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.
U.S. banks are seeking to shield from scrutiny the $30 billion they collect annually in checking- account fees, saying a proposed requirement for periodic reports is unacceptable even if it exempts small institutions.
The U.S. government took a step toward legitimizing the marijuana industry, allowing U.S. banks to offer accounts and other services to businesses in states where medical or recreational pot sales are legal.
Groups representing the U.S. financial-services industry urged Congress to resolve the debt- limit debate because a default on the nation’s obligations “should not be an option for policy makers to consider.”
Bankers and retailers are resuming their fight over responsibility for losses from cybertheft as Congress weighs responses to a security breach at Target Corp. that exposed data from tens of millions of accounts.
U.S. banking industry groups are pressing regulators to clarify accounting for certain securities under the Volcker Rule after lenders complained the Dodd-Frank Act measure may force them to take writedowns.
Small banks are pushing to be exempted from what they call an unneeded and overly burdensome U.S. data- collection effort to spot how consumers may be abused by checking account overdraft fees and other charges.