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...

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  • 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.

     

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The House will consider H.R. 1917 – Blocking Regulatory Interference from Closing Kilns Act of 2017. The Senate will resume consideration of the motion to proceed to S.2155, Economic Growth, Regulatory Relief, and Consumer Protection Act, post-cloture.

THE HOUSE

 

Yesterday

  • Suspensions: The House agreed to suspend the rules and pass the following measures:
    • Portfolio Lending and Mortgage Access Act:
      • H.R. 2226, amended, to amend the Truth in Lending Act to provide a safe harbor from certain requirements related to qualified mortgages for residential mortgage loans held on an originating depository institution's portfolio;
    • Community Bank Reporting Relief Act:
      • H.R. 4725, to amend the Federal Deposit Insurance Act to require short form call reports for certain depository institutions;
    • National Strategy for Combating the Financing of Transnational Criminal Organizations Act:
      • H.R. 4768, amended, to require the President to develop a national strategy to combat the financial networks of transnational organized criminals;
    • Federal Communications Commission Reauthorization Act of 2018:
      • H.R. 4986, amended, to amend the Communications Act of 1934 to reauthorize appropriations for the Federal Communications Commission, to provide for certain procedural changes to the rules of the Commission to maximize opportunities for public participation and efficient decision making;
    • Agreed to amend the title so as to read:
      • ``To amend the Communications Act of 1934 to reauthorize appropriations for the Federal Communications Commission, and for other purposes'';
    • Political Appointee Burrowing Prevention Act:
      • H.R. 1132, amended, to amend title 5, United States Code, to provide for a 2-year prohibition on employment in a career civil service position for any former political appointee;
    • Social Media Use in Clearance Investigations Act:
      • H.R. 3737, to provide for a study on the use of social media in security clearance investigations;
    • Whistleblower Protection Extension Act:
      • H.R. 4043, amended, to amend the Inspector General Act of 1978 to reauthorize the whistleblower protection program; and
    • Eliminating Government-funded Oil-painting Act:
      • S. 188, amended, to prohibit the use of Federal funds for the costs of painting portraits of officers and employees of the Federal Government;
    • Agreed to amend the title so as to read:
      • ``To amend title 31, United States Code, to prohibit the use of Federal funds for the costs of painting portraits of officers and employees of the Federal Government, and for other purposes.''.
    • Comprehensive Regulatory Review Act:
      • The House passed H.R. 4607, to amend the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to ensure that Federal financial regulators perform a comprehensive review of regulations to identify outdated or otherwise unnecessary regulatory requirements imposed on covered persons, by a yea-and-nay vote of 264 yeas to 143 nays, Roll No. 95.
    • Rejected the Clark (MA) 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 182 yeas to 228 nays, Roll No. 94.
    • Pursuant to the Rule, an amendment in the nature of a substitute consisting of the text of Rules Committee Print 115–61, modified by the amendment printed in part B of H. Rept. 115–582, shall be considered as adopted.
    • H. Res. 747, the rule providing for consideration of the bills (H.R. 4296) and (H.R. 4607) was agreed to Tuesday, February 27th.

 

Today

  • On Wednesday, the House will meet at 10:00 a.m. for morning hour and 12:00 p.m. for legislative business. First votes expected: 1:30 p.m. – 2:30 p.m. Last votes expected: 4:00 p.m. – 5:00 p.m.
  • H.R. 1917 – Blocking Regulatory Interference from Closing Kilns Act of 2017, Rules Committee Print (Closed Rule, One Hour of Debate) (Sponsored by Rep. Bill Johnson / Energy and Commerce Committee)

 

THE SENATE

 

Yesterday

  • Measures Considered:
  • Economic Growth, Regulatory Relief, and Consumer Protection Act--Agreement:
    • Senate resumed consideration of the motion to proceed to consideration of S. 2155, to promote economic growth, provide tailored regulatory relief, and enhance consumer protections.
  • During consideration of this measure today, Senate also took the following action:
    • By 67 yeas to 32 nays (Vote No. 48), three-fifths of those Senators duly chosen and sworn, having voted in the affirmative, Senate agreed to the motion to close further debate on the motion to proceed to consideration of the bill.
  • A unanimous-consent agreement was reached providing for further consideration of the motion to proceed to consideration of the bill, post-cloture, at approximately 9:30 a.m., on Wednesday, March 7, 2018.
  • Nomination Confirmed: Senate confirmed the following nomination:
    • By a unanimous vote of 98 yeas (Vote No. EX. 49), Terry A. Doughty, of Louisiana, to be United States District Judge for the Western District of Louisiana.

