PublicationsInsights on Current Policy Issues

  • April 19, 2018

    By David E. Franasiak, Joel G. Oswald, Michael D. Kans, and Rebecca L. Konst

     This memorandum will provide a survey of federal action on cryptocurrencies (aka virtual currencies), including enforcement and guidance. At present, some federal regulators have begun asserting oversight and enforcement authority under their existing powers while other potential regulators have not yet indicated publicly what, if any, oversight they will exercise. Other federal stakeholders on cryptocurrencies have also begun to engage. However, the U.S. government’s approach to virtual currencies remains fluid.

     

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  • February 5, 2018

    By David E. Franasiak, Joel G. Oswald, Michael D. Kans, and Rebecca L. Konst

     This memorandum will provide a survey of federal action on cryptocurrencies (aka virtual currencies), including enforcement and guidance. At present, some federal regulators have begun asserting oversight and enforcement authority under their existing powers while other potential regulators have not yet indicated publicly what, if any, oversight they will exercise. Other federal stakeholders on cryptocurrencies have also begun to engage. However, the U.S. government’s approach to virtual currencies remains fluid.

     

    Read...

    Read More
  • January 11, 2018

    By Frank Vlossak

    Since taking office, President Trump and his Administration have worked toward regulatory reform that includes the review, revision, and repeal of existing regulations, with a focus on rules promulgated by the Obama Administration. Congress has played a key role in this effort, through the use of the Congressional Review Act to repeal rules finalized in the waning months of the prior Administration, as well as one rule issued by the Consumer Financial Protection Bureau (CFPB) in 2017.

    President Trump signed a series of executive orders in the early months of his presidency that are propelling the deregulatory efforts of federal agencies. These executive orders: set a cap limiting regulations in Fiscal Year 2017 to zero net cost; provide agencies with a framework for limiting new regulations and identifying existing rules to repeal or revise; direct review and revision or repeal of the “Waters of the United States” rule issued by the Obama Administration; and require review and reform of energy and climate-related regulations.

     

    Read...

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The House is expected to consider a motion to go to conference on a bill (HR 1) that would reduce corporate and individual federal tax rates and make additional changes to the federal tax code. The Senate will resume consideration of Kirstjen Nielsen, to be Secretary of Homeland Security.

THE HOUSE

 

Friday

  • Preserving Access to Manufactured Housing Act of 2017:
    • The House passed H.R. 1699, to amend the Truth in Lending Act to modify the definitions of a mortgage originator and a high-cost mortgage, to amend the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 to modify the definition of a loan originator, by a recorded vote of 256 ayes to 163 noes, Roll No. 651.
  • Rejected the motion to recommit the bill to the Committee on Financial Services with instructions to report the same back to the House forthwith with an amendment, by a yea-and-nay vote of 193 yeas to 227 nays, Roll No. 650.
  • Pursuant to the Rule, an amendment in the nature of a substitute consisting of the text of Rules Committee Print 115–42 shall be considered as adopted.
  • H. Res. 635, the rule providing for consideration of the bills (H.R. 4182) and (H.R. 1699) was agreed to yesterday, November 30th.

 

Today

  • The House reconvenes at 6 p.m. for legislative business and is expected to consider a motion to go to conference on a bill (HR 1) that would reduce corporate and individual federal tax rates and make additional changes to the federal tax code. Roll call votes will be postponed until 6:30 p.m.
  • Bills:
    • HR 1 — House Republican Tax Overhaul

 

THE SENATE

 

