Ensuring Sound Guidance Act

Issue: 403(b) parity Issue: Reforming DOLs pension risk transfer bulletin, 95-1. American Worker Savings & Wealth Creation Plan Act: Would create a federally run retirement plan, similar to the TSP, that would be available to all private sector workers whose employer signs up for the plan. No bill yet. Issue: Technical corrections on catch up contributions under SECURE 2.0 Issue: SEC market conduct rulemakings Issue: Fiduciary rulemaking. Issue: H.R. 3942, Lifetime Income for Employees (LIFE) Act of 2022: Amends the current rules for qualified default investment alternatives to facilitate the use of an annuity component will expand the availability of guaranteed returns and guaranteed lifetime income that help savers secure their retirement futures. Issue: H.R. 4237, Ensuring Sound Guidance Act: Would require investment advisers and ERISA retirement plan sponsors to prioritize financial returns over non-pecuniary factors when making investment decisions on behalf of their clients. Issue: S. 2517, H.R. 4924, The Auto Reenroll Act of 2023: The bill allows plan sponsors to re-enroll non-participants at least once every three years, unless the individual affirmatively opts-out again. The bill also permits plans to sweep all eligible employees as a group for re-enrollment and does not change the automatic enrollment safe harbors Issue: H.R. 6065, Retirement Savings for Americans Act, authorizes a federally run TSP. Issue: S. 2415, H.R. 7107, the Long-Term Care Affordability Act. The bill allows plan tax free distributions on retirement accounts to fund LTC contracts Issue: Tri-Agency rule on supplemental health benefits Issue: SECURE 2.0 Technical Corrections Discussion Draft: Legislative language that will amend SECURE 2.0 to make technical changes to a variety of provisions. Issue: S. 3305 Helping Young Americans Save for Retirement Act: The legislation would lower the minimum participation age in ERISA-covered defined contribution plans from age 21 to age 18. Issue: H.J. Res 142, S.J. Res 79 Fiduciary Rule Congressional Review Act: A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Labor relating to "Retirement Security Rule: Definition of an Investment Advice Fiduciary" Issue: H.R. 6757 Roth IRA Rollovers: This legislation will allow retirement savers to roll over their Roth IRA savings into a Roth account within a workplace retirement plan. H.R. 6007, S. 4398 Retirement Investment in Small Employers (RISE) Act: The legislation would create a new Micro Employer Pension Plan Startup Credit in IRC Section 45E for qualified micro employers. A qualified micro employer is defined as an employer with 10 or fewer employees. The credit amount is 100% of any retirement plan administrative costs up to $2,500 for the first three years after adoption of the retirement plan. Proposed FY 2020 Budget proposal on paid family and medical leave. Issue: paid family and medical leave H.R. 5084 - Improving Corporate Governance Through Diversity Act. Issue: diversity and inclusion.

Client expense: $390,000 · Firm income: Not reported

Government targets: Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

PL 117-328 Consolidated Appropriations Act, 2023 - SECURE 2.0 Issue Investment Advice Standards Issue Davis Bacon Issue Retirement Security HR 1177/S 427 Financial Freedom Act of 2023 - prohibit the Secretary of Labor from constraining the range or type of investments that may be offered in retirement accounts HR 9462/S 5271 Retirement Savings for Americans Act -- establish the American Worker Retirement Plan HR 2593 Senior Security Act -- establishes the Senior Investor Taskforce within the Securities and Exchange Commission HR 2799 Expanding Access to Capital Act -- reforms to the capital markets of the United States HR 3063 Retirement Fairness for Charities and Educational Institutions Act of 2023 -- amend the Federal securities laws to enhance 403(b) plans HR 3942 Lifetime Income for Employees (LIFE) Act -- amend the Employee Retirement Income Security Act of 1974 to permit default investment arrangements in annuities HR 4237 Ensuring Sound Guidance Act -- amend the Investment Advisers Act of 1940 and the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors DRAFT SECURE 2.0 Technical Corrections - Changes and corrections to SECURE 2.0 HR 5408/S 2767 SSI Savings Penalty Elimination Act-to increase asset limits for SSI recipients HR 7293 Automatic IRA Act of 2024 Secure 2.0 Implementation S 692 - This bill seeks to help Americans better plan for retirement and enhance retirement security by ensuring they plan for retirement and enhance retirement security by ensuring they have the information to make informed decisions regarding social security benefits

Client expense: $700,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC)

H.R.760 - Chinese Military and Surveillance Company Sanctions Act of 2023; H.R. 1807, the Improving Disclosure for Investors Act of 2023; H.R. 1837, the Investing in Our Communities Act; H.R. 2590, Unlocking Capital for Small Business Act; H.R. 2627 - Increasing Investor Opportunities Act (closed-end fund bill); H.R. 2799, Expanding Access of Capital Act of 2023; H.R. 3063, Retirement Fairness for Charities and Education Institutions Act; H.R. 3136 - The National Critical Capabilities Defense Act; H.R. 4237, a bill to amend the Investment Advisers Act of 1940 and the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors; HR 4551, the "Protecting Investors Personally Identifiable Information Act" (attached to Capital Markets Subcommittee hearing on 3/20/24); H.R. 4763 - the Financial Innovation and Technology for the 21st Century Act; H.R.4766 - Clarity for Payment Stablecoins Act of 2023; H.R. 4767 - Protecting American's Retirement Savings from Politics Act; H.R. 8339, the "SEC Reform and Restructure Act; H.R. 8773, FY 2025 Financial Services and General Government Appropriations Bill (3 provisions in the FSGG Bill Report pertaining to the SEC: PDA rule withdrawal, economic analysis enhancement, sensible implementation); H.R. 8818, American Privacy Rights Act; H.J. Res. 109. Providing for congressional disapproval of the rule submitted by the SEC related to "Staff Accounting Bulletin No. 121."; H.J. Res. 116, providing for congressional disapproval of DOL's independent contractor rule; H. J. Res 142, Providing for congressional disapproval of the Department of Labor fiduciary rule; S.2678 - Outbound Investment Transparency Act of 2023; S. 3815 - the Improving Disclosure for Investors Act of 2024; S. 4628, National Defense Authorization Act for Fiscal Year 2025 (China-related provisions); S. 4760, Digital Commodities Consumer Protection Act of 2022; S. 4917 - Retirement Fairness for Charities and Educational Institutions Act of 2024; S.5139 - A bill to amend the Securities Act of 1933 to address emerging growth companies, and for other purposes (the Empowering Main Street in America Act); S.J. Res.__, a Joint Resolution providing for congressional disapproval of the rule submitted by the SEC related to "Staff Accounting Bulletin No. 121."; H.R. ___, To codify the special purpose broker dealer, and for other purposes; H.R. ____, to exempt 144a fixed income securities from Rule 15c2-11; HR ____, to require an assessment and report to Congress on the adequacy of the SECs cost-benefit analysis with respect to major rulemakings (attached to Capital Markets Subcommittee hearing on 3/20/24); HR ____, to mandate minimum comment periods of at least 60 days for all SEC-initiated rulemakings, with certain exceptions, calculated from the date published in the Federal Register (attached to Capital Markets Subcommittee hearing on 3/20/24); HR ____, to require the Commission to review certain reviewable actions by SEC staff (attached to Capital Markets Subcommittee hearing on 3/20/24); HR ____, to require the semi-annual testimony of the Chairman of the SEC before the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, with testimony on at least one instance to include the testimony of the entire Commission (attached to Capital Markets Subcommittee hearing on 3/20/24); Prudential agency (Federal Reserve, OCC and FDIC) proposal to implement the Basel Endgame reforms in the U.S. and congressional (U.S. House and Senate) oversight of the same, including revisions to the trading book capital rules, stress testing, capital surcharges and buffers; Biden Administration executive order related to China; SEC Open-End Fund Liquidity Risk Management Programs and Swing Pricing proposed rule; SEC Amendments to NMS Plan for the Consolidated Audit Trail-Data Security; SEC Staff Accounting Bulletin 121; SEC Security-based Swaps Large Position Reporting proposed rule; SEC proposed rule regarding the safeguarding of client assets (custody proposal); SEC proposed rule on Predictive Data Analytics; SEC proposal regarding reporting of Securities Loans; SEC proposals to modify equity market structure; SEC final rule related to clearing of U.S. Treasury securities; SEC proposed rule to address Volume-Based Exchange Transaction Pricing for NMS Stocks; Senator Stabenow's Discussion Draft cryptocurrency legislation; SEC CAT Fee filings by the SROs; SEC approval of SROs rules limiting exchange liability; SEC enforcement cases related to off-channel communications; CFPB enforcement action relating to the National Collegiate Student Loan Trusts; FDIC Brokered Deposit Proposal; FDIC Proposal to amend change in Bank Control Action Regulations.

Client expense: $1,550,000 · Firm income: Not reported

Government targets: Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Natl Economic Council (NEC), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Issue: 403(b) parity Issue: Reforming DOLs pension risk transfer bulletin, 95-1. American Worker Savings & Wealth Creation Plan Act: Would create a federally run retirement plan, similar to the TSP, that would be available to all private sector workers whose employer signs up for the plan. No bill yet. Issue: Technical corrections on catch up contributions under SECURE 2.0 Issue: SEC market conduct rulemakings Issue: Fiduciary rulemaking. Issue: H.R. 3942, Lifetime Income for Employees (LIFE) Act of 2022: Amends the current rules for qualified default investment alternatives to facilitate the use of an annuity component will expand the availability of guaranteed returns and guaranteed lifetime income that help savers secure their retirement futures. Issue: H.R. 4237, Ensuring Sound Guidance Act: Would require investment advisers and ERISA retirement plan sponsors to prioritize financial returns over non-pecuniary factors when making investment decisions on behalf of their clients. Issue: S. 2517, H.R. 4924, The Auto Reenroll Act of 2023: The bill allows plan sponsors to re-enroll non-participants at least once every three years, unless the individual affirmatively opts-out again. The bill also permits plans to sweep all eligible employees as a group for re-enrollment and does not change the automatic enrollment safe harbors Issue: H.R. 6065, Retirement Savings for Americans Act, authorizes a federally run TSP. Issue: S. 2415, H.R. 7107, the Long-Term Care Affordability Act. The bill allows plan tax free distributions on retirement accounts to fund LTC contracts Issue: Tri-Agency rule on supplemental health benefits Issue: SECURE 2.0 Technical Corrections Discussion Draft: Legislative language that will amend SECURE 2.0 to make technical changes to a variety of provisions. Issue: S. 3305 Helping Young Americans Save for Retirement Act: The legislation would lower the minimum participation age in ERISA-covered defined contribution plans from age 21 to age 18. Issue: H.J. Res 142, S.J. Res 79 Fiduciary Rule Congressional Review Act: A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Labor relating to "Retirement Security Rule: Definition of an Investment Advice Fiduciary" Issue: H.R. 6757 Roth IRA Rollovers: This legislation will allow retirement savers to roll over their Roth IRA savings into a Roth account within a workplace retirement plan.

