PublicationsInsights on Current Policy Issues

  • April 19, 2018

    By David E. Franasiak, Joel G. Oswald, Michael D. Kans, and Rebecca L. Konst

     This memorandum will provide a survey of federal action on cryptocurrencies (aka virtual currencies), including enforcement and guidance. At present, some federal regulators have begun asserting oversight and enforcement authority under their existing powers while other potential regulators have not yet indicated publicly what, if any, oversight they will exercise. Other federal stakeholders on cryptocurrencies have also begun to engage. However, the U.S. government’s approach to virtual currencies remains fluid.

     

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  • February 5, 2018

    By David E. Franasiak, Joel G. Oswald, Michael D. Kans, and Rebecca L. Konst

     This memorandum will provide a survey of federal action on cryptocurrencies (aka virtual currencies), including enforcement and guidance. At present, some federal regulators have begun asserting oversight and enforcement authority under their existing powers while other potential regulators have not yet indicated publicly what, if any, oversight they will exercise. Other federal stakeholders on cryptocurrencies have also begun to engage. However, the U.S. government’s approach to virtual currencies remains fluid.

     

    Read...

    Read More
  • January 11, 2018

    By Frank Vlossak

    Since taking office, President Trump and his Administration have worked toward regulatory reform that includes the review, revision, and repeal of existing regulations, with a focus on rules promulgated by the Obama Administration. Congress has played a key role in this effort, through the use of the Congressional Review Act to repeal rules finalized in the waning months of the prior Administration, as well as one rule issued by the Consumer Financial Protection Bureau (CFPB) in 2017.

    President Trump signed a series of executive orders in the early months of his presidency that are propelling the deregulatory efforts of federal agencies. These executive orders: set a cap limiting regulations in Fiscal Year 2017 to zero net cost; provide agencies with a framework for limiting new regulations and identifying existing rules to repeal or revise; direct review and revision or repeal of the “Waters of the United States” rule issued by the Obama Administration; and require review and reform of energy and climate-related regulations.

     

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The House will consider two bills under suspension of the rules as well as H.R. 3354 – Make America Secure and Prosperous Appropriations Act.

House

 

Yesterday

  • Suspensions: The House agreed to suspend the rules and pass the following measures:
    • Clyde-Hirsch-Sowers Restraining Excessive Seizure of Property through the Exploitation of Civil Asset Forfeiture Tools Act:
      • H.R. 1843, amended, to amend title 31, United States Code, to prohibit the Internal Revenue Service from carrying out seizures relating to a structuring transaction unless the property to be seized derived from an illegal source or the funds were structured for the purpose of concealing the violation of another criminal law or regulation, and to require notice and a post-seizure hearing for such seizures;
    • Financial Stability Oversight Council Insurance Member Continuity Act:
      • H.R. 3110, to amend the Financial Stability Act of 2010 to modify the term of the independent member of the Financial Stability Oversight Council, by a \2/3\ yea-and-nay vote of 407 yeas to 1 nay,
    • Bob Dole Congressional Gold Medal Act:
      • S. 1616, to award the Congressional Gold Medal to Bob Dole, in recognition for his service to the nation as a soldier, legislator, and statesman; and
    • Improving Access to Capital Act:
      • H.R. 2864, amended, to direct the Securities and Exchange Commission to allow certain issuers to be exempt from registration requirements, by a \2/3\ yea-and-nay vote of 403 yeas to 3 nays, Roll No. 440.

 

Today

  • On Wednesday, the House will meet at 10:00 a.m. for legislative business. First votes expected: 12:00 p.m. – 1:00 p.m. Last votes expected: 10:00 p.m. – 11:00 p.m.
  • Legislation Considered Under Suspension of the Rules:
    • 1) H.Res. ___ – Providing for the concurrence by the House in the Senate amendments to H.R. 601, with an amendment. [Amendment consists of the text of H.R. 3672, Making Supplemental Appropriations for Disaster Relief] (Sponsored by Rep. Rodney Frelinghuysen / Appropriations Committee)
    • 2) H.R. 3388 – SELF DRIVE Act (Sponsored by Rep. Bob Latta / Energy and Commerce Committee)
    • H.R. 3354 – Make America Secure and Prosperous Appropriations Act, 2018, Rules Committee Print (Structured Rule) (Sponsored by Rep. Rodney Frelinghuysen / Appropriations Committee)
      • The Rule provides for two hours of general debate, makes in order only those following amendments printed in the Rule, and allows for the Chairman to offer amendments en bloc. Further amendments will be considered pursuant to an additional Rule later this week.
      • A list of the 118 amendments made in order by this Rule can be found at https://rules.house.gov/sites/republicans.rules.house.gov/files/Rule%20I.pdf .

