Overview - On Monday, 11 March 2024, the Biden administration released the president’s budget request (PBR) for fiscal year 2025 (FY2025), as well as the “Greenbook” containing explanations of the various revenue proposals in...more
3/25/2024
/ Biden Administration ,
Capital Gains ,
Excise Tax ,
Federal Budget ,
GILTI tax ,
Green Book ,
Inflation Reduction Act (IRA) ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Incentives ,
Tax Policy
Introduction - On Wednesday, 6 March 2024, the Securities and Exchange Commission (SEC) approved its highly anticipated final rules on “The Enhancement and Standardization of Climate-Related Disclosures for Investors” by a...more
3/7/2024
/ Asset Management ,
Board of Directors ,
Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Final Rules ,
Greenhouse Gas Emissions ,
Investors ,
Regulatory Oversight ,
Risk Mitigation ,
Securities and Exchange Commission (SEC)
Introduction - The Corporate Sustainability Due Diligence Directive (CS3D or Directive) is a mandatory framework of rules for companies that operate in the European Union (EU) and exceed certain revenue and employee...more
Introduction - On 7 October 2023, California Governor Gavin Newsom signed into law landmark legislation mandating corporate climate and climate-related financial risk disclosures. Together, SB 253 and SB 261 apply to public...more
ESG Activity in the House Financial Services Committee (HFSC) - Prior to departing for the August recess, Chairman Patrick McHenry (R-NC) wrapped up the month-long series of hearings considering digital assets and...more
On 2 November 2022, the U.S. Securities and Exchange Commission (SEC) voted 3–2, along party lines, to adopt a final rule and form amendments (together, the Final Rule) that would require additional disclosure on Form N-PX...more
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has had a very active regulatory agenda that has invited a lot of controversy due to both its ambitious scope and the speed of implementation. While there are...more
The Biden administration has prioritized environmental, social, and governance (ESG) risks to capital markets, particularly climate-related financial risks (discussed in our previous alert, Biden Administration ESG Activity...more
3/25/2022
/ Biden Administration ,
Climate Change ,
Comment Period ,
Corporate Governance ,
Disclosure Requirements ,
Greenhouse Gas Emissions ,
Proposed Rules ,
Regulation S-K ,
Regulation S-X ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act
Since the publication of this alert, the United States Court of Appeals for the Fifth Circuit granted an emergency motion to stay enforcement of OSHA’s Emergency Temporary Standard, finding there is “cause to believe there...more
On 20 May 2021, President Biden announced an Executive Order to help “tackle the climate emergency,” a top priority for his Administration.1 The Executive Order builds upon the Securities and Exchange Commission’s (SEC or...more
The Securities and Exchange Commission (SEC or the Commission) has announced a series of initiatives reorienting the Commission’s agenda to focus on environmental, social, and governance (ESG) issues. In particular, the...more
After several months of halting negotiations, Congress passed the Consolidated Appropriations Act, 2021 (the Act) late in the evening on December 21, 2020. The Act includes omnibus appropriations language to fund the...more
SENATE OUTCOMES WILL SHAPE THE BIDEN TAX AGENDA - The waiting is over and Joe Biden is the declared winner of the presidential election. Because both Senate races in Georgia have gone to run-offs we won’t know until January...more
There is little doubt that the outcome of the 3 November federal election will be consequential for much of America, and that the consequences are likely to be very different depending on who sits in the Oval Office and the...more
With the 2020 presidential election underway, now is the time for businesses and organizations to consider the potential impacts of the next presidential administration’s policies and priorities. In the first installment of...more
10/14/2020
/ Coronavirus/COVID-19 ,
Donald Trump ,
Financial Services Industry ,
Infrastructure ,
Political Campaigns ,
Political Candidates ,
Presidential Elections ,
Public Policy ,
Tax Cuts ,
Technology Sector ,
Trump Administration
Depending on the results of the presidential and congressional elections in November 2021 could usher in major changes in tax policy. You should be thinking about those potential changes now for purposes of 2020 year-end tax...more
On 23 June, the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) released a proposed rule, Financial Factors in Selecting Plan Investments (the Proposed Rule). EBSA has regulatory authority over...more
On Wednesday, March 25, a historic, bipartisan deal was reached in the Senate to offer $2 trillion in health care and economic relief to Americans and businesses amid the ongoing novel coronavirus (COVID-19) pandemic. The...more
On March 14, the House of Representatives passed the Families First Coronavirus Response Act (H.R. 6201), as amended, in a 363-40 vote; the House subsequently passed an amended version of the measure on March 16 containing...more
As the novel coronavirus (COVID-19) continues to spread globally and the number of cases in the U.S. grows, attention on Capitol Hill has shifted to potential legislative responses aimed at combatting the outbreak and...more
On May 14, 2019, the Board of Governors of the Federal Reserve System (the “Board”) issued a notice of proposed rulemaking to revise the Board’s regulations on determining controlling influence over a company for purposes of...more
The Senate Finance Committee has launched a new effort to consider the fate of dozens of temporary tax provisions (or “extenders”) that have expired in recent years, as well as other provisions slated to expire in 2019 and...more
Tax Reform Slashes Deductions for Settlements Paid to Government Agencies for Violations and Investigations - IRS Requests Comments by May 18 - Businesses making payments to governments and governmental entities on or after...more
Secretary Mnuchin and Director Mulvaney have peaceably resolved their differences over the review process of tax regulations. Will greater OMB review of Treasury regulations be a positive or a negative for taxpayers? ...more
The Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) are picking up the pace in releasing substantive guidance regarding implementation of the Tax Cuts and Jobs Act (“TCJA”), passed by Congress...more