House Ways & Means Chairman Dave Camp caught many by surprise last week by changing the tax treatment of carried interest in his proposal for tax reform. Big news this week (other than the impending storm) is the release of the President's FY 2015 budget, although certain backup information will be released next week. This update reviews:
- House Ways & Means Committee Chairman Dave Camp's tax reform proposal, which includes taxing carried interest as ordinary income rather than capital gains;
- The Senate hearing on Swiss banking laws being used for U.S. tax evasion;
- An update on the SEC's new initiative to examine never-before-examined registered investment advisers; and
- New SEC fraud charges being brought against a private equity fund manager.
Interesting items for the week ahead will include (assuming no major shutdown from the storm):
- Nomination hearings for the Federal Reserve Board and CFTC, including Stanley Fischer (Federal Reserve Vice-Chair) and Tim Massad (CFTC Chair);
- A House Financial Services Committee hearing on Dodd-Frank harming U.S. competitiveness; and
- Multiple Senate and House hearings on the President's FY 2015 budget.
Venable, LLP tracks a wide range of regulatory issues, so please contact me for more information regarding anything contained in this update.
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