Client expense: $430,000 · Firm income: Not reported

Government targets: Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Retirement Security 1.SECURE 2.0 Technical Corrections Discussion Draft: Legislative language that will amend SECURE 2.0 to make technical changes to a variety of provisions. 2.H.R. 3063 Retirement Fairness for Charities and Educational Institutions Act of 2023: Would allow 403(b) plans to invest in Collective Investment Trusts or Separate Accounts that establishes investment parity with other defined contribution plans, like 401(k)s. 3.H.R. 3942, Lifetime Income for Employees (LIFE) Act: Amends the current rules for qualified default investment alternatives to facilitate the use of an annuity component that will expand the availability of guaranteed returns and guaranteed lifetime income that help savers secure their retirement futures. 4.H.R. 4237, S. 2282 Ensuring Sound Guidance Act: Would require investment advisers and ERISA retirement plan sponsors to prioritize financial returns over non-pecuniary factors when making investment decisions on behalf of their clients. 5.H.R. 4924, S. 2517 Auto Reenroll Act of 2023: The bill allows plan sponsors to re-enroll non-participants at least once every three years, unless the individual affirmatively opts-out again. The bill also permits plans to sweep all eligible employees as a group for re-enrollment and does not change the automatic enrollment safe harbors. 6.H.R. 5060, S. 2627 Womens Retirement Protection Act (WRPA): The legislation would impose spousal consent requirements on nearly all distributions from defined contribution plans. The bill also seeks to enhance financial literacy through grants to community-based organizations and also offers grants to such organizations to help low-income women and survivors of domestic abuse obtain qualified domestic relations orders. 7.H.R. 5408, S. 2767 SSI Savings Penalty Elimination Act: The legislation would increase the asset limit from $2,000 to $10,000 for an individual, and from $3,000 to $20,000 for a married couple. Increasing the limit empowers people to prepare themselves for a financial emergency and allows them to enter the workforce without worrying theyll save lose their eligibility for SSI by saving too much. 8.H.R. 6007, S. 4398 Retirement Investment in Small Employers (RISE) Act: The legislation would create a new Micro Employer Pension Plan Startup Credit in IRC Section 45E for qualified micro employers. A qualified micro employer is defined as an employer with 10 or fewer employees. The credit amount is 100% of any retirement plan administrative costs up to $2,500 for the first three years after adoption of the retirement plan. 9.H.R. 6065, S.3102 Retirement Savings for Americans Act (RSAA) of 2023: Would create a federally run retirement plan, similar to the TSP, that would be available to all private sector workers whose employer signs up for the plan. 10.S. 3305 Helping Young Americans Save for Retirement Act: The legislation would lower the minimum participation age in ERISA-covered defined contribution plans from age 21 to age 18. 11.H.R. 6757 Roth IRA Rollovers: This legislation will allow retirement savers to roll over their Roth IRA savings into a Roth account within a workplace retirement plan. 12.H.R. 6772 Expanding Access to Retirement Savings for Caregivers Act: The bill would allow individuals that took at least one year out of the workforce without receiving an earned income, for the purposes of caring for a family member, to make catch-up contributions in years prior to age 50 to their 401(k) plans, individual retirement accounts (IRAs), and other eligible retirement accounts. 13.H.R. 7162, S. 3716 401Kids Savings Account Act of 2024: This bill would create childrens savings accounts (CSAs) for every child in America that would be managed by State Treasurers. Funds from the accounts could be used for post-secondary education, starting a business, buying a house, or retirement security. 14.H.R. 7293 Automatic IRA Act of 2024: Mandates employers with 10 or more employees to implement an automatic enrollment retirement plan in the workplace. 15.H.J. Res 142, S.J. Res 79 Fiduciary Rule Congressional Review Act: A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Labor relating to "Retirement Security Rule: Definition of an Investment Advice Fiduciary" 16.General Accounts Product Corrections Act: Would clarify fiduciary responsibilities for life insurance companies as it relates to investments in their general accounts. Income Security S. 2415 and H.R. 7107, the Long-Term Care Affordability Act: Would allow for tax free distributions from retirement accounts to fund LTC contracts. H.R. 133, Both provisions are in the larger bill. H.R.1185 - FAMILY Act. Issue: paid family and medical leave proposal would offer paid leave benefits via a payroll tax for birth or adoption of a child or caring for a sick family member. H.R.1940 - New Parents Act of 2019. Issue: paid family and medical leave H.R.2163 - To amend the Internal Revenue Code of 1986 to allow for tax-advantaged distributions from health savings accounts during family or medical leave, and for other purposes. Issue: paid family and medical leave S.463 - FAMILY Act. Issue: paid family and medical leave- paid family and medical leave proposal would offer paid leave benefits via a payroll tax for birth or adoption of a child or caring for a sick family member S.920 - New Parents Act of 2019. Issue: paid family and medical leave Discussion draft - CRADLE Act. Issue: paid family and medical leave - allows for a deferment of retirement benefits for paid leave benefits. Proposed FY 2020 Budget proposal on paid family and medical leave. Issue: paid family and medical leave H.R. 2694 - Pregnant Workers Fairness Act. Issue: paid family and medical leave. Concurrent Resolution on the Budget, FY2022, S.Con.Res.14. The budget resolution calls for the $3.5 trillion in long-term investments to be fully offset by a combination of new tax revenues, health care savings, and long-term economic growth. In addition, the agreement would prohibit new taxes on families making less than $400,000 per year, and on small businesses and family farms. Issue: Medicare/Dental (Expanding Medicare to include dental, vision, hearing benefits and lowering the eligibility age). H.R. 5376- Build Back Better Act This bill provides funding, establishes programs, and otherwise modifies provisions relating to a broad array of areas, including education, labor, child-care, health care, taxes, immigration, and the environment. Excepted Benefits on Supplemental Benefits-proposed tri-agency rule through HHS, Treasury and Labor. S.3680 - Paid Family and Medical Leave Tax Credit Extension and Enhancement Act Diversity and Inclusion H.R. 5084 - Improving Corporate Governance Through Diversity Act. Issue: diversity and inclusion. H.R. 5360 - Closing the Racial Wealth Gap Act. Issue: diversity and inclusion. H.R. 281 - Ensuring Diverse Leadership Act. Issue: diversity and inclusion. H.R. 7946 and S. 4464 - Federal Reserve Racial and Economic Equity Act. Issue: diversity and inclusion.

Client expense: $798,458 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues related to the tax-treatment of alternative fuel vehicles. Monitored implementation of H.R. 5376 (P.L. 117-169), the Inflation Reduction Act, as it relates to tax incentives for alternative fuel vehicles and charging infrastructure. H.R. 3938, Build It in America Act, as it relates to incentives for electric vehicles and charging infrastucture. Issues related to the expiration of the 2017 Tax Cut and Jobs Act, and energy taxes. H.R. 4237, The Elite Vehicles Act.

Client expense: Not reported · Firm income: $40,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 500, Financial Exploitation Prevention Act of 2023 H.R. 1807, Improving Disclosure for Investors Act of 2023 H.R. 2627, Increasing Investor Opportunities Act H.R. 2799, Expanding Access to Capital Act of 2023 H.R. 3063, Retirement Fairness for Charities and Educational Institutions Act of 2023 H.R. 3812, Financial Stability Oversight Council Improvement Act of 2023 H.R. 4168, Mandatory Materiality Requirement Act of 2023 H.R. 4237, Ensuring Sound Guidance Act H.R. 4600, Protecting Retail Investors Savings Act H.R. 4645, Empowering Shareholders Act of 2023 H.R. 4767, Protecting Americans Retirement Savings from Politics Act H.R. 4790, GUARDRAIL Act of 2023 H.R. 6783, Capital Markets Financing and Economic Growth Investments Act of 2023 H.R. 7030, Review the Expansion of Government Act of 2024 H.R. 8239, SEC Regulatory Accountability Act H.R. 8339, SEC Reform and Restructuring Act H.J. Res. 120, Congressional Disapproval of FSOC rule on "Guidance on Nonbank Financial Company Determinations" S. 1481, Financial Exploitation Prevention Act of 2023 S. 2005, Mandatory Materiality Requirement Act of 2023 S. 2700, INDEX Act S. 3601, Financial Stability Oversight Council Improvement Act of 2024 S. 3735, Protecting Innovation in Investment Act S. 3815, Improving Disclosure for Investors Act of 2024 S. 4586, Stop Funding the CCP Through A-Shares Act S. 4589, Safeguarding US Financial Leadership Against Communist China Act S. 4590, TRADE SAFE Act General concerns regarding the volume, interconnectedness, and length of comment periods of SEC proposals SEC mandatory swing pricing, hard close, and liquidity risk management proposal SEC predictive data analytics proposal Streamline and modernize the SEC staff no-action letter/guidance and exemptive order process Outbound investment screening Resolution recognizing the 100th anniversary of the Mutual Fund

Client expense: $1,250,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

PL 117-328 Consolidated Appropriations Act, 2023 - SECURE 2.0 Issue Investment Advice Standards Issue Davis Bacon Issue Retirement Security HR 1177/S 427 Financial Freedom Act of 2023 - prohibit the Secretary of Labor from constraining the range or type of investments that may be offered in retirement accounts HR 9462/S 5271 Retirement Savings for Americans Act -- establish the American Worker Retirement Plan HR 2593 Senior Security Act -- establishes the Senior Investor Taskforce within the Securities and Exchange Commission HR 2799 Expanding Access to Capital Act -- reforms to the capital markets of the United States HR 3063 Retirement Fairness for Charities and Educational Institutions Act of 2023 -- amend the Federal securities laws to enhance 403(b) plans HR 3942 Lifetime Income for Employees (LIFE) Act -- amend the Employee Retirement Income Security Act of 1974 to permit default investment arrangements in annuities HR 4237 Ensuring Sound Guidance Act -- amend the Investment Advisers Act of 1940 and the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors DRAFT SECURE 2.0 Technical Corrections - Changes and corrections to SECURE 2.0 HR 5408/S 2767 SSI Savings Penalty Elimination Act-to increase asset limits for SSI recipients HR 7293 Automatic IRA Act of 2024 Secure 2.0 Implementation S 692 - This bill seeks to help Americans better plan for retirement and enhance retirement security by ensuring they plan for retirement and enhance retirement security by ensuring they have the information to make informed decisions regarding social security benefits

Client expense: $470,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC)

H.R.760 - Chinese Military and Surveillance Company Sanctions Act of 2023; H.R. 1807, the Improving Disclosure for Investors Act of 2023; H.R. 1837, the Investing in Our Communities Act; H.R. 2590, Unlocking Capital for Small Business Act; H.R. 2799, Expanding Access of Capital Act of 2023; H.R. 3063, Retirement Fairness for Charities and Education Institutions Act, Expanding the Protection for Research Reports to Cover all Securities of All Issuers; H.R. 3136 - The National Critical Capabilities Defense Act; H.R. 4237, a bill to amend the Investment Advisers Act of 1940 and the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors; HR 4551, the "Protecting Investors Personally Identifiable Information Act" (attached to Capital Markets Subcommittee hearing on 3/20/24); H.R. 4664 and S. 2309, the Fiscal Year 2024 Financial Services and General Government Appropriations bill related to Consolidated Audit Trail and SEC regulatory agenda; H.R. 4763 - the Financial Innovation and Technology for the 21st Century Act; H.R.4766 - Clarity for Payment Stablecoins Act of 2023. H.R. 4767 - Protecting American's Retirement Savings from Politics Act; HR 7030, the Review the Expansion of Government Act of 2024 or the REG Act of 2024 (attached to Capital Markets Subcommittee hearing on 3/20/24); HR 7902, the "Protecting Private Job Creators Act" (exempts fixed income securities from 15c2-11 disclosure) (attached to Capital Markets Subcommittee hearing on 3/20/24); H.R. 8339, the "SEC Reform and Restructure Act; H.R. 8773, FY 2025 Financial Services and General Government Appropriations Bill (3 provisions in the FSGG Bill Report pertaining to the SEC: PDA rule withdrawal, economic analysis enhancement, sensible implementation); H.R. 8818, American Privacy Rights Act; H.J. Res. 100, Providing for congressional disapproval of SEC's Cybersecurity disclosure rule; H.J. Res. 109. Providing for congressional disapproval of the rule submitted by the SEC related to "Staff Accounting Bulletin No. 121."; H.J. Res. 116, providing for congressional disapproval of DOL's independent contractor rule; S. 1695, the American Infrastructure Bonds Act of 2023; S.2678 - Outbound Investment Transparency Act of 2023; S. 4760, Digital Commodities Consumer Protection Act of 2022; S.J.Res.__, a Joint Resolution providing for congressional disapproval of the rule submitted by the SEC related to "Staff Accounting Bulletin No. 121."; H.R. ____, to exempt 144a fixed income securities from Rule 15c2-11; HR ____, to require an assessment and report to Congress on the adequacy of the SECs cost-benefit analysis with respect to major rulemakings (attached to Capital Markets Subcommittee hearing on 3/20/24); HR ____, to mandate minimum comment periods of at least 60 days for all SEC-initiated rulemakings, with certain exceptions, calculated from the date published in the Federal Register (attached to Capital Markets Subcommittee hearing on 3/20/24); HR ____, to require the Commission to review certain reviewable actions by SEC staff (attached to Capital Markets Subcommittee hearing on 3/20/24); HR ____, to require the semi-annual testimony of the Chairman of the SEC before the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, with testimony on at least one instance to include the testimony of the entire Commission (attached to Capital Markets Subcommittee hearing on 3/20/24); Prudential agency (Federal Reserve, OCC and FDIC) proposal to implement the Basel Endgame reforms in the U.S. and congressional (U.S. House and Senate) oversight of the same, including revisions to the trading book capital rules, stress testing, capital surcharges and buffers; Biden Administration executive order related to China; SEC Open-End Fund Liquidity Risk Management Programs and Swing Pricing proposed rule; SEC Amendments to NMS Plan for the Consolidated Audit Trail-Data Security; SEC Staff Accounting Bulletin 121; SEC Security-based Swaps Large Position Reporting proposed rule; SEC proposed rule regarding the safeguarding of client assets (custody proposal); SEC proposed rule on Predictive Data Analytics; SEC proposal regarding reporting of Securities Loans; SEC proposals to modify equity market structure; SEC final rule related to clearing of U.S. Treasury securities; SEC proposed rule to address Volume-Based Exchange Transaction Pricing for NMS Stocks; SEC final rule on short sale data.

