REFinBlog

Editor: David Reiss
Brooklyn Law School

December 5, 2017

Tuesday’s Regulatory & Legislative Roundup

By Jamila Moore

  • The Senate’s version of its tax reform bill will increase the nation’s debt. Their plan as written, increases the deficit by more than $1 trillion. The Senate’s vote on the bill narrowly passed with a 51-49 vote in favor of the bill. Though the bill garnered enough support from Republicans, it did not garner one vote from Democrats. Further, one of the proposed cuts contributing to the national deficit is the corporate tax cut. Supporters of the bill believe the government will recoup the funds lost by the tax cut through the corporation’s investment into the economy. However, only time will determine if such result is plausible.
  • The House of Representatives recently passed a bill revising the federal rules concerning home mortgage loans regarding various manufactured-home makers. Democrats do not support the bill and believe that the revision will expose consumers to predatory practices by lenders. Critics argue the bill unravels the rules and procedures put in place by the Consumer Financial Protection Bureau (CFPB) and the Obama Administration.
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