Empowering States to Protect Seniors from Bad Actors Act

H.R. 20, Protecting the Right to Organize Act of 2025; H.R. 1013, Retirement Fairness for Charities and Educational Institutions Act of 2025; H.R. 8478, Empowering States to Protect Seniors from Bad Actors Act; H. J. Res 142, Providing for congressional disapproval of the Department of Labor fiduciary rule; S. 424, Retirement Fairness for Charities and Educational Institutions Act of 2025; S. 852, Protecting the Right to Organize Act of 2025; S. 1526, the Retirement Savings for Americans Act; S. 4371, Empowering States to Protect Seniors from Bad Actors Act; S.5148/H.R. 9765, A bill to amend the Internal Revenue Code of 1986 to allow certain family caregivers to contribute to a Roth IRA; S. 5149/H.R. 9764, A bill to amend the Internal Revenue Code of 1986 to allow additional catch-up contributions for certain family caregivers; SEC proposed rule regarding Open-End Fund Liquidity Risk Management Programs and Swing Pricing; DOL Fiduciary Rule proposed rule on retirement security and related proposed changes to prohibited transaction exemptions including Qualified Professional Asset Manager; Public Law 117-328 - Consolidated Appropriations Law (SECURE 2.0 retirement provisions); Retirement Security Rule: Definition of an Investment Advice Fiduciary (EBSA) and related exemptions; Issues relating to the preservation of private sector retirement system; Legislation to make technical corrections related to implementation of SECURE 2.0; ERISA fiduciary legislative proposals; Trump Accounts in Public Law 119-21.

Client expense: $1,920,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Executive Office of the President (EOP), HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

H.R. 20, Protecting the Right to Organize Act of 2025; H.R. 1013, Retirement Fairness for Charities and Educational Institutions Act of 2025; H.R. 8478, Empowering States to Protect Seniors from Bad Actors Act; H. J. Res 142, Providing for congressional disapproval of the Department of Labor fiduciary rule; S. 424, Retirement Fairness for Charities and Educational Institutions Act of 2025; S. 852, Protecting the Right to Organize Act of 2025; S. 1526, the Retirement Savings for Americans Act; S. 4371, Empowering States to Protect Seniors from Bad Actors Act; S.5148/H.R. 9765, A bill to amend the Internal Revenue Code of 1986 to allow certain family caregivers to contribute to a Roth IRA; S. 5149/H.R. 9764, A bill to amend the Internal Revenue Code of 1986 to allow additional catch-up contributions for certain family caregivers; SEC proposed rule regarding Open-End Fund Liquidity Risk Management Programs and Swing Pricing; DOL Fiduciary Rule proposed rule on retirement security and related proposed changes to prohibited transaction exemptions including Qualified Professional Asset Manager; Public Law 117-328 - Consolidated Appropriations Law (SECURE 2.0 retirement provisions); Retirement Security Rule: Definition of an Investment Advice Fiduciary (EBSA) and related exemptions; Issues relating to the preservation of private sector retirement system; Legislation to make technical corrections related to implementation of SECURE 2.0; ERISA fiduciary legislative proposals; Small business tax credit for financial literacy; MAGA/Trump accounts in H.R. 1 (the One Big Beautiful Bill Act); New Code Y for Qualified Charitable Distributions on forms 1099-R and 5498.

Client expense: $2,060,000 · Firm income: Not reported

H.R. 20, Protecting the Right to Organize Act of 2025; H.R. 1013, Retirement Fairness for Charities and Educational Institutions Act of 2025; H. J. Res 142, Providing for congressional disapproval of the Department of Labor fiduciary rule; S. 424, Retirement Fairness for Charities and Educational Institutions Act of 2025; S.567/ H.R. 20 Protecting the Right to Organize (PRO) Act; S. 852, Protecting the Right to Organize Act of 2025; S. 4371, Empowering States to Protect Seniors from Bad Actors Act; S.5148/H.R. 9765, A bill to amend the Internal Revenue Code of 1986 to allow certain family caregivers to contribute to a Roth IRA; S. 5149/H.R. 9764, A bill to amend the Internal Revenue Code of 1986 to allow additional catch-up contributions for certain family caregivers; SEC proposed rule regarding Open-End Fund Liquidity Risk Management Programs and Swing Pricing; DOL Fiduciary Rule proposed rule on retirement security and related proposed changes to prohibited transaction exemptions including Qualified Professional Asset Manager; Public Law 117-328 - Consolidated Appropriations Law (Secure 2.0 retirement provisions); Retirement Security Rule: Definition of an Investment Advice Fiduciary (EBSA) and related exemptions; Preservation of Private Sector Retirement System; Legislation to make technical corrections related to implementation of Secure 2.0; ERISA fiduciary legislative proposals; Small Business Tax Credit for Financial Literacy.

