THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY

TAX · Taxation/Internal Revenue Code

TAX - Quarter 2 2025 HR 1 - The One Big Beautiful Bill Act Issues related to the reduction or elimination of state and local tax deductions for businesses.

Literal federal measure citations: HR 1

CSP · Consumer Issues/Safety/Products

CSP - Quarter 2 2025 H.R.___ and S.___ - Draft data privacy legislation. Issue: Data Privacy Issue: Artificial Intelligence (AI). Issue: Draft legislation that would require notice of data security breaches. Issue: Cybersecurity and Privacy.

FIN · Financial Institutions/Investments/Securities

FIN - Quarter 1 2025 H.R.1777/S. 1561 - Securing and Enabling Commerce Using Remote and Electronic Notarization Act. To authorize and establish minimum standards for electronic and remote notarizations that occur in or affect interstate commerce, to require any Federal court located in a State to recognize notarizations performed by a notary public commissioned by another State when the notarization occurs in or affects interstate commerce, and to require any State to recognize notarizations performed by a notary public commissioned by another State when the notarization occurs in or affects interstate commerce or when the notarization was performed under or relates to a public act, record, or judicial proceeding of the State in which the notary public was commissioned. Issue: remote online notarization. H.R.20/S.852 - Richard L. Trumka Protecting the Right to Organize Act. To amend the National Labor Relations Act, the Labor Management Relations Act, 1947, and the Labor-Management Reporting and Disclosure Act of 1959. Issue: independent contractor status. S. __ - Protecting Innovation in Investment Act - To prohibit the Securities and Exchange Commission from finalizing, implementing, or enforcing a proposed rule with respect to conflicts of interest associated with the use of predictive data analytics by broker-dealers and investment advisers. Issue: Predictive data analytics. Issue: FHLBank System Issue: Basel III Issue: Regulation Best Interest Issue: Government Sponsored Enterprises (GSE) reform. No bill number assigned.

Literal federal measure citations: H.R.1777, S. 1561, H.R.20, S.852

INS · Insurance

INS - Quarter 2 2025 H.R. 643 - Federal Insurance Office Elimination Act. To eliminate the Federal Insurance Office of the Department of the Treasury. Issue: FIO Reform. S. 1544/H.R. 3437 - Insurance Data Protection Act. To prohibit the Federal Insurance Office of the Department of the Treasury and other financial regulators from collecting data directly from an insurance company. Issue: FIO Reform H.R. 3503 - Kidney Donation Anti-Discrimination Act. The bill would prohibit life insurance providers from discriminating based on a persons status as a living kidney donor. Issue: underwriting. Issus: FSOC nonbank guidance rule. Issue: private equitys growing role in the insurance industry. Issue: S&P proposal on the methodology that is used to rate insurance companies. Issue: Housing Finance Reform. No bill number assigned.

Literal federal measure citations: H.R. 643, S. 1544, H.R. 3437, H.R. 3503

RET · Retirement

Retirement Security Quarter 2 2025 Income Security S. 2415 and H.R. 7107, the Long-Term Care Affordability Act: Would allow for tax free distributions from retirement accounts to fund LTC contracts.

Literal federal measure citations: S. 2415, H.R. 7107