On Monday, September 10, 2012,?August recess ends for both the House and the Senate.? Click on the link below to read the September 7, 2012 Washington Update from Williams & Jensen which covers: taxes; trade; financial services; energy and environment; and defense.
Discussed in this issue: A summary of Democratic and Republican Presidential Platforms (W&J writes, ?Though both of the platforms contain principles for tax reform, the Democratic position makes clear that the party will continue to push for tax breaks for companies that insource jobs, while eliminating tax breaks for companies who ship jobs overseas. On the other hand, the Republican position is quite broad in its outlay for tax reform, though some were surprised that the platform did not contain support for energy legislation. The main tax principles contained within the two platforms are outlined.?); timeline and background of the Senate Finance Committee?s Tax Extenders Bill; SEC?s August 29th 4-1 vote for proposed rule ?to eliminate the prohibition against general solicitation and general advertising in certain securities offerings, as mandated by the ?Jumpstart Our Business Startups Act? (JOBS Act) (P.L. 112-106.); the statements issued by SEC Commissioners Aguilar, Paredes and Gallagher in opposition of Chairman Mary Schapiro?s proposal on money market reform; Under Secretary of Defense for Acquisition, Technology and Logistics Frank Kendall?s discussion of DOD (?dominating our conversations right now are budget reductions and their implications and how we?re going to handle them?); a July 2012 Defense Science Board Report on Automated Drones, and more?
Upcoming Hearings:
TBD (Postponed from an earlier date) The Senate Finance Committee and House Ways and Means Committee will hold a joint hearing on proposals relating to the taxation of capital gains as a part of a broader overhaul of the tax system.
September 11, The House Ways and Means? Oversight Subcommittee will hold a hearing to discuss IRS Implementation and Administration of the ?Patient Protection and Affordable Care Act? (P.L. 111-148) and ?Health Care and Education Reconciliation Act of 2010? (P.L. 111-152.).? House Financial Services Committee?s Insurance, Housing and Community Opportunity Subcommittee will hold a hearing entitled: ?TRIA at Ten Years: The Future of the Terrorism Risk Insurance Program.? The TRIA program is set to expire at the end of 2014.
September 12, The House Financial Services Committee announced a markup of pending legislation.? The Commodity Futures Trading Commission (CFTC) will hold an open meeting to consider: (1) proposed rules on ?Enhancing Customer Protections and Customer Funds Held by Futures Commission Merchants? (FCMs); and (2) final rules on ?Adaptation of Existing Regulations to Incorporate Swaps.?? FDIC?s Advisory Committee on Economic Inclusion (ComE-IN) will hold a meeting to discuss results of the FDIC?s second National Survey of Unbanked and Underbanked Households, new initiatives relating to Model Safe Accounts and mobile financial services, and the work undertaken to promote Safe Accounts (which are checkless, card-based electronic accounts that only allow automated withdrawals, resulting in lower costs for the account holders).? House Homeland Security Committee?s Emergency Preparedness, Response and Communications Subcommittee will hold a cybersecurity and communications hearing entitled: ?Resilient Communications: Current Challenges and Future Advancements.?
September 13, The Senate Banking Committee may hold a hearing entitled: ?Holding the CFPB Accountable: Review of Semi-annual Report to Congress? with CFPB Director Richard Cordray to testify.? House Financial Services Committee?s Capital Markets Subcommittee and the House Oversight and Government Reform Committee?s Subcommittee on TARP and Financial Services will hold a joint hearing on the implementation of the ?Jumpstart Our Business Startups Act? (JOBS Act) (P.L. 112-106.)? House Financial Services Committee?s Financial Institutions and Consumer Credit Subcommittee will hold a hearing entitled ?Examining the Uses of Consumer Credit Data? to discuss issues ?related to credit reporting agencies, commonly called credit bureaus, and credit scores.?
September 14, House Financial Services Committee?s Insurance, Housing and Community Opportunity Subcommittee hearing to ?examine barriers that homeless and low-income veterans face in securing housing assistance and services from federal agencies? and to ?explore ideas to improve the effectiveness and efficiency of housing services for veterans.?
September 20, House Financial Services Committee hearing ?to review and discuss the semi-annual report from the Consumer Financial Protection Bureau? (CFPB) with Director Richard Cordray.? House Financial Services Committee?s Domestic Monetary Policy and Technology Subcommittee? hearing ?to examine the monetary effects of interest rates and the consequences of interest rate setting as a monetary policy tool employed by the Federal Reserve.?
October 2, Market Technology Roundtable rescheduled from September 14, The Securities and Exchange Commission (SEC) will hold a market technology roundtable entitled: ?Technology and Trading: Promoting Stability in Today?s Markets? to discuss ways ?to promote stability in markets that rely on highly automated systems.?
WJ Washington Update 09-07-2012
Security Traders Association has partnered with independent government affairs law firm Williams & Jensen since 1998.? A more comprehensive history of W&J Washington updates can be found on the Security Traders Association website.
Source: http://www.sfsta.com/?p=2619
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