Client expense: $1,890,000 · Firm income: Not reported

Monitor issues impacting state securities regulators, HR 2799; S. 955, the Senior Security Act; S 1481, Financial Exploitation Prevention Act; S. 4371 Empowering States to Protect Seniors from Bad Actors. HR 4763,"FIT21" Act.

Client expense: Not reported · Firm income: $12,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

PL 111-203 Dodd-Frank Wall Street Reform and Consumer Protection Act - various financial reforms HR 448 Putting Investors First Act - requires a proxy advisory firm to register with the SEC and other restrictions HR 500 Financial Exploitation Prevention Act - allows for the delay of the redemption of a security if it is reasonably believed the redemption involves the financial exploitation HR 8521 (117th) Investor Democracy is Expected (INDEX) Act - guidelines for passively index funds that vote shares on behalf of fund investors HR 9408/S 5005 (117th) Mandatory Materiality Requirement Act - limits additional disclosure requirements applicable to issuers of securities Issue Mutual Fund Swing Pricing/Hard Close Requirements Issue Insurance Capital Standards and Systemic Risk Issue SEC Rule 15c2-11/144A Securities Issue Environmental, Social, Governance Issue Federal Home Loan Bank Issues HR 1807 Improving Disclosure for Investors Act - Direct SEC to promulgate rules with respect to the electronic delivery of certain required disclosures DRAFT To except quotations of Rule 144A fixed-income securities from certain regulatory requirements HR 2891/S 1323 SAFE Banking Act -- To create protections for financial institutions that provide financial services to cannabis-related legitimate businesses and service providers for such businesses HR 835Fair Investment Opportunities for Professional Experts Act -- expands the eligibility criteria for an accredited investor HR 1579 Accredited Investor Definition Review Act -- expands the eligibility criteria for an accredited investor HR 3746 Fiscal Responsibility Act of 2023 - increases the federal debt limit, establishes new discretionary spending limits, rescinds unobligated funds, expands work requirements for federal programs, and modifies other requirements related to the federal budget process. HR 3812 FSOC Improvement Act -- amend the Financial Stability Act of 2010 to require the Financial Stability Oversight Council to consider alternative approaches before determining that a U.S. nonbank financial company shall be supervised by the Board of Governors of the Federal Reserve System HR 2891/S 1323 SAFER Banking Act - prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate cannabis-related business S 3815-Improving Disclosures for Investors Act of 2024 S 3815 - Improving Disclosures for Investors Act of 2024 S 4371 - Empowering States to Protect Seniors from Bad Actors Act S 4917 - Retirement Fairness for Charities and Educational Institutions Act of 2024 - to amend the Federal securities laws to enhance 403(b) plans HR 10545 American Relief Act, 2025 Draft - CDA Registration Streamlining

H.R. 5339, the RETIRE Act; H.R. 6065/ S. 3102 Retirement Savings for Americans Act; H.R. 4767 - Protecting American's Retirement Savings from Politics Act; H. J. Res 142, Providing for congressional disapproval of the Department of Labor fiduciary rule; S. 4371, Empowering States to Protect Seniors from Bad Actors Act; S. 4917, Retirement Fairness for Charities and Education Institutions Act of 2024; S. 4371, Empowering States to Protect Seniors from Bad Actors Act; S. 5149/H.R. 9764, A bill to amend the Internal Revenue Code of 1986 to allow additional catch-up contributions for certain family caregivers; S.5148/H.R. 9765, A bill to amend the Internal Revenue Code of 1986 to allow certain family caregivers to contribute to a Roth IRA; SEC Open-End Fund Liquidity Risk Management Programs and Swing Pricing proposed rule; DOL Fiduciary Rule proposed rule on retirement security and related proposed changes to prohibited transaction exemptions including Qualified Professional Asset Manager; Public Law 117-328 - Consolidated Appropriations Law (Secure 2.0 retirement provisions); Retirement Security Rule: Definition of an Investment Advice Fiduciary (EBSA) and related exemptions; Preservation of Private Sector Retirement System; SECURE 2.0 Technical Corrections Act of 2023; Section 324 of SECURE 2.0 (Rollover Disclosures); Savers Match; S.567/ H.R. 20 Protecting the Right to Organize (PRO) Act; H.R. 3063, Retirement Fairness for Charities and Education Institutions Act.

