Warren, Jayapal, Boyle, 45+ Lawmakers Renew Push for Wealth Tax on Ultra-Millionaires and Billionaires

New analysis shows that wealth tax would generate over $6 trillion in revenue that could lower costs for families through programs like universal child care, free community college, Medicare expansion, and more

Bill One-Pager (PDF) | Bill Text (PDF) | Bill Score (PDF)

Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), a member of the Senate Finance Committee, along with Representatives Pramila Jayapal (D-Wash.) and Brendan F. Boyle (D-Pa.), led over 45 lawmakers in reintroducing the Ultra-Millionaire Tax Act, legislation that would apply a wealth tax to fortunes above $50 million. According to a new analysis, the bill would generate $6.2 trillion in revenue over the next decade, more than double the score of the bill when it was first introduced five years ago and enough money to pay for investments like universal child care, free community college, Medicare expansion, and more — without raising taxes on 99.85% of American households.

“While multi-millionaires and billionaires are getting richer and richer, families are getting squeezed by a rigged economy. My bill is about basic fairness and making the ultra-wealthy pay their fair share. It’s time for the government to stop listening to the richest of the rich and start working for working people,” said Senator Warren.

“As millions of families are struggling under the weight of inflation, tariffs, and rising gas prices, the richest billionaires continue to see their net worth grow. We live in the richest country in the world, but that wealth is incredibly concentrated in a tiny group of people. It’s time to tax the rich and level the playing field to ensure that every American has a chance to succeed,” said Representative Jayapal. “The Ultra-Millionaire Tax Act is a major step toward making sure the wealthy finally pay their fair share. With this legislation, we can narrow the racial wealth gap and invest trillions of dollars in health care, schools, clean energy, housing, and more to improve lives in communities across America.”

“A secretary shouldn’t pay a higher tax rate than the CEO. The current tax code is rigged against working people and the middle class. Our proposal finally changes this and makes billionaires pay their fair share,” said Representative Brendan F. Boyle.

While millions of families are struggling, billionaires have watched their fortunes skyrocket. According to an analysis from economists Emmanuel Saez and Gabriel Zucman, the richest 0.1% of Americans hold nearly as much wealth as the bottom 90% of families combined. Instead of tackling this inequality, the Trump administration has turbocharged the crisis, slashing health care coverage for millions of families to deliver over $1 trillion in tax cuts to the top 1%.

The Ultra-Millionaire Tax Act would level the playing field and narrow the racial wealth gap by asking the wealthiest 260,000 households in America, or the top 0.15%, to pay their fair share. The bill would establish a 2% annual tax on the net worth of households and trusts valued at over $50 million and an additional 1% annual surtax (3% total annual tax) on the net worth of households and trusts above $1 billion. The bill also includes robust anti-evasion and avoidance measures, including $100 million in new funding for the IRS and a 40% “exit tax” on the wealth of ultra-millionaires and billionaires who renounce their citizenship to avoid the tax.

10 Senators co-sponsored the bill, the largest coalition of Senate cosponsors supporting the Ultra-Millionaire Tax Act to date: Senators Tammy Duckworth (D-Ill.), Mazie Hirono (D-Hawaii), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Adam Schiff (D-Calif.), Tina Smith (D-Minn.), Brian Schatz (D-Hawaii), Chris Van Hollen (D-Md.), Peter Welch (D-Vt.), and Sheldon Whitehouse (D-R.I.).

Additionally, 39 Representatives co-sponsored the bill, the largest coalition of House supporters to date: Representatives Greg Casar (D-Texas), Judy Chu (D-Calif.), Eleanor Holmes Norton (D-D.C.), Danny K. Davis (D-Ill.), Jan Schakowsky (D-Ill.), Donald Beyer Jr. (D-Va.), Robert Garcia (D-Calif.), Rashida Tlaib (D-Mich.), Jesús “Chuy” García (D-Ill.), Chris Deluzio (D-Pa.), Hank Johnson (D-Ga.), Jim McGovern (D-Mass.), Delia Ramirez (D-Ill.), Ilhan Omar (D-Minn.), Summer Lee (D-Pa.), Robin Kelly (D-Ill.), Bonnie Watson Coleman (D-N.J.), Lateefah Simon (D-Calif.), Frank Pallone Jr. (D-N.J.), Dan Goldman (D-N.Y.), Jerrold Nadler (D-N.Y.), Ayanna Pressley (D-Mass.), Jill Tokuda (D-Hawaii), Yassamin Ansari (D-Ariz.), Valerie Foushee (D-N.C.), Linda Sánchez (D-Calif.), Alexandria Ocasio-Cortez (D-N.Y.), Glenn Ivey (D-Md.), Shri Thanedar (D-Mich.), Maxwell Frost (D-Fla.), Laura Friedman (D-Calif.), Madeleine Dean (D-Pa.), Mark Takano (D-Calif.), Jonathan Jackson (D-Ill.), Adelita Grijalva (D-Ariz.), Nydia Velázquez (D-N.Y.), Adam Smith (D-Wash.), Mark DeSaulnier (D-Calif.), and Melanie Stansbury (D-N.M.).

With the $6.2 trillion in revenue the Ultra-Millionaire Tax Act would generate, the federal government could make serious investments in lowering costs for families. The revenue could pay for all the following policies combined — with money left to spare:

Provide universal, affordable childcare

Lower rents by building millions of new homes

Slash child poverty by expanding the Child Tax Credit

Lower the Medicare eligibility age to 55

Offer universal paid family leave

Establish tuition-free community college

The bill is endorsed by nearly 40 unions, advocacy groups, and national organizations, including: Service Employees International Union (SEIU), American Federation of Teachers (AFT), American Federation of Labor and Congress of Industrial Organizations (AFL-CIO), American Federation of State, County, and Municipal Employees (AFSCME), American Federation of Government Employees (AFGE), UNITE HERE, National Domestic Workers Alliance, Communications Workers of America, National Education Association, United Steelworkers, Americans for Tax Fairness, Public Citizen, Americans for Financial Reform, Main Street Alliance, Patriotic Millionaires, P Street, National Women’s Law Center Action Fund, Groundwork Collaborative, Oxfam America, People’s Action Institute, the Sunrise Movement, MomsRising, Center for Law and Social Policy, Take on Wall Street, Health Care For America Now, Indivisible, Jobs With Justice, NETWORK Lobby for Catholic Social Justice, Responsible Wealth, United for a Fair Economy, Liberation in a Generation, Voices for Progress, Coalition for Human Needs, Liberation in a Generation, Climate Hawks Vote, Organized Power in Numbers, Tax the Greedy Billionaires, and Campaign for America’s Future.

“It’s time the super-rich start paying their fair share. By asking the ultra-wealthy to contribute just a small percentage of their extreme fortunes, we can generate trillions in revenue to invest directly in the needs of everyday Americans—lowering costs, expanding opportunity, and strengthening the middle class. The Ultra-Millionaire Tax Act will help ensure that prosperity is shared by all who create it, not concentrated in the hands of a few,” said Jody Calemine, AFL-CIO Director of Advocacy.

“Anti-worker extremists in Congress and their billionaire backers are slashing safety net programs and rigging the tax code to make the ultra-wealthy richer as working families are pushed closer to the brink. The working people who keep this country running shouldn’t be the ones carrying a heavier tax burden than the richest 0.1%. It’s past time billionaires paid their fair share, so we can invest in the public services that working people need — from child care to health care to food support. Congress must pass Senator Warren and Rep. Jayapal’s Ultra-Millionaire Tax Act now,” said Lee Saunders, President of AFSCME.

“Working Americans understand that in order to ensure a strong future for our communities, we must raise revenue to invest in critical infrastructure and other shared resources. Yet the ultra-rich continue to hoard wealth, skirting the tax code to avoid paying their fair share. Our union applauds Sen. Warren’s efforts to hold these freeloaders accountable so that they too contribute to our nation’s enduring success,” said Roxanne Brown, President of USW International.

“Our tax system is unjust. It is littered with loopholes that benefit the ultrawealthy, allowing them to game the system while working people pay higher rates than Wall Street's billionaires and multi-millionaires. The Ultra-Millionaire Tax is a key policy needed to make the superrich pay their fair share of taxes and build an economy that works better for the rest of us,” Ericka Taylor, Co-executive Director of Americans for Financial Reform.

“To whom much is given, much is expected: That is not simply what many of us believe spiritually; it is the foundation of a progressive income and wealth tax code. Billionaires and ultra-millionaires have reaped the benefits of globalization and other economic trends that enabled their wealth to soar. The tax code should not insulate this windfall; it must be fairer,” said Randi Weingarten, President of AFT. “Unlike what the current administration has done to create more of a windfall, the Ultra-Millionaire Tax Act would level the playing field for working families and ask the 250,000 wealthiest households to finally begin paying their fair share. Working families deserve an economy that gives them a shot at a better life and a tax code that doesn’t bend over backward to reward wealth over work.”

“We have long treated care as a private burden rather than a public responsibility, shifting the burden onto families and expecting underpaid, undervalued workers to carry the weight. By asking the wealthiest households to finally pay their fair share, the Ultra-Millionaire Tax Act is our opportunity to make meaningful investments in our care infrastructure and ensure that families across the country can afford childcare and have paid leave care workers earn family-sustaining wages, and older Americans age and disabled loved ones live with dignity. This legislation is a transformative step toward an economy that values dignity for the many, not just wealth for the few.” said Haeyoung Yoon, Vice President of Policy and Advocacy for the National Domestic Workers Alliance.

