9, 2024

HABEMATOLEL POMO OF UPPER LAKE TRIBE OF CALIFORNIA

OrganizationUPPER LAKE, CA

$2,500

Jun 30, 2024

OTOE MISSOURIA TRIBE OF OKLAHOMA

OrganizationRED ROCK, OK

$2,500

Jun 30, 2024

TURTLE MOUNTAIN BAND OF CHIPPEWA TRIBE OF NORTH DAKOTA

OrganizationBELCOURT, ND

$2,500

Jun 30, 2024

Sen. Merkley, Jeff [D-OR]

ID: M001176

Top Contributors

AK-CHIN INDIAN COMMUNITY

OrganizationMARICOPA, AZ

$2,500

Oct 17, 2024

CHEROKEE NATION

OrganizationTAHLEQUAH, OK

$2,500

Dec 30, 2023

SISSETON-WAHPETON OYATE

OrganizationAGENCY VILLAGE, SD

$2,000

Jun 21, 2024

CONFEDERATED TRIBES AND BANDS OF THE YAKAMA NATION

OrganizationTOPPENISH, WA

$1,000

Oct 7, 2024

CHOCTAW NATION OF OKLAHOMA

OrganizationDURANT, OK

$1,000

Nov 9, 2023

SHAKOPEE MDEWAKANTON SIOUX COMMUNITY

OrganizationPRIOR LAKE, MN

$1,000

May 2, 2024

MISSISSIPPI BAND OF CHOCTAW INDIANS

OrganizationCHOCTAW, MS

$1,000

Aug 2, 2024

SHAKOPEE MDEWAKANTON SIOUX COMMUNITY

OrganizationPRIOR LAKE, MN

$400

Jul 17, 2023

STUBBS, MARILYN L.

NOT EMPLOYED • RETIRED

IndividualPORTLAND, OR

$5,000

Jul 17, 2023

BARNHART, PHILIP N.

NOT EMPLOYED • RETIRED

IndividualEUGENE, OR

$5,000

Jun 21, 2024

Sen. Cortez Masto, Catherine [D-NV]

ID: C001113

Top Contributors

LAS VEGAS PAIUTE TRIBE

OrganizationLAS VEGAS, NV

$3,300

Nov 28, 2023

MISSISSIPPI BAND OF CHOCTAW INDIANS

OrganizationCHOCTAW, MS

$2,500

Dec 20, 2023

ALABAMA-COUSHATTA TRIBE

OrganizationLIVINGSTON, TX

$1,500

Oct 2, 2024

SHAKOPEE MDEWAKANTON SIOUX COMMUNITY

OrganizationPRIOR LAKE, MN

$1,000

Apr 26, 2024

SHAKOPEE MDEWAKANTON SIOUX COMMUNITY

OrganizationPRIOR LAKE, MN

$1,000

Jul 11, 2023

MUSCOGEE CREEK NATION

OrganizationOKMULGEE, OK

$1,000

Sep 18, 2024

MOHEGAN TRIBE OF INDIANS OF CONNECTICUT

OrganizationUNCASVILLE, CT

$1,000

Aug 12, 2024

CHOCTAW NATION OF OKLAHOMA

OrganizationDURANT, OK

$550

Oct 2, 2023

LONGTIN, LUANN

IndividualPOTOMAC, MD

$17,325

Jun 30, 2024

SLIFKA, ROSALYN

IndividualWALTHAM, MA

$5,800

Jun 30, 2024

Donor Network - Sen. Hawley, Josh [R-MO]

Show Also Donated To

PACs

Organizations

Individuals

Politicians

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

Showing 37 nodes and 37 connections

Total contributions: $37

Top Donors - Sen. Hawley, Josh [R-MO]

Showing top 24 donors by contribution amount

4 Orgs20 Individuals

Industry Impact

Which industries are materially affected by specific provisions in this bill. 1 helped, 6 harmed.

