SEED Act of 2025

HR 2392, STABLE Act of 2025. S. 394, GENIUS Act of 2025. General lobbying on the importance of minority viewpoints on the Securities and Exchange Commission. General lobbying on shareholder forced arbitration and forum selection clauses in corporate bylaws. General lobbying with regard to the use of forced arbitration in financial services and by big banks. General lobbying with regard to SEC nominations. General lobbying with regard to Consumer Financial Protection Bureau (CFPB). General lobbying with regard to cryptocurrency. General lobbying on shareholder proposals impacting corporate accountability and undermining shareholder rights. Draft Senate FSGG appropriations bill. General lobbying with regard to digital commodities. S. 424 Retirement Fairness for Charities and Educational Institutions Act of 2025. H.R. 1013 Retirement Fairness for Charities and Educational Institutions Act of 2025. H.R. 3633 CLARITY Act. General lobbying on SEC and forced shareholder arbitration. Draft legislation on digital asset market structure. H.R.5775 - FCRA Liability Harmonization Act. S.3755 - Digital Commodity Intermediaries Act. Draft legislation repealing Dodd-Frank authorities. H.R.3633 - Digital Asset Market Clarity Act of 2025. S.3755 - Digital Commodity Intermediaries Act. Draft legislation on earned wage access. H.R.4171 - SEED Act of 2025. H.R.7127 - Restoring the Secondary Trading Market Act. Draft legislation on reforming the Gramm-Leach-Bliley Act of 1999. H.R.8141 - Fair Credit Reporting Reseller Accuracy Act. H.R.9330 - Earned Wage Access Consumer Protection Act.

Client expense: $1,840,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1013/S. 424, Retirement Fairness for Charities and Educational Institutions Act of 2025 H.R. 1109, Litigation Transparency Act of 2025, and potential amendments thereto H.R. 1190/S. 577, Expanding Access to Capital for Rural Job Creators Act H.R. 1799, Financial Reporting Threshold Modernization Act H.R. 2225/S. 1808, Access to Small Business Investor Capital Act H.R. 2441/S. 1877, Improving Disclosure for Investors Act of 2025 H.R. 2675/S. 3180, Protecting Our Courts From Foreign Manipulation Act of 2025 H.R. 3301, ELEVATE Act of 2025 H.R. 3339, Equal Opportunity for All Investors Act of 2025 H.R. 3343, Greenlighting Growth Act of 2025 H.R. 3351, Improving Access to Small Business Information Act H.R. 3352, HALOS Act of 2025 H.R. 3381, Encouraging Public Offerings Act of 2025 H.R. 3382/S. 2924, Small Entity Update Act H.R. 3383/S. 3671, Increasing Investor Opportunities Act H.R. 3394, Fair Investment Opportunities for Professional Experts Act H.R. 3645, ACCESS Act of 2025 H.R. 3673, Small Business Investor Capital Access Act H.R. 3682/S. 3578, Financial Stability Oversight Council Improvement Act of 2025 H.R. 3959, Protecting Private Job Creators Act H.R. 4171, Small Entrepreneurs Empowerment and Development (SEED) Act of 2025 H.R. 4429, Developing and Empowering Our Aspiring Leaders (DEAL) Act H.R. 4430, Expanding WKSI Eligibility Act H.R. 4431, Improving Capital Formation for Newcomers (ICAN) Act H.R. 6955, Main Street Capital Access Act H.R. 7056, Community Bank Regulatory Tailoring Act H.R. 7085, to repeal certain disclosure requirements related to conflict minerals H.R. 7127, Restoring Secondary Market Trading Act H.R. 7128, Terrorism Risk Insurance Act of 2026 S. 985, PROTECT USA Act S. 2934, Protecting Americans from Russian Litigation Act of 2025, and potential litigation funding issues thereunder S. 3826, Litigation Funding Transparency Act of 2026 Potential legislation similar to H.R. 448, Putting Investors First Act Potential legislation similar to H.R. 2590, Unlocking Capital for Small Business Act of 2023 Potential legislation similar to H.R. 2607, Improving Crowdfunding Opportunities Act, 2023 Potential legislation similar to H.R. 2622, to amend the Investment Advisers Act of 1940 to codify certain Securities and Exchange Commission no-action letters that exclude brokers and dealers compensated for certain research services from the definition of investment adviser Potential legislation similar to H.R. 2651, Regulation A+ Improvement Act