Tom Emmer

This resolution condemns the June 14, 2025, attacks on Minnesota state legislators and calls on all people in the United States to reaffirm our commitment to a safe, civil, and peaceful democracy. The resolution also honors (1) the lives of Speaker Emerita Melissa Hortman and her husband Mark Hortman who were killed, (2) Senator John Hoffman and his wife Yvette Hoffman who were critically injured, and (3) the law enforcement officers who rapidly responded to the attacks and apprehended the suspected perpetrator.

**Pet and Livestock Protection Act of 2025** This bill directs the Department of the Interior to remove protections for the gray wolf under the Endangered Species Act of 1973 (ESA). Specifically, the bill requires Interior to reissue the final rule titled *Endangered and Threatened Wildlife and Plants; Removing the Gray Wolf (Canis lupus) From the List of Endangered and Threatened Wildlife* and published on November 3, 2020. The rule removed the gray wolf in the lower 48 United States, except for the Mexican wolf (*C. l. baileyi*) subspecies, from the endangered and threatened species list. However, the U.S. District Court for the Northern District of California vacated the rule on February 10, 2022. As a result, the gray wolf reattained the protection status it had prior to the rule's promulgation. The bill also prohibits the reissuance of the rule from being subject to judicial review.

**Protect Small Businesses from Excessive Paperwork Act of 2025** This bill extends the deadline for certain companies that are required to file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). Specifically, the bill requires companies formed or registered before January 1, 2024, to submit this information to FinCEN by January 1, 2026, instead of by January 1, 2025, as required under current regulations.

**Digital Asset Market Clarity Act of 2025 or the CLARITY Act of 2025** This bill establishes a regulatory framework for digital commodities, defined by the bill as digital assets that rely upon a blockchain for their value. The Commodity Futures Trading Commission must generally regulate digital commodities transactions, including digital commodity exchanges, brokers, and dealers. To qualify for trade on an exchange (1) a digital commodity’s blockchain must be mature, or on a blockchain system that has achieved decentralized control as defined by the bill; or (2) the issuer of the digital commodity must file certain reports. The bill establishes requirements for trade monitoring, recordkeeping, and the commingling of customer assets. The bill exempts digital commodities on mature blockchains (and digital commodities on blockchains expected to mature within certain timeframes) from Securities and Exchange Commission (SEC) registration requirements if annual sales fall under a certain amount and other requirements are met. The bill provides the SEC with jurisdiction over digital commodity activities and transactions engaged in by certain brokers and dealers on alternative trading systems and by national securities exchanges.  Digital commodity exchanges, brokers, and dealers are subject to the Bank Secrecy Act for anti-money laundering and related purposes. The bill also sets forth requirements for alternative trading systems, previously issued digital commodities, and provisional registration until the bill is implemented. For more information on this bill, see [CRS Insight IN12583, Crypto Legislation: An Overview of H.R. 3633, the CLARITY Act](https://www.congress.gov/crs-product/IN12583).

This bill increases the amount insured depository institutions may accept as reciprocal deposits. (Reciprocal deposits are used by institutions to increase the availability of deposit insurance by splitting large deposits using a reciprocal network of institutions.) The bill creates a tiered system so that the allowable amount is based on the institution's total liabilities. Additionally, the bill changes certain qualifications insured depository institutions may be required to have to accept reciprocal deposits. Under current law, institutions may qualify by having a composite rating of outstanding or good, among other requirements. The bill allows institutions with a 1, 2, or 3 rating under the CAMELS scale to qualify. (The Uniform Financial Institutions Rating System uses the characteristics of capital adequacy, asset quality, management, earnings, liquidity, and sensitivity to market risk (i.e., CAMELS ratings) to rate the health of financial institutions, with a 1 indicating the highest rating and least degree of supervisory concern and a 5 indicating the lowest rating and highest degree of supervisory concern.)

**Stablecoin Transparency and Accountability for a Better Ledger Economy Act of 2025 or the STABLE Act of 2025** This bill establishes a regulatory framework for payment stablecoins (digital assets which an issuer must redeem for a fixed value). Under the bill, only permitted issuers may issue a payment stablecoin in the United States, subject to certain exceptions. Permitted issuers must be a subsidiary of an insured depository institution, a federal-qualified nonbank payment stablecoin issuer, or a state-qualified payment stablecoin issuer. Permitted issuers must be regulated by the appropriate federal or state regulator. A state regulator must certify that the state regulatory regime meets or exceeds federal requirements as established by the bill.  Permitted issuers must maintain reserves backing the stablecoin on a one-to-one basis using U.S. currency or other similarly liquid assets, as specified. Permitted issuers must also publicly disclose their redemption policy and publish monthly the details of their reserves. The bill specifies requirements for (1) reusing reserves; (2) providing safekeeping services for stablecoins; and (3) supervisory, examination, and enforcement authority over federal-qualified issuers. The bill places a two-year moratorium on new endogenously collateralized stablecoins (i.e., stablecoins that rely on the value of another digital asset created or maintained by the same originator to maintain the fixed price). Under the bill, permitted payment stablecoins are not considered securities under securities law. However, permitted issuers are subject to the Bank Secrecy Act for anti-money laundering and related purposes.

**HUD Transparency Act of 2025** This bill requires the Office of Inspector General of the Department of Housing and Urban Development (HUD) to annually testify before Congress. Specifically, the office must testify regarding * efforts to detect and prevent fraud, waste, and abuse; * ability to conduct and supervise audits, investigations, and reviews; * actions to identify opportunities for HUD programs to progress and succeed; * recommendations to improve overall efficiency and public accountability; * the extent to which HUD has resources sufficient to carry out its statutory mission; and  * ongoing activities regarding any such additional work.

**Disabled Veterans Housing Support Act** This bill excludes compensation received for a military service-connected disability from a veteran's income when determining eligibility for assistance under the Community Development Block Grant (CDBG) program. The CDBG program provides grants to urban communities for development activities focused on revitalizing neighborhoods, economic development, and providing improved community facilities and services. Additionally, the Government Accountability Office must report on how service-connected disability compensation is treated when determining eligibility for all programs administered by the Department of Housing and Urban Development. This includes identifying instances where the treatment of such compensation is inconsistent with the requirement under this bill.

**CFPB Dual Mandate and Economic Analysis Act** This bill establishes the Office of Economic Analysis in the Consumer Financial Protection Bureau (CFPB). The office must review all proposed guidance, orders, rules, and regulations with respect to their impact on consumer choice, price, and access to credit products. The office must also continue to periodically review these materials and evaluate how well they address the problems that they were intended to address. The CFPB must consider the office's evaluations and identify in each proposed rulemaking the problem to be solved by the rule or regulation and the metrics the CFPB will use to measure the success of the rule or regulation. These metrics must include a measurement of changes regarding consumer access to, and the cost of, consumer financial products and services. Additionally, the bill revises the purpose of the CFPB to include strengthening private sector participation in markets, without government interference or subsidies, in order to increase competition and enhance consumer choice.