May 2025 Public Policy Update

By Erin Koeppel
Managing Director, Government Relations and Public Policy Counsel

Reflecting on President Trump’s First 100 Days 

President Trump marked his 100th day in office on April 29, 2025, capping off a rollercoaster ride for the financial markets and the issuance of 143 executive orders — the most of any president in U.S. history at that point by more than 40%. President Trump’s most recent orders have addressed, among other things, immigration, artificial intelligence education for American youth, higher education, and the federal government’s workforce and spending. Executive actions have also continued to address trade policy, which has eroded Americans’ confidence and contributed to widespread economic uncertainty reflected in the markets.  

Reconciliation Negotiations Continue

Following a two-week April recess, House Republicans are working to pass a budget reconciliation package. Several House committees have begun holding markups to consider their portions of the package, with the House Ways and Means Committee passing the tax title during the early hours of May 14. This includes the extension and expansion of the Tax Cuts and Jobs Act of 2017. CFP Board secured two significant victories with the incorporation into the bill of the Freedom to Invest in Tomorrow’s Workforce Act (more on that below) and the extension of the Section 199A pass-through deduction, which was increased to 23% from 20%. The next steps involve a vote on the whole package prior to the self-imposed Memorial Day recess deadline. However, many sticking points remain, such as the deduction for state and local taxes (SALT). Further, the Senate is likely to make its changes to the overall package. 

Meanwhile, on May 2, the Trump Administration released a so-called “skinny budget” request for fiscal year 2026, proposing to cut $163 billion from the federal budget. The request provides Republican appropriators in Congress with a blueprint for the Trump Administration’s appropriations and policy priorities. 

Continued Focus on Crypto Assets in All Corners of Washington

As President Trump continues to pursue his agenda to promote digital assets, bipartisan legislation has been introduced in the U.S. House of Representatives, as the STABLE Act (H.R. 2392), and U.S. Senate, as the GENIUS Act (S. 1582), addressing stablecoins, a type of cryptocurrency. Both pieces of legislation were reported out of relevant committees. However, the GENIUS Act failed to pass a key procedural vote that would have set it to receive a final floor vote. Meanwhile, in the House, the STABLE Act has yet to see any floor movement. Legislation to establish a comprehensive regulatory framework for digital assets in the U.S. is likely to be taken up later this year.  

With Paul Atkins being sworn in as the new Chairman of the Securities and Exchange Commission on April 21, the SEC also remains keenly focused on crypto assets. Former Acting Chairman Mark Uyeda had already begun to roll back some regulations and drop several lawsuits against crypto firms while awaiting confirmation of Atkins. Atkins is expected to follow through on his prior pledge to establish clear regulatory guidelines for crypto assets. To that end, the SEC has been hosting a series of roundtable discussions on crypto assets, entitled “Spring Sprint Toward Crypto Clarity,” which tackle security status, regulation of trading, custody, tokenization and decentralized finance.

Advancing Financial Literacy 

In recognition of April’s Financial Literacy Month, CFP Board and CFP® professionals showed their support for financial education initiatives in the state legislatures and on Capitol Hill. First, CFP Board encouraged CFP® professionals and candidates for certification to contact their state lawmakers to urge them to support state legislation that would require semester-long personal finance courses for high school students. Research by Next Gen Personal Finance shows these courses have the economic benefit for students of almost $100,000. 

In April, CFP® professionals and candidates in Colorado took action to request that their lawmakers support Colorado House Bill 1192, which requires high school students to take a financial literacy course and complete federal or state aid applications, such as the FAFSA or CASFA, as graduation requirements. As a result of the hard work of policymakers and advocates, the bill passed the state House and Senate and awaits the Governor’s signature. 

Also in April, CFP® professionals and candidates urged Texas lawmakers to pass a state bill that would guarantee all high school students in the state benefit from a personal finance course.  

Second, on May 6, CFP Board’s public policy team was pleased to join the Financial Education & Resource Fair on Capitol Hill, hosted by Rep. Young Kim (R-CA) and Rep. Joyce Beatty (D-OH), co-chairs of the Financial Literacy and Wealth Creation Caucus. The caucus’s press release about the event recognized CFP Board’s participation and included a statement from CFP Board: "CFP Board applauds the Financial Literacy and Wealth Creation Caucus, and Co-Chairs Kim and Beatty, for bringing together key leaders committed to advancing financial education and literacy initiatives," said Erin Koeppel, Managing Director of Government Relations and Public Policy Counsel at CFP Board. "Through our work to expand access to competent and ethical financial planning, CFP Board and CFP® professionals across the country share the caucus's goal of expanding access to financial guidance and helping more Americans understand the resources available to them.”

Freedom to Invest in Tomorrow’s Workforce Act Included in House Tax Package

CFP Board supports the bipartisan, bicameral Freedom to Invest in Tomorrow’s Workforce Act (H.R. 1151/ S. 756), which would expand qualified expenses under 529 savings plans to include post-secondary training and credentialing, such as the CERTIFIED FINANCIAL PLANNER® certification. The bill has gained momentum as it was included in the House Ways and Means Committee-passed bill text. We thank Chair Jason Smith (R-MO) for the vital addition. CFP Board continues its work on ensuring it is included in the Senate version of the draft text, which will be unveiled in the coming months. Thank you to the CFP® professionals who helped us by contacting your member of Congress and making your voice heard on this important issue.