Client expense: $1,450,000 · Firm income: Not reported

Government targets: Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Natl Economic Council (NEC), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

H.R. 448, Putting Investors First Act of 2023 H.R. 500, Financial Exploitation Prevention Act of 2023 H.R. 760, Chinese Military and Surveillance Company Sanctions Act of 2023 H.R. 1807, Improving Disclosure for Investors Act of 2023 H.R. 2627, Increasing Investor Opportunities Act H.R. 2799, Expanding Access to Capital Act of 2023 H.R. 3063, Retirement Fairness for Charities and Educational Institutions Act of 2023 H.R. 3812, Financial Stability Oversight Council Improvement Act of 2023 H.R. 4168, Mandatory Materiality Requirement Act of 2023 H.R. 4237, Ensuring Sound Guidance Act H.R. 4600, Protecting Retail Investors Savings Act H.R. 4645, Empowering Shareholders Act of 2023 H.R. 4767, Protecting Americans Retirement Savings from Politics Act H.R. 4790, GUARDRAIL Act of 2023 H.R. 6783, Capital Markets Financing and Economic Growth Investments Act of 2023 H.R. 7030, Review the Expansion of Government Act of 2024 SEC Regulatory Accountability Act S. 1481, Financial Exploitation Prevention Act of 2023 S. 1799, Putting Investors First Act of 2023 S. 2005, Mandatory Materiality Requirement Act of 2023 S. 2700, INDEX Act S. 3601, Financial Stability Oversight Council Improvement Act of 2024 S. 3735, Protecting Innovation in Investment Act S. 3815, Improving Disclosure for Investors Act of 2024 General concerns regarding the volume, interconnectedness, and length of comment periods of SEC proposals SEC mandatory swing pricing, hard close, and liquidity risk management proposal SEC predictive data analytics proposal Streamline and modernize the SEC staff no-action letter/guidance and exemptive order process

Client expense: $1,320,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

PL 117-328 Consolidated Appropriations Act, 2023 - SECURE 2.0 Issue Investment Advice Standards Issue Davis Bacon Issue Retirement Security HR 1177/S 427 Financial Freedom Act of 2023 - prohibit the Secretary of Labor from constraining the range or type of investments that may be offered in retirement accounts HR 9462/S 5271 Retirement Savings for Americans Act -- establish the American Worker Retirement Plan HR 2593 Senior Security Act -- establishes the Senior Investor Taskforce within the Securities and Exchange Commission HR 2799 Expanding Access to Capital Act -- reforms to the capital markets of the United States HR 3063 Retirement Fairness for Charities and Educational Institutions Act of 2023 -- amend the Federal securities laws to enhance 403(b) plans HR 3942 Lifetime Income for Employees (LIFE) Act -- amend the Employee Retirement Income Security Act of 1974 to permit default investment arrangements in annuities HR 4237 Ensuring Sound Guidance Act -- amend the Investment Advisers Act of 1940 and the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors DRAFT SECURE 2.0 Technical Corrections - Changes and corrections to SECURE 2.0 HR 5408/S 2767 SSI Savings Penalty Elimination Act-to increase asset limits for SSI recipients HR 7293 Automatic IRA Act of 2024 Secure 2.0 Implementation

Client expense: $560,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC)

Prudential agency (Federal Reserve, OCC and FDIC) proposal to implement the Basel Endgame reforms in the U.S. and congressional (U.S. House and Senate) oversight of the same, including revisions to the trading book capital rules, stress testing, capital surcharges and buffers; SEC Prohibition Against Conflicts of Interest in Certain Securitizations proposed rule; H.R. 4168, a bill to amend the Securities Act of 1933 to require that information required to be disclosed to the Securities and Exchange Commission by issuers be material to voting or investment decisions regarding those issuers, and for other purposes; H.R. 4237, a bill to amend the Investment Advisers Act of 1940 and the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors; H.R. 1807, the Improving Disclosure for Investors Act of 2023; SEC proposed rule regarding the safeguarding of client assets (custody proposal); S. 2190, the RECOUP Act, a bill to amend the Federal Deposit Insurance Act to increase bank executive accountability and to improve financial stability; H.R. ____, to exempt 144a fixed income securities from Rule 15c2-11; S. 1695, the American Infrastructure Bonds Act of 2023; H.R. 1837, the Investing in Our Communities Act; H.R. 4664 and S. 2309, the Fiscal Year 2024 Financial Services and General Government Appropriations bill related to Consolidated Audit Trail and SEC regulatory agenda; SEC Open-End Fund Liquidity Risk Management Programs and Swing Pricing proposed rule; SEC Amendments to NMS Plan for the Consolidated Audit Trail-Data Security; SEC Staff Accounting Bulletin 121; SEC Security-based Swaps Large Position Reporting proposed rule; H.R.760 - Chinese Military and Surveillance Company Sanctions Act of 2023; H.R. 1177/S. 427, Financial Freedom Act of 2023; H.R. 4763 - the Financial Innovation and Technology for the 21st Century Act; H.R. 4767 - Protecting American's Retirement Savings from Politics Act; H.R. 3136 - The National Critical Capabilities Defense Act; S.2678 - Outbound Investment Transparency Act of 2023; S. 2251 - Cybersecurity Act of 2023 ; SEC proposed rule on Predictive Data Analytics; SEC proposal regarding reporting of Securities Loans; SEC proposals to modify equity market structure; Biden Administration executive order related to China; SEC final rule related to clearing of U.S. Treasury securities; SEC final rule to improve clearing agency governance; SEC proposed rule to address Volume-Based Exchange Transaction Pricing for NMS Stocks; SEC final rule on short sale data; SEC final rules on beneficial ownership; HR ____, the SEC Regulatory Accountability Act (H.R. 9603 in 117th Congress) (attached to Capital Markets Subcommittee hearing on 3/20/24); HR 7030, the Review the Expansion of Government Act of 2024 or the REG Act of 2024 (attached to Capital Markets Subcommittee hearing on 3/20/24); HR ____, to require an assessment and report to Congress on the adequacy of the SECs cost-benefit analysis with respect to major rulemakings (attached to Capital Markets Subcommittee hearing on 3/20/24); HR ____, to mandate minimum comment periods of at least 60 days for all SEC-initiated rulemakings, with certain exceptions, calculated from the date published in the Federal Register (attached to Capital Markets Subcommittee hearing on 3/20/24); HR ____, to require the Commission to review certain reviewable actions by SEC staff (attached to Capital Markets Subcommittee hearing on 3/20/24); HR ____, to require the semi-annual testimony of the Chairman of the SEC before the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, with testimony on at least one instance to include the testimony of the entire Commission (attached to Capital Markets Subcommittee hearing on 3/20/24); HR 4551, the "Protecting Investors Personally Identifiable Information Act" (attached to Capital Markets Subcommittee hearing on 3/20/24); HR 7902, the "Protecting Private Job Creators Act" (exempts fixed income securities from 15c2-11 disclosure) (attached to Capital Markets Subcommittee hearing on 3/20/24); S. 3676 (Protecting Private Job Creators Act); H.R. 2799, Expanding Access of Capital Act of 2023; H.R. 2627, Increasing Investor Opportunities Act; H.R. 3063, Retirement Fairness for Charities and Education Institutions Act, Expanding the Protection for Research Reports to Cover all Securities of All Issuers; H.R. 2590, Unlocking Capital for Small Business Act; H.J. Res. 109. Providing for congressional disapproval of the rule submitted by the SEC related to "Staff Accounting Bulletin No. 121."; S.J.Res.__, a Joint Resolution providing for congressional disapproval of the rule submitted by the SEC related to "Staff Accounting Bulletin No. 121.".

Client expense: $1,630,000 · Firm income: Not reported

Government targets: Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Natl Economic Council (NEC), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

1.SECURE 2.0 Technical Corrections Discussion Draft: Legislative language that will amend SECURE 2.0 to make technical changes to a variety of provisions. 2.H.R. 3063 Retirement Fairness for Charities and Educational Institutions Act of 2023: Would allow 403(b) plans to invest in Collective Investment Trusts or Separate Accounts that establishes investment parity with other defined contribution plans, like 401(k)s. 3.H.R. 3942, Lifetime Income for Employees (LIFE) Act: Amends the current rules for qualified default investment alternatives to facilitate the use of an annuity component that will expand the availability of guaranteed returns and guaranteed lifetime income that help savers secure their retirement futures. 4.H.R. 4237, S. 2282 Ensuring Sound Guidance Act: Would require investment advisers and ERISA retirement plan sponsors to prioritize financial returns over non-pecuniary factors when making investment decisions on behalf of their clients. 5.H.R. 4924, S. 2517 Auto Reenroll Act of 2023: The bill allows plan sponsors to re-enroll non-participants at least once every three years, unless the individual affirmatively opts-out again. The bill also permits plans to sweep all eligible employees as a group for re-enrollment and does not change the automatic enrollment safe harbors. 6.H.R. 5060, S. 2627 Womens Retirement Protection Act (WRPA): The legislation would impose spousal consent requirements on nearly all distributions from defined contribution plans. The bill also seeks to enhance financial literacy through grants to community-based organizations and also offers grants to such organizations to help low-income women and survivors of domestic abuse obtain qualified domestic relations orders. 7.H.R. 5408, S. 2767 SSI Savings Penalty Elimination Act: The legislation would increase the asset limit from $2,000 to $10,000 for an individual, and from $3,000 to $20,000 for a married couple. Increasing the limit empowers people to prepare themselves for a financial emergency and allows them to enter the workforce without worrying theyll save lose their eligibility for SSI by saving too much. 8.H.R. 6007 Retirement Investment in Small Employers (RISE) Act: The legislation would create a new Micro Employer Pension Plan Startup Credit in IRC Section 45E for qualified micro employers. A qualified micro employer is defined as an employer with 10 or fewer employees. The credit amount is 100% of any retirement plan administrative costs up to $2,500 for the first three years after adoption of the retirement plan. 9.H.R. 6065, S.3102 Retirement Savings for Americans Act (RSAA) of 2023: Would create a federally run retirement plan, similar to the TSP, that would be available to all private sector workers whose employer signs up for the plan. 10.S. 3305 Helping Young Americans Save for Retirement Act: The legislation would lower the minimum participation age in ERISA-covered defined contribution plans from age 21 to age 18. 11.H.R. 6757 Roth IRA Rollovers: This legislation will allow retirement savers to roll over their Roth IRA savings into a Roth account within a workplace retirement plan. 12.H.R. 6772 Expanding Access to Retirement Savings for Caregivers Act: The bill would allow individuals that took at least one year out of the workforce without receiving an earned income, for the purposes of caring for a family member, to make catch-up contributions in years prior to age 50 to their 401(k) plans, individual retirement accounts (IRAs), and other eligible retirement accounts. 13.H.R. 7162, S. 3716 401Kids Savings Account Act of 2024: This bill would create childrens savings accounts (CSAs) for every child in America that would be managed by State Treasurers. Funds from the accounts could be used for post-secondary education, starting a business, buying a house, or retirement security. 14.H.R. 7293 Automatic IRA Act of 2024: Mandates employers with 10 or more employees to implement an automatic enrollment retirement plan in the workplace. 15.General Accounts Product Corrections Act: Would clarify fiduciary responsibilities for life insurance companies as it relates to investments in their general accounts. Income Security S. 2415 and H.R. 7107, the Long-Term Care Affordability Act: Would allow for tax free distributions from retirement accounts to fund LTC contracts. H.R. 133, Both provisions are in the larger bill. H.R.1185 - FAMILY Act. Issue: paid family and medical leave proposal would offer paid leave benefits via a payroll tax for birth or adoption of a child or caring for a sick family member. H.R.1940 - New Parents Act of 2019. Issue: paid family and medical leave H.R.2163 - To amend the Internal Revenue Code of 1986 to allow for tax-advantaged distributions from health savings accounts during family or medical leave, and for other purposes. Issue: paid family and medical leave S.463 - FAMILY Act. Issue: paid family and medical leave- paid family and medical leave proposal would offer paid leave benefits via a payroll tax for birth or adoption of a child or caring for a sick family member S.920 - New Parents Act of 2019. Issue: paid family and medical leave Discussion draft - CRADLE Act. Issue: paid family and medical leave - allows for a deferment of retirement benefits for paid leave benefits. Proposed FY 2020 Budget proposal on paid family and medical leave. Issue: paid family and medical leave H.R. 2694 - Pregnant Workers Fairness Act. Issue: paid family and medical leave. Concurrent Resolution on the Budget, FY2022, S.Con.Res.14. The budget resolution calls for the $3.5 trillion in long-term investments to be fully offset by a combination of new tax revenues, health care savings, and long-term economic growth. In addition, the agreement would prohibit new taxes on families making less than $400,000 per year, and on small businesses and family farms. Issue: Medicare/Dental (Expanding Medicare to include dental, vision, hearing benefits and lowering the eligibility age). H.R. 5376- Build Back Better Act This bill provides funding, establishes programs, and otherwise modifies provisions relating to a broad array of areas, including education, labor, child-care, health care, taxes, immigration, and the environment. Excepted Benefits on Supplemental Benefits-proposed tri-agency rule through HHS, Treasury and Labor. S.3680 - Paid Family and Medical Leave Tax Credit Extension and Enhancement Act Diversity and Inclusion H.R. 5084 - Improving Corporate Governance Through Diversity Act. Issue: diversity and inclusion. H.R. 5360 - Closing the Racial Wealth Gap Act. Issue: diversity and inclusion. H.R. 281 - Ensuring Diverse Leadership Act. Issue: diversity and inclusion. H.R. 7946 and S. 4464 - Federal Reserve Racial and Economic Equity Act. Issue: diversity and inclusion.

