Tara Jeffries
Morning Consult
Washington, DC, United States
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Past articles by Tara:
Finance Brief: Fed Fines Deutsche Bank $41 Million for Anti-Money Laundering Shortcomings
The Federal Reserve said it fined Deutsche Bank AG $41 million for failings in the German lender's anti-money laundering controls between 2011 and 2015. → Read More
Trump Alludes to Senate Reconciliation Process for Tax Legislation
President Donald Trump on Tuesday indicated he wants to fast-track tax legislation through the Senate with 51 votes, signaling support for using the procedural vehicle known as reconciliation. → Read More
Finance Brief: Clayton Plans to Hire Steven Peikin to Run SEC's Enforcement Division
Securities and Exchange Commission Chairman Jay Clayton plans to hire Steven Peikin, who worked for years at Clayton’s former law firm Sullivan & Cromwell LLP, to co-direct the agency’s enforcement division alongside Acting Director Stephanie Avakian. → Read More
Finance Brief: Pence's Tax Lobbying on Hill Rankles Republican Study Committee Members
Vice President Mike Pence urged House Republican Study Committee Chairman Mark Walker (N.C.) to poll the group's members on whether they'd support the White House tax outline over the House GOP blueprint, a move that spurred criticism from members. Some RSC members oppose the idea of breaking from the House leadership's tax plan, which differs in key ways from President Donald Trump's proposal. → Read More
House GOP, White House Diverge on Two Key Tax Provisions
Two consecutive days of Capitol Hill testimony from Treasury Secretary Steven Mnuchin made it clear that White House policy still differs in key places from the House GOP tax overhaul plan. → Read More
Finance Brief: Ryan Says House Could Pass Tax Bill That Omits Border Adjustment Provision
Speaker Paul Ryan (R-Wis.) said it's possible the House could pass tax overhaul legislation that doesn't include the border adjustment provision, a controversial centerpiece of the House GOP plan. He also said he hopes the final bill will be ready for President Donald Trump's signature by Dec. 23. → Read More
Finance Brief: Intra-Party Debate Over Swipe Fees Intensifies
An intra-party dispute over a proposed repeal of debit card swipe-fee limits may delay a House vote on the the Dodd-Frank replacement bill sponsored by Financial Services Committee Chairman Jeb Hensarling (R-Texas), who urged colleagues to support the measure during a conference meeting Tuesday. GOP Reps. David Young (Iowa) and Dennis Ross (Fla.) want the repeal language removed from the bill. → Read More
Challenges Facing Border Tax Plan on Display at Ways and Means Hearing
The border adjustment tax came into focus at a House Ways and Means Committee hearing Tuesday that illuminated the challenge it faces as a politically fraught linchpin of the House GOP tax overhaul effort. → Read More
Finance Brief: Acosta Declines to Extend Delay of Fiduciary Rule; Implementation Begins June 9
Labor Secretary Alexander Acosta said he won't extend the delay of the Obama-era fiduciary rule beyond June 9. He said the Labor Department "found no principled legal basis" to change the implementation date while it seeks public comment. → Read More
Finance Brief: Nominee for No. 2 Post at Treasury Withdraws From Consideration
Goldman Sachs Group Inc. executive James Donovan withdrew from consideration for the No. 2 post at the Treasury Department, citing family matters. So far, the only Senate-confirmed political appointment filled at the agency has been the secretary's position, leaving at least 10 other posts vacant. → Read More
Finance Brief: Mnuchin to Recommend New Asset Thresholds for Dodd-Frank Banking Rules
Treasury Secretary Steven Mnuchin said he'll recommend that the administration exempt all banks with less than $10 billion in assets from Dodd-Frank rules. He also said he will call for raising the $50 billion asset threshold that prompts stricter bank scrutiny under the 2010 law, but he didn't specify what the new threshold should be. → Read More
Business Leaders Want Tax Changes Made Permanent
The House Ways and Means Committee's first major tax reform hearing illustrated the work still ahead for Republican lawmakers as they attempt to overhaul the tax code and reconcile their blueprint with the White House agenda. The Thursday hearing also called into focus the high-pressure timeline they face to meet business expectations on enacting changes. → Read More
Finance Brief: U.S. Stocks Tumble in Reaction to Trump-Comey Developments
The Standard & Poor's 500 Index on Wednesday fell the most since March as political conflict roiled Washington. The latest White House controversy surrounding the firing of now-former Federal Bureau of Investigation Director James Comey triggered risk-averse behavior in financial markets. → Read More
Finance Brief: Border Adjustment Tax Will Be Focus of Ways and Means Hearing Next Week
The Ways and Means Committee will examine the House GOP's border adjustment tax proposal at a hearing scheduled for May 23. Republican members of the House panel are considering a revamp of the provision, which Senate Majority Leader Mitch McConnell (R-Ky.) said "probably wouldn't pass the Senate." → Read More
Finance Brief: Wells Fargo Sued by Philadelphia Over Alleged Predatory Lending
The City of Philadelphia sued Wells Fargo & Co., alleging that the country's largest mortgage lender engaged in predatory lending. The lawsuit, which comes after a recent Supreme Court decision allowing cities to sue banks for alleged discrimination that leads to widespread defaults and lower property tax revenue, compounds Wells Fargo's legal woes in the wake of its consumer fraud scandal. → Read More
Finance Brief: Trump to Nominate Former House Republican Aide to CFTC
The White House said President Donald Trump intends to nominate Brian Quintenz, a former House GOP aide and investment manager, to a seat on the Commodity Futures Trading Commission. Quintenz was nominated for the post last year but never received a confirmation vote in the Senate. → Read More
Finance Brief: Wall Street Concerned Comey's Firing May Delay Tax Reform Efforts
Some Wall Street analysts are concerned that Trump's firing of Federal Bureau of Investigation Director James Comey may lead to a slowdown in congressional action on pro-growth GOP priorities like tax reform. → Read More
Phase-In Could Help Border Tax, But Complicate Budget and Currency Math
A gradual phase-in may be the best political hope for the border adjustment tax provision surviving negotiations between the White House and Republican lawmakers, but a long transition could complicate revenue impacts and currency reactions. → Read More
Finance Brief: Appeals Court Vacates Ruling That Declared Fed's Bailout of AIG Unlawful
A federal appeals court vacated a 2015 ruling that the U.S. government's 2008 bailout of American International Group Inc. was unlawful. Former Chief Executive Hank Greenberg had sued the government in 2011 arguing that the Federal Reserve overstepped its authority, and his legal team now plans to appeal to the Supreme Court. → Read More
OCC Fintech Charter Faces Uncertain Future After Curry's Departure
Thomas Curry, the now-former chief of the Office of the Comptroller of the Currency, left his post with a major piece of unfinished business -- a plan to offer national bank charters to financial technology firms. → Read More