July 21, 2014

Hearings on taxes, local economies today

July 22, 2014 – NAFCU will monitor Senate hearings today on international taxation and local economies, as well as a House Financial Services hearing tomorrow on the impact of the Dodd-Frank Act four years after its enactment.

This morning, the Senate Finance Committee will hold a discussion of the current U.S. system of international taxation. Witnesses include representatives from the Treasury Department, Harvard University and Centre for Tax Policy and Administration, Organisation for Economic Co-operation and Development in Paris, France.

Barney Frank

This afternoon, the Senate Banking Subcommittee on Housing, Transportation and Community Development will hold a hearing titled "Building Economically Resilient Communities: Local and Regional Approaches," with witnesses including the City of Jersey City mayor and Greater Cleveland Regional Transit Authority, among others.

The House Financial Services Committee hearing tomorrow on Dodd-Frank will feature testimony from former committee Chairman Barney Frank, D-Mass. – who was a leading architect of the law in the House – as well as representatives from the American Enterprise Institute and First State Bank.

Despite lawmakers' and the administration's acknowledgments that credit unions did not cause the financial crisis, credit unions are still falling under a raft of new rules and regulations designed to prevent another crisis. NAFCU continues to work with Congress and regulators to mitigate the impact of a growing regulatory burden on credit unions.