A resolution informing the House of Representatives that a quorum of the Senate is assembled.

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Bill ID: 119/sres/2

Last Updated: January 22, 2025

A resolution informing the House of Representatives that a quorum of the Senate is assembled.

SRES. 2, 119th Congress.

The sponsor

Sen. Thune, John [R-SD]

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

The money

$102,900 raised

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

The alignment

40% match to Project 2025

This bill's text tracks the "Executive Office of the President of the United States" section, p. 96-98 of the Mandate for Leadership.

Bill's Journey to Becoming a Law

Track this bill's progress through the legislative process

Latest Action

Message on Senate action sent to the House.

January 5, 2025

Introduced

Committee Review

Floor Action

Passed Senate

House Review

📍 Current Status

Next: Both chambers must agree on the same version of the bill.

🎉

Passed Congress

🖊️

Presidential Action

⚖️

Became Law

📚 How does a bill become a law?

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

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

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

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

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

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

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

Bill Summary

Summary Style:

The pedestrian machinations of the legislative process. SRES 2, a resolution that merely informs the House of Representatives that a quorum of the Senate is assembled. How quaint.

**Main Purpose & Objectives:** This bill's primary objective is to facilitate the functioning of Congress by formally notifying the House of Representatives that the Senate has reached a quorum and is prepared to conduct business. A trivial matter, really.

**Key Provisions & Changes to Existing Law:** There are no notable provisions or changes to existing law in this resolution. It is simply a procedural formality, devoid of substance.

**Affected Parties & Stakeholders:** The only parties affected by this bill are the members of Congress themselves, as it pertains to their internal procedures and operations. The general public remains blissfully unaware of this inconsequential resolution.

**Potential Impact & Implications:** From my perspective, as a visionary entrepreneur and thought leader, SRES 2 has zero impact on my interests or the trajectory of my business empire. It is a non-event, a mere blip on the radar of legislative activity. However, I must acknowledge that this bill's passage does reinforce the notion that Congress can function, albeit inefficiently.

In an ideal world, where innovation and progress are unencumbered by bureaucratic red tape, such procedural formalities would be automated or outsourced to more efficient entities – perhaps a private sector organization with expertise in process optimization. Alas, we are stuck with this antiquated system, where petty squabbles over quorums and parliamentary procedures waste valuable time and resources.

In conclusion, SRES 2 is an inconsequential resolution that fails to address the pressing issues of our time, such as regulatory reform, tax policy, or the need for greater privatization of public services. As a thought leader in my field, I will continue to advocate for policies that promote growth, innovation, and the unencumbered pursuit of wealth – not petty procedural niceties like this bill.

💰 Campaign Finance Network

Sen. Thune, John [R-SD]

Congress 119 • 2024 Election Cycle

Total Contributions

$102,900

15 donors

PACs

Organizations

Committees

Individuals

$102,900

No PAC contributions found

No organization contributions found

No committee contributions found

BELL, RICHARD R

2 transactions

$16,800

NESS, LARRY F

2 transactions

$11,700

HARMS, DUANE D

2 transactions

$9,700

EVANS, MICHAEL

2 transactions

$8,400

POWELL, JESSE

1 transaction

$6,600

DUHAMEL, KATHARINE B

1 transaction

$6,600

DUHAMEL, WILLIAM F JR.

1 transaction

$6,600

BARATTA, JOSEPH

2 transactions

$6,600

MCINERNEY, PAULA G

1 transaction

$5,000

MILKEN, LOWELL J

1 transaction

$5,000

WHITE, ALAN B

1 transaction

$5,000

HARMS, JEFFREY D

1 transaction

$5,000

MARQUIS, BENJAMIN L

1 transaction

$3,300

MARQUIS, DARRELL L

1 transaction

$3,300

MARQUIS, DUSTIN L

1 transaction

$3,300

Donor Network - Sen. Thune, John [R-SD]

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Total contributions: $102,900

Top Donors - Sen. Thune, John [R-SD]

Showing top 15 donors by contribution amount

15 Individuals

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.