“The American public is rightly infuriated by the very wealthy being able to avoid paying their fair share in taxes, especially when everyday people are having such a hard time making ends meet as costs continue to rise,” said Susan Harley, managing director of Public Citizen’s Congress Watch division. “The Ultra-Millionaire Tax Act would not only begin to rebalance the gross inequities in our tax code but it would also generate trillions of dollars in new revenues that can be reinvested in programs that make life more affordable for everyone.”

“Across the country, American families are struggling while the ultrarich drive up costs, lay off workers, and hoard their wealth. This consolidation of wealth threatens our democracy and our economy. The Ultra-Millionaire Tax Act from Senator Warren and Congresswoman Jayapal is more than just a tax proposal; it’s a vision for rebuilding our economy around the everyday people who power it, instead of the billionaires at the top,” said Emma Lydon, Managing Director of P Street.

“For far too long, the wealth of ultra-millionaires and billionaires has continued to rise while investment in basic services has stagnated or been cut altogether. Under Republicans and President Trump, Congress is spending trillions of dollars on tax cuts that only benefit the ultra wealthy while everyday Americans feel the pressure of an increasingly unaffordable cost of living,” said David Kass, Americans For Tax Fairness’s Executive Director. "The Ultra-Millionaire Tax Act asks the wealthiest 0.15% of households to pay a 2% tax on wealth over $50 million—3% above $1 billion—generating $6.2 trillion over 10 years. This would help raise the revenue necessary to enact policies that would help lower costs for working families, including funding universal childcare, affordable housing, an expanded Child Tax Credit, Medicare at 55, paid family leave, and tuition-free community college. If we want an economy that works for all Americans and not just the wealthy few, we need legislation like this to rebalance the scales towards workers and families.”

“The United States is capable of sustaining the rich, stable and free economy and country the vast majority of Americans—regardless of political party—actually want. The only way to ensure we get there, though, is by building a tax system that puts a check on the extreme inequality that threatens our economy and our democracy,” said Morris Pearl, Chair of Patriotic Millionaires. “Millionaires like me want less inequality because we and our families will be better off in a society with less economic disparity. And it’s not because I’m good or altruistic. I am not any more altruistic than the next person, I’m just greedy for a different kind of country than some other rich people in America. I’m willing to pay more in taxes if it means helping us become the kind of country I know we can be. The Patriotic Millionaires are proud to support the Ultra Millionaire Tax Act, and we urge Congress to act quickly to make this law.”

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Warren, Murray, Ocasio-Cortez, Scott Establish Child Care for America Working Group to Lower Costs, Deliver Child Care for Every American Family

As momentum for child care grows across country, Democrats lead charge in Congress

Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.) and Patty Murray (D-Wash.), longtime leaders on child care, along with Representatives Alexandria Ocasio-Cortez (D-N.Y.) and Bobby Scott (D-Va.), established a new working group as the latest major push in Democrats’ fight to lower costs and deliver child care for every American family. The Child Care for America working group will bring Democratic members of Congress together to coordinate broad support for landmark child care legislation.

“Delivering high-quality child care is one of the best tools we have to make life more affordable for families. In the richest nation in the world, we should invest in child care like public infrastructure — not treat it like a privilege reserved for only the wealthiest Americans,” said Senator Warren. “Democrats are leading the charge on lowering costs and delivering child care for every American family.”

“Trump wants to spend our taxpayer dollars on a war with Iran that no one asked for—I want to make affordable child care a reality for every family in America,” said Senator Murray. “There’s a split screen in Congress right now: Republicans want to burn money on tax cuts for billionaires and regime change wars—Democrats want to lower the cost of basics like child care for families here at home. I’m linking arms with my colleagues to deliver a proposal that Americans everywhere can get behind to finally fix child care in America. Americans deserve a more hopeful vision for the future than the Republican plan for government that just funds endless wars and cuts food stamps. Government can do good things to make life better for our families—let’s finally make high-quality, affordable child care accessible for every working family.”

“It is time that we deliver on our promise to give working families the quality, affordable child care that they deserve. That is why I am proud to stand beside my colleagues to build a vision for the future of affordable child care for all Americans,” said Representative Ocasio-Cortez.

“Our economy forces too many workers to choose between their jobs and caring for their children. Let’s be clear. The child care crisis cannot be solved without sustained public funding. We must expand access to affordable, quality early learning opportunities, provide child care workers with the support they deserve, and give parents the freedom to pursue rewarding careers and contribute to our economic growth,” said Ranking Member Robert C. “Bobby” Scott (VA-03), House Committee on Education and Workforce.

The working group will be guided by the following principles:

Affordability: Family costs must be predictable and affordable, with payments capped at no more than 7 percent of income, free child care for families with the lowest incomes, and guaranteed access with no waiting lists.

Child Care as Public Infrastructure: Federal funding must expand and stabilize child care supply, support safe facilities, and ensure resources meet all families where they are.

Boosting Worker Pay: Child care workers must be paid fairly and supported as professionals, with living wages, access to benefits, paid leave, retirement, and professional development.

High Quality and Accountability: Federal responsibility must be clear and enforceable, with the federal government covering at least 90 percent of system costs and having the ability to directly support localities when states fail to act, bolstered by strong reporting, oversight, and accountability standards.

Accessibility: The child care system must meet families where they are, with support for nontraditional hours, inclusive care for children with disabilities and developmental needs, language access, culturally responsive services, and full-day, full-year integration with Head Start and Early Head Start.

Urgent Implementation: The federal government must provide investments and support to ensure the child care supply scales up rapidly and addresses the immediate affordability crisis.

The new working group comes as momentum grows across the country for real progress on child care, as families face rising costs and limited access. Child care now averages more than $13,000 per year — up 29 percent since 2020 — and in most states costs more than rent for many families, even exceeding in-state college tuition.

New York City Mayor Zohran Mamdani successfully campaigned on free child care, and one of his very first actions in office was to announce a plan to introduce universal child care for New York children under five. Last year, New Mexico Governor Michelle Lujan Grisham announced that the state would make child care free. Earlier this year, San Francisco Mayor Daniel Lurie launched his Family Opportunity Agenda, which will ensure that every San Francisco family with children under five years old has access to child care.

Both New Jersey Governor Mikie Sherrill — previous House lead of Sen. Warren’s child care bill — and Virginia Governor Abigail Spanberger won competitive elections after pledging to increase access to child care.

Lowering child care costs is both good policy and what the American people want. In November, Democratic operative James Carville wrote in a New York Times op-ed: “When 70 percent of Americans say raising children is too expensive, we should not fear making universal child care a public good.” And Democratic operative David Plouffe recently asserted that “establish[ing] universal child care” should be part of the party’s 2028 platform.

Independent polling shows that voters across the political spectrum say child care is unaffordable. Seventy-two percent of Republican voters said increasing federal funding for child care was an important priority, along with 70 percent of political independents and 90 percent of Democrats.

The Trump administration has worked to rip away child care funding and support for families, including with recent efforts to freeze federal funds for child care and family assistance in five states over debunked claims of potential fraud and misuse of taxpayer funds.

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Welch, Blumenthal Ask IG if DHS, White House Attempted to Block Reported Investigation into Noem’s Ad Campaign

WASHINGTON, D.C.— U.S. Senator Peter Welch (D-Vt.), Member of the Senate Judiciary Committee, and U.S. Senator Richard Blumenthal (D-Conn.), Ranking Member of the U.S. Senate Permanent Subcommittee on Investigations, wrote to Department of Homeland Security (DHS) Inspector General (IG) Joseph Cuffari regarding his office’s reported probe into DHS’s award of $220 million in no bid contracts for an advertising campaign featuring former Homeland Security Secretary Kristi Noem. The Senators also asked if any of DHS OIG’s potential inquiries into the ad campaign have been restricted by DHS, Noem, or the White House.

“It appears that your office has initiated a probe, which may be separate from the annual audit, into the circumstances surrounding the Department’s decision to award these contracts. According to public reporting, former Secretary Noem is “retaliating” against this probe by blocking access to key material on a number of OIG investigations because she and Mr. Lewandowski “could be implicated in the watchdog probe” of these no bid advertising contracts,” wrote Senators Welch and Blumenthal. “This reporting raises serious concerns about whether DHS is intentionally restricting OIG’s access to information necessary to complete a review of the contracts awarded as part of the Department’s ad campaigns.”

Earlier this month, Senators Welch and Blumenthal wrote to The Strategy Group Company, Safe America Media LLC, and People Who Think LLC, requesting documents and information related to contracts they received under Noem’s ad campaign. The Senators also wrote to Republican advertising companies Strategic Media Services Inc. and Smart Media Group LLC requesting information and records related to their agreements with Safe America Media, which reportedly engaged both companies to place the taxpayer-funded ads. This week, the Senators released new details on production costs associated with Noem’s advertising campaign filmed at Mount Rushmore, including tens of thousands of taxpayer dollars spent on a “signing bonus” to Strategy Group, horse rentals, hair and makeup services, more than $100,000 in labor costs, and more than $40,000 in other vendor costs.

Read the Senators’ letter here and below:

Dear Inspector General Cuffari,

On March 2, 2026, you notified Congress that over the last several months, the Department of Homeland Security (DHS) has “systematically obstructed the work” of your office. We write to request information concerning the Department’s lack of cooperation and how it may be affecting any inquiry related to former Secretary Kristi Noem’s approval of no bid contracts to produce ad campaigns under her “national emergency authority.”

On November 19, 2025, Senator Welch sent you a letter requesting that your office investigate former Secretary Noem’s approval of $220 million in media contracts—absent a competitive bidding process—to firms with which she and her senior advisors have personal ties. The following day, Senator Blumenthal sent a similar letter to you with members of the Senate Committee on Homeland Security and Governmental Affairs.

In a January 21, 2026, response, you assured Senator Welch that his request had been provided to the OIG’s Office of Audits for “consideration in its work planning process, which includes a mandated annual audit of grants and contracts awarded by means other than full and open competition.”