Friday

  • Measures Passed:
    • Tax Cuts and Jobs Act:
      • By 51 yeas to 49 nays (Vote No. 303), Senate passed H.R. 1, to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018, after taking action on the following motions and amendments proposed thereto:
  • Adopted:
    • McConnell (for Hatch/Murkowski) Amendment No. 1855 (to Amendment No. 1618), of a perfecting nature.
    • By 51 yeas to 50 nays, Vice President voting yea (Vote No. 298), Cornyn (for Cruz) Amendment No. 1852 (to Amendment No. 1618), to allow limited 529 account funds to be used for elementary and secondary education, including homeschool.
    • By 52 yeas to 48 nays (Vote No. 302), Merkley Amendment No. 1856 (to Amendment No. 1618), of a perfecting nature.
    • McConnell (for Hatch/Murkowski) Amendment No. 1618, of a perfecting nature. (By unanimous consent, the amendment, as amended, be considered as original text for the purpose of further amendment, and all points of order be preserved.)
  • Rejected:
    • By 48 yeas to 52 nays (Vote No. 290), Wyden (for Nelson) motion to commit the bill to the Committee on Finance, with instructions.
    • By 48 yeas to 52 nays (Vote No. 291), Baldwin motion to commit the bill to the Committee on Finance, with instructions.
    • By 43 yeas to 57 nays (Vote No. 292), Cardin motion to commit the bill to the Committee on Finance, with instructions.
    • By 48 yeas to 52 nays (Vote No. 293), Schumer motion to adjourn until 12 noon, on Monday, December 4, 2017.
    • By 48 yeas to 52 nays (Vote No. 297), Menendez motion to commit the bill to the Committee on Finance, with instructions.
    • By 38 yeas to 61 nays (Vote No. 300), Manchin motion to commit the bill to the Committee on Finance, with instructions.
  • During consideration of this measure today, Senate also took the following action:
    • By 46 yeas to 54 nays (Vote No. 294), three-fifths of those Senators duly chosen and sworn, not having voted in the affirmative, Senate rejected to the motion to waive all applicable sections of the Congressional Budget Act of 1974, for the purposes of McConnell (for Sanders) Amendment No. 1720 (to Amendment No. 1618), to create a point of order against legislation that cuts Social Security, Medicare, or Medicaid benefits. Subsequently, the point of order that the amendment was in violation of section 313(b)(1)(a) of the Congressional Budget Act of 1974, was sustained, and the amendment thus fell.
    • By 48 yeas to 52 nays (Vote No. 295), three-fifths of those Senators duly chosen and sworn, not having voted in the affirmative, Senate rejected to the motion to waive all applicable sections of the Congressional Budget Act of 1974, for the purposes of McConnell (for Brown) Amendment No. 1854 (to Amendment No. 1618), to amend the Internal Revenue Code of 1986 to increase the Child Tax Credit. Subsequently, the point of order that the amendment was in violation of section 302(f) of the Congressional Budget Act of 1974, was sustained, and the amendment thus fell.
    • By 29 yeas to 71 nays (Vote No. 296), three-fifths of those Senators duly chosen and sworn, not having voted in the affirmative, Senate rejected to the motion to waive all applicable sections of the Congressional Budget Act of 1974, and applicable budget resolutions, for the purposes of McConnell (for Rubio/Lee) Amendment No. 1850 (to Amendment No. 1618), to increase the refundability of the child tax credit. Subsequently, the point of order that the amendment was in violation of section 302(f) of the Congressional Budget Act of 1974, was sustained, and the amendment thus fell.
    • By 34 yeas to 65 nays (Vote No. 299), three-fifths of those Senators duly chosen and sworn, not having voted in the affirmative, Senate rejected to the motion to waive all applicable sections of the Congressional Budget Act of 1974, and applicable budget resolutions, for the purposes of Cornyn (for Kaine) Amendment No. 1846 (to Amendment No. 1618), to provide middle class tax relief. Subsequently, the point of order that the amendment was in violation of section 4105 of H. Con. Res. 71, the Concurrent Resolution on the Budget for Fiscal Year 2018, was sustained, and the amendment thus fell.
    • By 48 yeas to 52 nays (Vote No. 301), three-fifths of those Senators duly chosen and sworn, not having voted in the affirmative, Senate rejected to the motion to waive all applicable sections of the Congressional Budget Act of 1974, and applicable budget resolutions, for the purposes of Cantwell Amendment No. 1717 (to Amendment No. 1618), of a perfecting nature. Subsequently, the point of order that the amendment was in violation of section 302(f) of the Congressional Budget Act of 1974, was sustained, and the amendment thus fell.
  • Nielsen Nomination--Cloture:
    • Senate began consideration of the nomination of Kirstjen Nielsen, of Virginia, to be Secretary of Homeland Security.
  • A motion was entered to close further debate on the nomination, and, in accordance with the provisions of Rule XXII of the Standing Rules of the Senate, and pursuant to the unanimous-consent agreement of Saturday, December 2, 2017, a vote on cloture will occur at 5:30 p.m., on Monday, December 4, 2017.
  • Prior to the consideration of this nomination, Senate took the following action:
    • Senate agreed to the motion to proceed to Executive Session to consider the nomination.
    • A unanimous-consent agreement was reached providing that at approximately 3 p.m., on Monday, December 4, 2017, Senate resume consideration of the nomination.

 

Today

  • The Senate stands adjourned until 3:00pm on Monday, December 4, 2017.
  • Following Leader remarks, the Senate will resume consideration of Executive Calendar #495, Kirstjen Nielsen, of Virginia, to be Secretary of Homeland Security.
  • At 5:30pm, the Senate will vote on the motion to invoke cloture on the Nielsen nomination.

 

Hearings Covered by W&J Today

 

No hearings scheduled

 

Notable Legislation Introduced

 

Financial Services

H.R.4529 — 115th Congress (2017-2018)
To direct the Securities and Exchange Commission to revise Form S-3 so as to add listing and registration of a class of common equity securities on a national securities exchange as an additional basis for satisfying the requirements of General Instruction I.B.1. of such form and to remove such listing and registration as a requirement of General Instruction I.B.6. of such form.
Sponsor: Rep. Wagner, Ann [R-MO-2] (Introduced 12/01/2017) Cosponsors: (0)
Committees: House - Financial Services
Latest Action: House - 12/01/2017 Referred to the House Committee on Financial Services.

