President Obama’s proposed Financial Crisis Responsibility Fee, which he unveiled last month, has been included in the 2011 budget proposal released on Monday, February 1, 2010.
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Federal Legislative Developments
Obama Proposes Budget That Would End Foreign Reinsurer Tax Advantages
President Barack Obama’s recently released proposed Budget of the U.S. Government for the Fiscal Year 2011 (the “Proposed 2011 Budget”) would disallow the deduction for excess non-taxed reinsurance premiums paid to foreign affiliates by a U.S. insurance company. The Proposed 2011 Budget projects that this disallowance would result in tax receipts of $22 million in 2011, and totaling $223 million over the next five years.
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Last Week in DC: The Healthcare Reform Debate – February 1, 2010
By Troutman Pepper Locke on
Healthcare reform efforts remained in flux last week, as President Obama sought to repackage his party’s priorities in the wake of the shocking Republican victory in Massachusetts on January 19.
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Last Week in DC: The Healthcare Reform Debate – January 25, 2010
By Troutman Pepper Locke on
Last Tuesday’s stunning Republican victory in Massachusetts left the future of healthcare reform legislation uncertain, at best. After the game-changing Senate special election, Democrats spent the week assessing the damage and working to figure out a path forward on their top legislative priority.
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Read More Last Week in DC: The Healthcare Reform Debate – January 25, 2010
President Obama Announces New Proposal on Bank Limits
By Troutman Pepper Locke on
Posted in Federal Legislative Developments
On Thursday morning, President Obama unveiled a proposal that takes aim at the size of the nation’s major financial institutions and seeks to limit the proprietary trading and other risks taken by such institutions. The President was joined by former Federal Reserve Chairman and head of the Economic Recovery Advisory Board, Paul Volcker, who has long pushed for more robust financial overhaul provisions such as those included in today’s announcement. …
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Last Week in DC: The Healthcare Reform Debate – January 19, 2010
By Troutman Pepper Locke on
The House returned to session last week, as intense negotiations continued behind the scenes on an agreement that will reconcile the differences between the House- and Senate-passed healthcare reform bills. On Thursday, a compromise was reached on one of the Senate bill’s more controversial provisions, smoothing a possible path toward a final agreement in the coming weeks.
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White House to Propose Plan to Recoup Bailout Costs
By Troutman Pepper Locke on
Posted in Federal Legislative Developments, United States
When President Obama releases his FY 2011 budget proposal next month, included will be a mechanism to ensure the losses associated with the recent financial and auto industry bailout are recouped. …
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Last Week in DC: The Healthcare Reform Debate – January 11, 2010
By Troutman Pepper Locke on
Though both the House and Senate were officially in recess, several notable occurrences took place last week as key players moved ahead on the difficult task of how to reconcile the differences between the two chambers’ healthcare reform plans.
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Read More Last Week in DC: The Healthcare Reform Debate – January 11, 2010
Repeal of Antitrust Exemption Gains Traction as House and Senate Democrats Reconcile Healthcare Reform Bills
By Troutman Pepper Locke on
U.S. House Representatives Peter DeFazio, (D-OR) and Gene Taylor (D-MS) drafted a letter to House Speaker Nancy Pelosi (D-CA) in support of repealing the antitrust exemption under the McCarran Ferguson Act for health insurers and medical liability insurers.
What Dodd’s Retirement May Mean for Financial Regulatory Overhaul
By Troutman Pepper Locke on
Posted in Federal Legislative Developments, United States
Wednesday’s announcement that Senate Banking, Housing and Urban Affairs Committee Chairman Christopher Dodd (D-CT) will retire and not seek reelection in 2010 will surely have an impact on the large-scale financial regulatory overhaul effort he is currently shepherding through the Committee.
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