Update 232 — Cooking Sausage for 100 Million Final Tax Bill Provisions a Conference Call Last Friday night’s tax legislation journey into Saturday morning will be a bad memory for a long time to come. After the Senate passed its version of the Tax Cuts and Jobs Act, the process formally moved to conferencing, though …
Update 231 — Senate Banking, Comity Central, OKs S. 2155, now filibuster-proof, in 16-7 vote Today, Senate Banking marked up and reported out S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. The bill sailed through Committee. Final vote: 16 ayes and 7 nays. Democratic cosponsors refused to vote for amendments offered by opposing …
Senate Banking, Comity Central, OKs S.2155 (Dec. 5) Read More »
Update 230 — Senate Poised to Pass Tax Cuts for Big Firms, Wealthy, Adding $1.5 tr. in Debt Lawyers and lobbyists on K Street are working overtime at the time of this writing, feverishly seeking to insert provisions — they aren’t amendments without votes and vote-a-rama doesn’t look imminent — into the $1.5 trillion GOP …
Senate poised to Pass Tax Cuts for Big Firms, Wealthy (Dec. 1) Read More »
Update 229 — State of Play on Tax in Senate; GOP Majority on Thin Ice with Vote Approaching Later this evening, the Senate is expected to vote on a motion to proceed with the Tax Cut and Jobs Act to provide $1.5 trillion in deficit-financed tax cuts. If the motion passes, the bill could see a …
Update 228: Powell Pronounces on Dodd-Frank The Pillars vs. the DFA Rules It’s OK to Tailor This morning, the Senate Banking Committee held Fed Governor Jerome Powell’s nomination confirmation hearing for Chair of the Fed. Republicans and one moderate Democrat used the opportunity to try to secure Powell’s support for S. 2155, The Economic Growth, …
Update 227 — A Litter of Legislation: Assessing the Viability of HFSC’s 23 New Bills Last week, House Financial Services (HFSC) reported out some 23 bills ranging from benign to systemically risky. Speaking of systemic risk, in last Friday’s update on the Crapo financial regulation bill, we wrote that the bill “would end the annual …
Update 226: The 411 on 401; Keep 911 on Hold A Problematic Provision in Senate Banking Bill Today, the Senate Banking Committee released the bill text of its bipartisan proposal to reduce banking regulations. We drill down on a risky and perhaps politically damaging provision, Section 401, which rolls back systemic risk rules for 25 …
Update 225 — Hatching a New Tax Plan: Chair’s Re-Mark a Bid to Save the Bill Late Tuesday night, Senate Finance Chair Orrin Hatch filed a significantly modified mark of his Committee’s tax bill. As Committee Democrats have are processing the changes this week, we drill down on some of the major revisions to the bill, the rationale …
Update 224: A Surprise of Systemic Importance; Senate Banking Financial Reg Bill Examined Yesterday, the Senate Banking Committee released summaries of a bill that paves the way for reduced regulation of 26 regional banks representing $3.7 trillion worth of consolidated assets in one fell swoop. The bill encompasses issues ranging from consumer protection to basic …
Update 223 — Senate Tax Cuts and Jobs Act: Does Hatch’s Bill Satisfy the Byrd Rule? Last night, the Senate Finance Committee released the Chairman’s mark of the Tax Cuts and Jobs Act of 2017 — a significant reworking of the House bill. Committee Chairman and 40-year Senate veteran Orrin Hatch will do everything he can …
