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French Hill, a former community banker from Arkansas, has been elected chairman of the House Financial Services Committee, succeeding Patrick McHenry. Known for his expertise in cryptocurrency regulation, Hill authored the bipartisan Financial Innovation and Technology for the 21st Century Act (FIT21), which aims to clarify the status of digital assets. His leadership is expected to advance legislation addressing the regulatory landscape for cryptocurrencies and support for community banks.
Donald Trump is considering appointing Gail Slater, a key aide to vice-president-elect JD Vance, to lead the Department of Justice’s antitrust unit, signaling a tough enforcement approach against Big Tech. This move aligns with a growing populist sentiment among Republicans advocating for aggressive antitrust actions, similar to those of the Biden administration. Other contenders for leadership roles at the FTC include Melissa Holyoak and Mark Meador, with varying views on antitrust policy.
President-elect Trump has announced the creation of a Department of Government Efficiency (DOGE), led by Elon Musk and Vivek Ramaswamy, to propose recommendations for enhancing government efficiency by July 2026. Meanwhile, the House passed the bipartisan Social Security Fairness Act, aiming to repeal provisions that reduce benefits for certain retirees, though its future in the Senate remains uncertain. As Congress faces a critical five-week period to pass essential funding and defense bills, Trump’s senior appointments are raising eyebrows, particularly with his selections for the Defense and Justice Departments.
Trump's tax proposals, including extending the 2017 Tax Cuts and Jobs Act, face challenges due to a significant federal deficit and the complexities of Congress's budget reconciliation process. While some Republicans may support these initiatives, the fiscal implications could limit the scope of tax cuts pursued in 2025. The new administration's focus will likely prioritize immediate extensions over more complicated proposals like tax-free overtime.
Donald Trump has appointed Florida congressman Mike Waltz as his national security adviser, signaling a strong alignment with Republican leadership as they prepare to advance his agenda in the 119th Congress. Speaker Mike Johnson emphasized the importance of every vote, given the narrow margins and potential challenges ahead, including the need for bipartisan support on key legislation. While Republicans hold a majority in the Senate and are optimistic about the House, hurdles remain, particularly with the Senate filibuster potentially blocking some of Trump's more ambitious proposals.
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