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Treasury Secretary Janet Yellen today faced tough questions from members of the Senate Banking Committee on the Biden administration’s controversial proposal to require financial institutions to report gross inflows and outflows on customer accounts as a way to close the so-called “tax gap.”

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As the House considers the Biden administration’s social spending bill, the American Bankers Association and 51 state associations today told house lawmakers that requiring banks to report information to the IRS on gross inflows and outflows on customer accounts is “bad tax policy” and urged them not to include such a provision in the bill, regardless of the reporting threshold.

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As part of the Biden administration’s effort to increase the supply of affordable housing, the Federal Housing Finance Agency today announced that effective immediately, Fannie Mae and Freddie Mac will be permitted to invest up to $850 million annually in the Low-Income Housing Tax Credit market as equity investors.

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