Executive Office of the President of the United States

Minimal

Vector: 61%

Pages: 96-98AI Enhanced

AI Analysis:

"SRES 2 is a purely procedural resolution announcing a Senate quorum and does not address the Executive Office of the President, the Vice President's role, or any policy objectives outlined in Project 2025."

Key themes:Senatelegislative process

— 64 — Mandate for Leadership: The Conservative Promise Senate, often serves as a presidential emissary to the Senate and thus can be espe- cially helpful in securing passage of the President’s legislative agenda. To the extent that he or she desires, a Vice President can have a direct role in shaping Administration policy. A Vice President who regularly attends meetings and disperses staff across the interagency and policy councils is a Vice President whose voice will be heard. AUTHOR’S NOTE: Special thanks to those who contributed to this chapter: Stephen Billy, Scott Pace, Casey Mulligan, Edie Heipel, Mike Duffey, Vance Ginn, Iain Murray, Laura Cunliffe, Mario Loyola, Anthony Campau, Paige Agostin, Molly Sikes, Paul Ray, Kenneth A. Klukowski, Michael Anton, Robert Greenway, Valerie Huber, James Rockas, Paul Winfree, Aaron Hedlund, Brian McCormack, David Legates, Art Kleinschmidt, Paul Larkin, Kayla Tonnessen, Jeffrey B. Clark, Jonathan Wolfson, and Bob Burkett. — 65 — Executive Office of the President of the United States ENDNOTES 1. U.S. Constitution, Article II, Section 1, https://www.law.cornell.edu/constitution/articleii#section1 (accessed January 30, 2023). 2. James Madison, The Federalist Papers No. 47, January 30, 1788, https://founders.archives.gov/documents/ Madison/01-10-02-0266 (accessed January 30, 2023). 3. 31 U.S.C. §§ 1341(a)(1)(A) and 1341(a)(1)(B), https://www.law.cornell.edu/uscode/text/31/1341 (accessed January 30, 2023); § 1342, https://www.law.cornell.edu/uscode/text/31/1342 (accessed January 30, 2023); and § 1517(a), https://www.law.cornell.edu/uscode/text/31/1517(a) (accessed January 30, 2023). 4. President William J. Clinton, Executive Order 12866, “Regulatory Planning and Review,” September 30, 1993, in Federal Register, Vol. 58, No. 190 (October 4, 1993), pp. 51735–51744, https://www.govinfo.gov/content/pkg/ FR-1993-10-04/pdf/FR-1993-10-04.pdf (accessed March 9, 2023). 5. Brent J. McIntosh, General Counsel, Department of the Treasury, and Neomi Rao, Administrator, Office of Information and Regulatory Affairs, Memorandum of Agreement, “The Department of the Treasury and the Office of Management and Budget Review of Tax Regulations Under Executive Order 12866,” April 11, 2018, https://home.treasury.gov/sites/default/files/2018-04/04-11%20Signed%20Treasury%20OIRA%20MOA.pdf (accessed January 31, 2023). 6. See Steven A. Engel, Assistant Attorney General, Office of Legal Counsel, “Extending Regulatory Review Under Executive Order 12866 to Independent Regulatory Agencies,” 43 Op. O.L.C. __ (Oct. 8, 2019), https:// www.justice.gov/sites/default/files/opinions/attachments/2020/12/30/2019-10-08-extend-reg-review.pdf (accessed January 31, 2023). 