Tag Archives: Treasury

Treasury Chimes in on Equity Market Structure, by by Lanny A. Schwartz, Annette L. Nazareth & Zachary J. Zweihorn

by Guest Blogger — Saturday, Nov. 4, 2017

Editor’s Note: This is a cross-post from Davis Polk’s FinRegReform blog. It is also the second post in a series of two. The Treasury Department’s recent report on capital markets regulation includes a robust discussion of equity market structure issues.  The report does not break new ground or raise issues that have not been debated previously at length, […]

Treasury Report Recommends Additional Process and Constraints for Market Regulators, by Lanny A. Schwartz, Annette L. Nazareth & Zachary J. Zweihorn

by Guest Blogger — Thursday, Nov. 2, 2017

Editor’s Note: This is a cross-post from Davis Polk’s FinRegReform blog. It is also the first post in a series of two. The U.S. Treasury’s new Capital Markets Report recommends additional administrative requirements for regulatory actions by the SEC and the CFTC (the “Agencies”).  If adopted, the process by which the Agencies issue new regulations and guidance […]

The IRS’s Attack on Private Equity Firms May Be Doomed

by Andy Grewal — Monday, Dec. 7, 2015

In a prior post, I described some issues related to regulatory severability, that is, a court’s decision to strike or not strike an entire regulation project when it finds that only a portion of it violates the law. In this post, I want to explain how principles of regulatory severability could doom some regulations recently proposed […]

Agency-to-Agency Agenda-Setting

by Connor N. Raso — Tuesday, July 21, 2015

The agenda-setting phase of the regulatory process is critically important. In a time of constrained agency budgets and mounting policy challenges, an agency may send an important signal to market participants simply by placing an issue onto its agenda. Agency agenda-setting can also frame subsequent policy debates. Agenda-setting is a difficult topic to study partly […]

What Five Years of Dodd-Frank Have Left Undone, by Philip Wallach

by Guest Blogger — Thursday, June 11, 2015

The Dodd-Frank Wall Street Reform and Consumer Protection Act is coming up on its fifth birthday next month. Seldom has a law’s meaning been so little determined five years out from passage—especially a law running hundreds of pages. Dodd-Frank seems to frustrate everyone: Wall Street finds it massively burdensome and parts of it profoundly wrong-headed; […]

When We Fought the Law, and the Law…Went Quietly, by Philip Wallach

by Guest Blogger — Monday, June 8, 2015

I am afraid that my defense of the law’s importance as a constraint in the case of Lehman Brothers, as against Peter’s charge that the Fed’s choice in that matter should be understood solely as a matter of internal institutional discretion, will give readers the misimpression that To the Edge is filled with examples of […]

Employer Consequences of the Illegal ACA Tax Credit Expansion

by Andy Grewal — Tuesday, Apr. 7, 2015

In my prior posts, I have discussed two Treasury/IRS regulations that contradict the language of Section 36B. The first regulation rewrites Section 36(c)(1)(B) and extends the ACA tax credit, in a roundabout way, to unlawful aliens. However, as I previously noted, it’s doubtful that the employers of the unlawful aliens would face any adverse consequences […]

Unlawful Aliens and ACA Tax Credits

by Andy Grewal — Tuesday, Mar. 31, 2015

In my prior post, I explained how Treasury/IRS regulations contradict Section 36B and essentially extend premium tax credits to the lawfully residing dependents of an unlawfully residing alien. I posited that a controversy could arise when the extension of that credit triggered an employee penalty. To avoid a penalty under Section 4980H(a), an employer must provide […]

King v. Burwell Amicus Briefs: Blackman/Cato Set the Context

by Andy Grewal — Thursday, Jan. 15, 2015

This is the fifth in a series of my posts discussing some of the amicus briefs filed in King v. Burwell: The amici curiae brief of Professor Josh Blackman and the Cato Institute reflects an unusual but effective contribution to King v. Burwell. The brief touches only lightly on the actual question presented, focusing instead […]

Arguments—Good and Bad—Against Antonio Weiss

by Peter Conti-Brown — Thursday, Dec. 18, 2014

There is a largely intramural dispute within the Democratic Party about the wisdom (or not) of appointing Antonio Weiss to a senior position at the Treasury Department. Weiss’s title would be the Under Secretary of the Treasury for Domestic Finance (UDF), but he would effectively occupy the third chair in the Treasury’s C-suite and thus […]