Tax relief at issue as Florida House and Senate begin budget negotiations
While the House has proposed cutting the state's overall sales-tax rate, the Senate on Wednesday outlined a less-aggressive proposal that would provide a permanent sales-tax exemption on clothes and shoes costing $75 or less.
Senate President Ben Albritton, R-Wauchula, said he expects the House and Senate to 'end up somewhere in the middle' on a budget. The legislative session is scheduled to end May 2, with the state's new fiscal year starting July 1.
'We're going in the right direction. We're communicating well. We're working together,' Albritton said after a Senate floor session. 'And I have every expectation we'll get the plane landed.'
Later, House Speaker Daniel Perez, R-Miami, said he expects lawmakers will reach budget agreements on time, while also saying 'we believe in our budget.'
The Senate budget proposal (SB 2500) totals $117.36 billion. The House proposal (HB 5001) has a bottom line of $112.95 billion and is linked to a $5.4 billion tax package (HB 7031) that includes reducing the overall state sales-tax rate from 6% to 5.25%.
Gov. Ron DeSantis has said he wants a one-time property tax break for homesteaded properties and to ask voters in 2026 to pass a constitutional amendment to reduce or eliminate property taxes.
He also has requested the elimination over two years of a sales tax on commercial leases and sales-tax 'holidays' on school supplies, recreational items, hurricane supplies, ammunition and firearms.
Echoing DeSantis, Rep. Mike Caruso, R-Delray Beach, said no one is 'clamoring' for the House sales-tax cut, which he said would only provide 'minimum immediate relief' while inadvertently benefitting 'out-of-state visitors and tourists.'
'I'd rather see the money go to real Floridians, the ones that call this state home,' Caruso said before joining a unanimous vote in support of the House tax proposal.
House Ways & Means Chairman Wyman Duggan, R-Jacksonville, noted that DeSantis didn't recommend the one-time property tax cut until after the House 'rolled out the sales tax relief.'
The House tax package also would reduce the commercial-lease tax from 2% to 1.25%, cut the sales-tax rate on electricity from 4.35% to 3.6%, reduce the tax rate on sales of new mobile homes from 3% to 2.25% and trim the rate on coin-operated amusement machines, such as pinball machines, from 4% to 3.25%.
Albritton has cautioned against making cuts that lawmakers might have to readdress within a couple of years. On Wednesday, he pitched the proposed sales-tax elimination on clothes and shoes as being 'where it can help the most number of Floridians.'
The Senate proposal also would direct the Legislature's Office of Economic and Demographic Research to study the effects of reducing or eliminating property taxes for homesteaded properties.
Among other things, it would lead to holding a 'back-to-school' tax holiday in August; a tax holiday on disaster-preparedness supplies in June; a tax holiday on recreational items in July; a tax holiday on tools around Labor Day; and a 'hunting season' tax holiday in September and October on guns, ammo and other hunting supplies.
The estimated $750 million package is expected to go to the Senate Finance and Tax Committee on Tuesday.
The House and Senate budget proposals are below the $117.46 billion budget lawmakers passed last year before it faced DeSantis vetoes, mid-year adjustments and veto overrides.
Senate Appropriations Chairman Ed Hooper, R-Clearwater, described the goal as 'right-sizing' state spending.
The House voted 98-6 to approve its proposed budget, which includes cuts in spending on agencies and programs. Rep. Felicia Robinson, D-Miami Gardens, said the House should invest in programs that promote growth, as reducing services at a time the state has strong reserves will 'lead to job losses, reduced public services and a less stable economy.'
'I understand us trying to be conservative, but doing anything to the extreme can be detrimental,' Robinson said.
The House and Senate agree on some issues, such as continuing to spend $80 million next year on the tourist-marketing agency Visit Florida. But they differ in other areas, such as the Senate proposing to spend $750 million for Everglades restoration and the House proposing $357 million.
