Narrower IRS reporting requirements don't move needle with banks

From: POLITICO Influence - Tuesday Oct 19,2021 10:36 pm
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By Caitlin Oprysko

Presented by HCA Healthcare

With Daniel Lippman

NARROWER IRS REPORTING PLAN DOESN’T CHANGE MUCH FOR INDUSTRY OPPOSITION: The financial sector is remaining steadfast in its opposition to a Democratic proposal to require banks and credit unions to share certain information with the IRS, even after Senate Democrats and Treasury announced a new version of the controversial proposal with a narrower scope.

— “The new plan sets the threshold at $10,000, after discussions between congressional Democrats and the Biden administration, and would exempt certain income from wages or federal programs like Social Security,” POLITICO’s Bernie Becker and Ursula Perano report. That’s compared with the original proposal, which “would have made financial institutions give the IRS an annual figure for money going both in and out of any account that had at least $600 worth of deposits and withdrawals.”

— But for the banking industry, which has argued that the plan would pose serious privacy concerns and potentially alienate already underserved communities in addition to introducing new hurdles for banks to implement the requirement, the new pitch doesn’t change much, even without seeing legislative language for either plan.

— “Today marks another attempt by the administration and congressional leaders to explain to the American people why the government needs more information on them,” said Rob Nichols, president and CEO of the American Bankers Association. In a statement, Nichols said that even with the exemptions outlined by Senate Finance Chair Ron Wyden (D-Ore.), “this proposal still goes too far by forcing financial institutions to share with the IRS private financial data from millions of customers not suspected of cheating on their taxes.”

— More than 100 trade associations across the finance and business worlds wrote to congressional leaders last week to prebut the increased threshold, telling lawmakers that while “less objectionable,” such a change “will not significantly reduce the scale of this new IRS program.” The industry is also arguing that the new carve-outs proposed by Democrats would make the requirements even more complex for banks to implement, according to a lobbyist for one trade association fighting the reporting requirement, who said the sector’s message to lawmakers wouldn’t change.

INVARIANT ADDS FINANCE, CANNABIS LOBBYIST: The bipartisan lobbying firm Invariant has added Democratic lobbyist Noah Marine to its financial services practice. Most recently he was an assistant vice president at insurer Travelers and before that served as legislative director to Rep. Ed Perlmutter (D-Co.). He’s also an alum of the American Bankers Association and SIFMA, which represents the securities industry.

— Marine told PI that he expects to work on cannabis issues as well, and Invariant has no shortage of cannabis clients, including the National Medicinal Cannabis Coalition, LeafLink and Constellation Brands. When he was still on the Hill, Marine helped draft the SAFE Banking Act, which would allow licensed marijuana businesses access to financial institutions and which just passed the House as an amendment to the must-pass NDAA. “At the federal level, certainly, I think you've got to get people comfortable” with cannabis legislation “in sort of a marginal way, and this is it,” Marine said of the bill.

— Marine will also lobby on issues relating to the mushrooming crypto and fintech sectors, which he said in some ways are similar to the early issues that plagued marijuana advocates, like the industry’s rapid growth and the relative lack of expertise in Congress.

Happy Monday and welcome to PI. Send lobbying tips: coprysko@politico.com. And be sure to follow me on Twitter: @caitlinoprysko.

 

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DEM SENATORS TELL FACEBOOK TO AX CRYPTO OFFERING: “Senate Democrats called on Facebook to end its digital wallet and cryptocurrency project in a letter to chief executive Mark Zuckerberg Tuesday, saying that the company ‘cannot be trusted to manage cryptocurrency,’” The Verge’s Makena Kelly reports. The letter came “hours after Facebook launched Novi, a new digital wallet, as part of a ‘small’ pilot program in the US and Guatemala,” and amid a fresh round of controversy after a whistleblower leaked internal documents.

— “Facebook first announced its plans to enter the cryptocurrency industry over two years ago, but the digital currency project, called Libra, was halted after heavy criticism from lawmakers and regulators. The Libra currency was later rebranded as ‘Diem,’ which has yet to be released alongside the new wallet product.”

— “Facebook is once again pursuing digital currency plans on an aggressive timeline and has already launched a pilot for a payments infrastructure network, even though these plans are incompatible with the actual financial regulatory landscape — not only for Diem specifically, but also for stablecoins in general,” Senate Banking Chair Sherrod Brown (D-Ohio) and Sens. Brian Schatz (D-Hawaii), Elizabeth Warren (D-Mass.), Tina Smith (D-Minn.) and Richard Blumenthal (D-Conn.) wrote to Zuckerberg. The lawmakers alluded to the platform’s most recent troubles, accusing Facebook’s “existing ability to manage risks and keep consumers safe” of proving “wholly insufficient.”

BUSING IN: More than 200 members of the American Bus Association , which represents the motorcoach, group travel and tourism industries, will meet virtually with lawmakers on Wednesday to plead for more federal relief to help the industry survive the pandemic. The group will hear directly from Sen. Marsha Blackburn (R-Tenn.), Reps. Josh Gottheimer (D-N.J.), Antonio Delgado (D-N.Y.), Deb Fischer (R-Neb,.) and Sam Graves (R-Mo.), and TSA Administrator David Pekoske, and will push for more funding for the Coronavirus Economic Relief for Transportation Services program, without which up to 40 percent of the industry might shut down, according to the trade group.

