Treasury Secretary Janet Yellen this week called on House Ways and Means Committee Chairman Richard Neal (D-Mass.) to include in the reconciliation package the Biden administration’s controversial provision that would require financial institutions to report information to the IRS on gross inflows and outflows on customer accounts above a de minimis level of $600—a provision strongly opposed by the American Bankers Association.
Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) and House Ways and Means Committee Ranking Member Kevin Brady (R-Texas) today introduced the Tax Gap Reform and Internal Revenue Service Enforcement Act, a bill that would, among other things, block the IRS from establishing new bank reporting requirements.
A group of 141 Republican lawmakers led by Rep. Tom Emmer (R-Minn.) today wrote to congressional leaders, Treasury Secretary Janet Yellen and Internal Revenue Service Commissioner Charles Rettig to express concern over a controversial proposal to expand mandatory IRS reporting on bank account transactions.
The American Bankers Association joined the Securities Industry and Financial Markets Association, the Bank Policy Institute, the Financial Services Forum and the Investment Company Institute in a letter to congressional leaders supporting action to raise the federal debt ceiling “without delay.”
In a letter to House Financial Services Committee leaders today, the American Bankers Association expressed opposition to a bill that it called a “backdoor effort by the credit union industry to expand its membership rolls at the expense of tax-paying banks.”
In a letter to Rep. Blaine Luetkemeyer (R-Mo.) today, ABA and several financial trade groups expressed support for H.R. 4773, the Consumer Financial Protection Commission Act, a bill that would transition the governance structure of the Consumer Financial Protection Bureau from having a sole director to a five-person, bipartisan commission.
ABA today wrote to Senate leaders in support of an amendment to the budget resolution put forth by Sen. Mike Crapo (R-Idaho) that would prevent the Internal Revenue Service from establishing a new information reporting framework for individual or business bank accounts with flows of $600 or more.
By a voice vote on Thursday, the House Financial Services Committee passed H.R. 4590, the Promoting New and Diverse Depository Institutions Act, introduced by Rep. Jake Auchincloss (D-Mass.).
In a letter sent ahead of a House Committee on Financial Services markup tomorrow, the American Bankers Association expressed support for H.R. 4590, the Promoting New and Diverse Depository Institutions Act, introduced by Rep. Jake Auchincloss (D-Mass.).
During a more-than four-hour oversight hearing of the nation’s largest banks today, Rep. Trey Hollingsworth (R-Ind.) commended the 727,000 workers employed by the firms—as well as the 2 million employees working in the U.S. financial services industry—for their efforts during the pandemic.