“The committee will hit the bottom running in 2025,” said current and future chairman Sam Graves, R- Mo., who will probably be back on the helm of.House Transportation and Infrastructure Committee.
Bloomberg News
The longer term of infrastructure spending seems to headed towards more emphasis on roads and rail lines in keeping with recent signals sent by the House Transportation and Infrastructure Committee.
“The committee will hit the bottom running in 2025,” said current and future Chairman Sam Graves, R- Mo.
“Our work will include working with President Trump to advance his infrastructure priorities, developing the subsequent long-term surface transportation reauthorization, and reprioritizing policies which can be consistent with the core purpose of infrastructure.”
Graves survived a challenge to his leadership from Rep. Rick Crawford, R-Ark., who showed interest in taking the gavel earlier this yr.
Graves’ term was alleged to end as a consequence of term limitations which might be navigated around via a waiver from the Steering Committee.
The House Ways and Means Committee also formalized the established order in leadership this week by announcing Chair Jason Smith R- Mo., would retain his position.
Smith vaulted over more senior members Reps. Vernon Buchanan of Florida and Adrian Smith of Nebraska and landed within the chair in 2023.
Smith is a vocal critic of the Biden administration and is reaffirming support for keeping the Tax Cuts and Jobs Act in place in its entirety.
“The president was specific about what he desired to deliver and that’s an extension of his successful 2017 Trump tax cuts,” said Smith in a Fox Business interview.
“And in addition, no tax on suggestions, extra time pay, senior residents, Social Security tax cuts. We all know what President Trump wants and what 76 million American voted for.”
The Tax Cut and Jobs Act stays a thorn within the side of the municipal bond market since it eliminated the advance refunding of tax-exempt munis and put a cap on the federal income tax deduction for state and native taxes.
Quite a few studies and opinions by budget watchers are warning against the prices of extending the TCJA without finding recent revenue streams to pay for it.
Smith jumped on the Bureau of Labor Statistics Consumer Price Index report showing core inflation remained above the Federal Reserve’s goal of two%, attacking Biden’s economic policies because the committee released its own findings on what’s going to occur if the TCJA expires.
In accordance with Ways and Means, “The common taxpayer would see a 22% tax hike if the Trump tax cuts expire, 90% of all taxpayers would see their guaranteed deduction slashed in half, and 7 million taxpayers can be impacted by the return of the Alternative Minimum Tax.”
The Biden administration expressed support for keeping among the TCJA provisions in place including the changes in standard deductions.
The House Financial Services Committee modified its Chairman from Rep. Patrick McHenry R-N.C., who didn’t seek re-election in November. His open Congressional seat was won by Republican Pat Harrigan.
Current committee Vice Chairman French Hill from Arkansas, who is taken into account a moderate, will assume control in January. Hill currently leads the Digital Assets, Financial Technology & Inclusion Subcommittee.
The talk over cryptocurrency regulation is prone to heat up in the brand new administration, which is taken into account crypto-friendly.
“With French Hill on the helm, Republicans will construct on our work from this Congress to finally enact a transparent regulatory framework and robust consumer protections for the digital asset ecosystem,” said McHenry in a press release.
On the Senate side, the Committee on Banking, Housing, and Urban Affairs is saying farewell to current Chair Sherrod Brown D-Ohio. Brown lost his reelection race, and the Senate is now under Republican control.
Senator Tim Scott, R-S.C., is the present rating member and is anticipated to take the gavel for the beginning of 119thCongress.
Brown led his final committee hearing on Wednesday and took the chance to reflect on his own legacy.
“After I took over as chair of this committee nearly 4 years ago, Washington still called it Senate Banking,” he said.
“It was still just about a committee dedicated to protecting Wall Street and the financial industry, and fulfilling their lobbyists’ wish-lists. We modified that. We put the main target of this committee back where it needs to be the individuals who make this country work.”