Rep. Kevin Brady, R-Texas, was given the nod to lead the House Ways and Means Committee. He will oversee the committee as it considers issues such as whether to extend lapsed tax incentives and reviews trade deals.
The Consumer Financial Protection Bureau issued revised rules Tuesday on overseas wire transfers. Among the changes: The disclosure of foreign taxes and bank fees will be optional. The rules, which were in response to financial-industry complaints, will take effect Oct. 28.
The Independent Community Bankers of America and the American Bankers Association, both seeking to be the voice of community banks, are taking different positions on the "too-big-to-fail" debate. The ICBA backs legislation calling for the biggest banks to maintain higher capital levels, while the ABA, which represents large and small banks, is taking a more cautious approach on the issue. Other regulations, such as the qualified-mortgage rule, are more pressing than attacking the big banks, ABA officials say.
Contending that it "makes no sense for Congress to charge the Federal Reserve to control what it cannot," Rep. Kevin Brady, R-Texas, introduced a bill to limit the Fed's mandate to price stability. Democrats have criticized the bill and requested a hearing.
Rep. Kevin Brady, R-Texas, is planning to introduce legislation that would strip the Federal Reserve from its mandate to promote maximum employment. Instead, the central bank would focus on battling inflation and protecting the value of the dollar. Brady said his bill is intended to "maintain the purchasing power of the dollar in order to foster long-term economic growth and stability."