Legislative Intelligence Briefing - Friday, May 22, 2026

Executive Summary

The most significant overnight developments center on two presidential executive orders signed May 19 and published today targeting financial system integrity and fintech regulation, a War Powers Resolution vote on Iran that was postponed after a voice vote defeat on the House floor (May 20), and a busy House floor week featuring veterans benefits and firearms legislation under closed rules. The FY2027 appropriations cycle is in active subcommittee markup phase, with 55 member offices now running open FY27 request portals and full committee markups expected within 10 days.

Presidential Executive Orders: Financial System and Fintech (Published May 22)

President Trump signed two executive orders on May 19, both published today in the Federal Register:

EO #14406 — "Restoring Integrity to America's Financial System": Directs changes to financial regulatory frameworks. Published at FR document 2026-10400.

→ Walk me through EO 14406 and its implications for financial regulators

EO #14405 — "Integrating Financial Technology Innovation Into Regulatory Frameworks": Directs integration of fintech into existing regulatory structures. Published at FR document 2026-10399.

→ Compare EO 14405 and EO 14406 and their combined effect on financial regulation

Also published today: a Presidential Proclamation implementing certain provisions of the Consolidated Appropriations Act, 2026 (FR document 2026-10398).

Action item: Stakeholders in banking, fintech, and financial services should review both EOs immediately for compliance and advocacy implications. Comment windows may follow from implementing agency rulemakings.

→ Draft a memo on EO 14405 and EO 14406 for financial services stakeholders

House Floor: Iran War Powers Vote Postponed (May 20)

H. Con. Res. 86 (Rep. Gregory Meeks, D-NY-5), directing the President to remove U.S. Armed Forces from hostilities against Iran under the War Powers Resolution, came to the House floor on May 20 under a unanimous consent order arranged by Rep. Brian Mast (R-FL). After one hour of debate, a voice vote was called — the Chair announced the noes prevailed. Rep. Meeks immediately demanded a recorded yeas-and-nays vote, and the Chair postponed further proceedings to a time to be announced. The resolution remains pending a recorded vote.

The resolution would require removal of U.S. forces from Iran hostilities unless Congress explicitly authorizes via a declaration of war or AUMF. Defensive operations protecting the U.S. or allies from imminent attack are exempted.

→ Pull the full legislative history and likely vote outcome for H. Con. Res. 86

→ Draft a memo on the Iran War Powers vote and next steps

House Floor Schedule: Veterans Bills and NIL Legislation This Week

H. Res. 1300 (reported by the Rules Committee on May 19) provides for floor consideration of three bills under a closed rule with one hour of debate and one motion to recommit each:

1. H.R. 1041 — Veterans 2nd Amendment Protection Act (Rep. Mike Bost, R-IL-12)

Prohibits the VA from transmitting veterans' personally identifying information to the NICS (firearms background check system) solely because a veteran has an appointed fiduciary, unless a judicial authority finds them a danger to themselves or others. Introduced Feb. 6, 2025.

→ See cosponsor list and lobbying activity on H.R. 1041

2. H.R. 6047 — Sharri Briley and Eric Edmundson Veterans Benefits Expansion Act of 2026 (Rep. Tom Barrett, R-MI-7)

Establishes a $833.33/month supplemental allowance for disabled veterans receiving aid and attendance benefits; increases dependency and indemnity compensation (DIC) by an additional 1% at next COLA adjustment and 0.5% the following; expands VA home loan eligibility to National Guard and reserve members after 14 days of active duty; extends certain VA loan fee rates through September 30, 2036. Introduced Nov. 17, 2025.

→ Expand on H.R. 6047 veterans benefits provisions and CBO cost estimate

3. H.R. 1329 — Smithsonian American Women's History Museum Act (under rule): Permits the museum to be located within the Reserve of the National Mall.

Also on the floor this week under suspension of the rules:

H.R. 785 — Representing our Seniors at VA Act of 2025
H.R. 3482 — Veterans Community Care Scheduling Improvement Act
S. 2393 — FY2025 VA Major Medical Facility Authorization Act
H.R. 2954 — Veterans' Transition to Trucking Act of 2025
H.R. 7432 — Foster Youth Housing Opportunity Act
H.R. 6506 — Taxpayer Due Process Enhancement Act (passed House, received in Senate May 20, referred to Senate Finance Committee)
H.R. 5317 / H.R. 3234 / H.R. 4544 — Community banking deposit access bills
H.R. 4312 — SCORE Act (Student Compensation and Opportunity through Rights and Endorsements Act, Rep. Gus Bilirakis, R-FL-12): Establishes a federal NIL framework for college athletes, prohibits institutions from restricting NIL agreements, requires schools generating $20M+ in athletics revenue to maintain at least 16 varsity sports teams, and preempts state NIL laws. Antitrust safe harbor included. Student athletes explicitly not classified as employees.

Senate Budget: Reconciliation Resolution Ordered Reported (May 20)

S. Con. Res. 33 (Sen. Lindsey Graham, R-SC), the FY2026 budget resolution providing reconciliation instructions for up to $70 billion in deficit increases over FY2026–2035, was ordered reported favorably by the Senate Budget Committee on May 20, 2026 without amendment. The resolution directs the House Homeland Security, House Judiciary, Senate Homeland Security and Governmental Affairs, and Senate Judiciary Committees to submit reconciliation recommendations by May 15, 2026 (deadline already passed). This is a key procedural vehicle for Republican legislative priorities.

