On Friday, July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act, making permanent many of the tax provisions enacted under the 2017 Tax Cuts and Jobs Act (TCJA). An initial draft of the legislation was passed by the U.S. House of Representatives on May 22, 2025 (the Original House Bill). Winston & Strawn’s prior alert regarding key provisions of the Original House Bill can be found here. A revised version of the Original House Bill (the Final Bill) was passed by the U.S. Senate on July 1, 2025, and after overcoming opposition from certain members of the Republican Party, the House voted on July 3, 2025, along party lines, to send the Final Bill to President Trump for signature.

On June 30, 2025, the Securities and Exchange Commission’s (SEC) Division of Corporation Finance (the Division) revised two and eliminated one of its Compliance and Disclosure Interpretations (C&DIs) related to the disclosure of environmental proceedings under Item 103 of Regulation S-K. These changes updated Questions 105.01 and 105.03 pursuant to the August 2020 modernization of Items 101, 103, and 105. The Division also withdrew its previous guidance that administrative or judicial proceedings arising under “local provisions” in Item 103(c)(3) encompass environmental actions brought by a foreign government.

Following a series of executive orders issued by the Trump administration targeting DEI initiatives, many companies have made significant changes to their proxy statements this season. Disclosures relating to racial and gender diversity were once considered essential, and while proxy advisory firms continue to consider such disclosures when making voting recommendations, now many companies are skirting around the topic or eliminating any mention of diversity altogether.