7. Office of Management and Budget, Circular A-4, “Regulatory Analysis,” September 17, 2003, https:// www.whitehouse.gov/wp-content/uploads/legacy_drupal_files/omb/circulars/A4/a-4.pdf (accessed January 31, 2023). 8. President Donald J. Trump, Executive Order 13891, “Promoting the Rule of Law Through Improved Agency Guidance Documents,” October 9, 2019, in Federal Register, Vol. 84, No. 199 (October 15, 2019), pp. 55235– 55238, https://home.treasury.gov/sites/default/files/2018-04/04-11%20Signed%20Treasury%20OIRA%20MOA. pdf (accessed January 31, 2023). 9. President Donald J. Trump, Executive Order 13771, “Reducing Regulation and Controlling Regulatory Costs,” January 30, 2017, in Federal Register, Vol. 82, No. 22 (February 3, 20170, pp. 9339–9341, https://www.govinfo. gov/content/pkg/FR-2017-02-03/pdf/2017-02451.pdf (accessed January 31, 2023). 10. President Donald J. Trump, Executive Order 13777, “Enforcing the Regulatory Reform Agenda,” February 24, 2017, in Federal Register, Vol. 82, No. 39 (March 1, 2017), pp. 12285–12287, https://www.govinfo.gov/content/ pkg/FR-2017-03-01/pdf/2017-04107.pdf (accessed January 31, 2023). 11. See note 8, supra. 12. President Donald J. Trump, Executive Order 13892, “Promoting the Rule of Law Through Transparency and Fairness in Civil Administrative Enforcement and Adjudication,” in Federal Register, Vol. 84, No. 199 (October 15, 2019), pp. 55239–55243, https://www.govinfo.gov/content/pkg/FR-2019-10-15/pdf/2019-22624.pdf (accessed January 31, 2023). 13. President Donald J. Trump, Executive Order 13893, “Increasing Government Accountability for Administrative Actions by Reinvigorating Administrative PAYGO,” October 10, 2019, in Federal Register, Vol. 84, No. 200 (October 16, 2019), pp. 55487–55488, https://www.govinfo.gov/content/pkg/FR-2019-10-16/pdf/2019-22749. pdf (accessed January 31, 2023). 14. President Donald J. Trump, Executive Order 13924, “Regulatory Relief to Support Economic Recovery,” May 19, 2020, in Federal Register, Vol. 85, No. 100 (May 22, 2020), pp. 31353–31356, esp. 31355, https://www.govinfo. gov/content/pkg/FR-2020-05-22/pdf/2020-11301.pdf (accessed January 31, 2023). 15. President Donald J. Trump, Executive Order 13979, “Ensuring Democratic Accountability in Agency Rulemaking,” January 18, 2021, in Federal Register, Vol. 86, No. 13 (January 22, 2021), pp. 6813–6815, https:// www.govinfo.gov/content/pkg/FR-2021-01-22/pdf/2021-01644.pdf (accessed January 31, 2023). 16. President Donald J. Trump, Executive Order 13980, “Protecting Americans from Overcriminalization Through Regulatory Reform,” January 18, 2021, in Federal Register, Vol. 86, No. 13 (January 22, 2021), pp. 6817–6820, https://www.govinfo.gov/content/pkg/FR-2021-01-22/pdf/2021-01645.pdf (accessed January 31, 2023).