of 2023 Potential legislation similar to H.R. 2799, the Investment Opportunity Expansion Act, 2023 Potential legislation similar to H.R. 4168/S. 2005, Mandatory Materiality Act Potential legislation similar to H.R. 4767, Protecting Americans Retirement Savings from Politics Act Potential legislation similar to H.R. 6623/S. 2068, Main Street Growth Act Potential legislation similar to S. 5139, Empowering Main Street in America Act (EMSAA) of 2024 Potential legislation to repeal the SECs Universal Proxy Rule of 2021 Potential legislation to amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to repeal certain rulemaking requirements Potential legislation to prevent the premature seizure of an individuals securities, digital assets, or investment accounts in the custody of a financial institution under State escheatment laws, and for other purposes Potential legislation to amend the definition of accredited investor to include individuals receiving advice from certain professionals, and for other purposes SEC Proposed Rule on the Enhancement and Standardization of Climate-Related Disclosures for Investors (87 Fed. Reg. 21,334-21,473, April 11, 2022) Various issues relating to potential housing finance reform legislation; Basel III Endgame Rule; issues related to the Export-Import Bank of the United States; European Unions (EU) Corporate Sustainability Due Diligence Directive (CSDDD); reauthorization of the U.S. International Development Finance Corporation; implementation of the One Big Beautiful Bill Act, (P.L. 119-21); implementation of Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions" (P.L. No: 119-10); implementation of A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications" (P.L. No: 119-11); proxy process and shareholder proposal system overseen by SEC; proxy process, proxy advisory firms, and other related aspects of corporate governance; FSOC Nonbank Guidance - request to restore the 2019 Guidance (July 14, 2025, letter to Treasury); reporting metrics of American companies under the EUs Corporate Sustainability Reporting Directive and Corporate Sustainability Due Diligence Directive; index fund passivity; reform to the function of the Public Company Accounting Oversight Board; rulemaking regarding corporate exemptions for shareholder proposals under SEC Rule 14a-8; rulemaking regarding reform to the proxy voting advice industry at the SEC; request for comment from SEC on potential revisions to executive compensation disclosure; request for comment from SEC on potential revisions to definition of Foreign Private Issuer; SEC Compliance and Disclosure Interpretations: Regulation 13D-G (February 11, 2025); potential policy affirming materiality as the standard for corporate disclosure at the SEC; Executive Order 14366, Protecting American Investors from Foreign-Owned and Politically-Motivated Proxy Advisors; Executive Order 14330, Democratizing Access to Alternative Assets for 401(K) Investors; SEC Staff Review ADI 2025-16 on Registered Closed-End Funds of Private Funds (August 15, 2025); acquired fund fees and expenses mandate under Rule 12d1-4 (impact of AFFE on BDCs and inclusion of alternative assets in 401(K)s); potential policy from SEC on electronic delivery of investor disclosure information; capital formation policy to expand access to capital for small businesses, strengthen public markets, and increase opportunities for investors; oversight issues and potential legislation on third party litigation funding, including its national security implications; insurance related litigation; oversight of the federal judiciary regarding third party litigation funding

