Economic Growth, Regulatory Relief and Consumer Protection Act

On May 22, the House passed the Economic Growth, Regulatory Relief and Consumer Protection Act (S.255), which will scale back select parts of the 2010 Dodd-Frank Act, in particular certain provisions that relate to local banks and credit unions. This bill was passed by the Senate with bipartisan support (67-31) back in March. There was a...

On May 22, the House passed the Economic Growth, Regulatory Relief and Consumer Protection Act (S.255), which will scale back select parts of the 2010 Dodd-Frank Act, in particular certain provisions that relate to local banks and credit unions. This bill was passed by the Senate with bipartisan support (67-31) back in March. There was a significant push by conservative Republicans to further expand the bill before bringing it up for a vote. However, due to concerns that any changes could cause the bill to lose the carefully negotiated bi-partisan support that allowed it to pass the Senate in the first place, the House leadership proceeded with Senate’s version of the bill up, drawing support from the conservative members in exchange for promises that a broader Dodd-Frank rollback bill will be considered later this year. The bill will now go to President Trump’s desk and he is expected to sign it.

Tax Reform 2.0?

Having succeeded in helping to pass the Tax Cuts and Jobs Act at the end of last year, the House Ways and Means Committee is now turning its eyes towards a second tax reform bill, which members are referring to as “2.0”.  Chair of the Ways and Means Committee, Kevin Brady (R-TX) has confirmed that his committee is working on a framework for the new tax bill which could include making permanent some of the provisions of the Tax Cuts and Jobs Act that apply to individuals and pass through entities and that are set to sunset, and reforms to retirement and education savings accounts. 

In the meantime, the IRS is at work on the countless regulations that will be needed to effectuate the Tax Cuts and Jobs Act while many businesses, particularly pass-through businesses, remain uncertain as to the full impact that the new law will have on them.

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