 

Today

  • The Senate stands adjourned until 9:30am on Wednesday, March 7, 2018.
  • Following leader remarks, the Senate will resume consideration of the motion to proceed to Calendar #287, S.2155, Economic Growth, Regulatory Relief, and Consumer Protection Act, post-cloture. Upon the use or yielding back of time, the Senate will vote (voice or roll call) on the motion to proceed to Calendar #287, S.2155, Economic Growth, Regulatory Relief, and Consumer Protection Act.

 

Hearings Covered by W&J Today

 

House Transportation and Infrastructure
Highways and Transit Programs' Long-Term Funding

House Appropriations
CFTC Budget

Senate Homeland Security and Governmental Affairs
Homeland Security Authorization Act - Markup

House Financial Services
State Insurance Regulation Preservation Act

House Armed Services
Military Service Acquisition Reform

House Energy and Commerce
Emerging Retail Technology

Senate Special Aging
Stopping Senior Scams

House Financial Services
Data Security and Breach Notification Reform

House Homeland Security
Homeland Security Cybersecurity Workforce

House Oversight and Government Reform
Federal Government Artificial Intelligence

 

Notable Legislation Introduced

 

Energy

H.R.5175 — 115th Congress (2017-2018)
To require the Secretary of Energy to carry out a program relating to physical security and cybersecurity for pipelines and liquefied natural gas facilities.
Sponsor: Rep. Upton, Fred [R-MI-6] (Introduced 03/06/2018) Cosponsors: (1)
Committees: House - Energy and Commerce
Latest Action: House - 03/06/2018 Referred to the House Committee on Energy and Commerce.

S.2503 — 115th Congress (2017-2018)
A bill to establish Department of Energy policy for science and energy research and development programs, and reform National Laboratory management and technology transfer programs, and for other purposes.
Sponsor: Sen. Murkowski, Lisa [R-AK] (Introduced 03/06/2018) Cosponsors: (1)
Committees: Senate - Energy and Natural Resources
Latest Action: Senate - 03/06/2018 Read twice and referred to the Committee on Energy and Natural Resources.

 

Financial Services

S.2499 — 115th Congress (2017-2018)
A bill to require the Financial Industry Regulatory Authority to establish a relief fund to provide investors with the full value of unpaid arbitration awards issued against brokerage firms or brokers regulated by the Authority.
Sponsor: Sen. Warren, Elizabeth [D-MA] (Introduced 03/06/2018) Cosponsors: (0)
Committees: Senate - Banking, Housing, and Urban Affairs
Latest Action: Senate - 03/06/2018 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 

Health

H.R.5176 — 115th Congress (2017-2018)
To require the Secretary of Health and Human Services to provide coordinated care to patients who have experienced a non-fatal overdose after emergency room discharge, and for other purposes.
Sponsor: Rep. McKinley, David B. [R-WV-1] (Introduced 03/06/2018) Cosponsors: (1)
Committees: House - Energy and Commerce
Latest Action: House - 03/06/2018 Referred to the House Committee on Energy and Commerce.

 

Puerto Rico

H.R.5178 — 115th Congress (2017-2018)
To amend the Small Business Act to provide for small business concerns located in Puerto Rico, and for other purposes.
Sponsor: Rep. Velazquez, Nydia M. [D-NY-7] (Introduced 03/06/2018) Cosponsors: (0)
Committees: House - Small Business
Latest Action: House - 03/06/2018 Referred to the House Committee on Small Business.

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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