It appears that your office has initiated a probe, which may be separate from the annual audit, into the circumstances surrounding the Department’s decision to award these contracts. According to public reporting, former Secretary Noem is “retaliating” against this probe by blocking access to key material on a number of OIG investigations because she and Mr. Lewandowski “could be implicated in the watchdog probe” of these no bid advertising contracts.

This reporting raises serious concerns about whether DHS is intentionally restricting OIG’s access to information necessary to complete a review of the contracts awarded as part of the Department’s ad campaigns. In order to better understand challenges that DHS OIG may be facing in its review of these contracts, please provide answers to the following questions by March 27, 2026.

Has DHS OIG initiated an investigation into DHS’s award of $220 million in no bid contracts related to its ad campaigns?

If so, when is this review expected to be complete?

Have any of DHS OIG’s inquiries related to DHS’s award of media contracts associated with the ad campaign been impeded by the Department?

If so, what restrictions has DHS imposed and who has imposed them?

Please provide any written or electronic communications with any Executive Branch official that discusses the impediments or restrictions you are facing.

Thank you for your prompt attention to this important matter.

Sincerely,

Senator Peter Welch

Senator Richard Blumenthal

Read and download the Senators’ letter here.

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Welch, Dexter Reintroduce Bicameral Bill to Decommission Offshore Oil and Gas Wells, Platforms, and Pipelines

WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance Subcommittee on Energy, Natural Resources, and Infrastructure, today joined U.S. Senators Ron Wyden (D-Ore.), Jeff Merkley (D-Ore.), and Ed Markey (D-Mass.), alongside U.S. Representative Maxine Dexter (D-OR-03), in reintroducing the Plug Offshore Wells Act, bicameral legislation to address the growing threat of abandoned offshore oil and gas infrastructure to marine ecosystems and the environment as a result of climate change and extreme weather events. The lawmakers’ bill would direct the Department of the Interior (DOI) to submit an annual, publicly available report to Congress on the status of decommissioning offshore oil and gas wells, platforms, and pipelines, in addition to reducing financial burdens on taxpayers by increasing oversight and accountability of Big Oil companies.

“Big Oil’s failure to decommission thousands of abandoned offshore oil and gas wells is inexcusable. It’s not only costly to taxpayers, but harmful to our environment. As climate change worsens and extreme weather events increase, the harmful consequences of idle and abandoned offshore oil and gas infrastructure only grows,” said Senator Welch. “We need to hold oil companies accountable on their promises to decommission abandoned offshore infrastructure to save taxpayer dollars and help protect our marine ecosystems.”

“Big Oil has been ditching its responsibilities while profiteering off of our natural resources in this country for too long,” said Senator Wyden. “At a time when oil companies are making record profits, it is not too much to ask that they use some of those profits to clean up many of the messes their profiteering has left behind.”

“Orphaned wells are an environmental catastrophe waiting to explode. They pose the possibility of massive damage to the ocean by leaking oil and gas and must be addressed quickly,” said Senator Merkley.

“Big Oil consistently puts their profits over public safety – leaving taxpayers with the bill for plugging thousands of abandoned oil and gas wells and dealing with toxic pollution. Safely decommissioning abandoned offshore oil and gas infrastructure should be a no-brainer. We need public disclosures of the status of well decommissioning efforts to hold the industry accountable. Congress must work to stop oil companies from saddling everyday Americans with their cleanup costs instead of cleaning up their own messes,” said Senator Markey.

“Abandoned offshore oil and gas infrastructure is a growing threat to our oceans and coastal communities,” said Rep. Dexter. “For too long, oil companies have walked away from their responsibilities, leaving the public to foot the bill. This legislation brings transparency and accountability to a system that has let Big Oil off the hook, and it ensures we are protecting both our environment and taxpayer dollars. This bill brings transparency, saves taxpayers dollars, and helps us hold corporations accountable that disregard the health and safety of our people and our planet.”

In addition to Rep. Dexter, the bill is cosponsored in the House by Reps. Tim Kennedy (D-NY-26), Jared Huffman (D-CA-02), Suzanne Bonamici (D-OR-01), Dave Min (D-CA-47), Julia Brownley (D-CA-26), Eleanor Holmes-Norton (D-DC-AL), Kevin Mullin (D-CA-15), and Mike Levin (D-CA-49).

Idle and abandoned offshore oil and gas infrastructure increase the chance of oil leaks and pose environmental risks to marine ecosystems, especially as hurricanes and tropical storms in the Gulf of Mexico increase in strength and frequency. Current delays and defaults in decommissioning offshore oil and gas infrastructure also leave American taxpayers responsible for covering the costs of decommissioning abandoned platforms and wells, an expensive and lengthy process.

According to the U.S. Government Accountability Office (GAO), more than 2,700 wells and 500 platforms in the Gulf of Mexico are overdue for decommissioning. The Plug Offshore Wells Act would follow GAO’s recommended steps on how Congress can address the current backlog of overdue decommissioning requirements, including instituting new reporting requirements from DOI to Congress on the status of decommissioning.

The Plug Offshore Wells Act is supported by the Center for Biological Diversity, Earthjustice, Natural Resources Defense Council, Oceana, Ocean Conservancy, and the Surfrider Foundation.

“As the Trump administration recklessly allows the fossil fuel industry to rip off the American public, strong oversight of decommissioning is more important than ever,” said Rachel Rilee, Oceans Policy Specialist, Center for Biological Diversity. “This bill is a welcome first step toward holding deadbeat oil drillers accountable by exposing the aging infrastructure they’ve abandoned, and the cleanup costs ordinary Americans have been forced to shoulder. Once Congress sees the full scope of the problem, I hope there’s more legislation to crack down on all of the outrageous ways the fossil fuel industry throws the health of our ocean environments under the bus just to pad their profits.”

“This bill creates a commonsense framework for keeping track of abandoned offshore oil drilling wells that must be properly decommissioned and plugged for public health and safety. Unplugged wells can lead to oil spills, slicks, and other harmful incidents that jeopardize Gulf communities and marine life,” said Laura Esquivel, Senior Legislative Representative, Earthjustice Action. “This legislation represents progress for people, the environment, and local industries like fishing and tourism.”

“It is unacceptable that Big Oil has repeatedly failed to fulfill its obligation to clean up drilling sites, leaving behind a mess of abandoned wells and platforms that pollute our ocean and climate,” said Becca Loomis, Attorney, Natural Resources Defense Council (NRDC). “The Plug Offshore Wells Act is a critical first step towards holding companies accountable for cleaning up after themselves. ”

“Pollution from deadly and destructive offshore drilling can poison generations when oil and gas companies are not held accountable for cleaning up their mess,” said Joseph Gordon, Campaign Director, Oceana. “The law clearly states that Big Oil must pay for the full cost of decommissioning their dirty infrastructure, but in the Gulf of Mexico these companies are let off the hook nearly every time. There are enough abandoned pipelines in our waters to more than circle the planet, and an estimated 14,000 wells currently sit uncapped. Our communities, wildlife, and – ultimately – taxpayers are left to pay the price for this negligence. We need to hold polluters accountable for the true cost of their destruction, and the POW Act is an important step in that direction.”

“Oil and gas companies are notoriously bad neighbors,” said Andrew Hartsig, Arctic Program Senior Director at Ocean Conservancy, and seasoned lawyer and expert in oil and gas policy. “Offshore operators have left over 18,000 miles of out-of-use pipelines rotting on the ocean floor and have failed to clean up their unused and end-of-life wells and platforms–at times even leaving the expense of cleanup to the taxpayers. The Plug Offshore Wells Act will increase transparency and accountability, and will help protect the ocean and marine life. We are grateful for Senator Welch’s leadership on this issue and urge Congress to pass this commonsense legislation.”

“Abandoned oil and gas infrastructure, including offshore wells and platforms, pose an increasing risk to the health and safety of our communities and environment. They also highlight the failure of numerous oil and gas companies to follow the law and responsibly decommission such infrastructure in a timely manner. Surfrider Foundation strongly endorses the Plug Offshore Wells Act and appreciates the leadership of Senator Welch in introducing this bill. We call on Congress to pass this important legislation into law,” said Pete Stauffer, Ocean Protection Manager, Surfrider Foundation.

Learn more about the Plug Offshore Wells Act of 2026.

Read and download the full text of the bill.

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Welch Honored by American Bar Association for Bicameral Work to Protect Federal Public Defender Program

WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.), a Member of the Senate Judiciary Committee and the Senate’s only former Public Defender, was honored with the 2026 American Bar Association (ABA) Justice Award for his fight to fully fund federal defender programs.

“The rule of law is under assault in this country like never before, and serious questions are being raised about whether the government will, and is, complying with federal courts. As a former public defender, I know how important it is for people to be represented. Each and every one of us should do everything we can to stand up for the constitutional rights of all Americans,” said Senator Welch. “The ABA has a special place in society and plays a vital role in defending the rule of law to help ensure that our democracy endures. I’m grateful to accept this award and will always fight for federal public defenders who ensure Americans’ constitutional right to counsel is protected.”

Senator Welch has been a leader in urging full funding for the federal public defender program to maintain baseline constitutional requirements for federal public defense. In December, Senator Welch led a group of 47 bicameral lawmakers in calling on the Senate and House Appropriations Committees to provide additional funding to the Federal Defender Services program in the Fiscal Year 2026 (FY26) Financial Services and General Government Appropriations bill, beyond Republicans’ original budget proposal. The funding was passed and signed into law.

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Welch Outlines Dangers of SAVE America Act: “We cannot advance a bill that will disenfranchise voters.”

WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.), Ranking Member of the Senate Judiciary Subcommittee on The Constitution, took to the Senate floor to outline the dangers of Republicans’ voter disenfranchisement bill, the SAVE America Act. In his remarks, Senator Welch read letters from Vermonters and local officials expressing deep concerns about how the SAVE America Act could silence and deny countless Americans their constitutional right to vote.

“I’m listening to my constituents. We all need to listen to our constituents and our local leaders. We cannot advance a bill that will disenfranchise voters. We cannot block access to the ballot box. We cannot limit voices, nor can we stop, nor should we stop, nor should we impede, people from voting. I cannot and will not support the SAVE America Act,” said Senator Welch.

Read Senator Welch’s full remarks as delivered here and watch the Senator’s full remarks below:

In his remarks, Senator Welch highlighted real stories from Vermonters who are gravely concerned about the impact of the SAVE Act, should it be passed:

“These are the words of a Town Clerk in Vermont: ‘I have serious concerns regarding the SAVE Act, specifically the barrier it creates for voters and the unnecessary administrative and infrastructure burden it will place on election officials. If the SAVE Act is enacted, it will put a disproportionate burden on women, low-income families, and anyone who has changed their names since birth. Requiring the documentation to prove a name change can be difficult; it can be expensive…Recently, I had an 85-year-old woman come into my office deeply distressed. She doesn’t have a driver’s license, a passport, or any other documents required under the SAVE America Act. Yet, she’s voted in every election her entire life. She’s terrified that her right to vote will be stripped away. In a small community like ours, we know our neighbors. Requiring her to produce a birth certificate she hasn’t seen in decades ignores the reality of local governance.’”

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“Another Vermonter, from Stowe: ‘I’m writing to voice my concern over the protection of my voting rights and the voting rights of millions of other married women. I recently needed to renew my passport. I fortunately have my original birth certificate, but found out I no longer had an original copy of my marriage license. It took me significant time, effort, and money to obtain the original, and then to have the passport expedited in order to get it on time for my trip. We’re talking months. I was fortunate that I had my birth certificate, and as I would imagine that many people do not.’”

•••

“One Vermonter in Hinesburg said: ‘I’m hearing rumblings that the Senate will be taking action on the SAVE Act that unfortunately passed in the House…Personally, I’ve already purchased copies of my birth certificate and my marriage license, even though I have a passport, because I wanted to be damn sure I can vote. But obviously, there are many people who won’t be able to access their needed proof of eligibility. If this bill goes through, they’ll therefore be denied one of their basic rights as an American. I’m pretty sure you’re going to vote no on this,’ she says to me. ‘I just wanted to let you know that I’m against it too.’”

•••

“Another voter in Winooski: ‘Please vote no to the SAVE Act. It’s a solution in search of a problem. Because voting by undocumented people does not happen in any significant degree in this country. It will disenfranchise millions of voters. It’s essentially a poll tax on any who has changed their name at any point in their life, which means many women, amongst others, will be unable to vote. We have watched SCOTUS erode the Voting Rights Act of 1965 by degrees. The SAVE Act will be a death blow.’”

•••

Last week, Senator Welch denounced President Trump and Republicans’ efforts to disenfranchise voters with the so-called ‘SAVE America Act’ from the floor of the U.S. Senate. In February, Senator Welch joined Senate Rules Committee Democrats for a public forum underscoring how President Trump’s unconstitutional threats to “take over” federal elections and Republicans’ SAVE America Act endanger the voting rights of millions of Americans and jeopardize the integrity of U.S. elections.

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Welch Speaks on Americans’ Dwindling Support for Trump’s Deadly War in Iran: “In a democracy, public backing for a war is not optional.”

WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) spoke on the Senate floor and emphasized how President Trump’s $200 billion request for funding to support his war of choice in Iran will drive up costs for American families, farmers, and small business owners. In his remarks, Senator Welch urged candor from the president about his administration’s goals, expectations, and outcomes of this conflict. The Senator also emphasized that the true cost of Trump’s deadly war will be borne by the American soldiers risking their lives to fight it, and who will deal with the consequences for years to come.

“We in Congress have a role to play, and it’s to weigh in on the decision of where and when we will send young men and women into harm’s way. They do their job—we’re not doing our job. We’ve had no hearings. We’ve had no debate. We’ve had no discussion. It’s just happening. We’re sleepwalking passively into a war that could be yet another forever war in the Middle East,” said Senator Welch. “The true burden of war is borne by those who fight, not by those who decide. Is it not our responsibility, our minimal responsibility, to decide? We’re not doing that. We’re passively backing into a war with no debate, no discussion, no profound appreciation of what we are asking the young men and women of this country to subject themselves to. We owe them more than that.”

Senator Welch continued: “There’s been no candor about what this war will cost…We owe candor to the American people when it comes to what is going to be required for this war. But the other essential obligation we have in making a decision about going to war is to the men and women who we will ask to go to war because of our decision—or because of our indecision.”

Watch Senator Welch’s full remarks below:

Read key excerpts from Senator Welch’s remarks:

“Yes, it is true—the Iranian regime is dangerous. Saddam’s regime was dangerous. The Taliban was dangerous. In the cases of Iraq and Afghanistan, we did escalate, and we stayed and couldn’t get out because we didn’t make a decision. We were there, and justified staying, because we were there in the first place. We’re at that moment with what is occurring in Iran and, yes, it’s an evil regime. Yes, we want them not to have a nuclear weapon, but is diplomacy to be abandoned? Is unilateral action to be chosen? Is that to be done where we literally have no debate and no discussion? It’s the wrong decision, and we face very soon a question of whether we will support a $200 billion expenditure for that war. The president calls it an ‘excursion,’ but we all know better. We must make a decision, and I have made a decision. I will not support $200 billion for a military ‘excursion’ in Iran.”

•••

“The $200 billion request that is coming our way—that’s an extraordinary request of the American taxpayer. It’s $60 billion more than President Bush requested in his supplemental to fund the opening months of the Iraq invasion in 2003…One of the weaknesses of our position right now is that the president did bypass Congress in making his decision to go on this ‘expedition.’ The president also bypassed the American people by not addressing them and outlining with clarity the goals that he seeks to accomplish, and the means by which he hopes to accomplish them, and the expectation of the sacrifices that American citizens will have to make in order to achieve his goals.

“And in a democracy, this is not just something that is done because it’s nice to do. In a democracy, public backing for a war is not optional. It’s a strategy necessity for success. There has been no effort to engage the public, and indeed, public opinion of the wisdom of this shows that barely 40% of Americans support this war, and more than 60% think our military action in Iran has been excessive…$200 billion as a supplemental is a down payment on more to come. $200 billion is literally a $1,400 tax on every single American household. The average American family is also going to pay an extra $2,000 at the pump with the increase in gas prices. Families in Vermont are going to pay $1,000 more to heat their homes. Our small farmers in Vermont and in your state, Mr. President, are going to pay about 35% more for fertilizer just as planting season begins.”

•••

Last week, Senator Welch joined Senators Bernie Sanders (I-Vt.), Chris Van Hollen (D-Md.), and Jeff Merkley (D-Ore.) in filing three Joint Resolutions of Disapproval (JRDs) that would halt the transfer of nearly $660 million in additional offensive U.S. weaponry—funded by American taxpayer dollars—to Israel as President Trump and Israeli Prime Minister Benjamin Netanyahu pursue a war of choice in Iran.

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Chairman Wicker Leads SASC Hearing on USSPACECOM and STRATCOM Posture for FY 2027

Watch Video Here

WASHINGTON – U.S. Senator Roger Wicker, R-Miss., Chairman of the Senate Armed Services Committee, today led a hearing to examine the posture of U.S. Space Command and U.S. Strategic Command amid growing nuclear and space threats from Russia, China, North Korea, and Iran, the advancing strategic capabilities of our adversaries, and the United States’ ongoing efforts to modernize its nuclear deterrent and space defense programs.

General Stephen N. Whiting, USSF, Commander, United States Space Command, and Admiral Richard A. Correll, USN, Commander, United States Strategic Command, appeared before the committee.

In his opening remarks, Chairman Wicker stressed the urgent need to strengthen the nation’s strategic and space defenses in response to expanding threats from Russia, China, North Korea, and Iran. He highlighted the critical role of U.S. Space Command and U.S. Strategic Command in maintaining a credible nuclear deterrent, modernizing key capabilities, and ensuring the United States can defend its interests in space and across the globe.

Read Chairman Wicker’s hearing opening statement as delivered.

We meet this morning to receive testimony on the posture of United States Space Command and United States Strategic Command.

We are joined today by General Stephen Whiting and Admiral Richard Correll. I thank our witnesses for again appearing and for their long service to our Nation.

Over two years ago, the Congressional Strategic Posture Commission reached the unanimous bipartisan conclusion that the United States must fundamentally update our strategic capabilities to have any hope of countering growing threats from Russia, China, North Korea, and Iran.

The progress we’ve made since then has been limited. But Russia and China have advanced by leaps and bounds in their nuclear and space programs. Even North Korea has outpaced our efforts as Kim Jon Un steadily expands his nuclear and missile arsenals.

As we enter the fifth year of war criminal Vladimir Putin’s war against Ukraine, Russia remains a major strategic threat to the United States. Moscow owns the world’s largest and most modern nuclear arsenal, giving it a 10 to 1 advantage over the United States in tactical nuclear weapons.

Russia has also developed new weapons unlike anything in the U.S. inventory. It stocks nuclear-powered, trans-oceanic, autonomous torpedoes and intercontinental cruise missiles.

For its part, Xi’s China is rapidly becoming an even greater threat. Beijing is expanding its nuclear arsenal at breakneck speed, likely outpacing the U.S. by the early 2030s. Already, it has successfully deployed an operational strategic triad of nuclear missiles, bombers, and submarines.

