At roughly six weeks away, the midterms are swiftly approaching and Congress is scrambling to pass legislation before the clock runs out on this year’s session. In the midst of the uncertainty surrounding Brett Kavanaugh’s nomination to the Supreme Court along with the unknown fate of Deputy Attorney General Rod Rosenstein, this week is shaping out to be another hectic one for Washington.
Tax reform still under consideration
Additional tax reform is up for another round of discussion this week. Though credit unions aren't expected to be involved in the process, one Credit Union National Association staffer said the bill could be important for CUs. With a focus on retirement and education accounts, the legislation may affect lending.
The three-pronged legislative effort would make additional changes to the tax code and is broken down into the following bills:
- H.R. 6760: Protecting Family and Small Business Tax Cuts Act of 2018 would make permanent the cuts to individual tax rates that were implemented earlier this year. It would also cement other changes set to expire in 2025 such as the double standard deduction and the elimination of personal exemptions.
- H.R. 6757 Family Savings Act of 2018 would usher in a new tax-deferred savings account while also removing age limits on individual retirement account contributions. Additionally, those holding less than $50,000 in retirement accounts would be exempt from taking required minimum distributions.
- H.R. 6756 American Innovation Act of 2018 would allow new businesses to deduct up to $20,000 in start-up expenses in the year that meet certain qualifications.
Beyond taxes, several Congressional committees are set for hearings this week that are of interest to credit unions, including:
- On Thursday, the House Judiciary Committee will hold a hearing on the Copyright Alternative and Small Claims Enforcement Act of 2017
- House Financial Services will hold a hearing on examining financial markets in the digital era this Friday
- An oversight hearing will also be held at the Federal Housing Finance Agency, where Director Mel Watt will discuss GSE reform.
This is also the first full week for credit unions to comment on a
New in town
The Senate will be weighing several nominations in addition to considering Kavanaugh's nomination to the Supreme Court. Among those being taken up this week are Peter Feldman and Jackie Wolcott. Feldman works as senior counsel on the Senate Commerce Committee. He has been nominated for commissioner of the Consumer Product Safety Commission. Jackie Wolcott, who has worked in the Senate and House for nine years, is being considered for U.S. representative to the International Atomic Energy Agency. She also has been nominated to be U.S. representative to the Vienna office of the United Nations.
One nominee notably not on that list? Rodney Hood for an open seat on the NCUA board. Despite being formally nominated months ago, there is still no word on when Hood's nomination might move forward. Representatives at NCUA and the National Associaiton of Federally-Insured Credit Unions told Credit Union Journal that decision is likely up to the White House.
Rock the vote
CUNA launched its Credit Unions Vote campaign, an initiative that encourages credit union members to vote in the November midterm elections. The non-partisan campaign aims to provide easy access for visitors to check their registration status, register to vote, locate polling places and participate in early voting.