'Over the last 10 years the Legislature has appropriated nearly $4 billion for Everglades restoration. Of this amount, over $1.1 billion remains unspent, $900 million from the last two fiscal years,' House Agriculture & Natural Resources Budget Chairwoman Rep. Tiffany Esposito, R-Fort Myers, said. 'We believe it's fiscally responsible to reduce our appropriation of funds until the dollars we've already appropriated have been spent.'
Seeking to help the state's troubled citrus industry, the Senate would spend $200 million for research and to help packinghouses and growers, with $125 million included for new trees. The House has proposed $10 million to fight citrus canker disease, which has caused massive damage to the industry over the past two decades.
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Politico
25 minutes ago
- Politico
Pritzker rallies Dems: No more funk
Happy Thursday, Illinois. Step right up, folks, and get ready for another day at the Illinois State Fair. TOP TALKER SPRINGFIELD, Ill. — Gov. JB Pritzker offered a blueprint Wednesday for how Democrats might climb out of the political funk that's loomed over their party since the 2024 election. Pushing back: Addressing more than a thousand guests at the Bank of Springfield Center, Pritzker poked at the national pundits, consultants and strategists who have been picking apart the Democratic Party, claiming it's lost its way. Pritzker's answer: End the pity-party and follow Illinois' lead. 'To those who are wondering what's next for the Democratic Party: She's alive and well and stronger than ever and right here living in the great state of Illinois,' Pritzker said, pointing to legislative wins and Democrats putting a priority on 'values.' Simply, said Pritzker: 'It's time to stop surrendering when we need to fight. And yes, folks, we are messing with Texas,' a reference, of course, to the Texas House Democrats staying in Illinois to protest a GOP redistricting bill in Texas. The morning event included high-profile speeches followed by a barbecue on Democrats' day at the fairgrounds — with more speeches Sen. Tammy Duckworth, who received the most extended applause from the morning crowd, called on Democrats 'to channel our outrage to action.' And Hakeem Jeffries, the U.S. House Democratic leader and headliner of the morning event, ticked off his own playbook for 2026: 'We have to continue to do more, more rallies, more demonstrations, more protests, more press conferences, more speeches on the House floor, more speeches on the Senate floor, more town hall meetings … and more extraordinary actions like those being taken by courageous Texas Democrats.' Senate intrigue: The three top Democratic U.S. Senate candidates — Lt. Gov. Juliana Stratton, Congresswoman Robin Kelly and Congressman Raja Krishnamoorthi — jockeyed for attention on stage and with the press corps, each holding a gaggle. Speaking of the Senate race: Don Tracy jumps in on GOP side, by the State Journal Register's Steven Spearie And Sen. Dick Durbin drew a laugh when he reminded the breakfast crowd that he's not out of office yet. The veteran senator, who isn't seeking reelection next year, reflected on how integral the party has been in his life going back to his childhood in East St. Louis. 'We were Catholics, members of unions, ate fried chicken after church on Sundays, drove Ford automobiles — and we were Democrats.' SIDENOTE: Pro-Palestinian protesters demonstrated outside of the Bank of Springfield Center where Jeffries spoke Wednesday, and his speech was interrupted three times by three different protesters, who were escorted out of the arena. RELATED At Illinois State Fair, Democrats celebrate state as a leader of the Trump resistance: And they lashed out at the Republican administration and its allies in Congress 'in an effort to regain party momentum for next year's midterm elections,' by the Tribune's Rick Pearson, Jeremy Gorner and Olivia Olander. 