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

Monitor issues impacting state securities regulators, HR 2799; S. 955, the Senior Security Act; S 1481, Financial Exploitation Prevention Act; S. 4371 Empowering States to Protect Seniors from Bad Actors. HR 4763,"FIT21" Act.

Client expense: Not reported · Firm income: $12,000

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. 4645, Empowering Shareholders Act of 2023 H.R. 4790, Prioritizing Economic Growth Over Woke Policies Act 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. 8339, SEC Reform and Restructuring Act H.R. 8478, Empowering States to Protect Seniors Against Bad Actors 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. 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. 4371, Empowering States to Protect Seniors Against Bad Actors Act S. 4917, Retirement Fairness for Charities and Educational Institutions Act of 2024 S. 5139, Empowering Main Street in America Act Outbound investment screening 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 Resolution recognizing the 100th anniversary of the Mutual Fund

Client expense: $2,150,000 · Firm income: Not reported

PL 111-203 Dodd-Frank Wall Street Reform and Consumer Protection Act - various financial reforms HR 448 Putting Investors First Act - requires a proxy advisory firm to register with the SEC and other restrictions HR 500 Financial Exploitation Prevention Act - allows for the delay of the redemption of a security if it is reasonably believed the redemption involves the financial exploitation HR 8521 (117th) Investor Democracy is Expected (INDEX) Act - guidelines for passively index funds that vote shares on behalf of fund investors HR 9408/S 5005 (117th) Mandatory Materiality Requirement Act - limits additional disclosure requirements applicable to issuers of securities Issue Mutual Fund Swing Pricing/Hard Close Requirements Issue Insurance Capital Standards and Systemic Risk Issue SEC Rule 15c2-11/144A Securities Issue Environmental, Social, Governance Issue Federal Home Loan Bank Issues HR 1807 Improving Disclosure for Investors Act - Direct SEC to promulgate rules with respect to the electronic delivery of certain required disclosures DRAFT To except quotations of Rule 144A fixed-income securities from certain regulatory requirements HR 2891/S 1323 SAFE Banking Act -- To create protections for financial institutions that provide financial services to cannabis-related legitimate businesses and service providers for such businesses HR 835Fair Investment Opportunities for Professional Experts Act -- expands the eligibility criteria for an accredited investor HR 1579 Accredited Investor Definition Review Act -- expands the eligibility criteria for an accredited investor HR 3746 Fiscal Responsibility Act of 2023 - increases the federal debt limit, establishes new discretionary spending limits, rescinds unobligated funds, expands work requirements for federal programs, and modifies other requirements related to the federal budget process. HR 3812 FSOC Improvement Act -- amend the Financial Stability Act of 2010 to require the Financial Stability Oversight Council to consider alternative approaches before determining that a U.S. nonbank financial company shall be supervised by the Board of Governors of the Federal Reserve System HR 2891/S 1323 SAFER Banking Act - prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate cannabis-related business S 3815-Improving Disclosures for Investors Act of 2024 S 3815 - Improving Disclosures for Investors Act of 2024 S 4371 - Empowering States to Protect Seniors from Bad Actors Act S 4917 - Retirement Fairness for Charities and Educational Institutions Act of 2024 - to amend the Federal securities laws to enhance 403(b) plans

H.R. 5339, the RETIRE Act; H.R. 6065/ S. 3102 Retirement Savings for Americans Act; S. 4371, Empowering States to Protect Seniors from Bad Actors Act; H.R. 4767 - Protecting American's Retirement Savings from Politics Act; H. J. Res 142, Providing for congressional disapproval of the Department of Labor fiduciary rule; H.J. Res. 116, providing for congressional disapproval of DOL's independent contractor rule; S. 4917, a bill to amend the Federal securities laws to enhance 403(b) plans; S. 4965, the Small Nonprofit Retirement Security Act of 2024; S. 4371, Empowering States to Protect Seniors from Bad Actors Act; S. 5149/H.R. 9764, A bill to amend the Internal Revenue Code of 1986 to allow additional catch-up contributions for certain family caregivers; S.5148/H.R. 9765, A bill to amend the Internal Revenue Code of 1986 to allow certain family caregivers to contribute to a Roth IRA; SEC Open-End Fund Liquidity Risk Management Programs and Swing Pricing proposed rule; DOL Fiduciary Rule proposed rule on retirement security and related proposed changes to prohibited transaction exemptions including Qualified Professional Asset Manager; Public Law 117-328 - Consolidated Appropriations Law (Secure 2.0 retirement provisions); Retirement Security Rule: Definition of an Investment Advice Fiduciary (EBSA) and related exemptions; SECURE 2.0 Implementation RIN 1210-AC23 RFI - SECURE 2.0 Reporting and Disclosure, EBSA Basel III End Game and Retirement; Preservation of Private Sector Retirement System; SECURE 2.0 Technical Corrections Act of 2023.

