Speaker Paul Ryan (R-Wis.) said it’s possible the House could pass tax overhaul legislation that doesn’t include the border adjustment provision, a controversial centerpiece of the House GOP plan. He also said he hopes the final bill will be ready for President Donald Trump’s signature by Dec. 23.
An intra-party dispute over a proposed repeal of debit card swipe-fee limits may delay a House vote on the the Dodd-Frank replacement bill sponsored by Financial Services Committee Chairman Jeb Hensarling (R-Texas), who urged colleagues to support the measure during a conference meeting Tuesday. GOP Reps. David Young (Iowa) and Dennis Ross (Fla.) want the repeal language removed from the bill.
Labor Secretary Alexander Acosta said he won’t extend the delay of the Obama-era fiduciary rule beyond June 9. He said the Labor Department “found no principled legal basis” to change the implementation date while it seeks public comment.
Goldman Sachs Group Inc. executive James Donovan withdrew from consideration for the No. 2 post at the Treasury Department, citing family matters. So far, the only Senate-confirmed political appointment filled at the agency has been the secretary’s position, leaving at least 10 other posts vacant.
Treasury Secretary Steven Mnuchin told lawmakers that the Trump administration does not support reinstating the firewall between investment and commercial banking required under the Depression-era Glass-Steagall Act, clarifying previous remarks from White House officials that indicated a preference for reinstating the law that was repealed in 1999.
Treasury Secretary Steven Mnuchin said he’ll recommend that the administration exempt all banks with less than $10 billion in assets from Dodd-Frank rules. He also said he will call for raising the $50 billion asset threshold that prompts stricter bank scrutiny under the 2010 law, but he didn’t specify what the new threshold should be.
The Standard & Poor’s 500 Index on Wednesday fell the most since March as political conflict roiled Washington. The latest White House controversy surrounding the firing of now-former Federal Bureau of Investigation Director James Comey triggered risk-averse behavior in financial markets.
The Ways and Means Committee will examine the House GOP’s border adjustment tax proposal at a hearing scheduled for May 23. Republican members of the House panel are considering a revamp of the provision, which Senate Majority Leader Mitch McConnell (R-Ky.) said “probably wouldn’t pass the Senate.”
The City of Philadelphia sued Wells Fargo & Co., alleging that the country’s largest mortgage lender engaged in predatory lending. The lawsuit, which comes after a recent Supreme Court decision allowing cities to sue banks for alleged discrimination that leads to widespread defaults and lower property tax revenue, compounds Wells Fargo’s legal woes in the wake of its consumer fraud scandal.
The White House said President Donald Trump intends to nominate Brian Quintenz, a former House GOP aide and investment manager, to a seat on the Commodity Futures Trading Commission. Quintenz was nominated for the post last year but never received a confirmation vote in the Senate.