Monday, March 31st, 2025
University Foreign Disclosures: The House passed H.R.1048 (241-169), which would require higher education institutions that are federally funded and receive gifts from or enter into contracts with foreign entities be subject to increased disclosure requirements. Schools that receive federal aid currently have to disclose twice a year to the Education Department any gifts from and contracts with foreign sources that are worth at least $250,000 under the Higher Education Act. They also have to report information when owned or controlled by a foreign entity. Foreign countries of concern would include China, Iran, North Korea, or Russia, or any country determined to be detrimental to US national security or foreign policy.
Energy Conservation Standards for Walk-In Coolers and Walk-In Freezers Rule: The House passed H.J.Res.24 (203-182), which would repeal the Energy Department’s stricter efficiency standards for walk-in coolers and freezers. It would also prevent the department from issuing a substantially similar proposal. The Biden administration rule requires refrigeration companies to implement energy-reducing technologies for walk-in refrigeration systems starting Dec. 31, 2028. Republican lawmakers say the new efficiency standards suppress consumer choice.
Energy Conservation Standards for Commercial Refrigerators Rule: The House passed H.J.Res.75 (214-193), which would repeal the Department of Energy’s new efficiency standards for commercial refrigerators and freezers. Under the Biden administration rule, commercial refrigeration equipment will have to include new technologies to reduce energy usage starting in Jan. 22, 2029. Republican lawmakers have criticized the appliance efficiency rules, arguing they would impose unnecessary costs on manufacturers that would be passed onto consumers.
Repeal Limits on Excessive Overdraft Fees Rule: The Senate passed S.J.Res.18 (52-48), which would repeal the Bureau of Consumer Financial Protection’s rule that limits steep overdraft fees charged by large banks and credit unions. The Biden administration rule curbs excessive overdraft fees in a flexible manner by giving banks and credit unions with more than $10 billion in assets the option of charging $5 or a fee that covers “no more than costs or losses.” The rule gives big banks and credit unions a variety of options to cover overdrafts.
IRS Cryptocurrency Reporting Rule: The Senate passed H.J.Res.25 (70-28), which would repeal the IRS's December rule that certain decentralized exchanges must report their customers’ gross sales of digital assets through Form 1099. The House passed the bill earlier this month. It now heads to President Trump who is expected to sign it.
Pollution-Free Cement, Concrete: The House passed H.R.1534, which would requires the Department of Energy (DOE) to establish a temporary program that supports advanced production of low-emissions cement, concrete, and asphalt. Specifically, the program must support research, development, and commercial application of production processes for low-emissions cement, concrete, and asphalt that are more cost-effective, durable, or resource-efficient (i.e., advanced production). The program must particularly focus on carbon capture technologies, energy-efficient processes, research involving novel materials, and other specified technologies and innovative processes.