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

Monitor issues impacting state securities regulators, HR 2799; S. 955, the Senior Security Act; S 1481, Financial Exploitation Prevention Act; S. 4371 Empowering States to Protect Seniors from Bad Actors.

Client expense: Not reported · Firm income: $12,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

PL 111-203 Dodd-Frank Wall Street Reform and Consumer Protection Act - various financial reforms HR 448 Putting Investors First Act - requires a proxy advisory firm to register with the SEC and other restrictions HR 500 Financial Exploitation Prevention Act - allows for the delay of the redemption of a security if it is reasonably believed the redemption involves the financial exploitation HR 8521 (117th) Investor Democracy is Expected (INDEX) Act - guidelines for passively index funds that vote shares on behalf of fund investors HR 9408/S 5005 (117th) Mandatory Materiality Requirement Act - limits additional disclosure requirements applicable to issuers of securities Issue Mutual Fund Swing Pricing/Hard Close Requirements Issue Insurance Capital Standards and Systemic Risk Issue SEC Rule 15c2-11/144A Securities Issue Environmental, Social, Governance Issue Federal Home Loan Bank Issues HR 1807 Improving Disclosure for Investors Act - Direct SEC to promulgate rules with respect to the electronic delivery of certain required disclosures DRAFT To except quotations of Rule 144A fixed-income securities from certain regulatory requirements HR 2891/S 1323 SAFE Banking Act -- To create protections for financial institutions that provide financial services to cannabis-related legitimate businesses and service providers for such businesses HR 835Fair Investment Opportunities for Professional Experts Act -- expands the eligibility criteria for an accredited investor HR 1579 Accredited Investor Definition Review Act -- expands the eligibility criteria for an accredited investor HR 3746 Fiscal Responsibility Act of 2023 - increases the federal debt limit, establishes new discretionary spending limits, rescinds unobligated funds, expands work requirements for federal programs, and modifies other requirements related to the federal budget process. HR 3812 FSOC Improvement Act -- amend the Financial Stability Act of 2010 to require the Financial Stability Oversight Council to consider alternative approaches before determining that a U.S. nonbank financial company shall be supervised by the Board of Governors of the Federal Reserve System HR 2891/S 1323 SAFER Banking Act - prohibits a federal banking regulator from penalizing a depository institution for providing banking services to a legitimate cannabis-related business S 3815-Improving Disclosures for Investors Act of 2024 S 3815 - Improving Disclosures for Investors Act of 2024 S 4371 - Empowering States to Protect Seniors from Bad Actors Act

H.R. 1818/S. 1561 the Aviation Workforce Development Act; H.R. 6065/ S. 3102 Retirement Savings for Americans Act; H.R. 7293, Automatic IRA Act of 2024; H.J.Res.142 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"; S. 3716/ H.R. 7162 A bill to create children's lifetime savings accounts, and for other purposes; S. 4371, Empowering States to Protect Seniors from Bad Actors Act; Amendments to H.R. 2670, the National Defense Authorization Act for Fiscal Year 2024 (FDTA exemption for state and local governments); SEC Open-End Fund Liquidity Risk Management Programs and Swing Pricing proposed rule; DOL Fiduciary Rule proposed rule on retirement security and related proposed changes to prohibited transaction exemptions including Qualified Professional Asset Manager; Public Law 117-328 - Consolidated Appropriations Law (Secure 2.0 retirement provisions); Retirement Security Rule: Definition of an Investment Advice Fiduciary (EBSA) and related exemptions; RIN 0985-AA18 NPRM - Adult Protective Services Functions and Grant Programs, Administration for Community Living, HHS To amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to make technical corrections relating to the SECURE 2.0 Act of 2022, and for other purposes; SECURE 2.0 Implementation RIN 1210-AC23 RFI - SECURE 2.0 Reporting and Disclosure, EBSA Basel III End Game and Retirement; Employee Identification Number (EIN) / Unrelated Business Taxable Income (UBTI); Financial Fitness Act; Appropriations Rider Funds May only be Used on DOL Fiduciary.

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