Mega Vote, December 18, 2017

In this MegaVote for New York’s 23rd, 25th & 27th Congressional Districts:

Recent Congressional Votes
Senate: Grasz Nomination – Confirmation
Senate: Willett Nomination – Confirmation
Senate: Ho Nomination – Confirmation
House: Mortgage Lender Escrow Requirement Exemption
House: Iranian Asset Report Requirement
House: Privacy Notice Requirement Exemption
House: Iranian Aircraft Purchase Transactions
Upcoming Congressional Bills
Senate: Newstead Nomination
Senate: Compton Nomination
Senate: West Nomination
Senate: Tax Overhaul Agreement
Senate: Defense-Continuing Appropriations-Children’s Health Funding
House: Tax Overhaul Agreement
House: Required Reviews of Large Banks
House: Proxy Advisory Firms
House: Defense-Continuing Appropriations-Children’s Health Funding
Recent Senate Votes
Grasz Nomination – Confirmation – Vote Confirmed (50-48, 2 Not Voting)

The Senate confirmed Leonard S. Grasz to be U.S. Circuit Judge for the Eighth Circuit.

Sen. Charles Schumer voted NO
Sen. Kirsten Gillibrand voted NO

Willett Nomination – Confirmation – Vote Confirmed (50-47, 3 Not Voting)

The Senate confirmed Don R. Willett to be U.S. Circuit Judge for the Fifth Circuit.

Sen. Charles Schumer voted NO
Sen. Kirsten Gillibrand voted NO

Ho Nomination – Confirmation – Vote Confirmed (53-43, 4 Not Voting)

The Senate confirmed James C. Ho to be U.S. Circuit Judge for the Fifth Circuit.

Sen. Charles Schumer voted NO
Sen. Kirsten Gillibrand voted NO

Recent House Votes
Mortgage Lender Escrow Requirement Exemption – Vote Passed (294-129, 8 Not Voting)

The House passed the bill that would exempt lenders with assets of $10 billion or less from the 2010 financial regulatory overhaul requirement that such lenders establish escrow accounts for the first five years of so-called “high-priced” mortgage loans, if the lenders hold the loan on its own balance sheet for three years after the loan is made.

Rep. Louise Slaughter voted NO

Rep. Chris Collins voted YES

Rep. Tom Reed voted YES

Iranian Asset Report Requirement – Vote Passed (289-135, 7 Not Voting)

The House passed the bill that would require the Treasury Department to report to Congress on assets held in U.S. and foreign financial institutions that are under direct or indirect control certain high ranking Iranian officials, and how sanctions may be used to prevent the funds from being used to contribute to the continued development of ballistic missile technology by Iran.

Rep. Louise Slaughter voted NO

Rep. Chris Collins voted YES

Rep. Tom Reed voted YES

Privacy Notice Requirement Exemption – Vote Passed (275-146, 10 Not Voting)

The House passed the bill that would exempt vehicle financial companies that have not changed their privacy policies, including companies that share or sell information on consumers to unaffiliated third parties, from the requirement that such companies provide annual written privacy notices to consumers.

Rep. Louise Slaughter voted NO

Rep. Chris Collins voted YES

Rep. Tom Reed voted YES

Iranian Aircraft Purchase Transactions – Vote Passed (252-167, 12 Not Voting)

The House passed the bill that would require the Treasury secretary to report to Congress on any U.S. or foreign financial institutions that are involved in financing the purchase or export of aircraft on behalf of Iran, and to certify that such transactions pose no money-laundering or terrorism-financing risk.

Rep. Louise Slaughter voted NO

Rep. Chris Collins voted YES

Rep. Tom Reed voted YES

Upcoming Votes
Newstead Nomination – PN914

The Senate is expected to vote on the nomination of Jennifer Gillian Newstead to be legal adviser at the State Department.

Compton Nomination – PN514

The Senate will vote on the nomination of J. Paul Compton, Jr to be general counsel of the Housing and Urban Development Department.

