The Securities and Exchange Commission said its system for storing documents filed by publicly traded companies was hacked sometime last year. In an eight-page statement on cybersecurity, SEC Chairman Jay Clayton said no personal information was stolen in the cyberattack, which was detected last year, but the SEC learned last month that the data “may have provided the basis for illicit gain through trading.”
Senate Republicans agreed to a budget plan that would allow the federal deficit to grow to make room for $1.5 trillion in tax cuts in the next decade. Fiscally conservative lawmakers say they remain concerned about United States’ debt, but they contend that the economic growth stimulated by the tax cuts will offset the deficit impact in the long run.
Senate Republicans are considering a budget proposal that could allow up to $1.5 trillion in tax cuts over the next 10 years, but budget talks are continuing and no final decision has been reached yet.
The House Financial Services Committee is reviewing a discussion draft of a bill that would that would bar from the U.S. financial system any foreign bank that does business with North Korea. The measure would be intended to put pressure on North Korea’s allies, such as China, to stop supporting activities that would help North Korea develop its nuclear weapons program.
The fallout from the massive data breach at Equifax Inc. has the potential to derail congressional GOP efforts to pass legislation that would limit civil penalties for credit reporting companies sued by consumers. Lawmakers such as Sen. Elizabeth Warren (D-Mass.) are now investigating the Equifax breach, as is the Federal Trade Commission.
Sen. Elizabeth Warren (D-Mass.) said her office is now investigating the massive data breach at Equifax Inc. and is pushing for legislation that would allow consumers to freeze access to their credit files without paying a fee. Warren also asked TransUnion Inc. and Experian Inc., two of Equifax’s top competitors, to weigh in alongside federal regulators on whether Congress should pass legislation to strengthen consumer protections.
Equifax Inc. said hackers used a vulnerability in web server software called Apache Struts CVE-2017-5638 in the data breach that exposed up to 143 million people’s personal data. The credit reporting firm also said it is working with a cybersecurity company to determine the scope of the breach.
Treasury Secretary Steven Mnuchin said that enacting a 15 percent corporate tax rate, as President Donald Trump has called for since the 2016 presidential campaign, will likely be difficult because of “budget issues.” Mnuchin instead said that the GOP tax reform efforts will cut the rate from 35 percent to a “competitive” level.
President Donald Trump is scheduled to host several moderate Democratic senators and Republican senators for dinner at the White House tonight as he courts their votes on a tax reform package. The Democratic lawmakers expected to dine with Trump include Sens. Joe Manchin (W.Va.), Heidi Heitkamp (N.D.) and Joe Donnelly (Ind.).
The severity of Hurricane Irma on Florida’s west coast could increase the amount of damage that leads to insurance claims because of residents who were unprepared to bear the brunt of the storm. Chuck Watson, a risk modeler for Enki Research, estimated that the storm will cost private insurers about $19 billion out of total damages of $49 billion.