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President Donald Trump inaccurately claimed the strongest economic record ever as he capped a week featuring varied misrepresentations from the White House and in hearings for his Supreme Court nominee. Growth reached 4.2 per cent at an annual rate in the second quarter.
Jolted by the global investment craze over bitcoin and other cryptocurrencies, U.S. lawmakers are moving to consider new rules that could impose stricter federal oversight on the emerging asset class, several top lawmakers told Reuters. Bipartisan momentum is growing in the Senate and House of Representatives for action to address the risks posed by virtual currencies to investors and the financial system, they said.
Two Banking Committee Republicans, Tim Scott of South Carolina and Mike Rounds of South Dakota, joined with Democrats to shelve the nomination of former GOP Rep. Scott Garrett of New Jersey to head up the bank, which provides loans, credit insurance and loan guarantees to help foreign buyers purchase U.S. exports. It has many GOP critics who say it distorts markets and that too much of its help benefits large corporations like Boeing.
Sen. Bob Corker has expressed concern with the GOP tax bill's impact on the deficit. REUTERS/Joshua Roberts One key policy in Senate Republicans' proposed tax overhaul is that tax cuts for individuals will expire within 10 years, while tax cuts for corporations are made permanent.
In this Aug. 17, 2016, file photo, U.S. Sen. Mike Rounds, R-S.D., attends a forum with South Dakota's congressional delegation in Mitchell, S.D. Rounds said Wednesday, July 12, 2017, that changes expected to be unveiled in a revised Senate Republican health care bill will help improve the proposal.
After weeks of withering criticism over their plan to take health insurance from 22 million in order to finance tax cuts for rich people, some Senate Republicans have been kicking around an idea: Maybe don't give tax cuts to rich people. Sens. Susan Collins of Maine, Mike Rounds of South Dakota and Bob Corker of Tennessee have proposed the idea of retaining at least the 3.8% surtax on high earners' investment income - though the same political and policy logic would seem to also apply to another Obamacare tax, the 0.9% surtax on high-earners' labor income.
The first order of business was swearing in the newly elected and re-elected members. John Thune was sworn in to his 3rd term in the U.S. Senate, Thune is third ranking Republican in the Senate.