Browsing: Subchapter S

Economy

The House today voted 227 to 205 to pass H.R. 1, the landmark tax reform bill that would be the first major overhaul of the tax code in more than three decades.

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As part of the banking industry’s continuing response to President Trump’s executive order outlining “core principles” for financial regulation, ABA provided recommendations to the Treasury Department today on areas where the bank capital framework can be improved.

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House Ways and Means Committee Chairman Kevin Brady (R-Texas) today issued the House Republicans’ proposal for tax reform, which includes substantial simplification of rates and brackets, as well as major reforms to the Internal Revenue Service.

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Federal Reserve Chairman Janet Yellen yesterday responded to a letter several House members sent last fall urging regulators to resolve a problem for Subchapter S banks posed by Basel III’s capital conservation buffer. Yellen declined to pursue any policy change, stating that the Fed “continues to believe that the capital conservation buffer should be applied equally to all banking organizations.”