Yellen Testifies in Support of Biden’s FY23 Budget Plan

Testifying before the Senate Finance Committee and House Ways and Means Committee this week, Treasury Secretary Janet Yellen acknowledged “unacceptable levels of inflation” impacting American families and businesses while touting President Biden’s Fiscal 2023 budget as necessary investments in the nation’s future. The president’s $5.8 trillion budget proposal, which serves as an opening salvo in… Read more »

Senate Finance Close to Confirming Yellen for Treasury

The Senate Finance Committee has scheduled a meeting Friday to consider President Joe Biden’s pick for Treasury Secretary, Janet Yellen, and her confirmation appears likely. The Biden White House is pushing for speedy confirmation of key cabinet members and Yellen is viewed as essential to the immediate goal of fighting the COVID-19 pandemic. Following Senate… Read more »

Senate Votes to Overturn Donor Disclosure Rule

The Senate passed legislation Wednesday to reverse recent Treasury Department guidance that limits donor disclosure requirements for nonprofit organizations. The resolution from Sens. Jon Tester (D-MT) and Ron Wyden (D-OR) was approved by the Senate in a 50-49 vote, with Sen. Susan Collins (R-ME) joining every Democrat in support. The measure required only a simply… Read more »

Industry Groups Urge Treasury to Fix Retail Glitch

A broad coalition of associations and companies sent a letter Aug. 22 urging the Treasury Department to resolve errors in last year’s tax law affecting the retail and restaurant industries. As the massive tax law was being drafted last year, lawmakers mistakenly denied businesses making interior renovations immediate full expensing. While the intent was to… Read more »

Wyden Puts Hold on All Treasury Nominees

Sen. Ron Wyden (D-OR), ranking member on the Senate Finance Committee, reiterated yesterday that he is putting a hold on all Treasury nominees pending before the committee. Senate Finance Committee Chairman Orrin Hatch (R-UT) is still trying to confirm Chuck Rettig to serve as the next IRS commissioner and a number of other nominees for… Read more »