WASHINGTON — As congressional Republicans try to pull together what President Donald Trump calls his “big, beautiful bill,” House committees scrambled to put together their own version of the tax legislation this week.
The bill that passed out of the House Ways and Means Committee after an overnight markup is the first comprehensive insight into what Republican lawmakers — who will be the deciding votes on whatever final bill emerges from the House Budget Committee — are thinking on broader tax measures that could also affect banks.
The tax portion of the bill passed out of the House Ways and Means Committee is separate from a spending section passed earlier this month by the House Financial Services Committee, which promised to slash the Consumer Financial Protection Bureau spending by roughly 70% among other measures. Financial regulators have typically been exempt from these big budget contests since their agencies tend to be self-funded, but Republican ire over the CFPB, a tough budget backdrop and the Trump administration’s determination to downsize agencies is making this fight more relevant to the industry.
And this is an opening salvo, rather than a final product. The bill is still too pricey to please many of the toughest GOP budget hawks, and it’s likely that many measures will be tweaked or changed entirely in the coming weeks.
Here are the top measures for bankers to watch for.
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