With the House tax reform bill expected to be unveiled as soon as Thursday, American Bankers Association President and CEO Rob Nichols joined a small group of business leaders for a private meeting with President Trump this morning. Held in the Roosevelt Room of the West Wing, the meeting allowed Nichols and others present to share their views on tax reform with the president and to hear Trump’s perspective. Nichols was the lone representative from the financial services sector at the meeting.
“We need your continued input to make sure that the final bill gets all of the details right and that we get that approval,” Trump said during the meeting, which was also attended by Treasury Secretary Steven Mnuchin and National Economic Council Director Gary Cohn. Trump said he hopes the House passes its bill by Thanksgiving and that he will have a bill to sign by Christmas.
ABA staff will review the House bill when it is released and analyze its implications for banks. All year long, ABA has engaged with Congress and the administration on tax reform, and the association stands ready to support legislation that aligns with its core principles: lower corporate rates, a broader base with a simpler tax code, careful treatment of interest deductibility, no industry-specific taxes, eliminating tax subsidies for credit unions and Farm Credit lenders and paying attention to transition rules.