Upcoming Tax and Financial Services Week, May 9 – Financial Services

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The House and Senate will meet again Tuesday at 2 p.m. and Monday at 3 p.m., respectively.

What to watch

Following the leak of the U.S. Supreme Court’s draft opinion, Senate Majority Leader Chuck Schumer (D-NY) announced that the Senate will vote on the Privacy Protection Act on Wednesday. Women’s Health (S.4132), which would establish that governments cannot limit the services of a health care provider. possibility of offering abortion services. The vote should fail.

Lawmakers will also continue negotiations on an aid package for Ukraine. President Biden recently sent a letter to Chair Nancy Pelosi (D-CA) outlining the administration’s request for additional emergency funding. In it, the White House requested $33 billion for economic and security aid in the form of munitions, armored vehicles, small arms and unmanned aircraft systems. The administration’s proposal would also provide for additional authorities to investigate, prosecute and confiscate the assets of Russian oligarchs to be used to benefit Ukraine.

This package has stalled due to a disagreement between Republicans and Democrats over whether to move this package alongside another providing $10 billion in COVID-19 funding. Both President Biden and Pelosi have said they want to combine the two, a position widely supported by Democrats. However, Republicans are unlikely to back a combined package, which could total around $50 billion. Even so, some members, including Schumer, have said the package could be tabled in the Senate this week.

On the floor

The House will vote this week on several financial services bills, including the Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act (HR935), which would allow small business M&A brokers to organize sales and purchases of ownership and control of private companies. companies without registering as “broker-dealers” with the Securities and Exchange Commission and the Financial Industry Regulatory Authority.

The House will also vote on a number of financial services bills related to Russian aggression against Ukraine, including the Russian and Belarusian Financial Sanctions Act (HR7066), Ukraine’s Comprehensive Debt Payment (HR7081), the Russian Government Officials Isolation Law (HR6891), and the Russian-Belarusian SDR Trading Ban Law (HR6899).

The Senate will vote on multiple candidates and abortion legislation. Votes for Lisa Cook, nominated to serve on the Federal Reserve Board of Governors, and Alvaro Bedoya, nominated to serve on the Federal Trade Commission, will likely be delayed.

In committee

Senate Banking Committee

On Tuesday, the plenary committee will hold a hearing entitled “Financial Stability Supervisory Board Annual Report to Congress“, during which the following witnesses will testify:

  • Janet Yellen (Secretary, Treasury Department)

Created under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Financial Stability Oversight Council (FSOC) is charged with overseeing the stability of the U.S. financial system by identifying risks and promoting compliance. market discipline. Lawmakers are expected to lobby Treasury Secretary Yellen on the risks posed by climate change, inflation and cyberattacks, among others, to financial stability.

On Thursday, the plenary committee will hold a hearing entitled “Coping with climate change with energy-efficient and resilient housing“, during which the following witnesses will testify:

  • Ruth Ann Norton (Chief Executive Officer, Green and Healthy Homes Initiative (GHHI))

Energy-efficient homes can reduce electricity consumption by up to 77% and greenhouse gas emissions by 2.4 tonnes per year, according to at the Inter-American Development Bank. The committee could explore how Congress can promote these outcomes through legislation. The subcommittee will hear from representatives of GHHI, an entity “dedicated to addressing the social determinants of health and advancing racial and health equity.”

House Financial Services Committee

On Wednesday, the Sub-Committee on Investor Protection, Entrepreneurship and Capital Markets will hold a hearing entitled “A cut above? Bond Rating Industry Review“, during which the following witnesses will testify:

  • Yann Le Pallec (Executive Managing Director, Head of Global Rating Services, S&P Global Ratings)

  • Angela Liang (General Counsel and Executive Committee Member, Kroll Bond Rating Agency)

  • Ian Linell (Chairman, Fitch Ratings)

  • Mariana Gomez-Vock (Senior Vice President of Policy and Legal Affairs, American Council of Life Insurers)

Lawmakers will examine bond rating agencies, which rate the creditworthiness of debt issued by several types of entities, including corporations, sovereign nations and municipalities. The scope of this hearing will focus specifically on bonds. Members of the subcommittee will likely discuss the big three: Moody’s, Standard & Poor’s and Fitch.

On Thursday, the plenary committee will hold a hearing entitled “The annual report of the Financial Stability Supervisory Board“, during which the following witnesses will testify:

  • Janet Yellen (Secretary, Treasury Department)

The hearing will likely contain a discussion similar to that heard in the House Financial Services Committee, which held a hearing on the same topic earlier in the week.

On Friday, the Task Force on Artificial Intelligence will hold a hearing entitled “Tracking the Codes – Using AI for Efficient RegTech.” No witnesses were called.

The Congressional Research Service defines “regtech” as “the use of technology by regulators and regulated entities to facilitate compliance with applicable regulations and policy objectives.” Regtech can be used to monitor prudential financial risks and analyze the circulation of financial products and services. The process can be costly for some institutions. Lawmakers could explore how home artificial intelligence can help reduce these costs.

Tax committees

The House Ways and Means Committee and the Senate Finance Committee do not have hearings scheduled for this week.


In case you missed it…

  • The Senate confirmed Joshua Frost 54-42 as assistant secretary for capital markets at the Treasury Department.

  • Sen. Elizabeth Warren (D-MA) said last week that all 50 Democrats in the Senate support establishing a new 15% “book income” tax on large corporations. Warren specifically said she has “50 Democrats in favor of a minimum tax on books” and that she “believes[s] it will happen.”

  • Intuit, owner of TurboTax, OK last week to pay $141 million to customers who paid for its products after the company announced its free services.

In a nonbinding motion of instruction, the Senate encouraged signatories to the Bipartisan Innovation Act to include a specific tax provision in the final package. The motion proposed by Sen. Maggie Hassan (D-NH) would ask participants to include a research and development tax credit for small businesses and renew the immediate expenditure of research and development costs in the final package. .


Below is a comprehensive list of all tax and financial services events in Congress, government, and the private sector for the coming week.


tuesday may 10

Internal Revenue Service

Taxpayer Advocacy Panel Notices and Correspondence Project Committee

Internal Revenue Service

Taxpayers Advocacy Group Tax Forms and Publications Project Committee

Internal Revenue Service

Taxpayer Advocacy Panel Toll-Free Lines Project Committee

Wednesday May 11

Internal Revenue Service

Taxpayers Advocacy Group Special Projects Committee

Internal Revenue Service

Taxpayer Advocacy Group Taxpayer Communications Project Committee

Thursday May 12

Internal Revenue Service

Taxpayers Advocacy Group Taxpayer Assistance Center Improvement Project Committee

Private sector

Monday May 9

Brookings Institution

Bank mergers and sector resilience

tuesday may 10

Federalist Society

Central Bank Digital Currency – Efficient Innovation or End of the Private Banking System?

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