November 21, 2017
Tuesday’s Regulatory & Legislative Roundup
- Janet Yellen, chair of the Federal Reserve Board resigned. Obama appointed Yellen during his term which many anticipated to end in 2024. Yellen served on the board in some capacity for approximately thirty years; however, her role as chair will end on February 3, 2018.Whether Yellen will continue as a member of the Fed board in some capacity is still unknown. Jerome Powell is expected to assume the role after Yellen. He currently awaits confirmation.
- Like the House of Representatives tax bill, the Senate’s tax reform bill is moving towards a similar path. The Senate Finance Committee passed its own tax reform bill. Members of the committee believe the bill is “the most comprehensive tax bill in a generation.” While both bodies of legislation presented their own versions of a tax reform bill, President Trump elected to encourage the Senate’s cooperation by stating, he looks forward to signing the bill into law by the end of the year.