With affordability of energy prices top of mind for voters heading into the midterms, the Senate failed this week to advance legislation addressing data center growth and broader permitting reform. Both measures could see action during the post-election lame-duck session or the next session of Congress that starts in January, while House Democrats have outlined energy priorities they could pursue if they win the majority in November.

Regulations Versus Voluntary Agreements 

• The Ratepayer Protection Act (H.R. 9340) stalled in the Senate on Sept. 30, even though it passed the House earlier this month by a wide bipartisan margin (417-3). (Roll Call, Sept. 30) The legislation would pressure state utility regulators to consider, but not compel adoption of, federal standards ensuring 100-MW data centers pay the full cost of grid upgrades needed to serve them. (House Energy Committee Press Release, Sept. 16)

• Senate Majority Leader John Thune (R-SD) called the bill a “common sense” measure to codify portions of President Trump’s voluntary “Ratepayer Protection Pledge” with utilities and hyperscalers operating global data center networks. (Roll Call, Sept. 30)

• Senate Minority Leader Charles Schumer (D-NY), meanwhile, criticized the bill as “toothless,” lacking “real guardrails on AI and data centers,” and called for legislation “to make it mandatory for data centers to cover their own costs.” (The Hill, Sept. 29)

• Also this week, the White House issued an executive order and fact sheet (Sept. 29) “Inaugurating the Era of Super Intelligence.” Amid calls for regulations, frontier companies agreed to a voluntary pact to maintain internal controls, report safety and security incidents, and conduct third-party audits as they develop advanced AI models and agentic systems at the cutting edge of technology. (New York Times, Sept. 29)    

Permitting Reform

• Senate negotiators introduced the Bipartisan American Affordability and Jobs Act of 2026 on Sept. 30. (Senate EPW Committee, Sept. 30 | Bill Text | Politico, Sept. 28)

• The package would streamline permitting for energy and infrastructure projects, including transmission, while requiring data centers to pay their associated transmission costs. The Senate is not expected to vote until after the midterm elections, leaving the measure for possible lame-duck action. (Bill Summary, Sept. 30 | Senate EPW Committee, Sept. 30)

• RER supports permitting reform to improve energy affordability and meet growing electricity demand. Its letter backing the bipartisan SPEED Act (H.R. 4776) urged certainty for approved projects and warned that redundant federal reviews delay affordable, reliable power to homes and commercial buildings. (Letter, Dec. 8, 2025 | Roundtable Weekly, Dec. 12, 2025)

House Democrats’ Energy Blueprint

• On Sept. 15, House Democrats led by Rep. Kathy Castor (D-FL) released the Thriving Economy Project (TEP), a menu of more than 800 recommendations that could shape the energy agenda if Democrats win the House in November. Democratic leadership has not formally endorsed the proposals. (TEP Report, Sept. 15 | Politico via SEEC, Sept. 16)

• Building-related recommendations include energy benchmarking for commercial and residential buildings and disclosure of energy costs in sales and leases, as well as high-performance building standards tied to federal housing, infrastructure, disaster recovery, and mortgage programs. (TEP Report, Sept. 15)

• Data center proposals include energy and water disclosure requirements, siting and efficiency standards, responsibility for associated grid infrastructure costs, and new DOE efficiency metrics, such as an ENERGY STAR-equivalent program for AI tools. (TEP Report, Sept. 15)

RER will continue tracking these developments and advocating for policies that support affordable and reliable electricity and timely energy infrastructure investment.

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a final rule on Aug. 11 permanently removing beneficial ownership information (BOI) reporting requirements for U.S. companies and U.S. persons under the Corporate Transparency Act (CTA). The rule finalizes the narrower framework adopted in March 2025 and provides long-term relief for millions of U.S. businesses.

State of Play

• All entities created in the United States are exempt from BOI reporting, including the limited liability companies and partnerships commonly used to own and operate commercial real estate. The rule took effect Aug. 14, 2026. (Final Rule | Treasury Press Release, Aug. 11)

• FinCEN will delete information previously reported by U.S. persons who are now exempt from the requirements. (FinCEN, Aug. 11)

• Foreign entities that qualify as reporting companies remain subject to the CTA, but they are required to report BOI only for foreign individuals. (FinCEN, Aug. 11)

Why It Matters for CRE

• Treasury originally estimated the CTA would reach roughly 32 million existing entities, plus millions of newly formed entities each year. Under the narrowed framework, only about 11,600 foreign firms are expected to report annually. (Roundtable Weekly, March 28, 2025)

• The regime posed particular challenges for real estate, where individual assets are frequently held in separate LLCs or partnerships. The final rule eliminates the need to identify individuals with indirect ownership interests or substantial control across these structures and file updates following changes in ownership or management. (Roundtable Weekly, June 7, 2024)

RER Advocacy

• For years, RER and its coalition partners repeatedly raised concerns about the CTA’s regulatory burden and supported the court challenges to the law. (RER Beneficial Ownership Fact Sheet | Coalition Statement, Dec. 7, 2022)

• RER has submitted numerous comments and joined coalition letters to FinCEN on the proposed regulations, urging delays in implementation and supporting legislation to repeal the CTA. (Letter, Feb. 4, 2022 | Joint CRE Letter, Feb. 21, 2022 | Letter, Oct. 2023 | Coalition Letter, March 19, 2024 | Roundtable Weekly, May 10, 2024 | Coalition Letter, June 4, 2024)

• Most recently, RER and a coalition urged Treasury to delay the CTA’s reporting requirements weeks before the department announced it would suspend enforcement against domestic companies. (Coalition Letter, Jan. 4, 2025)

RER’s Real Estate Capital Policy Advisory Committee (RECPAC) will continue to track developments related to beneficial ownership reporting requirements.

The Senate passed the bipartisan Terrorism Risk Insurance Program Reauthorization Act of 2026 (S. 4395) by unanimous consent, advancing a seven-year extension of the federal terrorism risk insurance program through Dec. 31, 2034.

State of Play

• Sponsored by Sen. Dave McCormick (R-PA), with Sens. Tina Smith (D-MN), Thom Tillis (R-NC), and Ruben Gallego (D-AZ), S. 4395 provides a clean seven-year reauthorization through 2034, maintaining the program’s existing structure.

• Both chambers have now approved seven-year extensions, but the Senate bill differs from the House-passed measure, which would increase the minimum loss threshold for an event to qualify as an act of terrorism under the program from $5 million to $10 million beginning in 2029 and establish a 90-day timeframe for Treasury certification determinations. (Roundtable Weekly, July 17) 

What’s Next

• Because the House and Senate passed different versions of the reauthorization, identical legislation must still clear both chambers before it can be sent to the president for his signature.

• Options include the House adopting the Senate bill, a conference to resolve differences, or attaching final language to a must-pass package by year's end.

RER Advocacy

• RER, as co-chair of the Coalition to Insure Against Terrorism (CIAT), has worked with business and insurance organizations to advance a long-term reauthorization well before the program expires.

• RER and coalition partners urged lawmakers to advance S. 4395, warning that policyholders are already negotiating coverage extending beyond TRIA's 2027 expiration and emphasizing the importance of maintaining certainty for insurers and policyholders. (Roundtable Weekly, Sept. 18)

• RER and its industry partners will continue urging Congress to send a long-term TRIA reauthorization to the president’s desk before the end of the year, providing certainty ahead of the program’s 2027 expiration.