Over the past few years, China quadrupled the size of its nuclear arsenal and built an ICBM network larger than our own here in the United States. The Chinese have flown a missile that can drop nuclear warheads from orbit anywhere on earth, with virtually no warning.

Both Russia and China understand that space is a battlefield. They are openly developing and testing capabilities to degrade or destroy our satellite constellations. Each country has obliterated operational satellites, scattering thousands of fragments of debris and endangering hundreds of other orbital objects. Unfortunately, these aggressive actions only scratch the surface of Moscow’s and Beijing’s militarization of space.

North Korea is a less-immediate threat than China or Russia, but it is a threat nonetheless. Kim Jong Un is increasingly able to attack the United States and our allies. North Korea is conducting frequent missile tests and is working to field ballistic missile submarines. Both actions make one thing clear: Kim Jong Un believes he can achieve his goals through nuclear threats.

The Golden Dome initiative is a long-overdue reassessment of the capabilities we need to defend our homeland from strategic attacks. The president allowed the outdated New START Treaty to expire, and he exposed Moscow’s and Beijing’s illicit nuclear testing. I believe both actions helped reset the strategic balance that has tipped against us for decades. Operations MIDNIGHT HAMMER and EPIC FURY eliminated the threat of a nuclear-armed Iran—permanently, I hope.

Still, there is much more we need to do.

We must restore the National Nuclear Security Administration’s basic industrial capabilities. We must make progress on the Sentinel intercontinental ballistic missile, the Columbia submarine, and the nuclear sea-launched cruise missile programs. We must explore what additional nuclear and space capabilities we need to deter Putin’s, Xi’s, and Kim’s ambitions.

These efforts require sustained investment and innovation. We can afford no less.

During this hearing, I would like to hear how we are managing the risk of maintaining critical military capabilities that are both too old and too few in number to meet the threats of today, much less the threats of tomorrow.


Chairman Wicker Welcomes Sen. Ashley Moody as Newest Member of the Armed Services Committee

WASHINGTON – U.S. Senator Roger Wicker, R-Miss., Chairman of the Senate Armed Services Committee, today announced Senator Ashley Moody, R-FL, would serve as the newest member of the committee following the confirmation of Sen. Markwayne Mullin to lead the Department of Homeland Security.

Following the announcement, Chairman Wicker issued the following statement:

“I am pleased to announce that Senator Moody will be joining the Senate Armed Services Committee. Senator Moody brings a wealth of experience to this body's critical work, and her addition comes at a consequential moment for our national defense. I look forward to working alongside her as we address a pivotal year for military budgeting, modernization, and industrial base expansion.”

Senator Moody added the following statement:

“It is an honor and a privilege to join the United States Senate Committee on Armed Services. Florida has a deep and respected military culture, and as a member of a military family, every issue that comes before the Armed Services Committee is a personal one to me. I promise to be a voice of reason for our service members, Florida’s many military installations, and act in the best interest of our nation at all times.”


Oregon Lawmakers Call on Trump Administration to Extend Public Comment Period for Revised Western Oregon Forest Plan

New BLM proposal would open up millions of acres of Western Oregon forests to new commercial timber production

Washington, D.C. – U.S. Senators Ron Wyden, Jeff Merkley, and U.S. Representatives Suzanne Bonamici, Val Hoyle, Andrea Salinas, Janelle Bynum and Maxine Dexter this week called on the Bureau of Land Management (BLM) to extend the public comment period for its revised Western Oregon Resource Management Plans (RMPs), which would open up forests in Western Oregon to new commercial timber harvest.

“We urge the BLM to take a more robust and proactive approach to public involvement to ensure all proposed plans meet the needs of the public and avoid dividing communities that have long demonstrated the ability to find common ground on challenging issues when presented the opportunity,” the members of Oregon’s congressional delegation wrote in their letter to Kim Prill, the BLM’s Oregon-Washington Acting State Director. “There is a divide between what is required legally and what is required to maintain and grow the social license to work effectively in our federal forests.”

The Western Oregon Resource Management Plan controls over 2.4 million acres of forests across 17 counties in Oregon. In February, the Trump administration announced its intent to move forward with a revised plan that would return to 1960s timber harvest levels across the landscape, more than 10 times current average harvest levels.

The Trump administration’s public comment period for the revised plan closed on March 23. During that period, the administration did not hold any public meetings on its new proposal. In their letter, the lawmakers requested the comment period be reopened for another 60 days to ensure members of the community could make their voices heard.

A comprehensive list of areas that could be opened up for new timber harvest under the revised plan is here.


Wyden, Padilla, Markey, Warren, Jacobs, and Jayapal Ask DNI Gabbard to Warn Americans That Using VPNs May Cause Them to Forfeit their Rights Against Warrantless Surveillance

Washington, D.C. — U.S. Senator Ron Wyden, D-Ore., with Sen. Alex Padilla, D-Calif., Sen. Ed. Markey, D-Mass., Sen. Elizabeth Warren, D-Mass., Rep. Sara Jacobs, D-Calif., and Rep. Pramila Jayapal, D-Wash., asked Director of National Intelligence Tulsi Gabbard to warn the American public that using commercial Virtual Private Networks (VPNs), may impact their Constitutional rights against warrantless government surveillance.

The members wrote to DNI Gabbard ahead of debate over renewing Section 702 of the Foreign Intelligence Surveillance Act (FISA), which authorizes expansive surveillance powers for communications believed to be overseas.

Although VPNs are often recommended by Federal agencies and advertised as a way to protect a user’s privacy, using a VPN may seriously impact an American’s rights, the members wrote. The U.S. government’s rules for surveillance under Section 702 of FISA and under Executive Order 12333 specify that when the country a user is in is unknown, the government may assume that user is a foreigner. Because foreigners outside of the United States don’t have Fourth Amendment rights, VPNs that hide the country in which a user is located could impact an American’s privacy rights.

“[Americans should] be told if these VPN services, which are advertised as a privacy protection, including by elements of the federal government, could, in fact, negatively impact their rights against U.S. government surveillance,” the members wrote. “To that end, we urge you to be more transparent with the American public about whether the use of VPNs can impact their privacy with regard to U.S. government surveillance, and clarify what, if anything, American consumers can do to ensure they receive the privacy protections they are entitled to under the law and Constitution.”

Read the full letter to DNI Gabbard here.

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Young Leads Effort to Prevent Taxpayer Funded Abortions

WASHINGTON – Today, U.S. Senator Todd Young (R-Ind.) led a letter encouragingthe Trump Administration to reinstate the Protect Life Rule, which would ensureTitle X family planning funds cannot be used to provide abortions or abortion referrals. U.S. Senators Ted Budd (R-N.C.), Steve Daines (R-Mont.), Bill Cassidy (R-La.), Jim Risch (R-Idaho), Jim Banks (R-Ind.), Pete Ricketts (R-Neb.), Ted Cruz (R-Texas), John Cornyn (R-Texas), and Marsha Blackburn (R-Tenn.) signed the letter.

The Protect Life Rule was proposed and finalized by the first Trump Administration in 2019. In 2021, the Biden Administration rescinded the rule and withheld funds from at least two states for refusing to refer women for abortions. Reinstating this rule will prevent American taxpayer dollars from funding abortions and protect innocent lives.

“During your first term in March 2019, your Administration proposed and finalized the Protect Life Rule. That Rule ensured that Title X family planning funds could no longer flow to clinics that perform, promote, or refer for abortions, and required clear physical and financial separation between Title X-funded projects and abortion facilities…While the Biden-Harris Administration moved swiftly to undo this progress by rescinding the Rule, we stand ready to support your Administration in reinstating the policy by promulgating a new proposed rule with the same objective,” the senators wrote.

The letter is supported by Indiana Right to Life, SBA Pro-Life America, Ethics and Public Policy Center, National Right to Life, CatholicVote, March for Life Action, Pre-Born!, Heartbeat International, Family Policy Alliance, Americans United for Life, American Association of Pro-Life Obstetricians and Gynecologists, Concerned Women for America Legislative Action Committee, Students for Life Action, Live Action, and Family Research Council.

Full text of the letter can be found here and below:

Dear President Trump,

We write to express our deep appreciation for your steadfast commitment to the pro-life cause and for the meaningful victories your Administration has delivered on behalf of the most vulnerable among us. Across two terms, you have given voice to the voiceless through a slate of consequential judicial nominations, a landmark Dobbs decision, and necessary executive action to disentangle federal taxpayers from the abortion industry. The American people elected you, in part, because they trust you to protect innocent life, and you have delivered on that trust.

During your first term in March 2019, your Administration proposed and finalized the Protect Life Rule. That Rule ensured that Title X family planning funds could no longer flow to clinics that perform, promote, or refer for abortions, and required clear physical and financial separation between Title X-funded projects and abortion facilities. As a direct result, organizations such as Planned Parenthood were removed from the program when they refused to comply, redirecting those funds to community health centers and other providers that offer genuine family planning services without promoting abortion. While the Biden-Harris Administration moved swiftly to undo this progress by rescinding the Rule, we stand ready to support your Administration in reinstating the policy by promulgating a new proposed rule with the same objective.

We further wish to note that the principles underlying the Protect Life Rule are firmly rooted in the text of Title X itself. Section 1008 of the Public Health Service Act has always prohibited the use of Title X funds “in programs where abortion is a method of family planning.” Your first Administration honored that statutory mandate; the Biden-Harris Administration abandoned it.

We believe this is an important moment, and we are committed to working alongside your Administration every step of the way. We stand prepared to support the rulemaking process. The American taxpayer should not be forced to be complicit in the taking of innocent life.

