April 07, 2014

Hearings on HUD nominee, tax code

April 8, 2014 – NAFCU will monitor Senate hearings today on the nominee for deputy secretary of the Department of Housing and Urban Development and on tax reform.

The Senate Banking Committee will hear from HUD nominee Nani Coloretti during a hearing today at 10 a.m. Later this morning, the Senate Budget Committee will hear testimony on reforming the tax code from witnesses representing the Manhattan Institute for Policy Research, the Congressional Research Service and a former chief of staff for the Joint Committee on Taxation.

NAFCU holds preservation of the credit union tax exemption as its highest priority and will continue to track developments on tax reform for any potential impact on credit unions. The association commissioned an independent study in February that shows Americans would lose an annual $17 billion in economic benefits if the credit union federal tax exemption were eliminated.

NAFCU is also following several other hearings this week, including a House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises hearing tomorrow on legislative proposals to "enhance capital formation." Witnesses scheduled to testify include representatives from the Heritage Foundation, the Center on Corporate Governance at Columbia Law School, the Biotechnology Industry Organization, and the Chamber of Commerce.

Also tomorrow, the Senate Small Business Committee will also hold a hearing on the Small Business Administration's budget for the 2015 financial year, and the House Small Business Committee will hold a hearing on tax problems for small businesses.