Client expense: $1,042,541 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Prudential agency (Federal Reserve, OCC and FDIC) proposal to implement the Basel Endgame reforms in the U.S. and congressional (U.S. House and Senate) oversight of the same, including revisions to the trading book capital rules, stress testing, capital surcharges and buffers; Potential legislation on digital asset market structure; SEC Prohibition Against Conflicts of Interest in Certain Securitizations proposed rule; H.R. 2593 - the Senior Security Act of 2023; H.R. 4168 - a bill to amend the Securities Act of 1933 to require that information required to be disclosed to the Securities and Exchange Commission by issuers be material to voting or investment decisions regarding those issuers, and for other purposes; H.R. 4237 - a bill to amend the Investment Advisers Act of 1940 and the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors; H.R. 1807 - the Improving Disclosure for Investors Act of 2023; SEC proposed rule regarding the safeguarding of client assets (custody proposal); S. 2190 - the RECOUP Act, a bill to amend the Federal Deposit Insurance Act to increase bank executive accountability and to improve financial stability; H.R. 2793 - the Encouraging Public Offerings Act; H.R. ____ - to exempt certain low-revenue issuers from being required to have their management's assessment of the effectiveness of internal controls over financial reporting attested to; H.R. 835 - the Fair Opportunities for Professional Experts Act; H.R. 2651 - the Regulation A+ Improvement Act of 2023; H.R. 2590 - the Unlocking Capital for Small Businesses Act of 2023; SEC no-action letter regarding compliance with the provisions relating to research in the Markets in Financial Instruments Directive II (MiFID II), including H.R. 2622 and S. 2141, to codify certain SEC no action letters that allow broker-dealers to continue accepting cash or "hard dollar" payments for research reports, in order to comply with international regulations such as MiFID and MiFID II; H.R. ____ - to exempt 144a fixed income securities from Rule 15c2-11; S. 1038 - the American Infrastructure Bonds Act of 2023; H.R. 1837 - the Investing in Our Communities Act; H.R. 4664 and S. 2309 - the Fiscal Year 2024 Financial Services and General Government Appropriations bill related to Consolidated Audit Trail and SEC regulatory agenda; SEC Open-End Fund Liquidity Risk Management Programs and Swing Pricing proposed rule; SEC Amendments to NMS Plan for the Consolidated Audit Trail-Data Security; SEC Staff Accounting Bulletin 121; SEC Safeguarding Advisory Client Assets proposed rule; SEC Security-based Swaps Large Position Reporting proposed rule; SEC Securities Loans proposed rule. S. 3529 - Empowering States to Protect Seniors From Bad Actors Act, as part of the National Defense Authorization Act for Fiscal Year 2024.

Client expense: $1,480,000 · Firm income: Not reported

Government targets: Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Natl Economic Council (NEC), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Issue: 403(b) parity Issue: Reforming DOLs pension risk transfer bulletin, 95-1. American Worker Savings & Wealth Creation Plan Act: Would create a federally run retirement plan, similar to the TSP, that would be available to all private sector workers whose employer signs up for the plan. No bill yet. Issue: Technical corrections on catch up contributions under SECURE 2.0 Issue: SEC market conduct rulemakings Issue: Fiduciary rulemaking. Issue: H.R. 3942, Lifetime Income for Employees (LIFE) Act of 2022: Amends the current rules for qualified default investment alternatives to facilitate the use of an annuity component will expand the availability of guaranteed returns and guaranteed lifetime income that help savers secure their retirement futures. Issue: H.R. 4237, Ensuring Sound Guidance Act: Would require investment advisers and ERISA retirement plan sponsors to prioritize financial returns over non-pecuniary factors when making investment decisions on behalf of their clients. Issue: S. 2517, H.R. 4924, The Auto Reenroll Act of 2023: The bill allows plan sponsors to re-enroll non-participants at least once every three years, unless the individual affirmatively opts-out again. The bill also permits plans to sweep all eligible employees as a group for re-enrollment and does not change the automatic enrollment safe harbors Issue: H.R. 6065, Retirement Savings for Americans Act, authorizes a federally run TSP. Issue: S. 2415, H.R. 7107, the Long-Term Care Affordability Act. The bill allows plan tax free distributions on retirement accounts to fund LTC contracts Issue: Tri-Agency rule on supplemental health benefits

Client expense: $400,000 · Firm income: Not reported

Government targets: Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

H.R. 448, Putting Investors First Act of 2023 H.R. 500, Financial Exploitation Prevention Act of 2023 H.R. 760, Chinese Military and Surveillance Company Sanctions Act of 2023 H.R. 1807, Improving Disclosure for Investors Act of 2023 H.R. 2627, Increasing Investor Opportunities Act H.R. 3063, Retirement Fairness for Charities and Educational Institutions Act of 2023 H.R. 3812, Financial Stability Oversight Council Improvement Act of 2023 H.R. 4168, Mandatory Materiality Requirement Act of 2023 H.R. 4177, Improving Corporate Governance Through Diversity Act of 2023 H.R. 4237, Ensuring Sound Guidance Act H.R. 4589, To provide for the registration of proxy advisory firms H.R. 4590, To provide for liability for certain failures to disclose material information in connection with proxy voting advice H.R. 4600, Protecting Retail Investors Savings Act H.R. 4645, Empowering Shareholders Act of 2023 H.R. 4648, To provide for duties of certain investment advisors, asset managers, and pension funds with respect to voting on shareholder proposals H.R. 4767, Protecting Americans Retirement Savings from Politics Act H.R. 4790, GUARDRAIL Act of 2023 H.R. 6783, Capital Markets Financing and Economic Growth Investments Act of 2023 S. 1481, Financial Exploitation Prevention Act of 2023 S. 1799, Putting Investors First Act of 2023 S. 2005, Mandatory Materiality Requirement Act of 2023 S. 2007, Improving Corporate Governance Through Diversity Act of 2023 S. 2226, National Defense Authorization Act for Fiscal Year 2024 (outbound investment screening) S. 2700, INDEX Act General concerns regarding the volume, interconnectedness, and length of comment periods of SEC proposals SEC mandatory swing pricing, hard close, and liquidity risk management proposal SEC money market fund proposal SEC predictive data analytics proposal SEC Safeguarding Advisory Client Assets proposal FSOC revised guidance on designation of nonbank SIFIs Executive Order on Addressing United States Investments in Certain National Security Technologies and Products in Countries of Concern

Client expense: $1,040,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of, White House Office

Prudential agency (Federal Reserve, OCC and FDIC) proposal to implement the Basel Endgame reforms in the U.S. and congressional (U.S. House and Senate) oversight of the same, including revisions to the trading book capital rules, stress testing, capital surcharges and buffers; SEC Prohibition Against Conflicts of Interest in Certain Securitizations proposed rule; H.R. 4168, a bill to amend the Securities Act of 1933 to require that information required to be disclosed to the Securities and Exchange Commission by issuers be material to voting or investment decisions regarding those issuers, and for other purposes; H.R. 4237, a bill to amend the Investment Advisers Act of 1940 and the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors; H.R. 1807, the Improving Disclosure for Investors Act of 2023; SEC proposed rule regarding the safeguarding of client assets (custody proposal); S. 2190, the RECOUP Act, a bill to amend the Federal Deposit Insurance Act to increase bank executive accountability and to improve financial stability; SEC no-action letter regarding compliance with the provisions relating to research in the Markets in Financial Instruments Directive II (MiFID II), including H.R. 2622 and S. 2141, to codify certain SEC no action letters that allow broker-dealers to continue accepting cash or "hard dollar" payments for research reports, in order to comply with international regulations such as MiFID and MiFID II; H.R. ____, to exempt 144a fixed income securities from Rule 15c2-11; S. 1695, the American Infrastructure Bonds Act of 2023; H.R. 1837, the Investing in Our Communities Act; H.R. 4664 and S. 2309, the Fiscal Year 2024 Financial Services and General Government Appropriations bill related to Consolidated Audit Trail and SEC regulatory agenda; SEC Open-End Fund Liquidity Risk Management Programs and Swing Pricing proposed rule; SEC Amendments to NMS Plan for the Consolidated Audit Trail-Data Security; SEC Staff Accounting Bulletin 121; SEC Security-based Swaps Large Position Reporting proposed rule; SEC Securities Loans proposed rule. H.R.760 - Chinese Military and Surveillance Company Sanctions Act of 2023; H.R. 1177/S. 427, Financial Freedom Act of 2023 H.R. 4763 - the Financial Innovation and Technology for the 21st Century Act H.R. 4767 - Protecting American's Retirement Savings from Politics Act H.R. 3136 - The National Critical Capabilities Defense Act; S.2678 - Outbound Investment Transparency Act of 2023 S. 2251 - Cybersecurity Act of 2023 SEC Proposed Rule on Predictive Data Analytics SEC proposal regarding Reporting of Securities Loans SEC proposals to modify equity market structure Biden Administration Executive Order related to China SEC final rule related to clearing of U.S. Treasury securities SEC final rule to improve Clearing Agency Governance SEC proposed rule to address Volume-Based Exchange Transaction Pricing for NMS Stocks SEC final rule on short sale data SEC final rule to increase transparency in Securities Lending Markets SEC final rules on beneficial ownership

Client expense: $2,990,000 · Firm income: Not reported

Government targets: Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Natl Economic Council (NEC), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