We thank you for your continued leadership on behalf of the unborn and urge you to move forward with reinstating the Proposed Rule to Protect Life in Title X.

CC: Secretary Kennedy


Young, Slotkin Lead Bipartisan Bill to Stop Insider Trading from Government Officials on Prediction Markets

WASHINGTON – Today, U.S. Senators Todd Young (R-Ind.), Elissa Slotkin (D-Mich.), John Curtis (R-Utah), and Adam Schiff (D-Calif.) today introduced the bipartisan Public Integrity in Financial Prediction Markets Act of 2026.

The bill prohibits federally elected officials and government employees from using insider information to bet on a prediction market contract.

As noted in multiple news reports around the Iran war strikes, elected and government officials at all levels are privy to confidential information that could appear on a prediction market. This legislation would ban them from using non-material public information of any kind on any event contract.

“Public service should never be a pathway to personal profit based on insider information,” said Senator Young. “Recent activity in prediction markets has raised real concerns that individuals with access to sensitive, nonpublic information could exploit that advantage for financial gain. Our bill will prohibit elected officials, staff, and executive branch employees from trading prediction market event contracts based on information acquired as part of their official duties. This is a sensible step to protect taxpayers and promote integrity in government.”

“No one should be profiting off the information and knowledge gained as a public servant, period,” said Senator Slotkin. “This bill is an important first step in placing common sense rules around prediction markets, and it has real teeth to ensure those who break these rules face real consequences. I am proud of our bipartisan coalition, and I thank Senators Young, Schiff and Curtis for working with me to move this important bill forward.”

“Our bipartisan legislation makes clear that public service is not a pathway to private gain,” said Senator Curtis. “As financial markets evolve, so too must our ethics laws. By extending long-standing insider trading principles to prediction markets, this bill closes a dangerous loophole and reinforces a basic expectation: those entrusted with sensitive information cannot use it to bet on the future for personal profit.”

“The prediction markets industry can’t be left alone to self-police,” said Senator Schiff. “That’s why we need strong rules to protect against elected officials exploiting insider information to profit on prediction markets. I’m proud to join this bipartisan effort to crack down on this insidious form of insider trading.”

The details of the Public Integrity in Financial Prediction Markets Act of 2026:

Covered individuals: President, Vice President, Members of Congress, employees of the House of Representatives and Senate, political appointees (including the President’s cabinet), employees of an Executive agency or independent regulatory agency.

Insider information: Any information that a reasonable investor would consider important in making a decision related to a prediction market contract and is not publicly available.

Covered transactions: The purchase, sale, or exchange of any prediction market contract that is offered on a U.S. or foreign domiciled platform.

Penalties: Any covered individual who violates the prohibition shall be fined the greater of either $500, or the amount equal to double the profit made in the transaction.

Enforcing body: No later than 180 days after date of enactment the Office of Government Ethics, Select Committee on Ethics, and Committee on Ethics of the House of Representatives will: impose and collect penalties, establish procedures and standards, issue rules and guidelines in consultation with the Commodity Futures Trading Commission – and publish such information on a website.


Yakym Supports ALERT Act in Key Aviation Safety Markup

WASHINGTON, D.C. – Today, Congressman Rudy Yakym (IN-02) participated in a Transportation and Infrastructure Committee markup, temporarily filling the seat of the late Representative Doug LaMalfa (R-CA-01), who passed away tragically in January. Rep. Yakym previously served on this committee during the last Congress.

The markup saw the unanimous passage of H.R. 7613, the Airspace Location and Enhanced Risk Transparency (ALERT) Act of 2026. The legislation was drafted in accordance with the safety recommendations of the National Transportation Safety Board (NTSB) following the tragic 2025 midair collision between American Airlines Flight 5342 and a U.S. Army UH-60 Black Hawk helicopter near Ronald Reagan Washington National Airport (DCA).

“We have an obligation to ensure the safety of air travel and to do everything in our power to prevent tragedies like the one we witnessed last year at DCA,” Rep. Yakym said. “The ALERT Act directly addresses all 50 safety recommendations issued by the NTSB and offers a clear legislative path toward strengthening U.S. aviation safety for Hoosiers and all Americans. I was proud to vote in favor of this bill, and my prayers continue to be with the families who lost loved ones, including Hoosier Asra Hussein-Raza, who was on board Flight 5342.”

Background:

The Airspace Location and Enhanced Risk Transparency (ALERT) Act of 2026 addresses all 50 safety related recommendations issued by the National Transportation Safety Board (NTSB), which concluded its thorough investigation and issued its final report on February 17, 2026.

The ALERT Act considers all of the NTSB’s findings of probable cause that contributed to the accident and responds to each of the NTSB’s 50 safety recommendations to provide a thorough and holistic legislative solution to improve U.S. aviation safety. Critical safety issues the bill addresses include:

Establishing requirements for equipping collision mitigation, avoidance, and alerting technologies and systems for civil fixed-wing and rotorcraft;

Improving helicopter route design, guidance, and separation;

Preventing loss of separation (near-miss) incidents;

Addressing deficiencies in the FAA’s safety culture;

Enhancing air traffic control training and procedures, particularly during high traffic;

Strengthening the safety of the DCA airspace – one of the nation’s busiest and most congested airspaces;

Repealing section 373(a) of the last National Defense Authorization Act; and more.

Read full bill text HERE.

Find a section-by-section HERE.

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Yakym Supports Five Ways and Means Tax Relief Bills

WASHINGTON, D.C. – Today, Congressman Rudy Yakym (R-IN-02) participated in a Ways and Means Committee markup that advanced five bipartisan tax relief bills out of committee, each addressing a distinct and pressing need for American taxpayers.

“Each of these bills reflects a straightforward principle: the tax code should work for Americans, not against them,” Rep. Yakym said. “Whether it’s a survivor of sexual abuse, a family rebuilding after a disaster, a pre-K teacher spending her own money on her students, or a taxpayer who just wants a straight answer from the IRS, these bills deliver real, tangible relief to real people. I’m proud to support them and urge their swift passage on the House floor.”

Background:

H.R. 2347 Survivor Justice Tax Prevention Act

Current law exempts damages for physical injuries from taxation, but the IRS requires observable bodily harm, leaving many survivors of sexual assault taxed on their settlements. This bill closes that gap by explicitly excluding damages received on account of a sexual act or sexual contact from gross income.

H.R. 5366 Federal Disaster Tax Relief Act of 2025

This bill lets disaster victims deduct qualified losses above a $500-per-casualty threshold without the standard 10-percent-of-AGI floor, and extends through 2030 the income exclusion for wildfire relief payments covering living expenses, lost wages, and personal injury.

H.R. 5334 Supporting Early-Childhood Educators’ Deductions Act of 2025 (SEED Act)

K–12 teachers can deduct up to $350 in classroom expenses, but pre-K educators have always been excluded. The SEED Act extends that same above-the-line deduction to early childhood educators, retroactive to the 2025 tax year.

H.R. 7971 Taxpayer Experience Improvement Act

This bill requires the IRS to post real-time wait times online, give taxpayers individualized return status updates, offer callbacks to anyone on hold more than five minutes, and build an online portal where taxpayers can view and respond to six years of IRS correspondence.

H.R. 7959 IRS Whistleblower Program Improvement Act

This bill strengthens the IRS whistleblower program by upgrading Tax Court review to a de novo standard, protecting whistleblowers’ identities in proceedings, adding interest when the IRS delays award determinations, and ensuring attorneys’ fees are deductible for all award types.

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Alford, Broadcasters Caucus Co-Chairs Lead 91 Lawmakers in Urging FCC to Set Firm Timeline for National Transition to NextGen TV

Congressman Mark Alford (MO-04) and the other Co-Chairs of the Congressional Broadcasters Caucus, Brendan Boyle (PA-02), Mike Flood (NE-01), and Darren Soto (FL-09), led a letter to Federal Communications Commission (FCC) Chairman Brendan Carr, Commissioner Anna Gomez, and Commissioner Olivia Trusty.

Joined by 87 of their colleagues, the lawmakers are urging the FCC to establish a firm timeline for the nationwide transition from ATSC 1.0 to ATSC 3.0 or "NextGen TV" to ensure industry certainty, continued manufacturing investments, strengthened competitiveness of free and local broadcasting, and a smooth, consumer-focused transition.

Read the full letter to the FCC here or below:

“Dear Chairman Carr, Commissioner Gomez, and Commissioner Trusty:

“We are pleased to see that last year, the Federal Communications Commission (‘FCC’ or ‘Commission’) took an important step toward establishing a firm transition plan for rolling out the Next Generation Television standard (‘Next Gen TV’ or ‘ATSC 3.0’). We now urge the Commission to take the next steps to bring this transition to completion and unlock the full range of benefits enabled by the Next Gen TV platform. It is of utmost importance that local broadcast stations throughout the country are able to serve our constituents not only with the improved pictures, sounds, and interactive features that Next Gen TV provides, but also with expanded local news capabilities, advanced emergency alerting, and the ability to deliver hyper-localized content that is the fabric of our local communities.

“More than 75% of the U.S. population – across 80 markets – already has access to Next Gen TV. Consumers have purchased more than 14 million compatible television sets and are already enjoying the benefits of enhanced video and audio quality and interactive features. Yet while local markets continue to launch, the lack of a firm transition timeline threatens the broad availability of these benefits to rural and urban markets alike and slows market momentum.

“Regulatory certainty would spur manufacturer investment.

