STATE GOVERNMENT RELATIONS
Bills to watch:
- Senate Bill 314 - Pass through entity tax.
- Senate Bill 316 - Investment partnership tax.
- House Bill 1001 - State budget.
- House Bill 1033 - Retainage requirements.
- House Bill 1081 - Distributions to charitable beneficiaries.
- House Bill 1088 - Various probate matters.
Coalition calls on governor to create housing commission
As legislative efforts to address housing affordability continue to stall, the nearly 500 individuals and organizations across the state that make up the Hoosier Housing Needs Coalition called on the governor to create a housing commission.
State revenues continue to exceed projections
For the third consecutive month, Indiana's revenue collections have exceeded the most recent projections. The Indiana State Budget Agency said General Fund revenues in February totaled more than $1.3 billion, which was $94 million higher than the December 2024 forecast, or 7.8%.
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FEDERAL GOVERNMENT RELATIONS
Employees: Phased layoff plan may nearly eliminate CFPB
The Trump administration and Elon Musk's Department of Government Efficiency team are reportedly planning to significantly reduce the staff of the Consumer Financial Protection Bureau as part of a wind-down strategy. CFPB employees say in court filings that discussions have outlined a phased layoff plan that could leave the agency with only five employees. Legal challenges have temporarily halted the actions.
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Bowman reportedly in line for Fed bank supervision role
Federal Reserve Governor Michelle Bowman is reportedly the leading candidate to become the Fed's vice chair for bank supervision, a position vacated by Michael Barr last month. Some congressional Republicans called for the position to be filled quickly after Federal Reserve Chair Jerome Powell suggested it could be left empty. Trump said in an interview that aired Sunday on Fox News that he would make a decision on Barr's successor "fairly soon."
Read more from the Wall Street Journal
House approves stopgap bill aimed at averting shutdown
The House has passed a stopgap funding bill aimed at preventing a government shutdown, with the measure now headed to the Senate, where it needs Democratic support to pass. The bill includes increased security spending, cuts to the IRS and flexibility for the Defense Department.
Stablecoin legislation heads toward Senate panel vote
The Senate Banking Committee is set to vote on a bipartisan bill that would regulate stablecoins. The proposal is intended to enhance consumer protection and financial inclusion, and it recently gained traction after receiving President Donald Trump's endorsement. Proponents say stablecoins can disrupt payment systems and enhance the U.S. dollar's global dominance, while opponents point to risks to financial stability and say the bill would provide insufficient consumer safeguards.
Read more from American Banker
Powell: Fed to stay patient amid policy uncertainty
Federal Reserve Chair Jerome Powell has signaled a cautious approach to interest rate changes, citing uncertainty over the Trump administration's trade and fiscal policies. Powell said that while inflation is easing, the Fed will wait for clearer economic signals before adjusting its stance.
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OCC lifts crypto restrictions for banks
The U.S. Office of the Comptroller of the Currency rescinded Biden-era guidance on crypto, easing restrictions on banks offering digital asset services, including custody and stablecoin reserves. The OCC's move aligns with the Trump administration's commitments to allow banks to engage with cryptoassets.