West Nomination – PN555

The Senate will vote on the nomination of Owen West to be assistant secretary of Defense.

Tax Overhaul Agreement – HR1

The conference report on the bill would significantly cut corporate and individual taxes and seek to simply the tax code, although most individual tax provisions would expire after 2025. It would reduce the corporate tax from 35 percent to 21 percent and reduce taxation of so-called “pass-through” businesses where profits are taxed at the individual rate. For corporate taxes, it also would establish a “territorial” tax system that exempts most overseas income from U.S. taxation. Most individual tax rate rates would be reduced, including by dropping the top rate from 39.6 percent to 37 percent, and it would eliminate personal exemptions but nearly doubles the standard deduction so fewer taxpayers will itemize deductions. For those who do itemize, mortgage interest could be deducted on up to $750,000 of a home loan, and up to $10,000 in state and local income and property taxes could be deducted. It also would effectively repeal the 2010 health care law’s individual mandate to help pay for the measure’s tax cuts, and it would allow oil and gas drilling in the Arctic National Wildlife Refuge in Alaska. The measure’s net tax cuts would add almost $1.5 trillion to federal deficits over 10 years.

Defense-Continuing Appropriations-Children’s Health Funding – HR1370

The Senate-passed version of the bill will be further amended with legislative text that would provide full funding for Defense Department through the end of fiscal 2018 while appropriating money for the rest of the federal government for just one month, through Jan. 19, 2018, by extending the current continuing resolution. It also would fund the Children’s Health Insurance Program (CHIP) for five years and Community Health Centers and several other health programs for two years. It also would provide $2.1 billion for continuing operations of the Veterans Choice Program.

Tax Overhaul Agreement – HR1

The conference report on the bill would significantly cut corporate and individual taxes and seek to simply the tax code, although most individual tax provisions would expire after 2025. It would reduce the corporate tax from 35 percent to 21 percent and reduce taxation of so-called “pass-through” businesses where profits are taxed at the individual rate. For corporate taxes, it also would establish a “territorial” tax system that exempts most overseas income from U.S. taxation. Most individual tax rate rates would be reduced, including by dropping the top rate from 39.6 percent to 37 percent, and it would eliminate personal exemptions but nearly doubles the standard deduction so fewer taxpayers will itemize deductions. For those who do itemize, mortgage interest could be deducted on up to $750,000 of a home loan, and up to $10,000 in state and local income and property taxes could be deducted. It also would effectively repeal the 2010 health care law’s individual mandate to help pay for the measure’s tax cuts, and it would allow oil and gas drilling in the Arctic National Wildlife Refuge in Alaska. The measure’s net tax cuts would add almost $1.5 trillion to federal deficits over 10 years.

Required Reviews of Large Banks – HR3312

The bill would modify the 2010 financial regulatory overhaul law to eliminate the requirement that bank holding companies with assets greater than $50 billion be automatically subjected to enhanced supervision and standards, and it would require the Federal Reserve to instead make such designations based on other factors, such as a bank’s activities and relationships.

Proxy Advisory Firms – HR4017

The bill aims to improve transparency in the public company proxy shareholder advisory system to enhance shareholder access to investment information by requiring proxy advisory firms to register with the SEC, disclose potential conflicts of interest and whether they have a code of ethics, and make publicly available their methodologies for formulating proxy recommendations and analyses.

Defense-Continuing Appropriations-Children’s Health Funding – HR1370

The Senate-passed version of the bill will be further amended with legislative text that would provide full funding for Defense Department through the end of fiscal 2018 while appropriating money for the rest of the federal government for just one month, through Jan. 19, 2018, by extending the current continuing resolution. It also would fund the Children’s Health Insurance Program (CHIP) for five years and Community Health Centers and several other health programs for two years. It also would provide $2.1 billion for continuing operations of the Veterans Choice Program.

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