Tag: Congress

July 18, 2023

Last Friday, ten banking and payments trade associations, including the Electronic Payments Coalition, wrote a joint letter to Congress stating “strong opposition” to the Credit Card Competition Act, and a related amendment proponents of the bill seek to attach to […]

January 9, 2023

The $1.7-trillion, 4,155-page omnibus bill passed during the last week of the 117th Congress to fund the government through Sept. 30, 2023 includes over $47 billion for Ukraine, and increases the president’s drawdown capabilities by 291.9% since October 2022. The […]

May 4, 2022

Rep. Stephen Lynch, the chair of the House Task Force on Financial Technology, has proposed legislation that would provide additional consumer protections against being ripped off by fraudsters online. Called the Protecting Consumers From Payments Scams Act, the bill — […]

December 7, 2021

How would you feel about Congress snatching away your credit card or preventing you from participating in credit card reward programs? Don’t laugh. Left-wing groups in Washington are declaring that the plastic card in your wallet is the financial villain […]

October 19, 2021

Over 10 years after Congress brought competition to how in-store debit card transactions are processed, the Federal Reserve is finally seeking to clarify that the same rules apply to online debit transactions as well. The move has been strongly backed […]

September 21, 2021

An overlooked provision of the new, sweeping tax bill currently under consideration by Congress as part of President Joe Biden’s $3.5 trillion infrastructure plan would substantially limit the qualified small business stock (QSBS) capital gain exclusion for certain taxpayers. If […]

August 25, 2021

The White House is hosting an event on Wednesday that will bring together the largest U.S. technology companies for a discussion about cybersecurity challenges following a raft of high-profile hacking incidents earlier this year, people familiar with the event told […]

June 14, 2021

When asked when Congress would balance the budget given that President Biden’s budget plan racks up $14.5 trillion in cumulative deficits over the next 10 years, Sen. Ben Cardin (D-Md.) said, for now, the focus should be on growing the […]

June 9, 2021

Although President Biden’s budget proposal would create $14.5 trillion in federal deficits over the next 10 years, Sen. Roger Marshall (R-Kansas) said his goal is to balance the budget and that it could be done within 10 years. At the […]

February 18, 2021

Rep. Ro Khanna, Silicon Valley’s lawmaker in Congress, on Thursday proposed a bill aimed at bulking up the Internal Revenue Service’s enforcement tools and ability to crack down on tax evasion. The legislation, if passed, would infuse the IRS with […]

October 28, 2020

Federal Reserve officials have been pressing Congress to provide more fiscal help to the U.S. economy, and with good reason: The central bank is running out of ways it can help. Since the expiration of key provisions of the $2.2 […]

October 19, 2020

The CARES Act partially stabilised the financial health of many families facing unemployment and other economic hardships in the wake of COVID-19. However, millions of immigrants and their families who pay taxes and provide essential services were not eligible for […]

November 13, 2019

WASHINGTON — Jerome H. Powell, the Federal Reserve chair, will paint an optimistic picture of the United States economy in testimony before Congress on Wednesday, though he warns that threats to the outlook persist. “In particular, sluggish growth abroad and […]

February 6, 2019

U.S. stock futures were little changed Wednesday morning following President Donald Trump’s State of the Union address, wherein the president reiterated a hardline stance on trade policy and again called for Congress to come to an agreement to provide funds […]

January 11, 2019

Federal workers furloughed by the ongoing partial government shutdown have been bearing the brunt of the political standoff between President Donald Trump and Congress over funding for a border wall. Those federal employees are feeling the squeeze on their wallets. […]

April 4, 2018

Three weeks ago today, the U.S. Senate passed a bank deregulation bill that either provides modest relief to one of the country’s most heavily regulated and scrutinized industries—or sows the seeds of our next great banking crisis. Sponsored by Sen. […]