Lawmakers and stakeholders within the business industry are at odds over the Consumer Financial Protection Bureau (CFPB) rule to collect data on small business loan recipients. Proponents of the rule argue that it will allow for more equitable lending practices, while opponents argue that the rule constitutes a privacy breach and administrative burden. The CFPB’s 1071 rule specifically requires financial institutions to submit information about the race, ethnicity and gender of small business loan recipients. It also requires information on lending decisions and the price of credit. The bureau argued that greater data collection “will give investors and lenders more…

Congressional Republicans recently attempted to block a new rule from the U.S. Department of Labor that allows retirement plan fiduciaries to consider environmental, social and governance (ESG) factors when choosing investments. The ESG rule, formally known as the Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights, went into effect on Jan. 30, following an executive order signed by President Joe Biden in May 2021. “The intensifying impacts of climate change present physical risk to assets, publicly traded securities, private investments, and companies — such as increased extreme weather risk leading to supply chain disruptions,” the executive order…

Republicans in Congress are attempting to reduce the $80 billion increase in funding for the Internal Revenue Service (IRS) that Democrats approved as part of the Inflation Reduction Act of 2022. The funding was justified as a way to correct years of underfunding for the tax collection agency, leading to poor customer service and processing delays. The additional funding will be used for modernization and IT improvements as well as hiring 87,000 new IRS employees to help raise an additional $204 billion in tax revenue over a 10-year period. However, in January the House voted 221-210, along a party line…

With gas and fuel costs rising for most of 2022, members of Congress are looking to take action against oil-producing countries they accuse of artificially raising the price of oil. The bipartisan No Oil Producing and Exporting Cartels Act (NOPEC) would specifically target the group of countries in the Organization of the Petroleum Exporting Countries (OPEC), which includes Russia and Saudi Arabia. The bill would adjust U.S. antitrust law to allow the U.S. attorney general to bring lawsuits against OPEC countries and their state-owned oil companies for price fixing, which is illegal in the U.S. In October, OPEC announced it…

Democrats achieved a major victory this past summer when Congress passed the Inflation Reduction Act (IRA), a modified version of the Biden administration’s Build Back Better plan. Among its aims, the IRA will attempt to curb rising levels of inflation by reducing the federal deficit. It will also increase spending on climate change and clean energy solutions as well as address prescription drug and tax reform. Biden, who signed the bill into law in mid-August, called it “one of the most significant laws in our history.” He added during the signing ceremony that with this new law, “the American people…

Following the radical changes to many Americans’ work routines during the COVID-19 pandemic, some progressives are reinvigorating a push to an even more radical move: a shorter workweek. The current push for a reduced workweek is being spearheaded by Rep. Mark Takano (D-Calif.), who introduced the 32-Hour Workweek Act in 2021. The bill would reduce the average workweek by lowering the 40-hour threshold for overtime compensation for nonexempt employees under the Fair Labor Standards Act. Thus, any time worked over 32 hours in a week would be subject to overtime compensation. Progressives say the move would improve work-life balance and…

As cryptocurrency becomes more popular, some lawmakers are calling for increased regulation of these digital assets. However, the unique aspects of cryptocurrency have even the most supportive industry stakeholders warning that any new rules must be created thoughtfully and with a light touch rather than leaning on existing banking rules. The use of cryptocurrency, a form of digital currency, has grown rapidly. By the end of 2021, the crypto market nearly surpassed $3 trillion, up from $14 billion five years before. Roughly 16% of Americans also report having invested in, traded or used this type of currency, according to a…

In mid-March, the Senate made a rare move to swiftly enact bipartisan legislation. The goal: making sure most Americans would no longer need to change their clocks twice a year by making daylight saving time permanent. The Sunshine Protection Act (S. 623) passed the Senate by voice vote but still needs to pass the House. If it becomes law, the bill would make the time change permanent in November 2023 in order to accommodate segments of the transportation industry that already have schedules set through then. Currently daylight saving time, where clocks are set an hour ahead of standard time,…

There is growing momentum in Congress to limit elected officials’ ability to buy and sell stocks while they serve in public office. Government watchdogs have long called for such a ban, but it took on new life after reports that several lawmakers may have profited from stock sales during the COVID-19 pandemic that could have been influenced by intelligence briefings. For example, Sen. Richard Burr (R-N.C.) was investigated by the U.S. Department of Justice (DOJ) for stock trades he made shortly after he was briefed about COVID-19 in early 2020. Burr unloaded as much as $1.7 million of stocks following…

In spring 2021, President Joe Biden struck a deal with German Chancellor Angela Merkel to remove U.S. sanctions on a Russian company building a natural gas pipeline from Russia to Germany. While analysts suggested the move was made to protect U.S. relations with Germany, the decision was opposed by both Republicans and Democrats as well as several European countries. The Nord Stream 2 pipeline, constructed by the Russian state-controlled gas company Gazprom, is projected to double natural gas exports into Europe once German regulators certify the recently completed project. The pipeline runs under the Baltic Sea and bypasses Poland and…