Reporter
[email protected] // @ryan_raineyRyan is a Reporter at Morning Consult covering financial regulation.
Republican lawmakers are working on a budget plan that would pave the way for the Senate to approve a tax overhaul package with a simple majority, but any deficit-financed tax cuts could end up triggering spending cuts to major federal programs that would be difficult to undo without bringing Democrats on board.
A document containing further details on GOP tax reform proposals that White House and Republican tax writers plan to release the week of Sept. 25 will include a specific rate for corporate taxes, Republican leaders said Thursday.
While some officials in Washington indicate support for making substantial changes to the Consumer Financial Protection Bureau, voters who are familiar with the agency are split largely along party lines about whether its rule-making and enforcement authority should be curbed, according to a new Morning Consult/POLITICO poll.
Congress is poised to pass bipartisan legislation that would change the 2010 Dodd-Frank Act. But the measure won’t overhaul the Consumer Financial Protection Bureau, which Dodd-Frank created and congressional Republicans have long railed against. And it won’t alter banking regulations, nor will it tweak capital requirements.
One year to the day since federal regulators hit Wells Fargo & Co. with a $185 million fine for cross-selling practices that led to the creation of millions of fraudulent consumer accounts, the bank is still picking up the pieces in the court of public opinion.
Before the Senate Banking Committee voted 17-6 to approve Randal Quarles’ nomination to be the Federal Reserve’s vice chairman for supervision, Sen. Mike Crapo (R-Idaho) cited the pending departure of Fed Vice Chairman Stanley Fischer in calling on the full Senate to confirm Quarles quickly.
National Economic Council Director Gary Cohn has argued that a business tax would boost companies’ profits, which would end up benefiting public-sector workers because of the large number of corporate stocks that public pension funds hold. But economic experts are divided on whether the benefits are so clear cut.
President Donald Trump’s campaign for deep corporate tax rate cuts is revealing fissures among Democratic lawmakers, who disagree on how much the party should support tax breaks for companies.
A top congressional critic of the Consumer Financial Protection Bureau said this week that any decision by Director Richard Cordray to run for governor of Ohio could further endanger the agency’s pending rule on limits for payday lenders if his political ambitions are influencing the rule-making process.
Richard Cordray is likely to depart as director of the Consumer Financial Protection Bureau within the next 11 months, one way or another. Who replaces him is an open question that could lead to disarray in the CFPB’s upper ranks.
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