1.SECURE 2.0 Technical Corrections Discussion Draft: Legislative language that will amend SECURE 2.0 to make technical changes to a variety of provisions. 2.H.R. 3063 Retirement Fairness for Charities and Educational Institutions Act of 2023: Would allow 403(b) plans to invest in Collective Investment Trusts or Separate Accounts that establishes investment parity with other defined contribution plans, like 401(k)s. 3.H.R. 3942, Lifetime Income for Employees (LIFE) Act: Amends the current rules for qualified default investment alternatives to facilitate the use of an annuity component that will expand the availability of guaranteed returns and guaranteed lifetime income that help savers secure their retirement futures. 4.H.R. 4237, S. 2282 Ensuring Sound Guidance Act: Would require investment advisers and ERISA retirement plan sponsors to prioritize financial returns over non-pecuniary factors when making investment decisions on behalf of their clients. 5.H.R. 4924, S. 2517 Auto Reenroll Act of 2023: The bill allows plan sponsors to re-enroll non-participants at least once every three years, unless the individual affirmatively opts-out again. The bill also permits plans to sweep all eligible employees as a group for re-enrollment and does not change the automatic enrollment safe harbors. 6.H.R. 5060, S. 2627, Womens Retirement Protection Act (WRPA): The legislation would impose spousal consent requirements on nearly all distributions from defined contribution plans. The bill also seeks to enhance financial literacy through grants to community-based organizations and also offers grants to such organizations to help low-income women and survivors of domestic abuse obtain qualified domestic relations orders. 7.H.R. 6065, S.3102 Retirement Savings for Americans Act (RSAA) of 2023: Would create a federally run retirement plan, similar to the TSP, that would be available to all private sector workers whose employer signs up for the plan. 8.H.R. 6757 Roth IRA Rollovers: This legislation will allow retirement savers to roll over their Roth IRA savings into a Roth account within a workplace retirement plan. 9.H.R. 6772 Expanding Access to Retirement Savings for Caregivers Act: The bill would allow individuals that took at least one year out of the workforce without receiving an earned income, for the purposes of caring for a family member, to make catch-up contributions in years prior to age 50 to their 401(k) plans, individual retirement accounts (IRAs), and other eligible retirement accounts. 10.General Accounts Product Corrections Act: Would clarify fiduciary responsibilities for life insurance companies as it relates to investments in their general accounts. 11.Automatic Retirement Plan Act (ARPA): Mandates employers with 10 or more employees to implement an automatic enrollment retirement plan in the workplace. 12. H.R.5894 - Making appropriations for the Departments of Labor, Health and Human Services, and Education, and related agencies for the fiscal year ending September 30, 2024, and for other purposes. Income Security S. 2415 and H.R. 7107, the Long-Term Care Affordability Act: Would allow for tax free distributions from retirement accounts to fund LTC contracts. H.R. 133, Both provisions are in the larger bill. H.R.1185 - FAMILY Act. Issue: paid family and medical leave proposal would offer paid leave benefits via a payroll tax for birth or adoption of a child or caring for a sick family member. H.R.1940 - New Parents Act of 2019. Issue: paid family and medical leave H.R.2163 - To amend the Internal Revenue Code of 1986 to allow for tax-advantaged distributions from health savings accounts during family or medical leave, and for other purposes. Issue: paid family and medical leave S.463 - FAMILY Act. Issue: paid family and medical leave- paid family and medical leave proposal would offer paid leave benefits via a payroll tax for birth or adoption of a child or caring for a sick family member S.920 - New Parents Act of 2019. Issue: paid family and medical leave Discussion draft - CRADLE Act. Issue: paid family and medical leave - allows for a deferment of retirement benefits for paid leave benefits. Proposed FY 2020 Budget proposal on paid family and medical leave. Issue: paid family and medical leave H.R. 2694 - Pregnant Workers Fairness Act. Issue: paid family and medical leave. Concurrent Resolution on the Budget, FY2022, S.Con.Res.14. The budget resolution calls for the $3.5 trillion in long-term investments to be fully offset by a combination of new tax revenues, health care savings, and long-term economic growth. In addition, the agreement would prohibit new taxes on families making less than $400,000 per year, and on small businesses and family farms. Issue: Medicare/Dental (Expanding Medicare to include dental, vision, hearing benefits and lowering the eligibility age). H.R. 5376- Build Back Better Act This bill provides funding, establishes programs, and otherwise modifies provisions relating to a broad array of areas, including education, labor, child-care, health care, taxes, immigration, and the environment. Excepted Benefits on Supplemental Benefits-proposed tri-agency rule through HHS, Treasury and Labor. Diversity and Inclusion H.R. 5084 - Improving Corporate Governance Through Diversity Act. Issue: diversity and inclusion. H.R. 5360 - Closing the Racial Wealth Gap Act. Issue: diversity and inclusion. H.R. 281 - Ensuring Diverse Leadership Act. Issue: diversity and inclusion. H.R. 7946 and S. 4464 - Federal Reserve Racial and Economic Equity Act. Issue: diversity and inclusion.

Client expense: $1,035,678 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

PL 117-328 Consolidated Appropriations Act, 2023 - SECURE 2.0 Issue Investment Advice Standards Issue Davis Bacon Issue Retirement Security HR 1177/S 427 Financial Freedom Act of 2023 - prohibit the Secretary of Labor from constraining the range or type of investments that may be offered in retirement accounts HR 9462/S 5271 Retirement Savings for Americans Act -- establish the American Worker Retirement Plan HR 2593 Senior Security Act -- establishes the Senior Investor Taskforce within the Securities and Exchange Commission HR 2799 Expanding Access to Capital Act -- reforms to the capital markets of the United States HR 3063 Retirement Fairness for Charities and Educational Institutions Act of 2023 -- amend the Federal securities laws to enhance 403(b) plans HR 3942 Lifetime Income for Employees (LIFE) Act -- amend the Employee Retirement Income Security Act of 1974 to permit default investment arrangements in annuities HR 4237 Ensuring Sound Guidance Act -- amend the Investment Advisers Act of 1940 and the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors DRAFT SECURE 2.0 Technical Corrections - Changes and corrections to SECURE 2.0 HR 5408/S 2767 SSI Savings Penalty Elimination Act-to increase asset limits for SSI recipients

Client expense: $680,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC)

Prudential agency (Federal Reserve, OCC and FDIC) proposal to implement the Basel Endgame reforms in the U.S. and congressional (U.S. House and Senate) oversight of the same, including revisions to the trading book capital rules, stress testing, capital surcharges and buffers; Potential legislation on digital asset market structure; SEC Prohibition Against Conflicts of Interest in Certain Securitizations proposed rule; H.R. 2593 - the Senior Security Act of 2023; H.R. 4168 - a bill to amend the Securities Act of 1933 to require that information required to be disclosed to the Securities and Exchange Commission by issuers be material to voting or investment decisions regarding those issuers, and for other purposes; H.R. 4237 - a bill to amend the Investment Advisers Act of 1940 and the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors; H.R. 1807 - the Improving Disclosure for Investors Act of 2023; SEC proposed rule regarding the safeguarding of client assets (custody proposal); S. 2190 - the RECOUP Act, a bill to amend the Federal Deposit Insurance Act to increase bank executive accountability and to improve financial stability; H.R. 2793 - the Encouraging Public Offerings Act; H.R. ____ - to exempt certain low-revenue issuers from being required to have their management's assessment of the effectiveness of internal controls over financial reporting attested to; H.R. 835 - the Fair Opportunities for Professional Experts Act; H.R. 2651 - the Regulation A+ Improvement Act of 2023; H.R. 2590 - the Unlocking Capital for Small Businesses Act of 2023; SEC no-action letter regarding compliance with the provisions relating to research in the Markets in Financial Instruments Directive II (MiFID II), including H.R. 2622 and S. 2141, to codify certain SEC no action letters that allow broker-dealers to continue accepting cash or "hard dollar" payments for research reports, in order to comply with international regulations such as MiFID and MiFID II; H.R. ____ - to exempt 144a fixed income securities from Rule 15c2-11; S. 1038 - the American Infrastructure Bonds Act of 2023; H.R. 1837 - the Investing in Our Communities Act; H.R. 4664 and S. 2309 - the Fiscal Year 2024 Financial Services and General Government Appropriations bill related to Consolidated Audit Trail and SEC regulatory agenda; SEC Open-End Fund Liquidity Risk Management Programs and Swing Pricing proposed rule; SEC Amendments to NMS Plan for the Consolidated Audit Trail-Data Security; SEC Staff Accounting Bulletin 121; SEC Safeguarding Advisory Client Assets proposed rule; SEC Security-based Swaps Large Position Reporting proposed rule; SEC Securities Loans proposed rule. S. 3529 - Empowering States to Protect Seniors From Bad Actors Act, as part of the National Defense Authorization Act for Fiscal Year 2024.

Client expense: $1,480,000 · Firm income: Not reported

Government targets: Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Natl Economic Council (NEC), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

1.Americas Outdoor Recreation Act (S.873) / Range Access Act (H.R.1614); 2.Bipartisan Safer Communities Act (Public Law No: 117-159); 3.BLM proposed rule on Conservation and Landscape Health; 4.Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) Engaged in the Business as a Dealer in Firearm; 5.Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) Factoring Criteria for Firearms With Attached Stabilizing Braces Rule; 6.Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) Zero-tolerance Policy; 7.Concealed Carry Reciprocity Act (S.214 / H.R.38); 8.Condemning the actions of Governor of New Mexico, Michelle Lujan Grisham, for subverting the Second Amendment to the Constitution and depriving the citizens of New Mexico of their right to bear arms. (H.Res.684); 9.Ensuring Sound Guidance (ESG) Act (H.R.4237); 10.Fair Access to Banking Act (S.293 / H.R.2743) / Discrimination in lending; 11.Federal Firearms Licensee Protection Act (S.1907 / H.R.2620); 12.Financial Regulatory Accountability Act (S. 2335); 13.Firearm Industry Nondiscrimination (FIND) Act (S.428 / H.R.53); 14.Freight Carrier Discriminatory Practices Against Firearms & Ammunition; 15.FY24 Appropriations- Agriculture, Rural Development, Food and Drug Administration; 16.FY24 Appropriations-Commerce, Justice, Science and Related Agencies; 17.FY24 Appropriations-Interior, Environment, and Related Agencies; 18.FY24 Appropriations-Military Construction, Veterans Affairs, and Related Agencies; 19.Hearing Protection Act (S.401 / H.R. 152); 20.Merchant Category Code (S.898, H.R. 3021); 21.National Defense Authorization Act for Fiscal Year 2024 (S.2226 / H.R.2670); 22.No GRISHAM Act (H.R.5767); 23.Permanent Electronic Duck Stamp Act (H.R. 2872); 24.Protecting Access for Hunters and Anglers Act (S.1185/H.R.615); 25.Protecting Hunter Education (S. 2736, S.2828, H.R. 5110, H.R. 5161, S. 2735); 26.Protecting the Right to Keep and Bear Arms Act (S. 2911, H.R. 5561); 27.Protection of Lawful Commerce in Arms Act (Public Law No: 109-92); 28.Providing Complete Information to Retirement Investors Act (H.R. 5340); 29.Respect for the Second Amendment Act (S.840, H.R. 5508); 30.Retirement Proxy Protection Act (H.R. 5337); 31.Roll back ESG To Increase Retirement Earnings (RETIRE) Act (H.R. 5339); 32.SAFER Banking Act (S. 1323); 33.USML to CCL Transition / Export Control Reform; 34.U.S. Fish and Wildlife Service (USFWS) Final Rule to ban the use of traditional lead ammunition on National Wildlife Refuges (NWRs); and 35.Veterans 2nd Amendment Protection Act (S. 1875, H.R. 705).

Client expense: $1,460,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issue: 403(b) parity Issue: Reforming DOLs pension risk transfer bulletin, 95-1. American Worker Savings & Wealth Creation Plan Act: Would create a federally run retirement plan, similar to the TSP, that would be available to all private sector workers whose employer signs up for the plan. No bill yet. Issue: Technical corrections on catch up contributions under SECURE 2.0 Issue: SEC market conduct rulemakings Issue: Fiduciary rulemaking. Issue: H.R. 3942, Lifetime Income for Employees (LIFE) Act of 2022: Amends the current rules for qualified default investment alternatives to facilitate the use of an annuity component will expand the availability of guaranteed returns and guaranteed lifetime income that help savers secure their retirement futures. Issue: H.R. 4237, Ensuring Sound Guidance Act: Would require investment advisers and ERISA retirement plan sponsors to prioritize financial returns over non-pecuniary factors when making investment decisions on behalf of their clients. Issue: S. 2517, H.R. 4924, The Auto Reenroll Act of 2023: The bill allows plan sponsors to re-enroll non-participants at least once every three years, unless the individual affirmatively opts-out again. The bill also permits plans to sweep all eligible employees as a group for re-enrollment and does not change the automatic enrollment safe harbors

Client expense: $410,000 · Firm income: Not reported

Government targets: Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Retirement policy, including relevant provisions of H.R. 5340, the Providing Complete Information to Retirement Investors Act; retirement savings enhancements; e-delivery, including relevant provisions of H.R. 1807, the Improving Disclosure for Investors Act of 2023; auto-portability; Environmental, Social, and Governance (ESG) legislation, including relevant provisions of H.R. 4237, the Ensuring Sound Guidance Act; Environmental, Social, and Governance (ESG) regulation; investment advice regulation; remote notarization; technical corrections and guidance for the Securing a Strong Retirement Act of 2022.