'Fair play:' Democratic Senate candidates jockey for Durbin's seat on Governor's Day at state fair: 'All three major Senate Democratic candidates have said they've spoken to Durbin about an endorsement, but it's unclear whether the senator will choose a side in a competitive race that is also becoming one of the most expensive in the country,' by the Sun-Times' Tina Sfondeles and Mitchell Armentrout. Indiana House Dems join Texas House Dems to stand against mid-decade redistricting, by the Post-Tribune's Alexandra Kukulka 'No plan at this point' to go home, says Texas Dem at Chicago Planned Parenthood event, by the Daily Herald's Marni Pyke THE BUZZ UNITY GAP: Wednesday was a day of party unity for Democrats from across the state — but an empty seat from Chicago's City Hall spoke its own kind of politics. Mayor Brandon Johnson didn't make the trip to Springfield, and we didn't see anyone from his team, either, a point that was noticed by a few folks. Johnson's spokespeople didn't return a request for comment. 'I think it's really important that we're working to build bridges with our statewide colleagues in Springfield,' said Ald. Bill Conway, who made the trip along with fellow Chicago City Council members Michelle Harris, Matt Martin, Emma Mitts and David Moore Money matters: Conway noted the state recently handed the city a $4 billion pension liability. 'It doesn't seem like there was really any collaboration from city government on that,' he said, flagging the looming transit fiscal cliff as another fiscal storm cloud. It's about face time: 'Maybe I'm old-school,' Harris said. 'When Democrats have an opportunity to get together and spend time together, we should be in that space solidifying our relationships any chance we get.' If you are Brandon Johnson, Playbook would like to hear from you! Email: skapos@ WHERE'S JB At AFL-CIO Headquarters in Springfield at 10:30 a.m. to sign worker rights bills WHERE's BRANDON At Little Village Park at 6:45 p.m. for the community bash event Where's Toni At the Cook County Building at 10 a.m. with the Cook County Department of Transportation and Highways to announce $8.27 million in grant funding for 32 Invest in Cook projects — At Dr. Jorge Prieto Health Center at 4 p.m. with Congressman Jesús 'Chuy' García for the 50th anniversary of the South Lawndale Health Center Have a tip, suggestion, birthday, new job or a (gasp!) complaint? Email skapos@ SPOTLIGHT There's a battle brewing between two of the state's most powerful Democrats — House Speaker Emanuel 'Chris' Welch and Senate President Don Harmon. They're both eyeing the state central committeeperson seat now held by Congressman Danny Davis, who says he's not seeking reelection to the committee or to his congressional seat. It's not unusual for Illinois General Assembly folks to run for the central committee. What is unusual: Both Welch and Harmon live in same 7th Congressional District in the western suburbs. Who's in: Welch has already announced he's running. But Harmon hasn't made it official, saying he's still 'evaluating' — though he did acknowledge already having gathered nearly all the signatures he needs on his petitions. They both downplayed the idea of a potential power struggle, report the Sun-Times' Mitchell Armentrout and Tina Sfondeles. 'I don't think there's a fissure,' Welch told the Sun-Times. Says Harmon: 'We worked for a long time with a state party that didn't serve the entire state, and it's important to me that the Democratic Party of Illinois serve the entirety of the Democratic Party apparatus, not just the Illinois House.' BUSINESS OF POLITICS — Harsh message: Jim Rule, chair of the Tazewell County GOP, sent out a message to members Wednesday with an ominous message: 'The situation with the Illinois Republican Party is grim. People are fed up and morale is low. There is no confidence in our ability to WIN and with the Democrats imploding all over the state, we are not prepared to turn this state RED,' he wrote. We'll see how it plays out during today's Republican Day at the Fair. — Joe Cervantez has launched his bid for Illinois attorney general on the Republican ticket: The former Jackson County state's attorney says he'll announce his candidacy today at the State Fair, by the Southern's Paul Wilcoxen. — Jumping in: State Sen. Mary Edly-Allen is running for the open seat for State Central Committeewoman for Illinois' 10th Congressional District. Edly-Allen is also president of Lake County Democratic Women. 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Charles Keller: 'The IRS. 14 billion to collect your money is way too much.' Fabrice Guyot-Sionnest: 'The military! Our global capabilities are very important, but the DOD budget is massive, and it has never passed an audit. We should be investing in life instead of death.' NEXT QUESTION: What's one fun fact about Illinois culture that everyone should know? THE NATIONAL TAKE — A GOP divide is growing over Trump's redistricting play, by POLITICO's Lisa Kashinsky and Meredith Lee Hill — Trump floats circumventing Congress to maintain control of D.C. police, by POLITICO's Giselle Ruhiyyih Ewing — Gaza is already emerging as a foreign policy litmus test for 2028 Dems, by Adam Wren, Elena Schneider and Holly Otterbein EVENTS — Friday: Lt. Gov. Juliana Stratton will host the 'Standing Up for Illinois: Protecting Women' roundtable. Also on the panel: Deputy Gov Grace Hou, Planned Parenthood of Illinois President Tonya Tucker and Women Employed CEO Cherita Ellens. 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Yahoo