H.R. 4171, the Small Entrepreneurs Empowerment and Development (SEED) Act H.R. 6955, the Main Street Capital Access Act H.R. 7127, the Restoring Secondary Trading Market Act S. 4092 No Crypto in Social Security Act S.4157 No Bailout for Crypto Act S. 4085 Take Back Our Hospitals Act H.R.7920 Take Back Our Hospitals Act HR. 7955 BETS OFF Act S. 4115 BETS OFF Act S. 4226 Stop Trading On Predictions (STOP) Corrupt Bets Act H.R.8123 Stop Trading On Predictions (STOP) Corrupt Bets Act private equity regulation private equity in health care S. 3829 Corporate Crimes Against Health Care Act H.R. 7537 Corporate Crimes Against Health Care Act Crypto Regulatory Legislation digital assets regulation Central Bank Digital Currency H.R. 3633, the CLARITY Act (crypto market regulation) Crypto and Government Ethics, Disclosure, Constitutional issues PE and childcare H.R. 6967, the Public Company Advisory Committee Act H.R. 7085 on conflict minerals disclosures Proxy advisors H.R. 2988, Protecting Prudent Investment of Retirement Savings Act the Reward Work Act Stock buybacks Executive compensation Stock Buyback Accountability Act Insurance crisis consumer protections, supervision, and bailout policy

Client expense: $150,000 · Firm income: Not reported

H.R. 1013/S. 424, Retirement Fairness for Charities and Educational Institutions Act of 2025 H.R. 1109, Litigation Transparency Act of 2025, and potential amendments thereto H.R. 1190/S. 577, Expanding Access to Capital for Rural Job Creators Act H.R. 1799, Financial Reporting Threshold Modernization Act H.R. 2225/S. 1808, Access to Small Business Investor Capital Act H.R. 2441/S. 1877, Improving Disclosure for Investors Act of 2025 H.R. 2675/S. 3180, Protecting Our Courts From Foreign Manipulation Act of 2025 H.R. 3301, ELEVATE Act of 2025 H.R. 3339, Equal Opportunity for All Investors Act of 2025 H.R. 3343, Greenlighting Growth Act of 2025 H.R. 3351, Improving Access to Small Business Information Act H.R. 3352, HALOS Act of 2025 H.R. 3381, Encouraging Public Offerings Act of 2025 H.R. 3382/S. 2924, Small Entity Update Act H.R. 3383/S. 3671, Increasing Investor Opportunities Act H.R. 3394, Fair Investment Opportunities for Professional Experts Act H.R. 3645, ACCESS Act of 2025 H.R. 3673, Small Business Investor Capital Access Act H.R. 3682/S. 3578, Financial Stability Oversight Council Improvement Act of 2025 H.R. 3959, Protecting Private Job Creators Act H.R. 4171, Small Entrepreneurs Empowerment and Development (SEED) Act of 2025 H.R. 4429, Developing and Empowering Our Aspiring Leaders (DEAL) Act H.R. 4430, Expanding WKSI Eligibility Act H.R. 4431, Improving Capital Formation for Newcomers (ICAN) Act H.R. 6955, Main Street Capital Access Act H.R. 7056, Community Bank Regulatory Tailoring Act H.R. 7085, to repeal certain disclosure requirements related to conflict minerals H.R. 7127, Restoring Secondary Market Trading Act H.R. 7128, Terrorism Risk Insurance Act of 2026 S. 985, PROTECT USA Act S. 2934, Protecting Americans from Russian Litigation Act of 2025, and potential litigation funding issues thereunder S. 3826, Litigation Funding Transparency Act of 2026 Potential legislation similar to H.R. 448, Putting Investors First Act Potential legislation similar to H.R. 2590, Unlocking Capital for Small Business Act of 2023 Potential legislation similar to H.R. 2607, Improving Crowdfunding Opportunities Act, 2023 Potential legislation similar to H.R. 2622, to amend the Investment Advisers Act of 1940 to codify certain Securities and Exchange Commission no-action letters that exclude brokers and dealers compensated for certain research services from the definition of investment adviser Potential legislation similar to H.R. 2651, Regulation A+ Improvement Act of 2023 Potential legislation similar to H.R. 2799, the Investment Opportunity Expansion Act, 2023 Potential legislation similar to H.R. 4168/S. 2005, Mandatory Materiality Act Potential legislation similar to H.R. 4767, Protecting Americans Retirement Savings from Politics Act Potential legislation similar to H.R. 6623/S. 2068, Main Street Growth Act Potential legislation similar to S. 5139, Empowering Main Street in America Act (EMSAA) of 2024 Potential legislation to repeal the SECs Universal Proxy Rule of 2021 Potential legislation to amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to repeal certain rulemaking requirements Potential legislation to prevent the premature seizure of an individuals securities, digital assets, or investment accounts in the custody of a financial institution under State escheatment laws, and for other purposes Potential legislation to amend the definition of accredited investor to include individuals