H.R.4519 — 115th Congress (2017-2018)
To amend the Securities Exchange Act of 1934 to repeal certain disclosure requirements related to resource extraction, and for other purposes.
Sponsor: Rep. Huizenga, Bill [R-MI-2] (Introduced 12/01/2017) Cosponsors: (0)
Committees: House - Financial Services
Latest Action: House - 12/01/2017 Referred to the House Committee on Financial Services.

H.R.4517 — 115th Congress (2017-2018)
To amend the Home Owners' Loan Act to allow mutual holding companies to clarify requirements related to the waiver of dividends, and for other purposes.
Sponsor: Rep. Faso, John J. [R-NY-19] (Introduced 12/01/2017) Cosponsors: (2)
Committees: House - Financial Services
Latest Action: House - 12/01/2017 Referred to the House Committee on Financial Services.

 

Health

H.R.4521 — 115th Congress (2017-2018)
To amend the Food and Nutrition Act of 2008 to simplify the SNAP recertification process for the elderly and disabled, and to spur innovation in the application processes of SNAP, the Medicare Savings Program, and supplemental security income that will increase the utilization of entitlement programs among the most vulnerable of populations.
Sponsor: Rep. Lawson, Al, Jr. [D-FL-5] (Introduced 12/01/2017) Cosponsors: (17)
Committees: House - Agriculture, Ways and Means, Energy and Commerce
Latest Action: House - 12/01/2017 Referred to the Committee on Agriculture, and in addition to the Committees on Ways and Means, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of...

H.R.4520 — 115th Congress (2017-2018)
To provide for the extension of the enforcement instruction on supervision requirements for outpatient therapeutic services in critical access and small rural hospitals through 2017.
Sponsor: Rep. Jenkins, Lynn [R-KS-2] (Introduced 12/01/2017) Cosponsors: (1)
Committees: House - Energy and Commerce, Ways and Means
Latest Action: House - 12/01/2017 Referred to the Committee on Energy and Commerce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee...

H.R.4515 — 115th Congress (2017-2018)
To amend title XXI of the Social Security Act to provide for a special rule during the first quarter of fiscal year 2018 for the redistribution of certain Children's Health Insurance Program allocations for certain shortfall States.
Sponsor: Rep. Costello, Ryan A. [R-PA-6] (Introduced 12/01/2017) Cosponsors: (3)
Committees: House - Energy and Commerce
Latest Action: House - 12/01/2017 Referred to the House Committee on Energy and Commerce.

S.2183 — 115th Congress (2017-2018)
A bill to amend title XXI of the Social Security Act to provide for a special rule during the first quarter of fiscal year 2018 for the redistribution of certain Children's Health Insurance Program allocations for certain shortfall States.
Sponsor: Sen. Heller, Dean [R-NV] (Introduced 12/01/2017) Cosponsors: (0)
Committees: Senate - Finance
Latest Action: Senate - 12/01/2017 Read twice and referred to the Committee on Finance.

PublicationsInsights on Current Policy Issues

  • April 19, 2018

    By David E. Franasiak, Joel G. Oswald, Michael D. Kans, and Rebecca L. Konst

     This memorandum will provide a survey of federal action on cryptocurrencies (aka virtual currencies), including enforcement and guidance. At present, some federal regulators have begun asserting oversight and enforcement authority under their existing powers while other potential regulators have not yet indicated publicly what, if any, oversight they will exercise. Other federal stakeholders on cryptocurrencies have also begun to engage. However, the U.S. government’s approach to virtual currencies remains fluid.

     

    Read...

    Read More
  • February 5, 2018

    By David E. Franasiak, Joel G. Oswald, Michael D. Kans, and Rebecca L. Konst

     This memorandum will provide a survey of federal action on cryptocurrencies (aka virtual currencies), including enforcement and guidance. At present, some federal regulators have begun asserting oversight and enforcement authority under their existing powers while other potential regulators have not yet indicated publicly what, if any, oversight they will exercise. Other federal stakeholders on cryptocurrencies have also begun to engage. However, the U.S. government’s approach to virtual currencies remains fluid.

     

    Read...

    Read More
  • January 11, 2018

    By Frank Vlossak

    Since taking office, President Trump and his Administration have worked toward regulatory reform that includes the review, revision, and repeal of existing regulations, with a focus on rules promulgated by the Obama Administration. Congress has played a key role in this effort, through the use of the Congressional Review Act to repeal rules finalized in the waning months of the prior Administration, as well as one rule issued by the Consumer Financial Protection Bureau (CFPB) in 2017.

    President Trump signed a series of executive orders in the early months of his presidency that are propelling the deregulatory efforts of federal agencies. These executive orders: set a cap limiting regulations in Fiscal Year 2017 to zero net cost; provide agencies with a framework for limiting new regulations and identifying existing rules to repeal or revise; direct review and revision or repeal of the “Waters of the United States” rule issued by the Obama Administration; and require review and reform of energy and climate-related regulations.

     

    Read...

    Read More

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