Republican Lawmakers Push Financial Regulations, Tax Reform
March 27, 2017
Republican lawmakers are pushing forward on reforming financial regulations with a series of hearings in the coming week; The House could vote as early as the coming week to eliminate the Federal Communications Commission’s 2016 broadband privacy rules; Republicans are heading for a major tax reform bill, however, they could face some difficulties along the way.
- Republican lawmakers are pushing forward on reforming financial regulations with a series of hearings in the coming week. The House Financial Services Committee will hold hearings on three portions of Dodd-Frank. The Financial Services Committee will cap off the week of hearings with a meeting on the impact of the Volcker Rule, which bans banks from making certain investments and trades with their own assets. [The Hill]
- The House could vote as early as the coming week to eliminate the Federal Communications Commission’s 2016 broadband privacy rules. The FCC’s privacy rules would have required internet service providers to obtain permission from consumers before using their “sensitive” data – such as browsing history, app usage and medical and financial information – for advertising. Republicans are using the Congressional Review Act (CRA) authority to dismantle the regulations and prohibit the FCC from passing anything similar in the future. If passed and signed by President Trump, it would be only the fifth successful CRA resolution – and the fourth during Trump’s administration alone. [The Hill]
Economic Indicators & News
- Republicans are heading for a major tax reform bill, however, they could be heading into some difficulties along the way. To succeed, Republicans need to bridge at least three big gaps. First, they need to balance competing desires to cut tax rates sharply and to slow the rise of national debt. Second, they have to reconcile alternate visions of what they are setting out to accomplish and who will benefit. Third, the party is at odds over the Ryan-Brady plan for border adjustment—taxing imports and exempting exports. None of those divisions inside the GOP have been resolved yet, and dozens more are lurking, including debates over tax breaks for renewable energy, credits that aid low-income households, and the treatment of carried interest income for private-equity managers and so there work will need to be done to overcome these divisions. [WSJ]