receiving advice from certain professionals, and for other purposes SEC Proposed Rule on the Enhancement and Standardization of Climate-Related Disclosures for Investors (87 Fed. Reg. 21,334-21,473, April 11, 2022) Various issues relating to potential housing finance reform legislation; Basel III Endgame Rule; issues related to the Export-Import Bank of the United States; European Unions (EU) Corporate Sustainability Due Diligence Directive (CSDDD); reauthorization of the U.S. International Development Finance Corporation; implementation of the One Big Beautiful Bill Act, (P.L. 119-21); implementation of Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions" (P.L. No: 119-10); implementation of A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications" (P.L. No: 119-11); proxy process and shareholder proposal system overseen by SEC; proxy process, proxy advisory firms, and other related aspects of corporate governance; FSOC Nonbank Guidance - request to restore the 2019 Guidance (July 14, 2025, letter to Treasury); reporting metrics of American companies under the EUs Corporate Sustainability Reporting Directive and Corporate Sustainability Due Diligence Directive; index fund passivity; reform to the function of the Public Company Accounting Oversight Board; rulemaking regarding corporate exemptions for shareholder proposals under SEC Rule 14a-8; rulemaking regarding reform to the proxy voting advice industry at the SEC; request for comment from SEC on potential revisions to executive compensation disclosure; request for comment from SEC on potential revisions to definition of Foreign Private Issuer; SEC Compliance and Disclosure Interpretations: Regulation 13D-G (February 11, 2025); potential policy affirming materiality as the standard for corporate disclosure at the SEC; Executive Order 14366, Protecting American Investors from Foreign-Owned and Politically-Motivated Proxy Advisors; Executive Order 14330, Democratizing Access to Alternative Assets for 401(K) Investors; SEC Staff Review ADI 2025-16 on Registered Closed-End Funds of Private Funds (August 15, 2025); acquired fund fees and expenses mandate under Rule 12d1-4 (impact of AFFE on BDCs and inclusion of alternative assets in 401(K)s); potential policy from SEC on electronic delivery of investor disclosure information; capital formation policy to expand access to capital for small businesses, strengthen public markets, and increase opportunities for investors; oversight issues and potential legislation on third party litigation funding, including its national security implications; insurance related litigation; oversight of the federal judiciary regarding third party litigation funding

HR 2392, STABLE Act of 2025. S. 394, GENIUS Act of 2025. General lobbying on the importance of minority viewpoints on the Securities and Exchange Commission. General lobbying on shareholder forced arbitration and forum selection clauses in corporate bylaws. General lobbying with regard to the use of forced arbitration in financial services and by big banks. General lobbying with regard to SEC nominations. General lobbying with regard to Consumer Financial Protection Bureau (CFPB). General lobbying with regard to cryptocurrency. General lobbying on shareholder proposals impacting corporate accountability and undermining shareholder rights. Draft Senate FSGG appropriations bill. General lobbying with regard to digital commodities. S. 424 Retirement Fairness for Charities and Educational Institutions Act of 2025. H.R. 1013 Retirement Fairness for Charities and Educational Institutions Act of 2025. H.R. 3633 CLARITY Act. General lobbying on SEC and forced shareholder arbitration. Draft legislation on digital asset market structure. H.R.5775 - FCRA Liability Harmonization Act. S.3755 - Digital Commodity Intermediaries Act. Draft legislation repealing Dodd-Frank authorities. H.R.3633 - Digital Asset Market Clarity Act of 2025. S.3755 - Digital Commodity Intermediaries Act. Draft legislation on earned wage access. H.R.4171 - SEED Act of 2025. H.R.7127 - Restoring the Secondary Trading Market Act. Draft legislation on reforming the Gramm-Leach-Bliley Act of 1999.

