In the face of controversy and following thousands of comments from market participants and lawmakers, the Department of Labor (“DOL”) has finalized sweeping changes to the definition of “fiduciary” under the Employee...more
As if it wasn’t going to be busy already, the Internal Revenue Service (“IRS”) has set Tax Day, April 15, 2016, as the due date for comments on significant new partnership audit rules. This new law, which was enacted as part...more
On February 1, 2016, K&L Gates LLP, The Washington Times and the U.S. Chamber of Commerce held a symposium entitled “Capitalism in the 21st Century.” The event explored emerging corporate governance considerations such as...more
On February 10, the U.S. Commodity Futures Trading Commission (“CFTC”) and the European Commission (“EC”) announced a much-anticipated transatlantic agreement to harmonize European Union (“EU”) and U.S. regulations concerning...more
On February 9, President Obama released the last budget request of his Administration. The FY 2017 budget incorporates many proposals from past years but also looks to cement the president’s legacy with a number of new fiscal...more
The 2008 credit crisis was the beginning of an era of unprecedented government management of the capital markets. July 21, 2015 marked the fifth anniversary of the hallmark congressional response, the Dodd-Frank Wall Street...more
8/19/2015
/ Capital Markets ,
Capital Markets Union ,
CFTC ,
Clawbacks ,
Consumer Financial Protection Bureau (CFPB) ,
Cross-Border Transactions ,
Derivatives ,
Dodd-Frank ,
EU ,
EURIBOR ,
European Commission ,
Executive Compensation ,
Financial Markets ,
Financial Regulatory Reform ,
FSB ,
FSOC ,
G-SIFI ,
Incentive Compensation ,
Investors ,
IOSCO ,
Libor ,
Liquidity Coverage Ratio ,
Nonbank Firms ,
Obama Administration ,
Over The Counter Derivatives (OTC) ,
Popular ,
Proxy Access Rule ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps
On February 2nd, President Obama released his Fiscal Year (FY) 2016 budget request to Congress. Along with the budget, the Department of the Treasury (Treasury) released a volume called “General Explanations of the...more
As we begin a new year and a new Congress, key players from one end of Pennsylvania Avenue to the other are on board for tax reform. President Obama, Vice President Biden, Senate Minority Leader Mitch McConnell (R-KY), Senate...more
For over four years after enactment of the Dodd-Frank Act (“Dodd-Frank”), President Obama and the Democratic Senate successfully blocked any changes to that act. For example, in the 113th Congress, the House passed 26 bills...more
1/26/2015
/ Dodd-Frank ,
Form 10-K ,
JOBS Act ,
Legislative Agendas ,
Proposed Amendments ,
Regulation S-K ,
SBIC ,
Securities and Exchange Commission (SEC) ,
TRIA ,
Volcker Rule ,
XBRL Filing Requirements
As November draws closer, the financial services industry is staking out a front row seat in tracking the outcomes of the 2014 midterm elections. The 114th Congress’ legislative agenda in this area will be shaped in large...more
The clock is running out on the 113th Congress. While the calendar says we are not quite at the two-minute warning, with a truncated September congressional schedule and the campaign season taking up much of the fall, the...more
Senator Ron Wyden (D-OR) has been a strong advocate for comprehensive tax reform since he joined the Senate Finance Committee in 2005. During his tenure on the Committee, he has introduced a series of comprehensive tax reform...more
7/23/2014
/ 401k ,
Corporate Taxes ,
Deficit Reduction ,
Energy Tax Incentives ,
Individual Retirement Account (IRA) ,
Pass-Through Entities ,
Proposed Legislation ,
Senate Finance Committee ,
Tax Incentives ,
Tax Rates ,
Tax Reform
Interest in corporate inversions has revived on Capitol Hill. Recent publicity surrounding pending deals has triggered comments and legislative proposals from tax writers and other members and stirred up the debate about...more
On February 26, 2014, House Ways and Means Committee Chairman Dave Camp (R-MI) unveiled his comprehensive tax reform proposal. Chairman Camp released his proposal in discussion draft form, and the bill was not officially...more
Earlier this month, the Treasury Department released its “General Explanations of the Administration’s Fiscal Year 2015 Revenue Proposals,” commonly known as the “Green Book.” This alert describes what the Green Book is, the...more
In late 2013, the Senate Finance Committee released a tax reform staff discussion draft on energy (the “energy draft”) as part of a series of tax reform proposals. According to Committee staff, the energy draft “proposes a...more
Although the prospect for comprehensive tax reform this year is dimming, debate on tax policy issues will continue to be prominent on Capitol Hill. Between election year dynamics, changes in committee leadership, the tax...more
The Senate Finance Committee released a tax reform staff discussion draft on cost recovery and accounting as part of a series of tax reform proposals in late 2013. The Cost Recovery and Accounting (“CR&A”) proposal completely...more
On November 29, 2013, the Internal Revenue Service (“IRS”) issued proposed rules, “Guidance for Tax-Exempt Social Welfare Organizations on Candidate-Related Political Activities” (78 Fed. Reg. 71535-71542 (Nov. 29, 2013)),...more
After weeks of tense negotiations, Congress passed legislation on October 16, 2013 to end the government shutdown and raise the debt ceiling. As part of the deal, congressional leaders agreed to establish a conference to...more
The momentum toward comprehensive tax reform accelerated significantly on June 27th, 2013, when the bipartisan leaders of the Senate Finance Committee, Chairman Max Baucus (D-MT) and Ranking Member Orrin Hatch (R-UT), sent...more
Don’t wait to weigh in on tax reform. That’s the message coming from the tax writers on Capitol Hill.
After the flurry of activity this year on comprehensive tax reform—including the House Ways and Means Committee’s...more
On Monday, May 6, the Joint Committee on Taxation (“JCT”) published a report on the work of the 11 House Ways and Means Committee Working Groups on tax reform. This alert provides background on the report and possible next...more
On April 10, the Treasury Department released its “General Explanations of the Administration’s Fiscal Year 2014 Revenue Proposals.” Known as the “Green Book,” the document provides an explanation of the Administration’s FY...more
4/18/2013
/ American Taxpayer Relief Act ,
Barack Obama ,
Derivatives ,
Employment Tax ,
Estate Tax ,
Fiscal Reports ,
Infrastructure ,
Retirement ,
Tax Credits ,
Tax Deductions ,
Veterans
By a vote of 50-49, the Senate passed its FY14 budget resolution (S. Con. Res. 8) at 5:00 a.m. last Saturday – the first time the Senate has passed a budget resolution in four years. The budget resolution is significant in...more