Update 263 – The Dog Catches the Bus: Mick Mulvaney’s Mysterious Mission at CFPB This week saw Consumer Financial Protection Bureau (CFPB) Director Mick Mulvaney appear before both the House Financial Services and Senate Banking Committees. After years of working aggressively in Congress to shred the Bureau to pieces, Mulvaney is charged with the operating …
Update 262 — Peering over the Fiscal Cliff: Trillion-Dollar Deficits Far as the Eye Can See Earlier this week, the Congressional Budget Office (CBO) projected that the federal government’s annual budget deficit will reach $1 trillion next fiscal year. Under current CBO expectations, the national debt will exceed $33 trillion by fiscal 2028, up from …
Update 261 – K Street Prowess on Full Display In the Drafting and Influencing of the TJLA Experts and veteran observers were horrified at how quickly the Republicans pushed the massive Tax Cuts and Jobs Act (TCJA) through Congress. Tax legislation is notoriously complicated and witnesses to the sausage making braced themselves for unconsidered but …
Update 260 — Unpacking the 2017 Tax Cut: A Potpourri of Unintended Consequences For millions of Americans, April is the cruelest month because it requires time spent with the federal income tax code. This year (or tax year 2017) may top them all for annoyance, confusion, and surprises. And for billable hours for accountants and …
Update 259 — Through a Glass Darkly: The Fed Today, Governance and Structure With the lull afforded by recess, spring breaks, and holidays, we can take a look at the nation’s central bank, the economy’s most important single institution but one not well understood in terms of governance and structure. The Fed is in the …
Update 258 — Omnibus Situation: Last Stop Before Two-Week Recess As of this writing on Thursday afternoon, one more piece of Congressional business remains before members and staff can start a long and long-awaited recess. Once again, Congress confronts a deadline of midnight tomorrow to keep the federal government funded. But no one wants to …
Update 257 — Primary Recap: TX, IL Key Candidates, Races, and Results Last week’s primary elections in Texas and yesterday’s in Illinois mark a turning point in the year. Washington saw a major winter snowstorm on the first official day of spring. And there have been some surprises in the hinterland as primary season 2018 …
Update 256 – S. 2155 Passes Senate, 67-31 Now, on to the House and Conference. Or Not. On Wednesday night, the Senate passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, 67-31. The bill is the most comprehensive rollback of the Dodd-Frank Act to clear a chamber of Congress. A summary of the bill’s …
Update 255 — Changes in Plans and in Perceptions Hurry Up, Wait for Increasingly Unpopular S. 2155? S. 2155 – the Economic Growth, Regulatory Relief, and Consumer Protection Act — the largest revamp, rollback, and update of the Dodd-Frank Act (AFR) to date — returns to the Senate floor after session resumes late tomorrow afternoon. The legislative ride for the …
Update 254 — Just A Community Bank Bill? Voters Weigh a Big Bank Bill and the Risks Debate started on the Senate floor today on S. 2155, the broadest set of changes to Dodd-Frank ever thus far. Resumption of floor debate and possibly some votes on amendments are expected tomorrow. Right from the start, debate …
