Mike & Co., Word this afternoon is that Senate Banking will take another shot at a conformations votes for five regulatory nominees, including two for SEC commissioner, perhaps as soon as this week. This follows an aborted April 7 vote, in which four Democrats (Schumer, Menendez, Warren, and Merkeley) withheld support for their own party’s …
Mike & Co. — Returning to taxes before we re-return to tax returns and the eternal audit, we look at a bill gathering support in the Senate — a Democratic priority for close to a decade that everyone from Pres. Obama, Sen. Sanders, Jeb Bush and even Donald Trump has endorsed. No one thinks it …
Mike & Co. — April showers in May provides an excuse for a tax focus this week. How many know that the federal tax code had a provision allowing large firms to write off the bulk of their executives’ wages? Section 162(m) of the Code has a loophole letting “performance-based” compensation to be claimed as business …
Mike & Co. — During the lull on the Hill with the Senate in recess this week, attention shifted to the regulatory front, with two agencies making news with major proposed rules addressing issues at opposites ends of the financial industry spectrum. On Tuesday, the Fed issued the long-awaited rule on the treatment of qualified …
Mike and Co. – Five years ago, the first baby boomers turned 65. Since then, the number of retirees in the U.S. has increased by the population of New York State — and growing at a rate of new 10,000 retirees every day. Between 2010 and 2030, the number of Americans older than 65 is expected …
Mike & Co. — Last week, the House voted along party lines to adopt a resolution blocking the Labor Department’s recent rule requiring retirement advisers to put their clients’ interests ahead of their own. President Obama has said that, should the bill pass the Senate and land on his desk, he will veto it; Labor Secretary …
Mike & Co. — Last week Treasury Secretary Jack Lew wrote an opinion piece in the Wall Street Journal explaining why he is leading the FSOC to take a look at asset management firms for SIFI designation. He had a larger purpose in mind. In light of the MetLife v FSOC ruling it was seen …
Mike & Co. –- On Sunday, a Commonwealth of Puerto Rico a $422 million bond interest payment comes due that can’t — or in any case won’t — be paid on time. Gov. Alejandro Padilla has repeatedly said that the island cannot make that payment; others have questioned those statements. Close behind follows a two billion dollar payment …
Mike & Co. — It’s April, tax time, and tax reform is in the air in DC again this spring as Senate Finance and House Ways and Means both hold hearings on the topic this week. Additionally, the Joint Committee on Taxation released a comprehensive background report on corporate income tax (CIT) reform Friday which outlines and …
Mike & Co. — Hillary’s commanding victory in the New York primary last night is cause for celebration and bring the Secretary a decisive step toward the Democratic nomination. Tremendous effort and outcome — congratulations all around. Speaking of nominations, the path forward has gotten still murkier this month in Senate Banking. Four Committee Democrats …