“Broadcasters and device manufacturers alike need regulatory certainty to make long-term investments and fully realize the potential of this technology. Manufacturers may hesitate to scale device production while consumer demand for Next Gen remains limited, yet broadcasters cannot spark that demand until they regain access to their full channel capacity and can showcase the full capabilities of ATSC 3.0. By establishing a clear path forward, the Commission can help overcome these natural market hesitations and ensure that free, over-the-air television continues to thrive and evolve to meet viewers’ needs, rather than risk gradual erosion through inaction. A clear signal from the FCC that the transition is moving forward will unlock greater manufacturer investment in the consumer device marketplace – a win-win that fosters competition and ensures that viewers benefit from a vibrant marketplace of affordable, Next Gen TV-ready products. A firm transition date would catalyze the entire ecosystem, focusing technical development, accelerating deployment, and creating a predictable path forward.

“Regulatory certainty would also ensure continued access to high-value content.

“As the video marketplace evolves, it has become a competitive imperative for video platforms to deliver ultra-high-definition (4K) programming. This is particularly essential to the continued vitality and competitiveness of local television broadcasters’ free, local, and trusted service in our communities. Without the certainty of a firm transition, broadcasters will struggle to compete for high-value programming such as 4K sports, risking a shift of that content to tech platforms, undermining decades of investment in local news. Viewers would lose a free, over-the-air option that provides a wide variety of compelling programming and community-focused journalism.

“Finally, and most importantly, regulatory certainty would also bring critical public safety and national security benefits.

“A date-certain transition to ATSC 3.0 is essential to enable a terrestrial complement to GPS nationwide utilizing the precise timing signals from broadcast towers. If GPS is disrupted by jamming, spoofing, or other means, our nation’s vital infrastructure – from financial markets to transportation and everything in between – would be at risk. A swift transition to ATSC 3.0 can facilitate a GPS complement that is incredibly resilient, but only if the FCC acts swiftly in this transition.

“Just as the FCC has successfully championed other innovative technologies like 5G, Wi-Fi, and the 2009 digital TV transition, the time is now for the FCC to transition to Next Gen TV. We urge the FCC to work with Congress and industry to ensure a smooth transition and to protect consumers with legacy TVs, so that all viewers and local communities benefit from the opportunities enabled by the upgrade from ATSC 1.0 to ATSC 3.0.

“Thank you for your prompt attention to this important matter.”

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Babin Statement on House Passage of DHS Funding to Secure the Homeland

U.S. Congressman Brian Babin (R-TX), Co-Chair of the Border Caucus, released the following statement after the House passed critical legislation to fully fund the Department of Homeland Security:

“For more than a month, Senate Democrats have held our homeland security hostage, refusing to fund the very agencies tasked with protecting the American people. Today, House Republicans acted to fully fund DHS, end the dysfunction, and put the safety of our nation first.

Once again, Democrats have chosen violent criminal illegal aliens over the American people. Since their push to defund and weaken homeland security, the consequences have been undeniable: a radical Islamic terrorist carrying out a mass shooting, an innocent young American college student killed by an illegal alien in Chicago, and travelers stuck in hours-long TSA lines as our system strains under pressure. The recent heartbreaking plane crash at LaGuardia Airport only underscores how vulnerable we have become.

This is the direct result of policies that prioritize those here illegally over the citizens government is meant to serve. It is an insult to every American that, even after these tragedies, Democrats refuse to stand with the law enforcement officers and border agents working tirelessly to keep our communities safe. You cannot weaken enforcement and claim to support public safety.

Enough is enough. The American people deserve a government that puts their safety first, and House Republicans will continue fighting to secure our borders, enforce our laws, and defend this nation with the strength it demands.”


Bacon, Pappas Introduce Bipartisan Legislation to Combat Predatory Practices Used by Claim Sharks

Legislation follows NPR reporting on claim sharks using auto-dialers to spam a VA hotline meant for vets

WASHINGTON - Representatives Don Bacon (NE-02) and Chris Pappas (NH-01), Ranking Member of the Economic Opportunity Subcommittee of the House Veterans’ Affairs Committee, and Congressman Don Bacon (NE-02), introduced the Veterans Benefits Information Protection Act, bipartisan legislation to combat predatory practices used by claim sharks to spam government lines with auto-dialers to collect information about veterans’ benefits.

Consumer protection laws already prohibit the use of auto-dialers from making calls to certain numbers, such as 911 and other emergency lines as well as rooms in hospitals and elderly living facilities. The Veterans Benefits Information Protection Act would amend current law by prohibiting auto-dialers from making calls to a telephone number assigned to a federal department or agency.

“Our veterans should never be targeted by bad actors trying to profit off their hard-earned benefits – many at great cost to veterans and their families,” said Rep. Bacon. “The Veterans Benefits Information Protection Act takes a commonsense approach to crack down on predatory practices and protect veterans from exploitation. I’m pleased to join Rep. Pappas in introducing this important bipartisan legislation to safeguard the benefits our veterans have earned.”

“Unaccredited, for-profit companies are using robocallers and veterans’ personal information to spam VA hotlines about their benefits, identify any increases, and immediately send them a bill for thousands of dollars. It’s outrageous and must be put to a stop,” said Rep. Pappas. “My legislation would prohibit the use of robocallers to spam government lines to shield veterans from this predatory practice. For years I have led the fight against claim sharks breaking the law and exploiting legal loopholes to defraud veterans, and I won’t stop. I will continue to combat these predatory practices, reign in claim sharks, and safeguard the benefits our veterans have earned.”

This bipartisan legislation is supported by Veterans of Foreign Wars (VFW), New Hampshire Veterans of Foreign Wars, Military Officers Association of America (MOAA), The American Legion, National Association of County Veteran Service Officers (NACVSO), and National Organization of Veterans’ Advocates (NOVA).

“The Veterans of Foreign Wars (VFW) applauds the bipartisan Veterans Benefits Information Protection Act for closing a critical loophole that currently permits predatory actors to use automated ‘robo’ calls to exploit veterans and overwhelm federal benefit hotlines,” said VFW National Legislative Service Associate Director Joe Grassi. “This commonsense legislation aligns with our unwavering interest in safeguarding veterans’ personal information, protecting VA claims support, and ensuring veterans remain in control of their earned benefits.”

"As we leverage new technology on behalf of veterans, we must also protect them from bad actors looking to use these same advances to exploit those seeking the benefits they've earned through service," said Lt Gen Brian Kelly, president and CEO of the Military Officers Association of America. "The Veterans Benefits Information Protection Act is a strong step forward, one that will make a real difference in the wider fight against claim sharks."

The bill text is here.

Background:

Unaccredited claims representatives, or claim sharks, are not subject to VA standards. They strategically advertise their services to avoid regulatory oversight and as a result, may engage in predatory and unethical practices that target veterans and rob them of their VA benefits. Federal laws and regulations prohibit anyone from assisting a veteran in the preparation, presentation, or prosecution of a VA benefit claim, or charging a fee for this assistance, without accreditation from VA. However, VA and other federal agencies are limited in their ability to enforce existing law because explicit criminal penalties were stripped from statute nearly two decades ago. This has contributed to the proliferation of unaccredited claims representatives in recent years, a troubling development especially as more veterans receive the benefits they’re owed thanks to the Honoring Our PACT Act.

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Congressman Baird Votes to Fund Homeland Security

Today, Congressman Jim Baird released the following statement after voting in favor of legislation to fund the U.S. Department of Homeland Security through May 22, 2026:

“The House has been clear: we have passed legislation six times to pay these critical employees – legislation that was agreed to by both sides of the aisle. We have sent this legislation to the Senate six times. The Senate has failed.

“Democrats have repeatedly moved the goal posts and made unreasonable demands in negotiations. Supporting homeland security should not be a partisan exercise. I was proud to vote for this legislation in the House to fund our homeland security and deliver long-overdue paychecks to the men and women of the U.S. Department of Homeland Security who ensure the security of the United States.”

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Congressman Blake Moore Introduces Bill to Protect the Tax-Exempt Status of Religious Organizations

WASHINGTON - Congressman Blake Moore introduced legislation to protect religious beliefs and practices and preserve the tax-exempt status of faith-based organizations.

The Fair Treatment of Religious Organizations Act ensures faith-based organizations can continue applying religious standards to employees without jeopardizing their eligibility for federal funding and contracts. The legislation prevents federal agencies from conditioning tax benefits or funding eligibility on a religious organization’s willingness to modify its positions on marriage, sexual conduct standards, or gender identity policies.

Additional original co-sponsors of the bill include Representatives David Schweikert (AZ-01), Claudia Tenney (NY-24), Nathaniel Moran (TX-01), Ben Cline (VA-06), Lance Gooden (TX-05), Russ Fulcher (ID-01), and Burgess Owens (UT-04).

“I’m immensely proud to represent one of the most religious and charitable states in the nation—and that overlap is no coincidence. Churches across our state and country contribute billions of dollars to the economy by providing health care, housing, and a wide range of social services. They also strengthen our communities by helping Americans find purpose and meaning,” Congressman Moore said. “The Fair Treatment of Religious Organizations Act protects religious beliefs and practices and prevents the government from weaponizing tax-exempt status or federal funding eligibility against these organizations.”

"The Church of Jesus Christ of Latter-day Saints appreciates the leadership on the Fair Treatment of Religious Organization Act. The bill addresses gaps in federal law and affirms the First Amendment’s requirement of equal treatment for religious and secular organizations. Faith-based organizations provide vital services nationwide and should not be penalized for sincerely held beliefs. We urge Congress to enact it," said The Church of Jesus Christ of Latter-day Saints

"The Ethics and Religious Liberty Commission is sincerely grateful for Congressman Moore’s leadership in introducing the Fair Treatment for Religious Organizations Act – a necessary remedy to protect religious liberty. Faith-based organizations are important partners in the public square, often providing crucial services, like disaster relief or health care, at great scale and speed. The government should not be able to revoke a religious organization's tax-exempt status for holding to their beliefs on issues of marriage and sexuality, punishing them at the expense of the people they serve. The Fair Treatment for Religious Organizations Act would ensure that religious groups are allowed to remain true to their convictions and retain the opportunity to participate in public-private partnerships,” said the Ethics and Religious Liberty Commission.