Client expense: $390,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE

Equity market structure and trading regulation; fixed income market structure; money market fund regulation; systemic risk legislation; systemic risk regulation, including the relevant provisions of H.R. 3812, the Financial Stability Oversight Council Act of 2023; e-delivery, including relevant provisions of H.R. 1807, the Improving Disclosure for Investors Act of 2023; investment advice regulation; data aggregation; digital assets; licensing and supervision for remote work; remote notarization; Environmental, Social, and Governance (ESG) legislation, including relevant provisions of H.R. 4237, the Ensuring Sound Guidance Act; Environmental, Social and Governance (ESG) regulation; remote inspections; SAFE Banking Act safe harbor provisions, including the relevant provisions of H.R. 2891, the Secure and Fair Enforcement Banking Act of 2023 and S.1323, the Secure and Fair Enforcement Banking Act of 2023; open-end fund liquidity.

Client expense: $390,000 · Firm income: Not reported

Government targets: Consumer Financial Protection Bureau (CFPB), HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC)

Prudential agency (Federal Reserve, OCC and FDIC) proposal to implement the Basel Endgame reforms in the U.S. and congressional (U.S. House and Senate) oversight of the same, including revisions to the trading book capital rules, stress testing, capital surcharges and buffers; SEC Prohibition Against Conflicts of Interest in Certain Securitizations proposed rule; H.R. 4168, a bill to amend the Securities Act of 1933 to require that information required to be disclosed to the Securities and Exchange Commission by issuers be material to voting or investment decisions regarding those issuers, and for other purposes; H.R. 4237, a bill to amend the Investment Advisers Act of 1940 and the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors; H.R. 1807, the Improving Disclosure for Investors Act of 2023; SEC proposed rule regarding the safeguarding of client assets (custody proposal); S. 2190, the RECOUP Act, a bill to amend the Federal Deposit Insurance Act to increase bank executive accountability and to improve financial stability; SEC no-action letter regarding compliance with the provisions relating to research in the Markets in Financial Instruments Directive II (MiFID II), including H.R. 2622 and S. 2141, to codify certain SEC no action letters that allow broker-dealers to continue accepting cash or "hard dollar" payments for research reports, in order to comply with international regulations such as MiFID and MiFID II; H.R. ____, to exempt 144a fixed income securities from Rule 15c2-11; S. 1695, the American Infrastructure Bonds Act of 2023; H.R. 1837, the Investing in Our Communities Act; H.R. 4664 and S. 2309, the Fiscal Year 2024 Financial Services and General Government Appropriations bill related to Consolidated Audit Trail and SEC regulatory agenda; SEC Open-End Fund Liquidity Risk Management Programs and Swing Pricing proposed rule; SEC Amendments to NMS Plan for the Consolidated Audit Trail-Data Security; SEC Staff Accounting Bulletin 121; SEC Security-based Swaps Large Position Reporting proposed rule; SEC Securities Loans proposed rule. H.R.760 - Chinese Military and Surveillance Company Sanctions Act of 2023; H.R. 1177/S. 427, Financial Freedom Act of 2023 H.R.4552 - Federal Information Security Modernization Act of 2023 H.R. 4763 - the Financial Innovation and Technology for the 21st Century Act H.R. 4767 - Protecting American's Retirement Savings from Politics Act H.R. 3136 - The National Critical Capabilities Defense Act; S.2678 - Outbound Investment Transparency Act of 2023 S. 2251 - Cybersecurity Act of 2023 SEC Proposed Rule on Predictive Data Analytics SEC proposal regarding Reporting of Securities Loans SEC proposals to modify equity market structure Biden Administration Executive Order related to China

Client expense: $1,780,000 · Firm income: Not reported

Government targets: Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Natl Economic Council (NEC), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

H.R. 448, Putting Investors First Act of 2023 H.R. 500, Financial Exploitation Prevention Act of 2023 H.R. 760, Chinese Military and Surveillance Company Sanctions Act of 2023 H.R. 1807, Improving Disclosure for Investors Act of 2023 H.R. 2627, Increasing Investor Opportunities Act H.R. 3063, Retirement Fairness for Charities and Educational Institutions Act of 2023 H.R. 3812, Financial Stability Oversight Council Improvement Act of 2023 H.R. 4168, Mandatory Materiality Requirement Act of 2023 H.R. 4177, Improving Corporate Governance Through Diversity Act of 2023 H.R. 4237, Ensuring Sound Guidance Act H.R. 4589, To provide for the registration of proxy advisory firms H.R. 4590, To provide for liability for certain failures to disclose material information in connection with proxy voting advice H.R. 4600, Protecting Retail Investors Savings Act H.R. 4628, To require the SEC to disclose and report on non-material disclosure mandates H.R. 4640, To authorize the exclusion of shareholder proposals from proxy or consent solicitation material if the subject matter of the shareholder proposal is environmental, social, or political H.R. 4641, Performance Over Politics Act H.R. 4642, International Regulatory Transparency and Accountability Act H.R. 4644, No Expensive, Stifling Governance Act H.R. 4645, Empowering Shareholders Act of 2023 H.R. 4648, To provide for duties of certain investment advisors, asset managers, and pension funds with respect to voting on shareholder proposals H.R. 4652, Public Company Advisory Committee Act H.R. 4653, Protecting U.S. Business Sovereignty Act H.R. 4655, Businesses over Activists Act H.R. 4656, Protecting Americans Savings Act H.R. 4657, To clarify that an issuer may exclude a shareholder proposal pursuant to section 240.14a-8(i) of title 17, Code of Federal Regulations, without regard to whether such proposal relates to a significant social policy issue H.R. 4662, Corporate Governance Examination Act H.R. 4767, Protecting Americans Retirement Savings from Politics Act H.R. 4790, GUARDRAIL Act of 2023 S. 1481, Financial Exploitation Prevention Act of 2023 S. 1799, Putting Investors First Act of 2023 S. 2005, Mandatory Materiality Requirement Act of 2023 S. 2007, Improving Corporate Governance Through Diversity Act of 2023 S. 2226, National Defense Authorization Act for Fiscal Year 2024 (outbound investment screening) S. 2700, INDEX Act General concerns regarding the volume, interconnectedness, and length of comment periods of SEC proposals SEC mandatory swing pricing, hard close, and liquidity risk management proposal SEC money market fund proposal SEC Fund Names Rule SEC Safeguarding Advisory Client Assets proposal FSOC revised guidance on designation of nonbank SIFIs

Client expense: $1,490,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of, White House Office

PL 117-328 Consolidated Appropriations Act, 2023 - SECURE 2.0 Issue Investment Advice Standards Issue Davis Bacon Issue Retirement Security HR 1177/S 427 Financial Freedom Act of 2023 - prohibit the Secretary of Labor from constraining the range or type of investments that may be offered in retirement accounts HR 9462/S 5271 Retirement Savings for Americans Act -- establish the American Worker Retirement Plan HR 2593 Senior Security Act -- establishes the Senior Investor Taskforce within the Securities and Exchange Commission HR 2799 Expanding Access to Capital Act -- reforms to the capital markets of the United States HR 3063 Retirement Fairness for Charities and Educational Institutions Act of 2023 -- amend the Federal securities laws to enhance 403(b) plans HR 3942 Lifetime Income for Employees (LIFE) Act -- amend the Employee Retirement Income Security Act of 1974 to permit default investment arrangements in annuities HR 4237 Ensuring Sound Guidance Act -- amend the Investment Advisers Act of 1940 and the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors DRAFT SECURE 2.0 Technical Corrections - Changes and corrections to SECURE 2.0

Client expense: $510,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC)

Retirement Security 1.SECURE 2.0 Technical Corrections: Legislative language that will amend SECURE 2.0 to make technical changes to a variety of provisions. 2.American Worker Savings & Wealth Creation Plan Act: Would create a federally run retirement plan, similar to the TSP, that would be available to all private sector workers whose employer signs up for the plan. 3.Collective Investment Trusts/Separate Accounts Parity for 403b Accounts: Would ensure parity for 403b accounts to invest in Collective Investment Trusts or Separate Accounts. 4.Expanding Access to Retirement Savings for Caregivers Act: The bill would allow individuals that took at least one year out of the workforce without receiving an earned income, for the purposes of caring for a family member, to make catch-up contributions in years prior to age 50 to their 401(k) plans, individual retirement accounts (IRAs), and other eligible retirement accounts. 5.General Accounts Product Corrections Act: Would clarify fiduciary responsibilities for life insurance companies as it relates to investments in their general accounts. 6.H.R. 4237, Ensuring Sound Guidance Act: Would require investment advisers and ERISA retirement plan sponsors to prioritize financial returns over non-pecuniary factors when making investment decisions on behalf of their clients. 7.H.R. 3942, Lifetime Income for Employees (LIFE) Act of 2022: Amends the current rules for qualified default investment alternatives to facilitate the use of an annuity component will expand the availability of guaranteed returns and guaranteed lifetime income that help savers secure their retirement futures. 8.The Automatic Retirement Plan Act: Would mandate employers with 10 or more employees to implement a retirement plan in the workplace. 9.S. 2517, H.R. 4924, The Auto Reenroll Act of 2023: The bill allows plan sponsors to re-enroll non-participants at least once every three years, unless the individual affirmatively opts-out again. The bill also permits plans to sweep all eligible employees as a group for re-enrollment and does not change the automatic enrollment safe harbors. 10.S. 2627, H.R. 5060, the Womens Retirement Protection Act (S. 2627): the legislation removes the part-time worker provision that was passed in SECURE 2.0. The bill allows for a single distribution of up to 25% of an account balance without spousal consent. It seeks to enhance financial literacy through grants to community-based organizations and also offers grants to such organizations to help low-income women and survivors of domestic abuse obtain qualified domestic relations orders. Income Security The Enhancing American Retirement Now (EARN) Act: Builds upon S. 1770 with additional retirement provisions. Considered the Senate version of SECURE 2.0. S. 2415 and H.R. 7107, the Long-Term Care Affordability Act: Would allow for tax free distributions from retirement accounts to fund LTC contracts. H.R. 133, Both provisions are in the larger bill. H.R.1185 - FAMILY Act. Issue: paid family and medical leave proposal would offer paid leave benefits via a payroll tax for birth or adoption of a child or caring for a sick family member. H.R.1940 - New Parents Act of 2019. Issue: paid family and medical leave H.R.2163 - To amend the Internal Revenue Code of 1986 to allow for tax-advantaged distributions from health savings accounts during family or medical leave, and for other purposes. Issue: paid family and medical leave S.463 - FAMILY Act. Issue: paid family and medical leave- paid family and medical leave proposal would offer paid leave benefits via a payroll tax for birth or adoption of a child or caring for a sick family member S.920 - New Parents Act of 2019. Issue: paid family and medical leave Discussion draft - CRADLE Act. Issue: paid family and medical leave - allows for a deferment of retirement benefits for paid leave benefits. Proposed FY 2020 Budget proposal on paid family and medical leave. Issue: paid family and medical leave H.R. 2694 - Pregnant Workers Fairness Act. Issue: paid family and medical leave. Concurrent Resolution on the Budget, FY2022, S.Con.Res.14. The budget resolution calls for the $3.5 trillion in long-term investments to be fully offset by a combination of new tax revenues, health care savings, and long-term economic growth. In addition, the agreement would prohibit new taxes on families making less than $400,000 per year, and on small businesses and family farms. Issue: Medicare/Dental (Expanding Medicare to include dental, vision, hearing benefits and lowering the eligibility age). H.R. 5376- Build Back Better Act This bill provides funding, establishes programs, and otherwise modifies provisions relating to a broad array of areas, including education, labor, child-care, health care, taxes, immigration, and the environment. Excepted Benefits on Supplemental Benefits-proposed tri-agency rule through HHS, Treasury and Labor. Diversity and Inclusion H.R. 5084 - Improving Corporate Governance Through Diversity Act. Issue: diversity and inclusion. H.R. 5360 - Closing the Racial Wealth Gap Act. Issue: diversity and inclusion. H.R. 281 - Ensuring Diverse Leadership Act. Issue: diversity and inclusion. H.R. 7946 and S. 4464 - Federal Reserve Racial and Economic Equity Act. Issue: diversity and inclusion.