 

Senate

 

Yesterday

  • Measures Passed:
    • Bankruptcy Judgeship Act: Committee on the Judiciary was discharged from further consideration of S. 1107, to amend title 28, United States Code, to authorize the appointment of additional bankruptcy judges, and the bill was then passed, after agreeing to the following amendment proposed thereto:
      • McConnell (for Grassley) Amendment No. 787, in the nature of a substitute.
  • Nomination Confirmed: Senate confirmed the following nomination:
    • By 94 yeas to 2 nays (Vote No. EX. 188), Timothy J. Kelly, of the District of Columbia, to be United States District Judge for the District of Columbia.

 

Today

  • The Senate stands adjourned until 10:00am on Wednesday, September 6, 2017.
  • Following leader remarks, the Senate will be in a period of morning business until 12:30pm with senators permitted to speak therein for up to 10 minutes each.
  • The Senate will recess from 12:30pm until 2:15pm to allow for the weekly caucus meetings.

 

Hearings Covered by W&J Today

 

Senate HELP
Stabilizing Health Premiums

Senate Homeland Security and Government Affairs
U.S. Health Care System

House Energy and Commerce
Public Utility Regulatory Policies

House Natural Resources
Pending Legislation

House Education and the Workforce
The Sharing Economy: Creating Opportunities for Innovation and Flexibility

Senate Appropriations
Labor-HHS-Education Appropriations

House Financial Services
Financing Lone-Wolf/Small-Scale Terrorist Attacks

 

Notable Legislation Introduced

 

Energy

H.R.3673 — 115th Congress (2017-2018)
To impose a ban on the importation of certain petroleum products from Venezuela.
Sponsor: Rep. Coffman, Mike [R-CO-6] (Introduced 09/05/2017) Cosponsors: (0)
Committees: House - Ways and Means
Latest Action: 09/05/2017 Referred to the House Committee on Ways and Means.

 

Tax

H.R.3679 — 115th Congress (2017-2018)
To amend the Internal Revenue Code of 1986 to provide tax relief for major disasters declared in any of calendar years 2012 through 2015, to make certain tax relief provisions permanent, and for other purposes.
Sponsor: Rep. Reed, Tom [R-NY-23] (Introduced 09/05/2017) Cosponsors: (1)
Committees: House - Ways and Means
Latest Action: 09/05/2017 Referred to the House Committee on Ways and Means.

PublicationsInsights on Current Policy Issues

  • April 19, 2018

    By David E. Franasiak, Joel G. Oswald, Michael D. Kans, and Rebecca L. Konst

     This memorandum will provide a survey of federal action on cryptocurrencies (aka virtual currencies), including enforcement and guidance. At present, some federal regulators have begun asserting oversight and enforcement authority under their existing powers while other potential regulators have not yet indicated publicly what, if any, oversight they will exercise. Other federal stakeholders on cryptocurrencies have also begun to engage. However, the U.S. government’s approach to virtual currencies remains fluid.

     

    Read...

    Read More
  • February 5, 2018

    By David E. Franasiak, Joel G. Oswald, Michael D. Kans, and Rebecca L. Konst

     This memorandum will provide a survey of federal action on cryptocurrencies (aka virtual currencies), including enforcement and guidance. At present, some federal regulators have begun asserting oversight and enforcement authority under their existing powers while other potential regulators have not yet indicated publicly what, if any, oversight they will exercise. Other federal stakeholders on cryptocurrencies have also begun to engage. However, the U.S. government’s approach to virtual currencies remains fluid.

     

    Read...

    Read More
  • January 11, 2018

    By Frank Vlossak

    Since taking office, President Trump and his Administration have worked toward regulatory reform that includes the review, revision, and repeal of existing regulations, with a focus on rules promulgated by the Obama Administration. Congress has played a key role in this effort, through the use of the Congressional Review Act to repeal rules finalized in the waning months of the prior Administration, as well as one rule issued by the Consumer Financial Protection Bureau (CFPB) in 2017.

    President Trump signed a series of executive orders in the early months of his presidency that are propelling the deregulatory efforts of federal agencies. These executive orders: set a cap limiting regulations in Fiscal Year 2017 to zero net cost; provide agencies with a framework for limiting new regulations and identifying existing rules to repeal or revise; direct review and revision or repeal of the “Waters of the United States” rule issued by the Obama Administration; and require review and reform of energy and climate-related regulations.

     

    Read...

    Read More
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