William R. Timmons IV

SMART Act of 2025

Supervisory Modifications for Appropriate Risk-based Testing Act of 2025 or the SMART Act of 2025 This bill limits the scope of certain examinations and combines oversight procedures for certain small depository institutions and credit unions. Specifically, depository institutions and credit unions that are considered well-capitalized and well-managed (per their most recent examination) with assets of $6 billion or less must receive a limited-scope examination, as determined by the appropriate federal regulator, in the year following a full-scope examination. In addition, upon request by the depository institution or credit union, the regulator must combine separate compliance examinations (e.g., safety and soundness examinations and information technology examinations) and perform them at the same time. The bill provides exceptions for recently acquired depository institutions and for depository institutions and credit unions subject to certain formal enforcement proceedings or orders.

Timely and Accurate Benefits Act

The legislation would require federal agencies to process and deliver benefits to eligible recipients more quickly and accurately, with specific timelines and quality standards for programs like Social Security, veterans' benefits, and unemployment insurance. It aims to reduce delays that leave people waiting months for payments they're entitled to receive and would hold agencies accountable if they miss deadlines or make errors. Workers, veterans, retirees, and other benefit recipients would see faster access to the money they depend on.

REVIEW Act of 2025

Regulatory Efficiency, Verification, Itemization, and Enhanced Workflow Act of 2025 or the REVIEW Act of 2025 This bill increases the frequency and expands the scope of regulatory reviews conducted by federal financial agencies. Currently, these regulatory reviews must occur every 10 years to identify outdated or unnecessary regulations imposed on insured depository institutions. The bill increases this frequency to every 7 years. Additionally, the bill expands these reviews to include an internal review of the cumulative impacts of regulations, including an assessment regarding (1) access to financial products and services, (2) credit availability and market liquidity, and (3) costs and benefits of regulations with respect to financial safety and soundness and overall economic activity. The bill also codifies the National Credit Union Administration’s inclusion in this review process.

Federal Acquisition Security Council Improvement Act of 2026

The bill would strengthen the Federal Acquisition Security Council, the government body that reviews and blocks purchases of equipment or software that pose national security risks, by giving it clearer authority and better tools to evaluate threats from foreign companies and supply chains. This affects federal agencies that buy technology and equipment, as well as companies selling to the government, by potentially making it harder to win contracts if there are concerns about foreign control or espionage risks. The council would have more resources and clearer rules to protect sensitive government operations from security vulnerabilities.

Improving Capital Allocation for Newcomers Act of 2025

Improving Capital Allocation for Newcomers Act of 2025 This bill expands qualification requirements for venture capital funds to include investment firms with more owners and capital contributions. Venture capital funds are exempt from certain regulations applicable to other investment firms, including those related to filings, audits, and restricted communications with investors. Currently, an investment firm qualifies as a venture capital fund if, among other requirements (1) the fund's securities are owned by 250 persons or less, and (2) the fund has $10 million or less in aggregate capital contributions and uncalled committed capital. The bill increases these amounts to 2,000 persons and $150 million, respectively.

Clean and Managed Public Spaces Act

This bill would give federal law enforcement and local authorities new tools and funding to address crime and disorder in public spaces like parks, transit stations, and downtown areas. It likely aims to support cleanup efforts, increase police presence, and implement management strategies to make public areas safer and more accessible for residents and visitors. The bill focuses on coordinating between federal, state, and local governments to tackle issues like homelessness, drug use, and property crime in shared public areas.