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Today In Washington

October 25, 2017

Source: AEO Government Relations Team, Madison Services Group


Defanged CFPB 

Last night, the Senate passed S. J. Res. 47, a Congressional Review Act (CRA) resolution that expresses Congressional disapproval of the Consumer Financial Protection Bureau’s (CFPB) arbitration rule. The CRA is a law that allows Congress to overrule a regulation through an expedited legislative process. This resolution effectively eliminates the ability for consumers to bring class-action lawsuits against banks. The resolution passed 51-50, with Vice President Mike Pence casting the deciding vote. GOP Senators Lindsay Graham (R-SC) and John Kennedy (R-LA) joined all 48 Democratic Senators in opposition.  

Update: Tax Reform 

Today, the House will vote on a rule providing for the consideration of the Senate-passed FY 2018 Budget Resolution. The House is scheduled to vote on the resolution tomorrow.  If the resolution passes, House Ways & Means Chair Kevin Brady (R-TX) said his committee will introduce tax reform legislation by November 1. The House aims to pass tax reform by the Thanksgiving holiday.   

As a reminder, the Senate resolution includes reconciliation language that provides $1.5 trillion over 10 years to Congressional tax-writing committees for tax reform. The House-passed resolution envisioned deficit-neutral tax reform while providing the House Ways & Means Committee $300 billion. House GOP leadership agreed to consider the Senate-passed resolution as part of a deal with Senate GOP leadership to avoid a time-consuming conference on the two resolutions.

Legislation

H.R. 4111 and S. 1995, the “Spurring Business in Communities Act of 2017,” introduced by Representative Cathy McMorris Rodgers (R-WA) in the House, and Senator Marco Rubio (R-FL) in the Senate. This bicameral legislation would exempt Small Business Investment Company (SBIC) applicants in under-licensed states from full capital requirements, give first priority to new applicants from under-licensed and under-financed states, and establish annual reporting requirements on the Small Business Administration’s (SBA) progress toward increasing the geographic dispersion of SBICs. You can find a joint statement by Representative McMorris Rodgers and Senator Rubio here.  

Hearings

Today @ 11 a.m.: House Small Business Committee - “GAO Audit Reveals Half-Measures Taken by Small Business Advocates.”  2360 Rayburn House Office Building.

Tomorrow @ 10 a.m.: House Small Business Subcommittee on Economic Growth, Tax & Capital Access - “Financing Through Fintech: Online Lending’s Role in Improving Small Business Capital Access.”  2630 Rayburn House Office Building.  

Tomorrow @ 10:30 a.m.: Senate Small Business & Entrepreneurship Committee - “Strengthening the Entrepreneurial Ecosystem for Women.”  428A Russell Senate Office Building.


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