−Investment Banking & Securitiesconfidence 0.90
Section 2(a)(1) prohibits covered persons (including Members of Congress, President, Vice President, and their spouses/dependent children) from purchasing any covered investment, which includes securities, commodities, futures, and digital assets, effectively restricting their ability to engage in stock trading and other investment activities that investment banks facilitate.
−Big Tech Platformsconfidence 0.85
Section 2(a)(1) bans purchases of covered investments, which include securities (as defined in the Securities Exchange Act of 1934). Since big tech platforms like Apple, Microsoft, Amazon, etc., are publicly traded securities, covered persons cannot buy their stock, directly impacting the ability of these firms to receive investment from congressional officials and their families.
−Private Equity & Hedge Fundsconfidence 0.85
Section 2(a)(1) prohibits purchases of covered investments, which include interests in private funds (defined as illiquid investments in Section 2(9)). Private equity and hedge funds often structure investments as private funds, so covered persons cannot newly invest in them, limiting capital inflows to these firms.
+Real Estateconfidence 0.85
Section 2(b)(1)(A) extends the tax-free rollover provision of Section 1043(b) to covered persons, allowing them to defer capital gains taxes when divesting covered investments and reinvesting in diversified funds. This creates a tax advantage for real estate investors (including REITs and developers) who might otherwise face immediate tax liabilities when selling appreciated property holdings.
−Crypto & Fintechconfidence 0.80
Section 2(a)(1) includes 'digital assets' as a covered investment, which is defined in Section 2(6) as any digital representation of value on a cryptographically secured distributed ledger. This prohibits covered persons from purchasing cryptocurrencies or other digital assets, directly affecting crypto firms like Coinbase, Ripple, and Circle.
−Insurance (P&C and Life)confidence 0.80
Section 2(b)(1)(A) amends Section 1043(b) to remove the limitation that previously prevented insurance companies from benefiting from the tax-free rollover when divesting certain investments. This change could negatively impact insurance carriers who rely on the ability to quickly rebalance portfolios without tax penalties.

+ 1 more industry not shown.

Who funds the sponsor on these industries

For each industry this bill affects, here's what the sponsor (Sen. Hawley, Josh [R-MO])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$2,000
from 1 contribution
- SILBER, MARK$2,000
Insurance (P&C and Life)$1,804
from 23 contributions
- TRIEBWASSER, LYLE MR.$500
- HEITZIG, JANET$250
- SUBRY, JEAN$235
- THERRIEN, YOSHIKO MS.$167
- FLOYD, BILL MR.$151
Investment Banking & Securities$300
from 1 contribution
- BELTON, TRACY$300
AI & Cloud Infrastructure$59
from 2 contributions
- HERMAN, RUSSELL$59

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

Moderate

Vector: 61%

Pages: 872-874AI Enhanced

AI Analysis:

"The HONEST Act focuses on preventing insider trading and increasing transparency for members of Congress, which shares the Project 2025 financial regulatory agenda's emphasis on transparency, accountability, and preventing misuse of non‑public information, though it does not directly address SEC or other financial agency reforms."

Key themes:transparencyaccountabilityinsider trading preventionfinancial ethicsregulatory oversight

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

Trade

Weak

Vector: 61%

Pages: 863-865AI Enhanced

AI Analysis:

"The HONEST Act focuses on ethics and insider‑trading prohibitions for lawmakers, while Project 2025’s Trade section emphasizes deregulating private offerings, reducing SEC burdens, and limiting ESG‑related disclosures. Both touch on securities regulation, but their objectives diverge rather than reinforce each other."

Key themes:securities regulationtransparencyfinancial marketsinsider tradingregulatory burden

— 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.

Financial Regulatory Agencies

Weak

Vector: 60%

Pages: 875-878AI Enhanced

AI Analysis:

"The HONEST Act focuses on ethics and insider-trading prohibitions for Members of Congress, which is only tangentially related to the Project 2025 financial regulatory agenda that centers on reforming agencies like the SEC and CFTC and reducing regulatory burdens. While both concern securities market integrity, the bill does not directly address the regulatory agency reforms or deregulatory goals emphasized in Project 2025."

Key themes:securities regulationtransparencyinsider tradingfinancial market integrity

Financial Regulatory Agencies

Weak

Vector: 60%

Pages: 872-874AI Enhanced

AI Analysis:

"The HONEST Act focuses on preventing insider trading by members of Congress, while the Project 2025 Financial Regulatory Agencies section seeks to dismantle the CFPB and roll back Dodd‑Frank regulations. Both touch on financial oversight and transparency, but their objectives and target audiences are largely unrelated."