35 minutes ago
- Yahoo
Unpacking claim Utah lawmaker suggested change in age of consent law as relative faced child rape charges
According to an article published in The Salt Lake Tribune, Utah state Senate President J. Stuart Adams inspired a change in state law that reduced the penalty for cases in which an 18-year-old still enrolled in high school has "consensual" sex with a 13-year-old. At the time the law was changed, Adams reportedly had an 18-year-old relative facing charges of child rape for having sex with a 13-year-old. Although Snopes couldn't independently confirm Adams' relationship to the individual, he didn't deny the individual was related to him in public interviews about the case. Voting records showed that Adams didn't vote on the bill except to adopt an amendment introduced in the House that didn't affect the aforementioned change. Some social media posts claimed that the change "loosened" the age of sexual consent, which is inaccurate — the age of consent in Utah was and still is 18, and the law only altered the charge for the criminal act. The law wasn't retroactive, meaning Adams' relative still faced the original charges of child rape, not a reduced charge. However, the judge, prosecutor and defense attorney in Adams' relative's case reportedly all agreed that the legislative change did impact how the charges were resolved in the relative's plea deal. On Aug. 2, 2025, The Salt Lake Tribune published an article, titled, "Utah's Senate president prompted law change that helped a teen charged with child rape." The article claimed that state Senate President J. Stuart Adams, a Republican, made the initial suggestion that led to a recent change in Utah's child rape penalty, and that Adams had an 18-year-old relative charged with child rape who was indirectly helped by the law's change. The claim went viral on social media, and Snopes readers wrote in and searched the site asking for more information about it. As part of researching this story, we reached out to Adams and the senator who introduced the bill, Kirk Cullimore. We also contacted the journalist who wrote the Salt Lake Tribune article. At the time of publishing, we had not heard back from any of them. Clear information was somewhat difficult to find, as the allegation stemmed solely from the Salt Lake Tribune article. The paper also elected to not publish the name or gender of Adams' purported 18-year-old relative, meaning that Snopes could not independently confirm Adams' relationship to the individual. As a result, there isn't enough information to include a rating on this article. However, some versions of the claim shared on social media inaccurately reported the situation. Here's what we do know: The change lessened a penalty but 'age of consent' law didn't change Some social media posts described the legislation as a change in "age of consent law." However, that's somewhat misleading. A statement from Adams available on the Utah Senate website pointed this out: Contrary to fabricated and baseless claims, the law is not retroactive, does not alter the legal age of consent and does not apply to incidents of rape, aggravated sexual assault or offenses involving force, coercion or threats. The age of sexual consent in Utah is 18. Under state law, any child under the age of 14 cannot legally consent to any form of sexual activity. Any adult having sex with a child under the age of 14 is committing a first-degree felony punishable by a minimum of 25 years in prison and must register as a sex offender. (Teenagers between the ages of 14 and 17 can legally consent in some, but not all, circumstances, according to The Salt Lake Tribune). In 2017, the Utah legislature created exceptions to that law for cases where two youths, one of whom was either 12 or 13 years old, "mutually