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  May 6, 2013, 11:25 am

Bureau issues rule to guide fines for violating consumer protection laws

By Ben Goad

Financial regulators unveiled a new set of guidelines for a civil penalty fund created to collect fines from violators of consumer protection law.

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Archived under: Banking/Financial Institutions, Pending Regs, Finance
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  May 6, 2013, 8:26 am

News bites: But what about the House?

By Bernie Becker

Post-Senate vote Monday, next steps on online sales tax unclear.

Offshore holdings of Commerce nominee's family likely to be scrutinized.

Private colleges offering record levels of aid.

Mexico takes aim at tax reform ...

As U.S. policymakers continue to see consensus on revenues. 

Archived under: Domestic Taxes
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  May 6, 2013, 6:06 am

This week: House tees up debt-ceiling bill

By Peter Schroeder

The House will turn this week to a bill that Republicans say would prevent the United States from defaulting on its debts.

The Full Faith and Credit Act is a preemptive attempt by Republicans to defuse the warnings from the White House and Democrats about holding the debt ceiling “hostage” in fiscal negotiations. The bill would give the Treasury Department the ability to borrow above the limit to cover bond and Social Security payments.

While the Treasury insists it cannot prioritize payments and avoid a default if its borrowing capacity is reached, Republicans disagree, and say their bill should assure markets that the country will always pay its debts.

Lawmakers will likely have to increase the debt ceiling sometime in the late summer or early fall.

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Archived under: Appropriations, Banking/Financial Institutions, Economy, Trade, Housing
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  May 6, 2013, 5:00 am

Regulatory agency employees dodge sequester furloughs

By Julian Hattem and Ben Goad

While employees at some federal agencies are already taking unpaid time off, many regulatory agencies are dodging sequestration's cleaver. 

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Archived under: Budget, Other
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  May 5, 2013, 1:32 pm

Republicans want comprehensive housing plan along with new FHFA chief

By Vicki Needham and Peter Schroeder

Republicans say Obama should accompany his pick to head the Federal Housing Finance Agency with a comprehensive housing plan.

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Archived under: Housing
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  May 5, 2013, 7:20 am

Libertarian lawmaker blocks international tax treaties, making strange bedfellows

By Bernie Becker

Sen. Rand Paul (R-Ky.) has been holding up treaties with Hungary, Luxembourg and Switzerland for well over a year now.

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Archived under: International Taxes
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  May 4, 2013, 2:47 pm

Senate Democrats embrace farm bill in battle to retain their majority

By Erik Wasson

Senate Democrats are moving to farm legislation that they think could bolster several red-state incumbents.

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Archived under: Budget
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  May 4, 2013, 11:10 am

Vacancies, furloughs piling up at OMB

By Erik Wasson

Vacancies in the powerful Office of Management and Budget start at the executive level and go even deeper.

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Archived under: Personnel Notes, Administration
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  May 3, 2013, 2:53 pm

Norquist presses Senate sponsor on online sales tax

By Bernie Becker

The anti-tax activist Grover Norquist is expanding his criticism of a proposed online sales tax measure, raising a slew of issues with a key sponsor of the bill.

Norquist, the founder of Americans for Tax Reform, is pressing Sen. Mike Enzi (R-Wyo.) over whether the Marketplace Fairness Act would make businesses more vulnerable to out-of-state audits, and why the bill would count tribal lands as states.

In a letter dated Thursday, Norquist also asks whether bill could have a negative impact on financial transactions, an idea that has also worried Wall Street groups.

“We believe that there are a number of unanswered questions concerning the Marketplace Fairness Act that remain troubling to taxpayers,” Norquist wrote to Enzi.

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Archived under: Technology, Domestic Taxes
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  May 3, 2013, 2:50 pm

House will take up bill to rein in the SEC’s regulatory power

By Ben Goad

The SEC Regulatory Accountability Act would require the agency to conduct cost-benefit analyses on any new rules. 

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Archived under: Banking/Financial Institutions, Legislation, Finance
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