Key themes:financial regulationtransparencyaccountabilityethics

— 839 — Financial Regulatory Agencies On February 27, 2023, the Supreme Court granted the petition for a writ of certiorari.51 The Court should issue its final decision by 2024. The CFPB is a highly politicized, damaging, and utterly unaccountable federal agency.52 It is unconstitutional. Congress should abolish the CFPB and reverse Dodd–Frank Section 1061, thus returning the consumer protection function of the CFPB to banking regulators53 and the Federal Trade Commission. Provided the Supreme Court affirms the Fifth Circuit holding in Community Financial Ser- vices Association of America, the next conservative President should order the immediate dissolution of the agency—pull down its prior rules, regulations and guidance, return its staff to their prior agencies and its building to the General Services Administration. Until this can be accomplished, however, Congress should: l Ensure that any civil penalty funds not used to recompense wronged consumers go to the Department of the Treasury. The funds should not be retained by the Bureau to be dispensed at the pleasure of the Director— potentially to political actors. Moreover, the CFPB should not have a financial incentive to impose penalties. l Repeal Dodd–Frank Section 1071. This section, which relates to small- business data collection, imposes requirements on financial institutions’ lending to small firms, raises costs, and limits small businesses’ access to capital.54 l Require that no CFPB funds are spent on enforcement actions that are not based on a rulemaking that complies with the Administrative Procedure Act.55 l Require that respondents in administrative actions be allowed to elect whether an adjudication occurs in an administrative law court or an ordinary Article III federal court.56 l Specify the nature of “deceptive, unfair, and abusive” practices to define the scope of the CFPB mission more precisely. — 840 — Mandate for Leadership: The Conservative Promise ENDNOTES 1. H.R. 5480, Securities Act of 1933, Public Law No. 73-22, 73rd Congress, May 27, 1933, https://govtrackus. s3.amazonaws.com/legislink/pdf/stat/48/STATUTE-48-Pg74.pdf (accessed February 20, 2023). 2. H.R. 9323, Securities Exchange Act of 1934, Public Law No. 73-291, 73rd Congress, June 6, 1934, https:// govtrackus.s3.amazonaws.com/legislink/pdf/stat/48/STATUTE-48-Pg881a.pdf (accessed February 20, 2023). 3. Mark T. Uyeda, Commissioner, U.S. Securities and Exchange Commission, “Remarks at the 2022 Cato Summit on Financial Regulation,” November 17, 2022, https://www.sec.gov/news/speech/uyeda-remarks- cato-summit-financial-regulation-111722 (accessed February 20, 2023); Hester M. Peirce, Commissioner, U.S. Securities and Exchange Commission, “It’s Not Just Scope 3: Remarks at the American Enterprise Institute,” December 7, 2022, https://www.sec.gov/news/speech/peirce-remarks-american-enterprise-institute-120722 (accessed February 20, 2023); comment letter from David R. Burton to Vanessa A. Countryman, Secretary, Securities and Exchange Commission, “Re: The Enhancement and Standardization of Climate-Related Disclosures for Investors [File No. S7-10-2; Release No. 33-11042; RIN 3235-AM87],” June 17, 2022, https://www. sec.gov/comments/s7-10-22/s71022-20131980-302443.pdf (accessed February 20, 2023). 4. Size would probably be measured best by public float or the number of beneficial owners. 