Dave Camp, the Republican House Ways and Means Committee chairman, is filling in the blanks in his plan to revamp the U.S. tax code and leaning on the financial industry to help pay for lower tax rates.
The top Republican tax writer in Congress will lean on the financial industry with his planned revamp of the U.S. code, changing the treatment of carried interest and imposing a levy on the assets of banks and insurers.
The biggest U.S. banks and insurance companies would have to pay a quarterly 3.5 basis-point tax on assets exceeding $500 billion under a plan to be unveiled this week by Congress’s top Republican tax writer.
Community bankers who expect the U.S. Senate to pass a bill tomorrow that would extend a program intended to help them retain deposits also believe they will have a tougher time getting the measure though the House.
A proposal by the Federal Reserve Bank of Dallas to limit government support for banks could force JPMorgan Chase & Co. and Bank of America Corp. to shrink their U.S. consumer and commercial-lending units by more than half.
Newt Gingrich took aim at Wall Street and by extension Republican presidential opponent Mitt Romney yesterday as the former U.S. House speaker said he isn’t running for president to “represent Goldman Sachs.”
In nominating former U.S. Attorney Mary Jo White to run the U.S. Securities and Exchange Commission, President Barack Obama said he was sending a signal that the regulator would be tough on Wall Street.
U.S. Representative Mel Watt pushed back against lawmakers skeptical of his knowledge of housing- finance issues at a Senate hearing on his nomination to oversee mortgage giants Fannie Mae and Freddie Mac.