consented" to the sexual activity. The exceptions, which reduce the criminal charges based on the ages of the two participants, cannot be applied to situations involving "rape," "object rape," "forcible sodomy," "aggravated sexual assault," [or] incest." Those exception charges, in order of lowest severity to highest severity, are: Class C misdemeanor: any 12- and 13-year-old with each other, or a 14-year-old with a 13-year-old Class B misdemeanor: a 17-year-old with a 14- or 15-year-old, or a 15-year-old with a 13-year-old Class A misdemeanor: a 16-year-old with a 13-year-old, or a 14- or 15-year-old with a 12-year-old. Third-degree felony: a 17-year-old with a 12- or 13-year-old, or a 16-year-old with a 12-year-old. The provision in S.B. 213 that Adams supposedly influenced extended the third-degree felony charge to include cases in which an 18-year-old still enrolled in high school and 13-year-old had mutually consensual sex. The change, therefore, did not alter consent laws — the age of consent in Utah is still 18. Children under the age of 14 still cannot legally consent, meaning that a teen under the age of 18 who has sex with a 13-year-old is still doing something the state deems illegal. The case against Adams' relative According to The Salt Lake Tribune, an 18-year-old relative of Adams was charged with having sex with a 13-year-old. Since the individual was a legal adult, the state charged the defendant with two counts of child rape and two counts of child sodomy, all of which are first-degree felonies. The article claimed that "plea bargain negotiations were at an impasse" in the case when the law was changed. Sen. Kirk Cullimore, who introduced the legislation that changed the law, told the newspaper that Adams explained the charges against the relative and asked Cullimore to look into the law. Reportedly, Cullimore consulted several criminal lawyers about changing the law, including Cara Tangaro, the attorney defending Adams' relative. According to Cullimore, Tangaro told him that the prosecutor in Adams' relative's case was not "consider[ing] the circumstances and offer[ing] pleas." So he asked her what the ideal scenario would be. Cullimore claimed that Tangaro drafted the language that would allow for the lower-level felony charge, and that neither he nor Adams intended for the law to retroactively apply to the case against Adams' relative. Adams said in a statement to the Tribune that he "did not request the legislation and did not intervene or give input on the drafting of the bill." Voting records showed that he did not vote on the bill except to adopt an amendment introduced in the House that did not affect the aforementioned change. The bill did not apply retroactively, meaning that the 18-year-old did not face the fully reduced charge once the bill was signed into law. However, the judge, prosecutor and defense attorney all agreed that the legislative change did impact how the charges were resolved, according to the Salt Lake Tribune. The parties reached a plea deal that required the 18-year-old to plead guilty to aggravated assault (a second-degree felony) and three counts of sexual battery (a class A misdemeanor) instead of the two child rape and child sodomy charges. Crucially, those reduced charges did not require the 18-year-old to register as a sex offender, which the article reported was a sticking point for the prosecutors. The judge "ordered the teen to serve four years on probation, complete sex offender treatment, pay a $1,500 fine and perform 120 hours of community service," according to the article. Criminal Penalties. Accessed 11 Aug. 2025. "GOP Lawmaker Changes Law to Help Relative Facing Child Rape Charges." The New Republic. The New Republic, Accessed 11 Aug. 2025. "Here's What Utah Law Says about Minors Having Sex and When They Can Consent." The Salt Lake Tribune, Accessed 11 Aug. 2025. KUTV, Jared Turner. "Utah Senate Leader Denies Influencing Law for Family amid Resignation Calls." KUTV, 9 Aug. 2025, President J. Stuart Adams Addresses False Information | Utah Senate. Accessed 11 Aug. 2025. SB0213. Accessed 11 Aug. 2025. Senator | Utah Senate. Accessed 11 Aug. 2025. ---. Accessed 11 Aug. 2025. Utah Code Section 76-5-401.3. Accessed 11 Aug. 2025. Utah Code Section 76-5-402.1. Accessed 11 Aug. 2025. "Utah's Senate President Prompted Law Change That Helped a Teen Charged with Child Rape." The Salt Lake Tribune, Accessed 11 Aug. 2025.