→ Walk me through S. Con. Res. 33 reconciliation instructions and what legislation they enable

Regulatory Actions: Key Federal Register Filings (May 21–22)

CMS Medicaid Managed Care Proposed Rule

CMS published a significant proposed rule on May 22 (document 2026-10292) proposing to modify limits on total payment rates for state directed payments in Medicaid managed care and set new limits for targeted Medicaid fee-for-service practitioner payments. Comment period closes July 21, 2026 (60 days).

→ Expand on the CMS Medicaid managed care proposed rule and comment strategy

FAA Remote Dispatching Prohibition

FAA published a proposed rule on May 22 (document 2026-10293) to prohibit remote dispatching for domestic, flag, and supplemental air carriers, implementing Section 420 of the FAA Reauthorization Act of 2024. Comment period closes July 21, 2026 (60 days).

EPA TSCA Actions

Final rule (2026-10264, published May 22): Significant New Use Rules (SNURs) for certain chemical substances under TSCA, effective July 21, 2026.
Final rule (2026-10263, published May 22): Extends the TSCA Section 8(d) Health and Safety Data Reporting Rule deadline by one year to May 21, 2027.
Proposed rule (2026-10161, published May 21): Extension of comment period for TSCA SNURs (26-2); new deadline July 10, 2026.

SEC Actions

Final rule (2026-10132, published May 21): Rescinds the SEC's longstanding policy requiring defendants to neither admit nor deny findings in enforcement settlements — a significant shift in SEC enforcement posture, effective immediately.
Proposed rule (2026-10222, published May 21): Streamlines filer statuses for Exchange Act reporting companies into two categories (large accelerated filers and non-accelerated filers); raises thresholds for large accelerated filer status; extends scaled disclosures to all non-accelerated filers. Comment period closes July 20, 2026.

→ Draft a public comment on the CMS Medicaid managed care proposed rule 2026-10292

Appropriations: FY2027 Cycle — Active Subcommittee Markup Phase

The FY2027 appropriations cycle is currently in subcommittee markup phase (active), with full committee markups expected within approximately 10 days. Public testimony submission windows remain open through May. 302(b) allocations are being finalized.

55 member offices have active FY27 appropriations request portals open. A sample of recently detected open portals (all detected April 22, 2026):

| Member | Portal URL |

|---|---|

| Rep. John Mannion (D-NY) | mannion.house.gov/fy27-appropriations-requests |

| Rep. Sara Jacobs (D-CA) | sarajacobs.house.gov/appropriations-requests |

| Rep. Troy Carter (D-LA) | troycarter.house.gov/services/fy27-appropriations-requests |

| Rep. Mike Collins (R-GA) | collins.house.gov/services/fy27-appropriations-requests |

| Rep. Adriano Espaillat (D-NY) | espaillat.house.gov/appropriations-requests |

| Rep. Pete Sessions (R-TX) | sessions.house.gov/appropriations-requests |

| Rep. Donald Norcross (D-NJ) | norcross.house.gov/fy27-appropriations-requests |

| Rep. Chuy García (D-IL) | chuygarcia.house.gov/appropriations-requests |

| Rep. Hank Johnson (D-GA) | hankjohnson.house.gov/appropriations-requests |

| Rep. Laura Friedman (D-CA) | friedman.house.gov/fy27-appropriations-requests |

| Rep. Janelle Bynum (D-OR) | bynum.house.gov/services/fy27-appropriations-requests |

| Rep. Daniel Webster (R-FL) | webster.house.gov/fy27-appropriations-requests |

| Rep. Kelly Morrison (D-MN) | morrison.house.gov/appropriations-requests |

| Rep. Tim Moore (R-NC) | timmoore.house.gov/fy27-appropriations |

| Rep. Jonathan Jackson (D-IL) | jonathanjackson.house.gov/services/fy27-appropriations-requests |

| Rep. Norma Torres (D-CA) | torres.house.gov/fy27-appropriations-requests |

| Rep. Kristen McDonald Rivet (D-MI) | mcdonaldrivet.house.gov/services/fy27-appropriations-requests |

| Rep. Sheila Cherfilus-McCormick (D-FL) | cherfilus-mccormick.house.gov/fy27-appropriations |

| Rep. Tim Burchett (R-TN) | burchett.house.gov/appropriations-requests |

| Rep. Jennifer McClellan (D-VA) | mcclellan.house.gov/appropriations-requests |

Action items:

Submit FY27 appropriations requests to relevant member offices immediately — full committee markups are approximately 10 days away.
Search the chairman's mark upon release for your provisions; prepare to defend or amend at full committee.
Public testimony submission windows remain open — file written testimony now if not already submitted.

→ Pull the full FY2027 appropriations calendar and subcommittee markup schedule

Committee Schedule: No New Hearings or Markups Scheduled (Next 7 Days)

No committee hearings or markups are currently scheduled in the congressional calendar for the next 7 days. The House floor is the primary legislative venue this week, with the suspension calendar and the three-bill rule package (H. Res. 1300) dominating activity.

Friday, May 22, 2026