Tax Reform Tops Senate Agenda This Week

November 27, 2017

Tax reform is expected to remain at the top of the legislative agenda this week, with the full Senate expected to vote on Senate Finance Committee Chairman Orrin Hatch's tax bill. A House bill was passed before Thanksgiving, setting up a conference to reconcile the two bills in mid-December if the Senate legislation is approved.

Meanwhile, the Senate Banking Committee will hold a nomination hearing tomorrow for Jerome Powell as chairman of the Federal Reserve. The committee will also vote on the nomination of Brian Montgomery as federal housing commissioner, as well as other nominations to the Department of Housing and Urban Development. Outgoing Federal Reserve Chairman Janet Yellen will testify on the economic outlook before the Joint Economic Committte on Wednesday.

The House Financial Services Committee will hold a hearing on bills aimed at countering terrorism and illicit finance on Wednesday; ABA members Daniel Bley of Webster Bank and William Fox of Bank of America will testify on behalf of the Midsize Bank Coalition of America and the Clearing House, respectively.

On Thursday, the House panel will hold hearings on the effectiveness of U.S. sanctions programs and on implementation and cybersecurity protocols of the consolidated audit trail. The House Energy and Commerce Committee will hold a hearing on identity verification in a post-data breach environment.

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