U.S. Sens. Sherrod Brown (D-OH), Ben Cardin (D-MD), and Patty Murray (D-WA) Tuesday reintroduced the Restaurant Revitalization Tax Credit Act, which seeks to provide restaurant tax relief.© Shutterstock The bill would establish a special tax credit available to businesses that have applied for the Small Business Administration (SBA) Restaurant Revitalization Fund (RRF) program but could […]

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A group of Republican lawmakers recently reintroduced the Stop the Nosy Obsession with Online Payments (SNOOP) Act.© Shutterstock The legislation stems from tax code provisions within the American Rescue Plan (ARP) requiring third-party payment platforms to report businesses’ gross transaction volumes totaling over $600 to the Internal Revenue Service (IRS). U.S. Sens. Bill Hagerty (R-TN), […]

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A group of lawmakers recently forwarded correspondence to the Securities and Exchange Commission (SEC), citing opposition to several proposed domestic equity market structure revisions.© Shutterstock U.S. Sens. Kevin Cramer (R-ND), Bill Hagerty (R-TN), Thom Tillis (R-NC), Mike Crapo (R-ID), and Cynthia Lummis (R-WY) signed off on the letter to SEC Chair Gary Gensler. “U.S. equity […]

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The National Association of Federally-Insured Credit Unions (NAFCU) recently joined four financial trade groups in addressing potential Consumer Financial Protection Bureau’s (CFPB) credit card late fees rulemaking.© Shutterstock The NAFCU joined the American Bankers Association (ABA), the Credit Union National Association (CUNA), the Independent Community Bankers of America (ICBA), and the National Bankers Association (NBA) […]

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According to a recently released outlook called The New Macro Supercycle, analysts from Mitsubishi UFJ Financial Group (MUFG) predicted that 2023 will likely be the time markets pull from the constraints and problems of 2022, with positive signs already. © Shutterstock Tom Joyce, head of MUFG’s Capital Markets Strategy team, said the early days of […]

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U.S. Rep. Bill Foster (D-IL) has joined colleagues in co-sponsoring the End the Threat of Default Act (H.R.415), which would repeal the national debt ceiling.© Shutterstock “Weaponizing the debt ceiling and using it as a pawn in partisan budget negotiations is dangerous and repeatedly brings our nation to the brink of default, which would be […]

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In a first for the United States, tech and data infrastructure provider Intercontinental Exchange, Inc. (ICE) launched the ICE U.S. Carbon Neutral Power Index this week, based on methods licensed from Carbon Neutral Investment Company LLC (CNIC). © Shutterstock This collection of electricity futures could mark a major change for commodity indices, according to Varun […]

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Securities and Exchange Commission (SEC) officials said the agency is seeking candidates for appointment to its Small Business Capital Formation Advisory Committee.© Shutterstock “The Small Business Capital Formation Advisory Committee and its members are key to ensuring a wide array of perspectives are represented in SEC policymaking,” SEC Chairman Gary Gensler said. “I look forward […]

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Public policy, research, and advocacy group Bank Policy Institute (BPI) has provided the Federal Reserve and Federal Deposit Insurance Corporation (FDIC) with input regarding large bank resolution requirements.© Shutterstock BPI responded to the Federal Reserve and FDIC request for comment regarding whether the benefits of requiring domestic regional banks to maintain an extra layer of […]

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The Consumer Financial Protection Bureau (CFPB) noted that a newly issued circular affirms companies offering negative option subscription services must comply with federal consumer financial protection law. © Shutterstock “Consumers shouldn’t have to jump through hoops to cancel subscriptions they don’t want, and they shouldn’t have to worry about a trial marketing offer turning into […]

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