Zachary Nunn

Clarity for Compensation Act

This bill allows individuals who work for registered brokers to receive compensation for their services through their own personal businesses without having to register with the Securities and Exchange Commission (SEC).

Specifically, the bill exempts certain personal services entities from SEC broker regulations.

As background, brokers (persons engaged in the business of making securities transactions on behalf of others) must register with the SEC and become members of a self-regulatory organization (SRO). Under this bill, a personal services entity is an entity established by a registered representative to receive compensation for services from the registered representative's broker. A registered representative works for the broker (deemed an associated person of the broker) and is registered with the appropriate SRO.

Under this bill, a personal services entity is not considered a broker for SEC regulatory purposes when receiving compensation from the registered representative's broker on the registered representative's behalf if

• the broker approves and maintains records of the payment,

• the personal services entity does not hold itself out as a broker or otherwise engage in broker or dealer activity,

• the broker exercises adequate supervision and control over the registered representative,

• the broker and personal services entity have a written agreement regarding their relationship and compensation arrangement, and

• the personal services entity is owned by the representative, the representative's family, or other similar entities.

The personal services entity must maintain certain records and make them available to the SEC and the appropriate SRO upon request.

Revitalizing Rural Communities Act of 2025

This bill reauthorizes the Department of Agriculture's Rural Economic Development Loan and Grant program through FY2030 to provide funding for rural projects through local utility organizations.

Protecting Farmers from Natural Disasters Act of 2025

This bill amends the Emergency Watershed Protection (EWP) Program to allow the Department of Agriculture (USDA) to provide for certain restoration activities. The EWP Program offers technical and financial assistance, including the purchase of floodplain easements, to safeguard people and property from floods, drought, fires, windstorms, and other natural disasters that impair a watershed.

Under the bill, USDA may allow restoration above pre-disaster conditions if that restoration is in the best interest of the long-term health and protection of the watershed.

Rural Microentrepreneur Assistance Act of 2025

This bill reauthorizes through FY2030 and revises the Rural Microentrepreneur Assistance Program (RMAP). This Department of Agriculture program provides loans and grants to eligible microenterprise development organizations to (1) capitalize revolving loan funds that provide loans to qualified rural microenterprises (i.e., sole proprietorships located in rural areas or business entities with not more than 10 full-time employees located in a rural area), and (2) provide related training and technical assistance.

The bill increases the amount a rural microenterprise may borrow to up to $75,000 (from up to $50,000).

The bill also increases the maximum allowable federal cost share to 100% (from 75%). The bill further specifies that a RMAP project loan may not be used to cover more than 50% of any demolition, construction, or related costs of real estate improvements.