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Jun 12, 2014

Cantor shock stalls offshore corporate tax break in Congress

WASHINGTON (Reuters) – The defeat of House of Representatives Majority Leader Eric Cantor shifted the political ground under U.S. multinational corporations this week, just as they seemed to be gaining traction in their push for a $95 billion tax break on bringing foreign profits home.

With House Republicans in turmoil after their leader’s loss, lobbyists and policy analysts said the proposal, known as the offshore corporate income tax holiday, was losing momentum.

Jun 12, 2014

Handful of U.S. House Republicans eye financial services post

WASHINGTON, June 11 (Reuters) – The sudden primary defeat of
U.S. House of Representatives Majority Leader Eric Cantor not
only paves the way for a new party leader – it could also open
the door for a new chairman of the House Financial Services
Committee.

When Jeb Hensarling, chairman of the committee, emerged on
Wednesday as a possible contender for Cantor’s job, a handful of
Republican lawmakers began to be mentioned as a possible
successor to the Texas Republican as head of the panel.

Jun 11, 2014

Tea Party activist who defeated Cantor focused on budget, immigration

WASHINGTON (Reuters) – Tea Party Republican Dave Brat, who defeated House of Representatives Majority Leader Eric Cantor in a primary race on Tuesday, is an economics professor from a tiny Virginia college who attacked Cantor over immigration and budget issues.

Brat describes himself a budget expert on his campaign website, saying he “presents a major problem for liberals who try to continue increased government spending by discrediting conservatives.”

Jun 10, 2014

U.S. senators weigh tax ‘holiday’ to help fund highway repairs

WASHINGTON, June 10 (Reuters) – Top U.S. Senate Democrats
and Republicans on Tuesday said they were considering offering
American companies a one-time tax break if they repatriate
profits stashed abroad.

The senators anticipate the proposal would generate a
windfall in revenue that would be used to fund federal
transportation projects.

Jun 10, 2014

Audit shows 100,000 U.S. veterans face long waits for healthcare

WASHINGTON, June 9 (Reuters) – More than 100,000 veterans
are experiencing waits of more than 90 days for appointments at
medical centers run by the U.S. Department of Veterans Affairs,
according to an internal audit released by the troubled agency
on Monday.

The survey revealed that a scandal over cover-ups of long
wait times at VA clinics, during which some veterans are alleged
to have died, was broader and deeper than initially thought,
prompting a new round of recriminations from lawmakers and
veterans groups.

Jun 9, 2014

VA audit finds thousands of U.S. veterans waiting for health care

WASHINGTON (Reuters) – The U.S. Department of Veterans Affairs said on Monday that around 100,000 veterans are experiencing long waits for health care appointments at VA facilities, with more than half of these waiting 90 days or more.

In results of an internal audit ordered as the scandal over deadly VA wait times exploded last month, the agency said it found that schedule misreporting was widespread. Of the 731 facilities surveyed, it found that 76 percent experienced wait time reporting problems.

Jun 7, 2014

Cleveland Clinic’s Cosgrove withdraws from running to head VA

WASHINGTON, June 7 (Reuters) – Toby Cosgrove, the head of
the prestigious Cleveland Clinic who the White House had
considered nominating to lead the troubled Department of
Veterans Affairs, said on Saturday he had withdrawn from
consideration for that position.

Cosgrove, 73, a Vietnam veteran and surgeon, was in the
running to replace former VA Secretary Eric Shinseki, who
resigned on May 30 amid a political firestorm over widespread
delays in veterans’ medical care.

Jun 4, 2014

Insight – Fed may shun global risk rules banks spent billions to meet

NEW YORK/WASHINGTON (Reuters) – The Federal Reserve may scrap elements of international measures aimed at assessing bank health in favour of imposing its own rules, frustrating bankers who have spent billions of dollars retooling their books to meet global standards.

Fed officials are concerned that parts of a key tool that regulators have developed to measure banks’ riskiness—known as “Basel III capital rules” — are flawed and can be gamed by the companies.

Jun 4, 2014

Fed may shun global risk rules banks spent billions to meet

NEW YORK/WASHINGTON (Reuters) – The Federal Reserve may scrap international measures aimed at assessing bank health in favor of imposing its own rules, frustrating bankers who have spent billions of dollars retooling their books to meet global standards.

Fed officials are concerned that parts of a key tool that regulators have developed to measure banks’ riskiness—known as “Basel III capital rules” — are flawed and can be gamed by the companies.

Jun 3, 2014

Senate confirms Massad as CFTC chairman

WASHINGTON (Reuters) – The U.S. Senate on Tuesday confirmed Timothy Massad as the new chairman of the U.S. Commodity Futures Trading Commission and approved two others as commissioners, filling a leadership gap at the nation’s derivatives regulator.

The Senate confirmed Massad and industry veteran Chris Giancarlo by voice vote. Earlier on Tuesday, it voted 48-46 to approve New York lawyer Sharon Bowen.