Politico
35 minutes ago
- Politico
Sherrod Brown's never-ending crypto headache
Editor's note: Morning Money is a free version of POLITICO Pro Financial Services morning newsletter, which is delivered to our subscribers each morning at 5:15 a.m. The POLITICO Pro platform combines the news you need with tools you can use to take action on the day's biggest stories. Act on the news with POLITICO Pro. Quick Fix Remember the Senate Banking Committee of 2022? The cryptocurrency industry — then beleaguered by scandals, lawsuits, and unfriendly lawmakers — doesn't want to. And crypto firms may again drop a bomb of super PAC money on Ohio to keep it from coming back. As your host reports in a new story out this morning, crypto campaign cash is looming over former Banking Chair Sherrod Brown's Senate comeback bid in the Buckeye State. A deep-pocketed super PAC funded by crypto companies that spent more than $40 million to help defeat Brown during his failed 2024 re-election campaign could once again pose a major problem for the Ohio Democrat as he seeks to return to the Senate in next year's midterms. Defeating Brown, a longtime thorn in the side for both Wall Street and the crypto sector who was a big roadblock to industry-friendly digital asset legislation as chair of the committee, was the biggest win last year for the crypto PAC network, known as Fairshake. Its 2024 crusade featured more than $130 million in spending across a swath of House and Senate races, which helped turn around the industry's fortunes in Washington. The PAC network has replenished its war chest with more than $140 million ahead of 2026, and it is already signaling that Brown could again be a target. 'Last year, voters sent a clear message that the Sherrod Brown and Elizabeth Warren agenda was deeply out of touch with Ohio values,' Fairshake spokesperson Josh Vlasto said in a statement. 'We will continue to support pro-crypto candidates and oppose anti-crypto candidates, in Ohio and nationwide.' As chair of the banking panel from 2021 to 2025, Brown often warned that digital assets open the door to illicit finance and money laundering, and he stood in the way of GOP-led proposals aimed at boosting the sector. Crypto firms capitalized on his political vulnerability in 2024, when he was one of only two Democratic incumbents running in states won by President Donald Trump. Fairshake — which is funded primarily by the crypto firms Coinbase and Ripple and the venture capital group Andreessen Horowitz — spent more money on his Ohio race than any other contest it meddled in. The PAC plastered ads across the state boosting Republican Bernie Moreno, a crypto enthusiast and car dealer who defeated Brown and now sits on the banking panel himself. It is unclear if Brown would retain his seniority and replace Warren as the committee's Democratic leader. Senate Democrats' current rules stipulate that seniority is defined by a member's most recent entry into the conference, meaning that 'the seniority of a Member with interrupted service or service in another Party does not date from that Member's initial entrance into the Senate.' But Democratic leaders could seek to change those rules or grant an exception to Brown, who was their top recruit for the Ohio race. Regardless, crypto lobbyists worry that Brown could pose problems for them if he returns — especially given the brute-force tactics the industry has used to try to take him out. And his opponent, Republican Jon Husted, has been a reliably industry-friendly vote. Husted campaign spokesperson Tyson Shepard said in a statement that if Brown enters the race, 'he will be starting in the biggest hole of his political career,' dubbing him Senate Minority Leader Chuck Schumer's 'handpicked candidate.' Ohio Democrats hope a more favorable national environment will help propel Brown next year. 'Crypto can come in again and do whatever they're going to do,' said Jerry Austin, a longtime Democratic strategist in the state. 'I think they've shot their wad. And if they want to come back and do it again, I think a lot of things have happened between the last election and now, and that is what Trump's been doing in Ohio and the rest of the country.' It's THURSDAY — Send Capitol Hill tips to jgoodman@ For econ policy thoughts, Wall Street tips, personnel moves or general insights, email Sam at ssutton@ Driving the day Labor will release the Producer Price Index for July at 8:30 a.m. … The Securities and Exchange Commission has a closed meeting at 1 p.m. … Rate cut watch — Treasury Secretary Scott Bessent suggested the Federal Reserve should cut interest rates by half a percentage point when it meets next month, Bloomberg reports. 