On July 3, the House adopted the Senate substitute to H.R. 1, the One, Big, Beautiful Bill Act (OBBBA) by a vote of 218-214. The bill was signed into law on July 4, 2025 and is now Public Law 119-21....more
Senate Finance Tax Title Goes Through ‘Byrd Bath’: Senate Parliamentarian Elizabeth McDonough has initiated the Byrd Bath process for the Senate Finance Committee’s (SFC) tax title within the reconciliation package. Senate...more
On June 16, Senate Finance Committee Chairman Mike Crapo (R-ID) released text of the committee’s tax title for the Senate’s fiscal year (FY) 2025 budget reconciliation bill. The Finance Committee’s tax title (Title VII) makes...more
The Senate Republicans continue to meet internally and with stakeholders regarding the provisions of a reconciliation package (H.R. 1). Senate Majority Leader John Thune (R-SD) made it clear that the Senate will make...more
House Passes Reconciliation Package, with Senate Expected to Make Changes: On May 22, the House of Representatives passed H.R. 1, “The One, Big, Beautiful Bill Act,” legislation authorized under the FY 2025 concurrent budget...more
On May 22, the House of Representatives passed H.R. 1, “The One, Big, Beautiful Bill Act,” legislation authorized under the FY 2025 concurrent budget resolution (H. Con. Res. 14). The bill includes a broad range of...more
On May 22, the House of Representatives passed H.R. 1, “The One, Big, Beautiful Bill Act,” legislation authorized under the FY 2025 concurrent budget resolution (H. Con. Res. 14). The bill includes a broad range of...more
On Monday, May 12, House Ways and Means Committee (“Committee”) Chairman Jason Smith (R-MO) released text of the Committee’s tax title for the FY 2025 budget reconciliation bill—the amendment in the nature of a substitute...more
On Tuesday afternoon, May 13, the Ways and Means Committee (“Committee”) started its markup of the tax title for the FY2025 budget reconciliation bill. The Committee favorably reported the bill on Wednesday morning, May 14,...more
On May 1, 2025, the U.S. Department of Labor’s Wage and Hour Division (“DOL”) issued a field assistance bulletin on “how to determine employee or independent contractor status,” effectively pausing the implementation of its...more
The Federal Trade Commission (FTC) is one of the independent agencies expected to undergo considerable changes in rulemaking priorities once President-elect Trump enters office. Chairwoman Lina Khan is expected to step down...more
A U.S. District Court judge in Texas has set aside the Federal Trade Commission’s (FTC) controversial noncompete rule, ruling that it will not become effective on Sept. 4 as previously scheduled and cannot be enforced by the...more
On July 3, 2024, United States District Court Judge Ada Brown ruled against the Federal Trade Commission (FTC) and issued a preliminary injunction postponing the implementation of the agency’s controversial rule banning...more
In a series of rulings at the end of its term, the Supreme Court fundamentally changed administrative law precedents, including some that have held firm for more than 40 years. The decisions will curtail federal agencies’...more
On April 23, the U.S. Department of Labor (DOL) published the “Retirement Security Rule: Definition of an Investment Advice Fiduciary,” which makes changes to the definition of “ fiduciary” for purposes of the Employee...more
The Federal Trade Commission (FTC) adopted a controversial rule for noncompete provisions today. As expected, the final regulation, which was first proposed in January 2023, will prohibit virtually all noncompete...more
The Federal Trade Commission (FTC) announced this week that it will finally hold its much-anticipated vote to finalize its controversial noncompete rule on Tuesday, April 23, 2024, at 2 p.m. The final regulation, which was...more
On March 6, 2024, the U.S. Securities and Exchange Commission (SEC) finalized a historic set of climate disclosure rules, which stand to be the most significant disclosure regime change since the Sarbanes-Oxley Act. The rule...more
On Monday, March 11, President Joe Biden released his budget request to Congress (“Budget”) and various accompanying documents. Separately, the Treasury Department released its General Explanations of the Administration’s...more
Earlier today, the White House released its fiscal year (FY) 2025 budget request to Congress. Overall, it proposes $7.3 trillion in total spending, including a proposed $895 billion for defense and approximately $621 billion...more
President Joe Biden delivered his third State of the Union address on March 7, emphasizing the tax-policy priorities that will continue to take center stage in his ongoing presidential campaign. Similar to last year’s...more
On March 6, the Securities and Exchange Commission (“SEC”) voted along party lines to adopt its long-awaited climate-related disclosure framework for registrants. This “Final Rule” largely reflects the proposed rule put...more
On Jan. 9, 2024, the U.S. Department of Labor’s (DOL) Wage and Hour Division announced its final rule on Employee or Independent Contractor Classification. The announcement marks the end of a rulemaking process that started...more
On Dec. 22, 2023, Gov. Kathy Hochul (D-NY) vetoed a bill to outlaw all noncompete clauses in the state of New York. The law also would have vacated all current agreements that prevent workers from leaving their employers for...more
As Congress heads into 2024 and President Biden starts the last year of his term, a host of tax issues remain unaddressed, including a much-anticipated expiring tax provisions package, pending regulatory guidance, the outcome...more