Legislative Trackers

Combating High Inflation Limiting Daycare Act of 2025 or the CHILD Act of 2025

This bill increases the maximum annual amount that may be contributed to a dependent care assistance program (generally known as a dependent care flexible spending account [FSA]).

Under the bill, the maximum annual amount that may be contributed to a dependent care FSA increases from $5,000 ($2,500 for married taxpayers who file separate federal tax returns) to $10,000 ($5,000 for married taxpayers who file separate federal tax returns) and is adjusted annually for inflation.

Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 or the GENIUS Act of 2025

This bill establishes a regulatory framework for payment stablecoins (digital assets which an issuer must redeem for a fixed monetary value).

Under the bill, only permitted issuers may issue a payment stablecoin in the United States. Permitted issuers must be a subsidiary of an insured depository institution, a federal-qualified nonbank payment stablecoin issuer, or a state-qualified payment stablecoin issuer. Permitted issuers must be regulated by the appropriate federal or state regulator. Permitted issuers may choose federal or state regulation; however, state regulation is limited to those with a stablecoin issuance of $10 billion or less.

Permitted issuers must maintain reserves backing the stablecoin on a one-to-one basis using U.S. currency or other similarly liquid assets, as specified. Permitted issuers must also publicly disclose their redemption policy and publish monthly the details of their reserves.

The bill sets forth requirements for (1) reusing reserves; (2) providing safekeeping services for stablecoins; and (3) supervisory, examination, and enforcement authority.

In a bankruptcy insolvency proceeding involving a payment stablecoin issuer, stablecoin holders have priority over all other claims. 

Under the bill, permitted payment stablecoins are not considered securities under securities law. However, permitted issuers are subject to the Bank Secrecy Act for anti-money laundering and related purposes.

The Federal Reserve must create and implement agreements with other jurisdictions that similarly regulate stablecoins for the purpose of facilitating international transactions and interoperability with U.S. dollar-denominated stablecoins issued overseas.

Retire through Ownership Act

This bill allows the fiduciary of an Employee Stock Ownership Plan (ESOP) to rely on a valuation provided by an independent valuation or business appraiser in determining the fair market value of the plan's securities if the securities are not traded on a national securities exchange (i.e., not publicly traded) and the expert or appraiser follows specified methodologies. 

In general, ESOPs are defined contribution pension plans where employees accrue shares of their employers' stock in individual accounts as part of their compensation. After separating from employment or retiring, employees receive the cash value of their shares.

Under the bill, an independent appraiser or expert must adhere to the methodology established under the Internal Revenue Service Ruling 59-60, which prescribes the factors a professional business appraiser should consider in forming a valuation of the stock for a closely held business.