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

Good Government White House Conference on Small Business Act, H.R. 6855: Support action by U.S. House to advance the legislation. Workforce Issues Flexibility for Workers Education Act, H.R. 2262: Continue to support U.S. House passage of the bill. Empowering Employer Child and Elder Care Solutions Act, H.R. 2270: Continue to support U.S. House passage of the bill. Working Families Flexibility Act, H.R. 2870: Continue to support U.S. House passage of the bill. Tipped Employee Protection Act, H.R. 2312: Support U.S. House passage of the bill. DOLs Proposal to Expand Investment Opportunities in 401(k) Plans: Supportive of a framework to provide American workers, small business owners and their employees with access to the same diversified opportunities long available to large pension funds. Access to Capital: INVEST Act, H.R. 3383: Support U.S. Senate passage of this Housed-passed bill. Small Entrepreneurs Empowerment and Development Act (SEED Act), H.R. 4171: Support U.S. House passage of the bill. Main Street Parity Act, H.R. 5763: Supported U.S. House passage of the bill. Tax Policy Indexing Capital Gains Tax Liability to Inflation: Support legislative or administrative action to make this change. More Homes on the Market Act, H.R. 1340, S.3332: Support the legislation. American Innovation Act, H.R. 1778, S. 4207: Support the legislation. H.J.Res. 142 - Disapproving the action of the D.C. Councils D.C. Income Franchise Conformity and Revision Temporary Amendment Act of 2025: Supported the resolution. Business Startup & Growth SAVE Local Businesses Act, H.R. 4366: Support U.S. House passage of the bill. New Opportunities for Business Ownership and Self-Sufficiency Act (NO BOSS Act), H.R. 6431: Continue to support action by the U.S. House on the legislation. American Innovation Act, H.R. 1778, S. 4207: Support the legislation. AI and Technology H.Res. 1007, Expressing the sense of the House of Representatives with respect to the use of artificial intelligence (AI) in the financial services and housing industries: SBE Council supports the resolution. AI for Main Street Act, H.R. 5764: Supported U.S. House passage of the bill. Continue to voice restraint on excessive regulatory frameworks or actions that would undermine what is a critical new technology for small businesses. White House National AI Legislative Framework: Voiced support for general vision of the framework and support efforts in the Congress to act on the framework. White House Ratepayer Protection Pledge: Voiced general support for the principles outlined by the executive action. AI Education: Continue to brief congressional staff on the benefits of AI to small businesses and startups as conveyed through SBE Council research and surveys. Regulatory Modernization and Reform Prove It Act of 2025, H.R. 1163: Support House action and passage of the bill. SHOWER Act, H.R. 4593: Supported U.S. House passage of the bill. Housing for the 2st Century Act, H.R. 6644: Supported U.S. House passage of the bill. Affordable Homes Act, H.R. 5184: Supported U.S. House passage of the bill. Critical Mineral Dominance Act, H.R. 4090: Supported U.S. House passage of the bill. Standardizing Permitting and Expediting Economic Development Act (SPEED Act), H.R. 4776: Supporting Senate action on House-passed bill. Promoting Efficient Review for Modern Infrastructure Today (PERMIT) Act, H.R. 3898: Support Senate action on House-passed bill. Corporate Transparency Act (CTA) Database: Support eliminating the database by U.S. Treasury. Department of Labors Proposed Independent Contractor Rule: Voiced general support for the direction of the newly proposed rule (formal comments forthcoming.) Government Reform and Operations President Trumps Executive Action to Ensure Pay for TSA Workers, Secure and Stable Travel: Voiced support for the Action. Taxpayer Due Process Enhancement Act, H.R. 6506: Support U.S. Senate action on the House-passed bill. Taxpayer Notification and Privacy Act, H.R. 6495: Support U.S. Senate action on the House-passed bill. Health in American and Affordable Health Coverage HSAs For All Act, H.R. 7681: Support the legislation. Lower Health Care Premiums for All Americans Act, H.R. 6703: Support Senate action of House-passed bill. President Trumps Great Healthcare Plan: Voiced general support for elements of the plan that focus on improving accountability, competition, and transparency in order to create a market-based system for healthcare and insurance coverage. Trump Administrations New Dietary Guidelines for Americans: Voiced general support for the new guidelines. Reforming the Center for Medicare and Medicaid Innovation (CMMI): Support reforms to CMMI. Trade and Global Market Access Maintaining American Innovation and Technology Leadership - Ways and Means Committee, Subcommittee on Trade. Submitted a statement for the congressional record on how unfair trade practices and protectionist measures used by international competitors undermines U.S. technological leadership and the startups and small businesses that are the fonts of innovation in the U.S. Permanent WTO Moratorium on Customs Duties on Electronic Transmissions and WTO Work Programme on Electronic Commerce: Continue to support a permanent moratorium.