“On behalf of Christian Employers Alliance and our network of 30,000 business leaders, I thank Congressman Moore for introducing this critical legislation to protect religious liberty,” said Margaret Luculano, President, Christian Employers Alliance. “The Fair Treatment of Religious Organizations Act is urgently needed, especially because future administrations may not defend people of faith as the Trump administration has. Our members are already under constant assault from frivolous litigation and Soros-backed lawfare designed to force compliance with radical gender ideology. Congress must act now to ensure those same attacks do not metastasize within the federal government – denying faith-based organizations and business owners' access to contracts, threatening their tax-exempt status, and punishing them for living and operating according to their faith.”

"Radical Democrats and unelected bureaucrats have spent years weaponizing the IRS and federal agencies to punish churches, Christian schools, and faith-based organizations simply for defending the family. The Fair Treatment of Religious Organizations Act will finally end partisan persecution and lawfare campaigns, so millions of religious believers and the communities they serve can operate freely according to their faith. APP urges Congress to pass these long overdue protections,” said Terry Schilling, President, American Principles Project.

“This bill will prevent any future administration from weaponizing the tax code against churches or religious organizations whose message they do not like. Religious communities should never have to fear the U.S. government’s power to destroy through taxation,” said David Nammo, President and CEO, Christian Legal Society.

Background:

In 2025, the Trump administration initiated an IRS investigation to revoke the tax-exempt status of Harvard University, due in part to fostering an environment of antisemitism. The administration argued that the university should be required to follow its executive orders, including E.O. 14188, “Additional Measures to Combat Anti-Semitism,” and froze $2.2 billion in the university’s federal grants and contracts. Regardless of the substance of the Harvard legal battle, these actions have created concern in the faith-based community. Future administrations could attempt to revoke the tax-exempt status of faith-based organizations over their adherence or non-adherence to executive orders that pertain to marriage and sexuality.

For example, a future administration could reinstate former President Obama’s E.O. 13672, which prohibited federal contractors from discrimination in employment based on sexual orientation and gender identity (SOGI), and attempt to strip a faith-based organization’s tax-exempt status or federal funding due to non-adherence to the executive order.

In addition, in Bostock v. Clayton County (2020), the Supreme Court held that Title VII of the Civil Rights Act of 1964 prohibits employment discrimination based on sexual orientation and gender identity. Justice Gorsuch’s majority opinion acknowledged the tension this ruling would create with religious employers: “We are also deeply concerned with preserving the promise of the free exercise of religion enshrined in our Constitution; that guarantee lies at the heart of our pluralistic society.” The opinion noted that Title VII’s existing religious employer exemptions, the Religious Freedom Restoration Act (RFRA), and the First Amendment could provide defenses in future cases involving religious organizations.

While the decision acknowledged the importance of religious liberty, Bostock left religious

organizations in legal uncertainty—their traditional beliefs and practices on human sexuality and marriage now potentially characterized as a form of sex discrimination under federal law, with the promised protections relegated to undefined future cases and the goodwill of federal officials in future administrations. Following the decision, federal agencies have moved to apply Bostock’s reasoning beyond the employment context, extending SOGI protections to education (Title IX), healthcare (Section 1557 of the ACA), housing (Fair Housing Act), and federal contracting requirements.

These regulatory expansions have heightened concerns among religious organizations that their eligibility for federal partnerships and tax benefits may become contingent on abandoning sincerely held religious convictions regarding human sexuality and marriage.

The Fair Treatment of Religious Organizations Act provides the concrete statutory protections that Bostock’s dicta suggested but did not deliver. Rather than leaving religious organizations dependent on case-by-case litigation or shifting administrative interpretations, the bill establishes clear, enforceable standards ensuring that religious beliefs and practices concerning marriage, sexuality, and gender identity cannot be weaponized to strip organizations of their tax-exempt status or federal funding eligibility.

The Fair Treatment of Religious Organizations Act:

Amends Section 501 of the Internal Revenue Code to prohibit the IRS from considering a religious organization’s beliefs or practices concerning marriage, sexuality, or gender identity when making tax-related determinations.

Protections extend to tax-exempt status under 501(c); eligibility to receive tax-deductible charitable contributions; and any other federal benefit or privilege tied to tax-exempt charitable status.

An organization’s religious beliefs on these matters cannot be used against it even if those beliefs are otherwise inconsistent with public policy.

Prohibits federal agencies from discriminating against religious employers in grants, contracts, subcontracts, purchase orders, or cooperative agreements based on the organization’s religiously motivated employment decisions.

Religious corporations, associations, educational institutions, and societies may not be disadvantaged for exercising their existing statutory rights to employ individuals who share the organization’s religious beliefs and to require employees to comply with religious standards of conduct.

The bill explicitly anchors these protections to existing federal law that Bostock acknowledged but did not interpret: Title VII religious employer exemptions, ADA religious organization provisions, the Religious Freedom Restoration Act, and the First Amendment.

Read the full bill here.

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Representatives Moore, Barr, Panetta Introduce Bipartisan Bill to Increase Access to Homeownership

WASHINGTON - Representatives Blake Moore (R-UT), Andy Barr (R-KY), and Jimmy Panetta (D-CA) introduced bipartisan legislation to increase access to homeownership for young Americans.

The Shared Home Appreciation for Residential Equity (SHARE) Act encourages private capital to invest in shared appreciation mortgages (SAMs) by making the returns attributed to these pools tax-exempt. The beneficial tax treatment is limited to investments in SAMs used for down payment assistance for families making less than 140% Area Median Income, and do not accrue interest or require monthly payments.

“For many Americans, owning a home has long been the most reliable path to building wealth and providing stability for the family. Unfortunately, the American Dream is becoming increasingly more difficult to achieve," Rep. Moore said. "Housing affordability is a top concern for Utahns who are often priced out due to rising costs and interest rates. I am proud to introduce the Shared Home Appreciation for Residential Equity (SHARE) Act to incentivize investment in shared appreciation mortgages for new homebuyers. We live in a young state with young families who are eager to put down roots and purchase their first home, and this legislation will help them do that."

“Homeownership is a cornerstone of the American Dream, but for too many families, it’s becoming unattainable,”Rep. Barr said. “The SHARE Act helps change that by opening new pathways to ownership through private investment while safeguarding borrowers every step of the way. This is about making sure we’re looking out for Americans and Kentuckians alike and giving more families the opportunity to put down roots and build lasting stability. I’m proud to cosponsor the SHARE Act because it delivers real solutions for Americans.”

“The American dream of homeownership remains out of reach for far too many working families who can’t afford to borrow at today’s high mortgage rates,” Rep. Panetta said. “The SHARE ACT creates a pathway to ownership by unlocking investment in innovative financing tools that help make homeownership achievable for more Americans. As families struggle with sky-high housing costs, we must expand access to mortgages on terms that give people the opportunities to fulfill their dreams.”

"We are at risk of an entire generation missing out on the financial freedom and community benefits that come from owning your own home. Governments should encourage the development of financial tools like Fair Share Appreciation Mortgages that prioritize the dignity and long-term outcomes for hard-working Americans who are ready for homeownership. We're very grateful that Congress is making common sense adjustments needed to make it possible,” said Marcus Martin, Homium CEO.

“Homeownership is the backbone of economic mobility and financial security. This bill helps create a market-based solution to unlock potentially $ billions in private capital to make first time homeownership affordable to all Americans without subsidizing demand,” said Chairman Jim Sorenson, Sorenson Impact Foundation.

Background:

Homeownership rates have plateaued at ~65% nationally, while nearly three-quarters of households are priced out of buying a median-priced home under standard mortgage terms. Without innovative interventions, these trends will continue, and homeownership will stay out of reach for many young families.

A SAM is a type of home loan where the borrower agrees to give the lender a portion of the future appreciation of the home’s value in lieu of a set interest rate. Certain types of SAMs carry no interest rate and impose no monthly payment obligations. In most cases, these are used as a second loan to help prospective homebuyers afford a down payment and lower their monthly payments on their first mortgage.

These SAMs can be deployed as an innovative solution to the home affordability crisis by bridging the affordability gap and empowering lower-income or working-class borrowers to qualify for and afford a conforming first mortgage. SAMs are used in down payment assistance programs sponsored by states, municipalities, and non-profit organizations.

For example, if a family is looking to buy a home valued at $300,000, a SAM provider could lend the family $60,000 (or 20% of the home’s value) for a down payment on the home. This enables the borrower to qualify for an affordable first mortgage for the balance. A decade later, when the family sells the home, its value has appreciated to $360,000. At that point, the family would owe the SAM lender $72,000 (the amount borrowed plus 20% of the appreciation). During the years in the home, the family benefits from the financial freedom of no monthly payments on the SAM and growing home equity as the first mortgage is paid down and the home value appreciates.

In the SHARE Act, lenders will only be eligible for this tax exemption if the shared appreciation mortgage:

Does not accrue interest and has no monthly payment obligation

Does not impose a repayment percentage that exceeds the percentage of the home value borrowed

Is for a borrower at or less than 140% area median income and for a primary residence

Does not exceed 49% of the property purchase price

Is subordinate to a first lien that is a “qualified mortgage” as defined under the Truth in Lending Act

Does not require payment before:

The predetermined end date of the first mortgage or altered acceleration of the mortgage as outlined by the property’s first lien in accordance with the mortgage terms

The sale of the property

Full repayment of the first mortgage

A default under the mortgage

Read the full bill here.

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