WASHINGTON, Sept 18 (Reuters) – A U.S. Republican lawmaker
on Thursday told bankers that Congress would extend a federal
terrorism risk insurance backstop created after the 2001
attacks, but conservatives would insist that the private sector
shoulder more of the burden.
The U.S. Senate voted overwhelmingly in July to extend the
program, which expires at the end of the year, by another seven
years. The program is used by big businesses, owners of sports
stadiums and other groups that insure against terrorist attacks.
WASHINGTON (Reuters) – The U.S. consumer watchdog on Wednesday announced plans to scrutinize big non-bank auto finance companies for the first time, citing concerns about how the lenders market car loans and collect on debts.
The U.S. Consumer Financial Protection Bureau already oversees banks that issue car loans and has raised concerns about their lending practices, such as potential discriminatory pricing that has harmed minority borrowers.
WASHINGTON, Sept 16 (Reuters) – The U.S. House of
Representatives voted on Tuesday to ease capital requirements
for big insurance companies, an adjustment to the 2010
Dodd-Frank financial oversight law that enjoys bipartisan
support but faces procedural hurdles in the Senate.
The bill would provide relief to big insurers that
regulators deem “systemically” risky, or so big their failure
could destabilize markets.
WASHINGTON (Reuters) – The U.S. Senate’s top Democratic tax-writer said on Tuesday he is considering linking legislation to curb foreign corporate buyout deals known as inversions with separate efforts to renew expired tax breaks that businesses want extended.
Democratic Senator Ron Wyden, who leads the tax-writing Finance Committee, said several lawmakers told him they want to pair inversion legislation with the so-called tax extenders package to be dealt with when lawmakers return to Washington after the November midterm elections.
WASHINGTON (Reuters) – The U.S. House of Representatives began debating legislation on Tuesday to authorize President Barack Obama’s plan to arm and train moderate Syrian rebels to fight Islamic State militants, and lawmakers said the measure would likely pass the full Congress by the end of this week.
House Republican leaders unveiled the authorization on Monday as an amendment to a stopgap funding bill Congress must pass this month, after Obama asked lawmakers to approve the training as part of his broader plan to stop the Sunni militants who have taken over swaths of Syria and Iraq.
WASHINGTON (Reuters) – The U.S. Congress appeared poised on Tuesday to quickly approve President Barack Obama’s plan to arm and train Syrian rebels, a major part of the effort he announced this week to fight Islamic State militants.
The House of Representatives began debating an amendment to a stopgap funding bill that would authorize support for the moderate rebels, who are fighting both the Islamic State and the government of Syrian President Bashar al-Assad.
WASHINGTON (Reuters) – Corporations should be on notice that government action is coming on “inversion” deals done by U.S. businesses that reincorporate abroad to cut their tax bills, said the top Democratic tax-writer in the House of Representatives on Friday.
Representative Sander Levin called cracking down on inversions “unavoidable.” He said he has been told recently by Treasury Secretary Jack Lew that the Obama administration will act to make the deals less lucrative, if Congress does not.
WASHINGTON (Reuters) – Conservative groups kept up the pressure on Thursday to shut down the U.S. Export-Import Bank, but the agency’s supporters and many lawmakers expect Congress to approve a deal next week to extend its charter for nine more months.
Leaders in the Republican-controlled House of Representatives said this week they would reauthorize the Ex-Im Bank before its charter expires on Sept. 30, giving it until June 2015 as part of a package to fund federal agencies.
WASHINGTON (Reuters) – A group of U.S. senators wants Burger King Worldwide (BKW.N: Quote, Profile, Research, Stock Buzz) to scrap its plans to invert, or move its tax domicile to Canada, as part of a deal to buy coffee and donut chain Tim Hortons Inc (THI.TO: Quote, Profile, Research, Stock Buzz).
Burger King announced in August plans to buy the Canadian restaurant chain for $11.5 billion. Canada has a lower corporate tax rate than the United States, and it does not require companies based there to pay extra taxes on income earned abroad, so the deal was expected to yield tax savings.
WASHINGTON (Reuters) – One of the main incentives driving a surge in U.S. corporations’ tax-driven overseas inversion deals would be pared back under a plan unveiled on Wednesday by two top Senate Democrats.
Though the plan was seen by analysts as unlikely to become law anytime soon, it draws further attention to the rising number of U.S. businesses moving abroad for tax reasons.