Proposed Payment Card Reporting Rules Would Put U.S. Payers at Competitive Disadvantage, Witnesses Tell IRS

Witnesses at a March 15 Internal Revenue Service hearing on payments made to settle payment card and third-party network transactions focused on the foreign reporting requirements of …

Health Care Reform Reconciliation Vehicle Clears Key Hurdle in House

The House Budget Committee took a first legislative step March 15 toward bringing a final health care bill to the House floor by voting 21-16 to report out…

IRS Focused on Global Issues, Greater Cooperation, Transparency, Former Deputy Commissioner Says

Taxpayers can expect a sharp focus on global issues at the Internal Revenue Service going forward, marked by closer relationships with other taxing authorities, an…

N.Y. Fed Expands Counterparty Eligibility for Possible Reverse Repurchase Program

The Federal Reserve Bank of New York March 8 announced qualified money market mutual funds would be eligible counterparties in a possible reverse repurchase…

Derivatives Portion of Dodd Bill Similar to Earlier Draft, but Likely to Be Amended

Senate Banking Committee Chairman Chris Dodd’s (D-Conn.) second attempt at crafting language to regulate over-the-counter derivatives, which he debuted…

Dodd Bill Treads Some New Ground, While Also Echoing Goals of Earlier Draft

At a press conference March 15, Sen. Chris Dodd (D-Conn.) unveiled a highly anticipated financial regulatory reform bill that may garner less support from the securities industry than…

Senate Banking Committee Chairman Dodd Introduces Financial Reform Bill with Parties Still Divided

Senate Banking Committee Chairman Christopher Dodd (D-Conn.) March 15 introduced legislation aimed at a sweeping overhaul of U.S. financial services…