Client expense: $887,493 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

1.SECURE 2.0 Technical Corrections: Legislative language that will amend SECURE 2.0 to make technical changes to a variety of provisions. 2.American Worker Savings & Wealth Creation Plan Act: Would create a federally run retirement plan, similar to the TSP, that would be available to all private sector workers whose employer signs up for the plan. 3.Collective Investment Trusts/Separate Accounts Parity for 403b Accounts: Would ensure parity for 403b accounts to invest in Collective Investment Trusts or Separate Accounts. 4.Expanding Access to Retirement Savings for Caregivers Act: The bill would allow individuals that took at least one year out of the workforce without receiving an earned income, for the purposes of caring for a family member, to make catch-up contributions in years prior to age 50 to their 401(k) plans, individual retirement accounts (IRAs), and other eligible retirement accounts. 5.General Accounts Product Corrections Act: Would clarify fiduciary responsibilities for life insurance companies as it relates to investments in their general accounts. 6.H.R. 4237, Ensuring Sound Guidance Act: Would require investment advisers and ERISA retirement plan sponsors to prioritize financial returns over non-pecuniary factors when making investment decisions on behalf of their clients. 7.H.R. 3942, Lifetime Income for Employees (LIFE) Act of 2022: Amends the current rules for qualified default investment alternatives to facilitate the use of an annuity component will expand the availability of guaranteed returns and guaranteed lifetime income that help savers secure their retirement futures. 8.The Automatic Retirement Plan Act: Would mandate employers with 10 or more employees to implement a retirement plan in the workplace. Income Security The Enhancing American Retirement Now (EARN) Act: Builds upon S. 1770 with additional retirement provisions. Considered the Senate version of SECURE 2.0. S. 2415 and H.R. 7107, the Long-Term Care Affordability Act: Would allow for tax free distributions from retirement accounts to fund LTC contracts. H.R. 133, Both provisions are in the larger bill. H.R.1185 - FAMILY Act. Issue: paid family and medical leave proposal would offer paid leave benefits via a payroll tax for birth or adoption of a child or caring for a sick family member. H.R.1940 - New Parents Act of 2019. Issue: paid family and medical leave H.R.2163 - To amend the Internal Revenue Code of 1986 to allow for tax-advantaged distributions from health savings accounts during family or medical leave, and for other purposes. Issue: paid family and medical leave S.463 - FAMILY Act. Issue: paid family and medical leave- paid family and medical leave proposal would offer paid leave benefits via a payroll tax for birth or adoption of a child or caring for a sick family member S.920 - New Parents Act of 2019. Issue: paid family and medical leave Discussion draft - CRADLE Act. Issue: paid family and medical leave - allows for a deferment of retirement benefits for paid leave benefits. Proposed FY 2020 Budget proposal on paid family and medical leave. Issue: paid family and medical leave H.R. 2694 - Pregnant Workers Fairness Act. Issue: paid family and medical leave. Concurrent Resolution on the Budget, FY2022, S.Con.Res.14. The budget resolution calls for the $3.5 trillion in long-term investments to be fully offset by a combination of new tax revenues, health care savings, and long-term economic growth. In addition, the agreement would prohibit new taxes on families making less than $400,000 per year, and on small businesses and family farms. Issue: Medicare/Dental (Expanding Medicare to include dental, vision, hearing benefits and lowering the eligibility age). H.R. 5376- Build Back Better Act this bill provides funding, establishes programs, and otherwise modifies provisions relating to a broad array of areas, including education, labor, child-care, health care, taxes, immigration, and the environment. Diversity and Inclusion H.R. 5084 - Improving Corporate Governance Through Diversity Act. Issue: diversity and inclusion. H.R. 5360 - Closing the Racial Wealth Gap Act. Issue: diversity and inclusion. H.R. 281 - Ensuring Diverse Leadership Act. Issue: diversity and inclusion. H.R. 7946 and S. 4464 - Federal Reserve Racial and Economic Equity Act. Issue: diversity and inclusion.

Client expense: $980,852 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 4237: Ensuring Sound Guidance Act - Provisions related to ERISA obligations.

Client expense: $460,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

1.Americas Outdoor Recreation Act (S.873) / Range Access Act (H.R.1614); 2.Assault Weapons Ban of 2023 (S. 25 / H.R. 698); 3.Bipartisan Safer Communities Act (Public Law No: 117-159); 4.BLM proposed rule on Conservation and Landscape Health; 5.Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) Zero-tolerance Policy; 6.Concealed Carry Reciprocity Act (S.214 / H.R.38); 7.Ensuring Sound Guidance (ESG) Act (H.R.4237); 8.Expressing the sense of the House of Representatives that mandates imposed on manufacturers requiring inclusion of unproven and unreliable technology in firearms is costly and punitive, and the prohibition of firearms without such features is an infringement on the rights of citizens under the Second Amendment (H.Res.244); 9.Fair Access to Banking Act (S.293 / H.R.2743) / Discrimination in lending; 10.Federal Firearms Licensee Protection Act (S.1907 / H.R.2620); 11.Firearm Industry Nondiscrimination (FIND) Act (S.428 / H.R.53); 12.Freight Carrier Discriminatory Practices Against Firearms & Ammunition; 13.FY24 Appropriations- Agriculture, Rural Development, Food and Drug Administration; 14.FY24 Appropriations-Commerce, Justice, Science and Related Agencies; 15.FY24 Appropriations-Interior, Environment, and Related Agencies; 16.Gun-owner Registration Information Protection (GRIP) Act (S.1680/H.R.3492); 17.Hearing Protection Act (S.401 / H.R. 152); 18.Merchant Category Code (S.898, H.R. 3021); 19.National Defense Authorization Act for Fiscal Year 2024 (S.2226 / H.R.2670); 20.Permanent Electronic Duck Stamp Act (H.R. 2872); 21.Protecting Access for Hunters and Anglers Act (S.1185/H.R.615); 22.Protection of Lawful Commerce in Arms Act (Public Law No: 109-92); 23.Providing for Congressional Disapproval Under Chapter 8 of Title 5, United States Code, of the Rule Submitted by the Bureau of Alcohol, Tobacco, Firearms, and Explosives Relating to Factoring Criteria for Firearms with Attached Stabilizing Braces (S.J.Res.20 / H.J.Res.44); 24.Respect for the Second Amendment Act (S.840); 25.Responsible Ownership of Firearms Act; 26.SHUSH Act; 27.Travelers Gun Rights Act (S.741/H.R. 1508); 28.Tribal Firearm Access Act (S.909 / H.R.1709); 29.U.S. Fish and Wildlife Service (USFWS) Final Rule to ban the use of traditional lead ammunition on National Wildlife Refuges (NWRs); and 30.USML to CCL Transition / Export Control Reform

Client expense: $1,340,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

HR 4237 To amend the Investment Advisers Act of 1940 and the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors; HR 448 Putting Investors First Act of 2023; 87 Fed. Reg. 21334 The Enhancement and Standardization of Climate-Related Disclosures for Investors; 87 Fed. Reg. 68312 Federal Acquisition Regulation: Disclosure of Greenhouse Gas Emissions and Climate-Related Financial Risk.

Client expense: $1,450,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC)

investment advice regulation; remote notarization; Environmental, Social, and Governance (ESG) legislation, including relevant provisions of H.R. 4237, To amend the Investment Advisers Act of 1940 and the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors; Environmental, Social, and Governance (ESG) regulation; retirement policy; retirement savings enhancements; auto-portability; ERISA plan investment options, including relevant provisions of S. 427, The Financial Freedom Act of 2023; technical corrections and guidance for the Securing a Strong Retirement Act of 2022; e-delivery, including relevant provisions of H.R. 1807, the Improving Disclosure for Investors Act of 2023

Client expense: $810,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), Labor, Dept of (DOL), SENATE, Treasury, Dept of, White House Office

equity market structure and trading regulation; fixed income market structure; money market fund regulation; systemic risk legislation; systemic risk regulation, including the relevant provisions of H.R. 3812, the Financial Stability Oversight Council Improvement Act of 2023; e-delivery, including relevant provisions of H.R. 1807, the Improving Disclosure for Investors Act of 2023; investment advice regulation; data aggregation; digital assets; licensing and supervision for remote work; remote notarization; Environmental, Social, and Governance (ESG) legislation, including relevant provisions of H.R. 4237, To amend the Investment Advisers Act of 1940 and the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors; Environmental, Social, and Governance (ESG) regulation; remote inspections; H.R. 1996 and S. 910, the SAFE Banking Act, safe harbor provisions; open-end fund liquidity

Client expense: $810,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Consumer Financial Protection Bureau (CFPB), HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, White House Office

Prudential agency (Federal Reserve, OCC and FDIC) proposal to implement the Basel Endgame reforms in the U.S. and congressional (U.S. House and Senate) oversight of the same, including revisions to the trading book capital rules, stress testing, capital surcharges and buffers; Potential legislation on digital asset market structure; SEC Prohibition Against Conflicts of Interest in Certain Securitizations proposed rule; H.R. 2593 - the Senior Security Act of 2023; H.R. 4168 - a bill to amend the Securities Act of 1933 to require that information required to be disclosed to the Securities and Exchange Commission by issuers be material to voting or investment decisions regarding those issuers, and for other purposes; H.R. 4237 - a bill to amend the Investment Advisers Act of 1940 and the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors; H.R. 1807 - the Improving Disclosure for Investors Act of 2023; SEC proposed rule regarding the safeguarding of client assets (custody proposal); S. 2190 - the RECOUP Act, a bill to amend the Federal Deposit Insurance Act to increase bank executive accountability and to improve financial stability; H.R. 2793 - the Encouraging Public Offerings Act; H.R. ____ - to exempt certain low-revenue issuers from being required to have their management's assessment of the effectiveness of internal controls over financial reporting attested to; H.R. 835 - the Fair Opportunities for Professional Experts Act; H.R. 2651 - the Regulation A+ Improvement Act of 2023; H.R. 2590 - the Unlocking Capital for Small Businesses Act of 2023; SEC no-action letter regarding compliance with the provisions relating to research in the Markets in Financial Instruments Directive II (MiFID II), including H.R. 2622 and S. 2141, to codify certain SEC no action letters that allow broker-dealers to continue accepting cash or "hard dollar" payments for research reports, in order to comply with international regulations such as MiFID and MiFID II; H.R. ____ - to exempt 144a fixed income securities from Rule 15c2-11; S. 1038 - the American Infrastructure Bonds Act of 2023; H.R. 1837 - the Investing in Our Communities Act; H.R. 4664 and S. 2309 - the Fiscal Year 2024 Financial Services and General Government Appropriations bill related to Consolidated Audit Trail and SEC regulatory agenda; SEC Open-End Fund Liquidity Risk Management Programs and Swing Pricing proposed rule; SEC Amendments to NMS Plan for the Consolidated Audit Trail-Data Security; SEC Staff Accounting Bulletin 121; SEC Safeguarding Advisory Client Assets proposed rule; SEC Security-based Swaps Large Position Reporting proposed rule; SEC Securities Loans proposed rule. S. 3529 - Empowering States to Protect Seniors From Bad Actors Act, as part of the National Defense Authorization Act for Fiscal Year 2024.

