Federal Reserve Chairman Jerome Powell warned senators June 16 that the U.S. economy would not recover strictly by reopening businesses shuttered by the COVID-19 pandemic and sending Americans back to the workplace. Testifying before the Senate Banking Committee, Powell said Congress should not let the better-than-expected May jobs report or a recent uptick in consumer… Read more »

For their support of the association community, ASAE presented Sentinel Awards this week to Reps. Abigail Spanberger (D-VA) and Rob Wittman (R-VA), as well as Andrew Grossman, chief tax counsel for the House Ways and Means Committee. Last December, Spanberger and Wittman introduced the Freedom to Invest in Tomorrow’s Workforce Act, a bipartisan bill to… Read more »

ASAE concluded its virtual American Associations Week 2020 (AAW) today with a call for continued advocacy and outreach to legislative offices to help associations gain access to federal relief programs during the COVID-19 pandemic. ASAE has developed a community sign-on letter urging Congress to include 501(c)(6) associations in the Paycheck Protection Program (PPP), created to… Read more »

The IRS has issued proposed regulations on the 21 percent excise tax on nonprofit executive compensation over $1 million and excess parachute payments paid by tax-exempt organizations to top executives. The excise tax was created as part of the Tax Cuts and Jobs Act enacted by Congress in 2017. The proposed regulations address concerns in… Read more »

The COVID-19 pandemic has shrunk the U.S. economy by roughly $4 trillion already, according to recent projections by the Congressional Budget Office (CBO). In a letter to House Speaker Nancy Pelosi (D-CA), the CBO said a $2.7 trillion downgrade to projections of consumer spending accounted for about two-thirds of the decline. Consumer spending is the… Read more »