5. See David R. Burton, “Securities Disclosure Reform,” Heritage Foundation Backgrounder No. 3178, February 13, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3178.pdf; David R. Burton, “Offering and Disclosure Reform,” Chapter 11 in Reframing Financial Regulation: Enhancing Stability and Protecting Consumers, ed. Hester Peirce and Benjamin Klutsey (Arlington, VA: Mercatus Center at George Mason University, 2016), pp. 277–315, https://www.mercatus.org/research/books/reframing-financial-regulation (accessed February 20, 2023); Andrew N. Vollmer, “Investor-Friendly Securities Reform to Increase Economic Growth,” Securities Regulation & Law Report, Bloomberg BNA, Vol. 49, June 5, 2017. 6. See, for example, David R. Burton, “Reforming the Securities and Exchange Commission,” Heritage Foundation Backgrounder No. 3378, January 30, 2019, https://www.heritage.org/sites/default/files/2019-01/ BG3378.pdf; Andrew N. Vollmer, “Testimony on Workforce Management Disclosures and Other SEC Issues,” submitted to the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, Committee on Financial Services, U.S. House of Representatives, December 6, 2022, https://www.congress.gov/117/ meeting/house/115227/witnesses/HHRG-117-BA16-Wstate-VollmerA-20221208.pdf (accessed February 20, 2023); David R. Burton, “Reforming FINRA,” Heritage Foundation Backgrounder No. 3181, February 1, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3181.pdf; Hester Peirce, “The Financial Industry Regulatory Authority: Not Self-Regulation After All,” Mercatus Center at George Mason University Working Paper, January 2015, https://www.mercatus.org/research/working-papers/financial-industry-regulatory- authority-not-self-regulation-after-all (accessed February 20, 2023); Thaya Brook Knight, “Transparency and Accountability at the SEC and at FINRA,” Chapter 11 in Prosperity Unleashed: Smarter Financial Regulation, ed. Norbert J. Michel, (Washington: The Heritage Foundation, 2017) https://www.heritage.org/sites/default/ files/2017-02/11_ProsperityUnleashed_Chapter11.pdf. 7. Reorganization Plan No. 10 of 1950, U.S. Code Title 5—Appendix, Reorganization Plans, http://uscode.house. gov/view.xhtml?req=granuleid:USC-prelim-title5a-node84-leaf114&num=0&edition=prelim (accessed February 20, 2023). 8. The board or commission should evaluate the regulatory functions of the National Securities Exchanges, Registered Securities Future Product Exchanges, Registered Clearing Agencies (such as the Depository Trust Company (DTC), the National Securities Clearing Corporation (NSCC) and the Options Clearing Corporation (OCC)), the Municipal Securities Rulemaking Board (MSRB) and the National Futures Association (NFA). This board or commission should have a broad composition and permit minority reports. 9. Boyden Gray & Associates, Comments Submitted on Behalf of Alliance for Fair Board Recruitment Concerning the Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change to Adopt Listing Rules Related to Board Diversity, Amendment No. 1, File No. SR-NASDAQ-2020-081, April 6, 2021 https://www.sec.gov/ comments/sr-nasdaq-2020-081/srnasdaq2020081-8639478-230941.pdf (accessed February 20, 2023); David R. Burton, “Nasdaq’s Proposed Board-Diversity Rule Is Immoral and Has No Basis in Economics,” Heritage Foundation Backgrounder No. 3591, March 9, 2021, https://www.heritage.org/sites/default/ files/2021-03/BG3591_0.pdf. The SEC is contemplating at least two rules that can be expected to require differential treatment based on race, sex, ethnicity, and so on. See Executive Office of the President, Office