'I think we could go into a series of rate cuts here, starting with a 50 basis-point rate cut in September,' Bessent said on Bloomberg TV. 'Any model,' he said, suggests 'we should probably be 150, 175 basis points lower.' New York v. Zelle — New York Attorney General Letitia James on Wednesday sued the operator of Zelle, accusing the bank-owned payment platform of facilitating widespread fraud and failing to protect consumers, our Michael Stratford writes. The lawsuit against Early Warning Services, which runs the popular peer-to-peer payment network, revives similar allegations that were dropped earlier this year by the Trump administration's Consumer Financial Protection Bureau. A Zelle spokesperson said New York's lawsuit was a 'political stunt to generate press, not progress.' ICYMI — Why Trump's BLS pick is in for a fight, via Sam Sutton and Nick Niedzwiadek At the regulators Treasury waives sanctions for Trump-Putin summit — The Treasury Department is temporarily easing its sweeping sanctions program targeting Russia to allow activities needed to carry out Trump's historic meeting with Russian President Vladimir Putin in Alaska on Friday. The order, signed on Wednesday, underscores the complex logistics involved in hosting Putin and other Russian officials who are cut off from the U.S. financial system. Treasury greenlit transactions that would otherwise be prohibited if they're 'ordinarily incident and necessary to the attendance at or support of meetings' in Alaska between the U.S. and Russian governments. The reprieve lasts through Aug. 20, and it explicitly prohibits the unblocking of any frozen Russian assets or other property. On The Hill Strange bedfellows — A coalition of groups that are normally on opposing sides in financial regulatory policy fights is calling on lawmakers to change a section of the recently enacted stablecoin law that it says allows state-chartered uninsured depository institutions to operate nationwide without proper supervision. A letter sent to lawmakers on the Senate Banking Committee Wednesday led by the Conference of State Bank Supervisors said the GENIUS Act 'allows any state-chartered uninsured depository institution with a stablecoin subsidiary to perform traditional (i.e., not solely related to payment stablecoins) money transmission and custody activities nationwide through that subsidiary, thereby bypassing host state licensing and allowing substantially less state oversight.' The letter was signed by bank trade associations including the American Bankers Association and consumer groups including Americans for Financial Reform. 'This unprecedented overriding of state law and supervision weakens vital consumer protections, creates opportunities for regulatory arbitrage, and undermines state sovereignty,' the letter said. Outbound investment on the big stage –– From our Katherine Hapgood: House Financial Services National Security Subcommittee Chair Warren Davidson (R-Ohio) said Wednesday that as Congress considers their proposal for the Defense Production Act, they will have to wait on a potential outbound investment addition, as it will most likely be a part of Trump's trade negotiations with China. 'We have a strong sense from the administration, they would rather have a threat of very harsh outbound investment criteria than finished outbound investment criteria, because they're also hopeful for a positive outcome in the negotiations,' Davidson told Katherine after the subcommittee's field hearing on the DPA. Davidson said he also wants to decouple the legislation from the annual appropriations deadline for 'more floor time' to modernize the DPA, and let trade negotiations play out. He said he is eyeing June for the revamped DPA reauthorization. Bessent endorses congressional stock trading ban — Treasury Secretary Scott Bessent is calling for a ban on single-stock trading by members of Congress, our Gregory Svirnovskiy and Meredith Lee Hill write. Trade Bessent dismisses Nvidia deal concerns — Bessent on Wednesday brushed off concerns about Trump's decision to charge Nvidia for a government license to export semiconductor chips to China, our Doug Palmer and Ari Hawkins report. 'There are no national security concerns here' because the H20 chips are not the most advanced chips that Nvidia makes, Bessent said in an interview on Bloomberg Television. His comments come despite criticism from former officials and members of Congress. Jobs report Anastasia Dellaccio is joining the Digital Chamber, a crypto trade group, as executive director of state and regional affairs. She is an alum of the Export-Import Bank.