Client expense: $1,480,000 · Firm income: Not reported

Government targets: Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Natl Economic Council (NEC), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

H.R. 448, Putting Investors First Act of 2023 H.R. 835, Fair Investment Opportunities for Professional Experts Act H.R. 1010/S. 453, Prohibiting IRS Financial Surveillance Act H.R. 1165, Data Privacy Act of 2023 H.R. 1410, Consumer Financial Protection Commission Act H.R. 1553, Helping Angels Lead our Startups (HALOS) Act H.R. 1548, Improving Access to Small Business Information Act H.R. 1579, Accredited Investor Definition Review Act H.R. 2608, To amend the Federal securities laws to specify the periods for which financial statements are required to be provided by an emerging growth company, and for other purposes H.R. 2610, To amend the Securities Exchange Act of 1934 to specify certain registration statement contents for emerging growth companies, to permit issuers to file draft registration statements with the Securities and Exchange Commission for confidential review, and for other purposes H.R. 2612, Gig Worker Equity Compensation Act H.R. 2627, Increasing Investor Opportunities Act H.R. 2652, Investment Opportunity Expansion Act H.R. 2792, Small Entity Update Act H.R. 2793, Encouraging Public Offerings Act of 2023 H.R. 2795, Enhancing Multi-Class Share Disclosures Act H.R. 2796, Promoting Opportunities for Non-Traditional Capital Formation Act H.R. 2797, Equal Opportunity for All Investors Act H.R. 2798, CFPB Transparency and Accountability Reform Act H.R. 2799, Expanding Access to Capital Act of 2023 H.R. 2812, Middle Market IPO Underwriting Cost Act H.R. 3063, Retirement Fairness for Charities and Educational Institutions Act H.R. 4177/S. 2007, Improving Corporate Governance Through Diversity Act of 2023 H.R. 4168/S.2005 Mandatory Materiality Requirement Act of 2023 H.R. 4237, Ensuring Sound Guidance Act of 2023 S. 638, Disclosure of Tax Havens and Offshoring Act Draft legislation titled Accredited Investor Self-Certification Act Potential legislation on environmental, social, and governance Potential legislation to expand well-known seasoned issuer (WKSI) eligibility Potential legislation to require the SEC to consider additional standards in the rulemaking process Potential legislation to study the term small entity Potential legislation regarding a new regulatory framework for stablecoins Potential legislation to codify certain reforms to the nonbank designation process of the Financial Stability Oversight Council Potential legislation to except quotations of Rule 144A fixed-income securities from certain regulatory requirements Potential legislation to make changes to the SEC 14a-8 shareholder proposal process Potential legislation dealing with third party litigation funding including its national security implications Potential legislation similar to H.R. 2025/S. 840, Litigation Funding Transparency Act Notice and Request for Comment, Consumer Financial Protection Bureau; Agency Information Collection Activities: Junk Fees Timing Study (88 Fed. Reg. 23,646, Apr. 18, 2023) Notice of Proposed Rulemaking, Federal Trade Commission; Negative Option Rule, Project No. P064202 (88 Fed. Reg. 24,716-24,739, April 24, 2023) Notice, Securities and Exchange Commission; Order Scheduling Filing of Statements on Review; In the Matter of the Financial Industry Regulatory Authority, Inc. for an Order Granting the Approval of Proposed Rule Change, as Modified by Amendment No. 2, To Establish a Corporate Bond New Issue Reference Data Service (87 Fed. Reg. 79,014-79,015, December 23, 2022) Notice, Securities and Exchange Commission; Self-Regulatory Organizations, New York Stock Exchange LLC, Notice of Filing of Proposed Rule Change To Adopt New Section 303A.14 of the NYSE Listed Company Manual To Establish Listing Standards Related to Recovery of Erroneously Awarded Incentive-Based Executive Compensation (88 Fed. Reg. 15,480-15,484, March 13, 2023) Notice, Securities and Exchange Commission; Self-Regulatory Organizations, The Nasdaq Stock Market LLC, Notice of Filing of Proposed Rule Change To Establish Listing Standards Related to Recovery of Erroneously Awarded Executive Compensation (88 Fed. Reg. 15,500-15,503, March 13, 2023) Proposed Rule, Consumer Financial Protection Bureau; Registry of Supervised Nonbanks that Use Form Contracts to Impose Terms and Conditions that Seek to Waive or Limit Consumer Legal Protections (88 Fed. Reg. 6,906-6,969, February 1, 2023) Proposed Rule, SEC Enhanced Reporting of Proxy Votes by Registered Management Investment Companies; Reporting of Executive Compensation Votes by Institutional Investment Managers Proposed Rule (86 Fed. Reg. 57,478 -57,524 October 15, 2021) SEC Proposed Rule on the Enhancement and Standardization of Climate-Related Disclosures for Investors (87 Fed. Reg. 21,334-21,473, April 11, 2022) Proposed Rule, Securities and Exchange Commission; Open-End Fund Liquidity Risk Management Programs and Swing Pricing; Form N-PORT Reporting (87 Fed. Reg. 77,172-77,296, December 16, 2022) Proposed Rule, Securities and Exchange Commission; Reopening of Comment Period for Share Repurchase Disclosure Modernization (87 Fed. Reg. 75,975-75,977, December 12, 2022) Proposed Rule, SEC Safeguarding Advisory Client Assets (88 Fed. Reg. 14,672-14,792, March 9, 2023) Proposed Rule, FSOC Authority to Require Supervision and Regulation of Certain Nonbank Financial Companies, Proposed Interpretive Guidance (88 Fed. Reg. 26,234-26,244, April 28, 2023) Proposed Rule, FSOC Analytic Framework for Financial Stability Risk Identification, Assessment, and Response, Proposed Analytic Framework (88 Fed. Reg. 26,305-26,311, April 28, 2023) Request for Comment, Consumer Financial Protection Bureau; Statement of Policy Regarding Prohibition on Abusive Acts or Practices (88 Fed. Reg. 21,883-21,890, April 12, 2023) Various issues relating to SEC Best Interest and Enhancing Investment Adviser Regulation relating to broker-dealers, registered investment advisers, conflicts of interest; potential federal preemption of state fiduciary standards; CFTCs de minimis Exception for Swap Dealers; Securities and Exchange Commission amendments to the Commissioners whistleblower rules file no. S7-16-18; proxy process, proxy advisory firms, and other related aspects of corporate governance; corporate common ownership; adoption of the current expected credit loss (CECL) accounting standard; role of credit reporting agencies (CRAs) in the U.S. economy; debt collection practices (regulation F) under the Fair Debt Collection Practices Act (P.L. 95-109); qualified mortgage definition under the Truth in Lending Act (P.L. 90-321) (Regulation Z); Financial Stability Oversight Council and the designation of Nonbank Financial Firms as systemically important; Financial Stability Oversight Councils Activities-Based Approach to Nonbank Financial Company Systemic Risk; Federal Reserve Systems Large Institution Supervision Coordinating Committee; potential housing finance reform legislation; enforcement of Securities and Exchange Commission penalties; federal interest rate authority; Anti-Money Laundering (AML) and Bank Secrecy Act (BSA) reform; electronic consent-based SSN Verification Service (eCBSV); environmental, social, and governance (ESG) enforcement; information Collection under the Community Reinvestment Act (CRA) (P.L. 95-128); potential Financial Transaction Tax (FTT); potential Treasury Department proposal relating to tax reporting by banks; investment company cross trading; potential money market fund reform measures; transition to the secured overnight financing rate; implementation of SEC Rule 15c2-11; Department of Labor fiduciary advice exemption: PTE 2020-02; benefits of risk-based pricing; mobile disclosures; modernization of the Credit Repair Organizations Act (enacted as Title IV of the Consumer Credit Protection Act, P.L. 90-321); Internal Revenue Service Priority Guidance Plan; Federal Trade Commission issues: Freedom of Information Act Requests, Penalty Offense Authority, Zombie Voting, and overall direction of the Commission under Chair Lina Khan; Financial Accounting Standards Board improvements to income tax disclosures; Climate-Related Financial Risk Management for Large Banks; Consumer Financial Protection Bureau (CFPB) regulatory sandbox for disclosures; CFPB Policy Fellowship program; CFPB amendment of its Supervision and Examination Manual; CFPB conflation of Distinct Statutory Concepts of Unfairness and Discrimination; CFPB Small Business Advisory Review Panels Rulemaking on Personal Financial Data Rights; SEC Proposed Rulemakings: Regulation Best Execution (Release No. 34-96496; File No. S7-32-22); Order Competition Rule (Release No. 34-96495; File No. S7-31-22); Regulation NMS: Minimum Pricing Increments, Access Fees, and Transparency of Better Priced Orders (Release No. 34-96494; File S7-30-22); Disclosure of Order Execution Information (Release No. 34-96493; S7-29-22); the Federal Reserve Boards Supervision and regulation of Silicon Valley Bank and ongoing Holistic Capital; potential rulemaking regarding Section 956 of the Dodd-Frank Act (P.L. 111-203); EU sustainable finance action plan and incorporating ESG factors into financial services; EU requirements for supply chain due diligence and disclosures; PCAOB amendments to quality control standards; Proposed Auditing Standard - General Responsibilities of the Auditor in Conducting an Audit (PCAOB Release No. 2023-001, March 28, 2023; PCAOB Rulemaking Docket Matter No. 049); Notice of Filing of Proposed Rule Change to Adopt New Section 303A.14 of the NYSE Listed Company Manual to Establish Listing Standards Related to Recovery of Erroneously Awarded Incentive-Based Executive Compensation (SR-NYSE-2023-12); Notice of Filing of Proposed Rule Change to Establish Listing Standards Related to Recovery of Erroneously Awarded Executive Compensation (SR-NASDAQ-2023-005); Order Scheduling Filing of Statements on Review; In the Matter of the Financial Industry Regulatory Authority, Inc. for an Order Granting the Approval of Proposed Rule Change, as Modified by Amendment No. 2, To Establish a Corporate Bond New Issue Reference Data Service (File No. SR-FINRA-2019-008); potential regulations to require public companies to disclose information related to human capital management; reporting metrics of American companies under the EUs Corporate Sustainability Reporting Directive and Corporate Sustainability Due Diligence Directive; third party litigation funding (including its national security implications) and DOJs authority (including under the False Claims Act and the Foreign Agents Registration Act) to regulate it

Client expense: $16,390,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, Federal Trade Commission (FTC), HOUSE OF REPRESENTATIVES, Justice, Dept of (DOJ), Labor, Dept of (DOL), Office of Management & Budget (OMB), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of

H.R. 448- Putting Investors First Act of 2023 (Steil) H.R. 500- Financial Exploitation Prevention Act of 2023 (Wagner) H.R. 1807- Improving Disclosure for Investors Act of 2023 (Huizenga) H.R. 2627- Increasing Investor Opportunities Act (Wagner) H.R. 3063- Retirement Fairness for Charities and Educational Institutions Act of 2023 (Lucas) H.R. 3812- Financial Stability Oversight Council Improvement Act of 2023 (Foster) H.R. 4168- Mandatory Materiality Requirement Act of 2023 (Huizenga) H.R. 4177- Improving Corporate Governance Through Diversity Act of 2023 (Meeks) H.R. 4237- Ensuring Sound Guidance Act (Barr) S. 1481- Financial Exploitation Prevention Act of 2023 (Hagerty) S. 1799- Putting Investors First Act of 2023 (Hagerty) S. 2005- Mandatory Materiality Requirement Act of 2023 (Rounds) S. 2007- Improving Corporate Governance Through Diversity Act of 2023 (Menendez) SEC Regulatory Accountability Act (Wagner) INDEX Act (Huizenga) General concerns regarding the volume, interconnectedness, and length of comment periods of SEC proposals SEC mandatory swing pricing, hard close, and liquidity risk management proposal SEC public company climate disclosure proposal SEC money market fund proposal FSOC revised guidance on designation of nonbank SIFIs Exempting Rule 144A fixed-income securities from Rule 15c2-11

Client expense: $1,500,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of, White House Office

PL 117-328 Consolidated Appropriations Act, 2023 - SECURE 2.0 Issue Investment Advice Standards Issue Davis Bacon Issue Retirement Security HR 1177/S 427 Financial Freedom Act of 2023 - prohibit the Secretary of Labor from constraining the range or type of investments that may be offered in retirement accounts HR 9462/S 5271 Retirement Savings for Americans Act -- establish the American Worker Retirement Plan HR 2593 Senior Security Act -- establishes the Senior Investor Taskforce within the Securities and Exchange Commission HR 2799 Expanding Access to Capital Act -- reforms to the capital markets of the United States HR 3063 Retirement Fairness for Charities and Educational Institutions Act of 2023 -- amend the Federal securities laws to enhance 403(b) plans HR 3942 Lifetime Income for Employees (LIFE) Act -- amend the Employee Retirement Income Security Act of 1974 to permit default investment arrangements in annuities HR 4237 Ensuring Sound Guidance Act -- amend the Investment Advisers Act of 1940 and the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors DRAFT SECURE 2.0 Technical Corrections - Changes and corrections to SECURE 2.0

Client expense: $510,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC)

General education concerning the need for additional reform of the multiemployer pension system following the enactment of the Special Financial Assistance program as part of the American Rescue Plan Act with an emphasis on the authorization of two-pool withdrawal liability for multiemployer plans in the construction industry, improved legal clarity for variable defined benefit plans, and authorization of composite plans. H.J. Res. 30, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Labor relating to Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights; entire resolution. S. J. Res. 8, Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Labor relating to Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights; entire resolution. H.R. 4237, the "Ensuring Sound Guidance (ESG) Act," legislation to amend the Investment Advisers Act of 1940 and the Employee Retirement Income Security Act of 1974 to specify requirements concerning the consideration of pecuniary and non-pecuniary factors; entire bill.

Client expense: Not reported · Firm income: $50,000

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, White House Office