White House Office

Minimal

Vector: 57%

Pages: 75-77AI Enhanced

AI Analysis:

"SRES 2 is a purely procedural Senate resolution announcing a quorum; it contains no substantive policy content related to limiting, controlling, or directing the executive branch, which is the focus of the Project 2025 Executive Office policy."

Key themes:government procedureconstitutional process

— 42 — Mandate for Leadership: The Conservative Promise ENDNOTES 1. U.S. Constitution, art. II, § 1, https://constitution.congress.gov/constitution/article-2/ (accessed February 14, 2023). 2. U.S. Constitution, art. II, § 2. 3. U.S. Constitution, art. II, § 3. 4. U.S. Constitution, art. II, § 2. 5. See Chapter 2, “Executive Office of the President,” infra. 6. H.R. 4328, Omnibus Consolidated and Emergency Supplemental Appropriations Act, 1999, Public Law No. 105- 277, 105th Congress, October 21, 1998, Division C, Title I, § 151, https://www.congress.gov/105/plaws/publ277/ PLAW-105publ277.pdf (accessed February 15, 2023). 7. S. 1871, An Act to Prevent Pernicious Political Activities, Public Law No. 76-252, 76th Congress, August 2, 1939, https://govtrackus.s3.amazonaws.com/legislink/pdf/stat/53/STATUTE-53-Pg1147.pdf (accessed March 7, 2023). 8. S. 758, National Security Act of 1947, Public Law No. 80-253, 80th Congress, July 26, 1947, https://govtrackus. s3.amazonaws.com/legislink/pdf/stat/61/STATUTE-61-Pg495.pdf (accessed February 15, 2023). “The National Security Council was established by the National Security Act of 1947 (PL 235 – 61 Stat. 496; U.S.C. 402), amended by the National Security Act Amendments of 1949 (63 Stat. 579; 50 U.S.C. 401 et seq.). Later in 1949, as part of the Reorganization Plan, the Council was placed in the Executive Office of the President.” The White House, “National Security Council,” https://www.whitehouse.gov/nsc/ (accessed February 15, 2023). 9. See Chapter 2, “Executive Office of the President,” infra. 10. President William J. Clinton, Executive Order 12835, “Establishment of the National Economic Council,” January 25, 1993, in Federal Register, Vol. 58, No. 16 (January 27, 1993), pp. 6189–6190, https://www.govinfo. gov/content/pkg/FR-1993-01-27/pdf/FR-1993-01-27.pdf (accessed March 7, 2023). — 43 — 2 EXECUTIVE OFFICE OF THE PRESIDENT OF THE UNITED STATES Russ Vought In its opening words, Article II of the U.S. Constitution makes it abundantly clear that “[t]he executive power shall be vested in a President of the United States of America.”1 That enormous power is not vested in departments or agencies, in staff or administrative bodies, in nongovernmental organizations or other equities and interests close to the government. The President must set and enforce a plan for the executive branch. Sadly, however, a President today assumes office to find a sprawling federal bureaucracy that all too often is carrying out its own policy plans and preferences—or, worse yet, the policy plans and preferences of a radical, supposedly “woke” faction of the country. The modern conservative President’s task is to limit, control, and direct the executive branch on behalf of the American people. This challenge is created and exacerbated by factors like Congress’s decades-long tendency to delegate its lawmaking power to agency bureaucracies, the pervasive notion of expert “inde- pendence” that protects so-called expert authorities from scrutiny, the presumed inability to hold career civil servants accountable for their performance, and the increasing reality that many agencies are not only too big and powerful, but also increasingly weaponized against the public and a President who is elected by the people and empowered by the Constitution to govern. In Federalist No. 47, James Madison warned that “[t]he accumulation of all powers, legislative, executive, and judiciary, in the same hands, whether of one, a few, or many, and whether hereditary, self-appointed, or elective, may justly be pronounced the very definition of tyranny.”2 Regrettably, that wise and cautionary note describes to a significant degree the modern executive branch, which—whether controlled

Trade

Minimal

Vector: 57%

Pages: 863-865AI Enhanced

AI Analysis:

"The bill is a purely procedural Senate resolution establishing a quorum and contains no provisions related to financial regulation, securities, or capital markets, which are the focus of the Project 2025 Trade policy section."

Key themes:no overlap

— 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.

Trade

Minimal

Vector: 57%

Pages: 834-836AI Enhanced

AI Analysis:

"SRES 2 is a purely procedural Senate resolution establishing a quorum and contains no substantive trade-related provisions, whereas the Project 2025 Trade section focuses on repealing the Jones Act, restoring trade authority, reforming the WTO, and addressing China trade policies."

