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.
Ways and Means chair bringing up own property tax plan
The House Ways and Means Committee will take up an entirely different version of a possible property tax overhaul next week as it grapples with Gov. Mike Braun's push for significant cuts to homeowner tax bills.
As the committee wrapped up nearly five hours of testimony on the Senate-backed version of Senate Bill 1 Wednesday, House Ways and Means Chairman Jeffrey Thompson said he would set a public hearing for a plan he authored as a substitute proposal. "At some point, we'll actually take part of what we want to keep [from Senate Bill 1] and take part of, probably, [House Bill 1402] and maybe other ideas and merge it all together here at some point in about a month, would be the plan," Thompson said.
OCRA awards rural communities $9.4M in community development grants
The Indiana Office of Community and Rural Affairs announced more than $9.4 million in federal grants awarded to 15 rural communities for projects to expand facilities, improve water infrastructure and eliminate blight.
Read more from Inside INdiana Business
Commerce secretary wants to turn IEDC inside out
Indiana Secretary of Commerce Dave Adams sat down with Cate Charron of the IBJ to walk through his plans to improve workforce development, expand the reach of job-creation programs and coordinate the work of multiple jobs-related state agencies.
Read more from the Indianapolis Business Journal (subscription required)
FEDERAL GOVERNMENT RELATIONS
House proposal to invalidate CFPB overdraft rule advances
Consumer Bankers Association President and CEO Lindsey Johnson commended a House committee's approval of a resolution that would invalidate the Consumer Financial Protection Bureau's rule on overdraft services for financial institutions with assets exceeding $10 billion. "We're grateful for the leadership of House Financial Services Committee Chairman French Hill [R-Ark.] for protecting consumers' access to overdraft services – particularly those who lack access to credit and use overdraft to pay for necessities like food and utilities," Johnson said, calling for the full House and Senate to approve the resolution so that President Donald Trump can sign it.
Industry, regulators spar over escrow rule jurisdiction
A disagreement regarding escrow rules has emerged between national financial sector groups and state bank regulators as legal disputes could ultimately determine whether federal rules preempt state rules. The American Bankers Association and the Mortgage Bankers Association filed briefs in support of federal rules preempting state rules in the Kivett v. Flagstar case, arguing that uniformity is crucial for stability. Conversely, the American Association of Residential Mortgage Regulators and the Conference of State Bank Supervisors oppose such preemption, citing competitive disadvantages for smaller institutions.
Read more from American Banker
House GOP pushes 6-month stopgap as shutdown looms
House Republicans are advancing a plan for a clean six-month continuing resolution to avert a government shutdown on March 14, pushing to extend funding through late September. This approach aims to prevent frequent short-term resolutions and reduce shutdown threats, with support from Speaker Mike Johnson and Appropriations Chair Tom Cole.
House Republicans form task force to examine Fed
House Republicans have formed a task force to examine the Federal Reserve, focusing on its dual mandate and regulatory role, amid persistent inflation. Task force Chair Frank Lucas, R-Okla., says the panel will examine whether the Fed's responsibilities have become too broad.
Crypto soars as Trump announces US strategic reserve
Crypto prices jumped on Sunday after President Donald Trump announced a U.S. crypto strategic reserve would include bitcoin, ether, Solana, XRP and Cardano. The move aligns with Trump's aims to position the U.S. as a global crypto leader but raises concerns about government influence and the stability of such a reserve amid political shifts. The announcement precedes the White House Crypto Summit, where further details are expected.
Read more from the Wall Street Journal
FDIC reduces workforce by more than 10%
As of last Friday, the Federal Deposit Insurance Corp. has reduced its workforce by more than 10%, cutting between 600 and 700 positions via voluntary departures and firings of probationary staff. The FDIC downsizing is part of the broader Trump administration effort to reduce the federal workforce, and further cuts at the agency are likely.