Hill Happenings: Your Weekly Legislative Update from Poligon

Hill Headlines

House Republicans Release Tax Reform Plan: After delays, Republicans released the Tax Cuts and Jobs Act (H.R. 1) on Thursday. The plan adjusts tax brackets to reduce taxes for most Americans - particularly those earning $1 million or more - and increases tax credits for children and other dependents. The plan also removes federal tax deductions that offset any state and local income taxes paid, and limits tax deductions on mortgage interest payments to the first $500,000 of a mortgage. The House Ways and Means Committee will begin working on the bill next week.

Legislative Updates

Limiting Lawsuits Against Financial Institutions: On Wednesday President Trump signed H.J.Res 111, which was passed in a 51-50 Senate vote last week. The measure repeals a ban on banks and credit card companies including clauses in their contracts with customers that protect them from individual and class action lawsuits. This ban was instituted in 2015 by the Consumer Financial Protection Bureau (CFPB), a financial regulatory agency set up in response to the 2008 financial crisis.

Domestic Violence Records Reporting Improvement Act: Rep. Costello (R-PA-6) and Rep. Rice (D-NY-4) introduced H.R. 4183, which provides support to states to improve reporting of domestic violence records to the National Instant Criminal Background Check System (NICS). Under existing law, domestic abusers are prohibited from purchasing firearms, but enforcement of this law relies on records reported to the NICS.

Access to Affordable Housing Act: Rep. DelBene (D-WA-01) has filed H.R. 4185, which would increase the Low Income Housing Tax Credit by 50 percent and support the development of up to 400,000 low-income housing units throughout the country over the next ten years.

Reauthorizing CHIP Funding: Today the House voted to reauthorize funding for the Children’s Health Insurance Program (CHIP) for five years as part of H.R. 3922. The program provides health insurance coverage for approximately 9 million low-income children.The bill also provides funding for community health centers for two years, and offsets spending in the bill with cuts to other health programs and increased premiums for wealthier Medicare recipients.

On the October 31 New York City Attack:

"President Trump, instead of politicizing and dividing America which he always seems to do at times of national tragedy, should bring us together." - Sen . Schumer (D-NY)

"I'm committed to fighting to keep our country safe and will continue to work in a bipartisan manner to advance policies to prevent global terrorism from reaching our shores." - Rep. Katko (R-NY-24)

On the GOP Tax Reform Plan:

“I’m deeply concerned with [this] partisan plan...it saddles future generations with trillions more in debt to pay for tax cuts for the most fortunate Americans.” - Rep. Schneider (D-IL-10)

"Today, we introduced a tax relief plan that will finally deliver relief from America's antiquated and overly burdensome tax code.” - Rep. Carter (R-GA-1)

On Limiting CFPB Protections:

“The unelected [CFPB Director Richard] Cordray issued yet another stupid regulation that would have hurt consumers, the people’s democratically elected representatives voted to stop the regulation.” - Sen. Cotton (R-AR)

“Our job is to look out for the people whom we serve...not to look out for corporations who scam consumers.” - Sen. Brown (D-OH)

On the Domestic Violence Records Reporting Improvement Act:

“Our bipartisan bill creates common-sense incentives for states to improve their reporting of domestic violence records so that we can enforce the law, keep guns out of the hands of domestic abusers, and save lives.” - Rep. Rice (D-NY-04)

On the Access to Affordable Housing Act:

“Housing options are not keeping pace with demand and my legislation would help ensure more families can find stable, affordable housing.” - Rep. DelBene (D-WA-01)

On Reauthorizing CHIP:

“This five-year extension is done in a responsible and common-sense manner that keeps our fiscal promises and fulfills our moral responsibilities.” - Rep. Ryan (R-WI-1)

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