— 801 — Trade l Repeal the Jones Act,48 a century-old “Buy American” maritime law that has decimated the U.S. shipbuilding industry. l Work with Congress to restore the President’s Trade Promotion Authority, which would expedite the negotiation of trade agreements with the United Kingdom, Switzerland, Taiwan, the European Union, and other allies, and keep trade-unrelated provisions out of trade agreements. l Restore the World Trade Organization’s dispute resolution process to full strength. l Create a successor to the WTO (assuming that it has been fatally wounded) that is open only to liberal democracies. This would prevent authoritarian countries like China from abusing the organization for their own ends. l Adopt a multi-pronged China strategy to convince the Chinese government to reform its illiberal human rights and trade policies. l Rejoin the Trans-Pacific Partnership (TPP), whose 11 members are developing institutional trade norms in an important geopolitical region without U.S. input or involvement. l Reorient the proposed Indo-Pacific Economic Framework for Prosperity to focus only on trade issues, which it currently ignores in favor of progressive wish-list policies. l Strengthen diplomatic pressure (in concert with allies) against Beijing’s abuses. Encourage cultural and intellectual engagement with the Chinese people, remembering that blue jeans and rock ’n’ roll helped to win the Cold War. Tariff Relief. When people try something repeatedly and it still doesn’t work, they should stop doing it—especially when the consequences turn out to be just what conservative economists have long predicted they would be.49 With tariffs, the proper reform is not only to get rid of the individual tariffs that have backfired, but also to build institutional safeguards against future abuse. We are five years into the biggest experiment with tariffs since the Great Depres- sion, and the results are in: The new tariffs raise consumer prices for ordinary Americans by about $1,200 per household every year50 and benefit only a small number of special interests. Steel and aluminum tariffs, enacted on national security grounds, angered allies. Beijing made not a single substantive reform in — 802 — Mandate for Leadership: The Conservative Promise response to four rounds of tariffs plus an attempted Phase One agreement. The Biden Administration has left the tariffs in place and is expanding them to pursue progressive policy goals. The first order of business for a new Administration that is focused on American workers and consumers is to repeal all tariffs enacted under Section 232 of the Trade Expansion Act of 196251 and Sections 201 and 301 of the Trade Act of 1974.52 The President can do this unilaterally, and Congress can do it through legislation. The second order of business requires Congress to pass legislation repealing Sections 232, 201, and 301. The U.S. Constitution places all taxing authority with Congress53 and none with the President. Congress used those provisions of law to delegate some of its taxing authority to the President because it was having trouble passing “clean” tariff legislation in the 1960s and 1970s. Unless and until this constitutional question about delegation is addressed, important reforms are available to the next Congress and the next President. Congress faced a problem of collective action in the 1960s and 1970s. As a whole, Members generally wanted to lower tariffs, but few individual Members were will- ing to remove tariffs that benefited special interests in their districts. Trade bills were invariably watered down through amendments and logrolling. The thinking was that the President, whose constituency is the entire nation, would be less prone to special-interest pleading than Members of Congress would be, so Congress del- egated some of its tariff-making authority to the President in 1962 and 1974 trade legislation. Delegating tariff-making might have worked in the short run, but in the long run, it was both constitutionally dubious and ripe for abuse. That came to pass in 2018. The Section 232 steel and aluminum tariffs, invoked in 2018 against Canada, Europe, and other allies on national security grounds, raised car prices by an aver- age of $250 per vehicle and gave America the world’s highest steel prices. They also harmed the construction, canned food and beverage, and other metal-us- ing industries. While this may have benefited the steel industry itself, each steel job saved cost an average of $650,000 per year that had been taken from elsewhere in the econo- my.54 That is no way to strengthen American manufacturing. The New York Federal Reserve estimated in 2019 that the Section 301 China tariffs cost the average house- hold $831 per year,55 a figure that has likely increased with inflation. The new tariffs have a clear record of failure—as conservative economists almost unanimously warned would be the case. Job number one for the next Administration is to return to sensible trade policies and eliminate the destruc- tive Trump–Biden tariffs. Strengthening American Manufacturing. The decline of American manu- facturing is a common political trope in both parties, typically invoked before a call for more government intervention. This narrative has several problems. One is that

Trade

Minimal

Vector: 56%

Pages: 863-865AI Enhanced

AI Analysis:

"The bill is a procedural Senate resolution merely notifying the House of a quorum, whereas Project 2025's Trade section concerns SEC reform, financial regulation, and capital formation; there is no substantive policy overlap."

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

Showing 3 of 5 policy matches

About These Correlations

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

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A resolution informing the House of Representatives that a quorum of the Senate is assembled.