Financial Regulatory Agencies

Weak

Vector: 60%

Pages: 875-878AI Enhanced

AI Analysis:

"The HONEST Act focuses on preventing insider trading by members of Congress and increasing transparency of their personal financial dealings, whereas the Project 2025 Financial Regulatory Agencies section primarily discusses reforms to agencies like the SEC and CFPB, emphasizing reduced regulatory burden and criticism of existing rules. The overlap is limited to a general theme of financial transparency and regulation, but the substantive objectives differ."

Key themes:financial transparencysecurities regulationethics oversight

— 842 — Mandate for Leadership: The Conservative Promise 19. Burton, “Improving Entrepreneurs’ Access to Capital: Vital for Economic Growth”; Campbell, “The Case for Federal Pre-Emption of State Blue Sky Laws.” 20. David R. Burton, “Why the SEC’s Consolidated Audit Trail Is a Bad Idea,” Heritage Foundation Commentary, December 5, 2019, https://www.heritage.org/monetary-policy/commentary/why-the-secs-consolidated- audit-trail-bad-idea; Hester M. Peirce, Commissioner, U.S. Securities and Exchange Commission, “Statement on the Order Granting Temporary Conditional Exemptive Relief from Certain Requirements of the National Market System Plan Governing the Consolidated Audit Trail,” July 8, 2022, https://www.sec.gov/news/ statement/peirce-statement-consolidated-audit-trail-070822 (accessed February 20, 2023). 21. Peirce, “It’s Not Just Scope 3: Remarks at the American Enterprise Institute”; Uyeda, “Remarks at the 2022 Cato Summit on Financial Regulation.” 22. David R. Burton, “How Dodd–Frank Mandated Disclosures Harm, Rather than Protect, Investors,” Heritage Foundation Issue Brief No. 4526, March 10, 2016, http://thf-reports.s3.amazonaws.com/2016/IB4526.pdf. 23. For a detailed discussion of SEC administration, see Burton, “Reforming the Securities and Exchange Commission.” 24. See, for example, Andrew N. Vollmer, “Accusers as Adjudicators in Agency Enforcement Proceedings,” University of Michigan Journal of Law Reform, Vol. 52, No. 1 (Fall 2018), pp. 103–155, https://repository.law. umich.edu/cgi/viewcontent.cgi?article=1602&context=mjlr (accessed February 20, 2023). 25. 7 U.S.C. § 1a(9), https://www.law.cornell.edu/uscode/text/7/1a (accessed February 20, 2023). 26. Or the CFTC can undertake a rulemaking. 27. 7 U.S.C. § 2(i), https://www.law.cornell.edu/uscode/text/7/2 (accessed February 20, 2023). 28. 7 U.S.C. § 7b–3, https://www.law.cornell.edu/uscode/text/7/7b-3 (accessed February 20, 2923). 29. Commodity Futures Trading Commission, “Cross-Border Application of the Registration Thresholds and Certain Requirements Applicable to Swap Dealers and Major Swap Participants,” Final Rule, Federal Register, Vol. 85, No. 178 (September 14, 2020), pp. 56924–57016, https://www.govinfo.gov/content/pkg/FR-2020-09- 14/pdf/2020-16489.pdf (accessed February 21, 2023). 30. Commodity Futures Trading Commission, “Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations,” Federal Register, Vol. 78, No. 144 (July 26, 2013), pp. 45292–45374, https:// www.cftc.gov/sites/default/files/idc/groups/public/@lrfederalregister/documents/file/2013-17958a.pdf (accessed February 21, 2023). 31. Commodity Futures Trading Commission, “Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants—Cross-Border Application of the Margin Requirements,” Final Rule, Federal Register, Vol. 81, No. 104 (May 31, 2016), pp. 34818–34854, https://www.govinfo.gov/content/pkg/FR-2016-05-31/ pdf/2016-12612.pdf (accessed February 21, 2023). 32. H.R. 4173, Dodd–Frank Wall Street Reform and Consumer Protection Act, Public Law 111–203, 111th Congress, July 21, 2010, Title X, https://www.congress.gov/111/plaws/publ203/PLAW-111publ203.pdf (accessed March 23, 2023). See also Consumer Financial Protection Bureau, “About Us,” https://www.consumerfinance.gov/about- us/ (accessed March 23, 2023). 33. See, for example, Paul Sperry, “Trump Is Finally Fixing This Economy-Killing Agency,” New York Post, December 2, 2017, https://nypost.com/2017/12/02/trump-is-finally-fixing-this-economy-killing-agency/ (accessed March 23, 2023). See also Jeb Hensarling “How We’ll Stop a Rogue Federal Agency,” The Wall Street Journal, February 8, 2017, https://www.wsj.com/articles/how-well-stop-a-rogue-federal- agency-1486597413 (accessed March 23, 2023), and H.R. 3389, CFPB Slush Fund Elimination Act of 2013, 113th Congress, introduced October 30, 2013, https://www.congress.gov/113/bills/hr3389/BILLS-113hr3389ih.pdf (accessed March 23, 2023). 34. Editorial, “CFPB Joins Justice in Shaking Down Banks for Democrat Activist Groups,” Investor’s Business Daily, June 17, 2015, https://www.investors.com/politics/editorials/cfpb-diverts-civil-penalty-funds-to-democrat- activist-groups/ (accessed March 23, 2023). 35. Table, “Budget by Program,” in Consumer Financial Protection Bureau, Annual Performance Plan and Report, and Budget Overview, February 2023, p. 15, https://files.consumerfinance.gov/f/documents/cfpb_ performance-plan-and-report_fy23.pdf (accessed March 23, 2023). 36. Table, “FTE by Program,” in ibid., p. 16. — 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).

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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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