HAMILTON PLACE ADDS 2: Jonathan Graffeo and Phalen Kuckuck have joined Hamilton Place Strategies as a managing director and a director, respectively. Graffeo was most recently deputy staff director on the Senate Appropriations Committee for retiring ranking member Richard Shelby (R-Ala.). Kuckuck most recently served as a digital director at PLUS Communications and sister company FP1 Strategies.

FBI RAIDS DERIPASKA-LINKED HOMES: “F.B.I. agents on Tuesday morning searched homes linked to the Russian oligarch Oleg V. Deripaska in New York’s Greenwich Village and on Washington’s Embassy Row as part of an investigation into whether he violated sanctions imposed on him by the United States,” The New York Times’ William Rashbaum, Ken Vogel and Rebecca Davis O’Brien report.

— “The searches were carried out more or less simultaneously by agents in New York and Washington and were part of an investigation by the F.B.I. and federal prosecutors from the office of the U.S. attorney for the Southern District of New York,” people with knowledge of the matter told the Times.

— “A spokesman for the F.B.I. office in New York would say only that the agents were ‘conducting a law enforcement operation pursuant to a law enforcement investigation,’ and did not provide details on the nature or scope of the inquiry. A spokesman for the Southern District declined to comment.” But a spokesperson for Deripaska, an aluminum magnate with ties to the Kremlin and a former client of ex-Trump campaign chairman Paul Manafort , confirmed the searches in a statement and told the Times the investigation was related to U.S. sanctions, which Deripaska was hit with in 2018 in spite of an extensive campaign to avoid them.

TOP RYAN TAX AIDE JOINS ARNOLD VENTURES: George Callas, who was a top tax aide to former House Speaker and Ways and Means Chair Paul Ryan, is joining Arnold Ventures, the philanthropic research and advocacy group founded by billionaires John and Laura Arnold, as executive vice president of public finance. Callas left the Hill not long after helping craft the GOP’s 2017 tax overhaul to assist Steptoe & Johnson clients in navigating the new tax law. He’ll remain at Steptoe during a transition period.

 

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Jobs Report

Ed Chung is joining the Vera Institute of Justice as vice president of initiatives. He was previously a senior fellow at the Center for American Progress.

The American Forest & Paper Association announced Eric Steiner as vice president of government affairs. He most recently served as senior director of government affairs at Elanco Animal Health and is a Kraft, Senate Ag and USDA alum.

Daniela McCool is now digital service expert for talent management at the U.S. Digital Service. She most recently was senior HR manager at the Alliance For Automotive Innovation.

Natasha Eckard Hammond is now director of government and external affairs at NetJets, per Playbook. She most recently was public policy adviser at Squire Patton Boggs, and is a John Boehner alum.

Stephanie Dominguez Walton is joining the Latino Victory Project as a development director, Playbook reports. She most recently was major gifts officer for Planned Parenthood Mar Monte.

New Joint Fundraisers

Secure our Senate 2021 (Sens. Maggie Hassan, Catherine Cortez Masto, Mark Kelly, Raphael Warnock)

New PACs

Democratic Billboard Project (Super PAC)
MOMS FOR LIBERTY ACTION (Super PAC)
MOMS FOR LIBERTY INC POLITICAL VICTORY FUND (PAC)
MOMS FOR LIBERTY PAC (PAC)
Optimum Logistics Corp PAC (PAC)

 

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New Lobbying Registrations

2359 Strategies: Travere Therapeutics
Arent Fox LLP: Society Of Hispanic Professional Engineers
Brendan Neal Strategies, LLC: 908 Devices, Inc.
Brownstein Hyatt Farber Schreck, LLP: Bloom Energy
Brownstein Hyatt Farber Schreck, LLP: Colorado Springs
Brownstein Hyatt Farber Schreck, LLP: Kps Global LLC
Brownstein Hyatt Farber Schreck, LLP: Promontory Mortgagepath LLC
Capitol Core Group, Inc.: City Of Ridgecrest
Capitol Counsel LLC: Akin Gump On Behalf Of The Alliance For Trade Enforcement (Afte)
Capitol Counsel LLC: Kaje
Carequest Institute For Oral Health, Inc.: Carequest Institute For Oral Health, Inc.
Carmen Group Incorporated: Mednax Services, Inc.
Cornerstone Government Affairs, Inc.: Ampere Computing LLC
Cornerstone Government Affairs, Inc.: Harsco Corporation
Cornerstone Government Affairs, Inc.: Tait Towers Manufacturing LLC
Cozen O'Connor Public Strategies: Burr Smith
Cozen O'Connor Public Strategies: Trenton Threatened Skies
Drummond Woodsum Strategic Consulting LLC: K&L Gates, LLP On Behalf Of Jobget, Inc.
Drummond Woodsum Strategic Consulting LLC: K&L Gates, LLP On Behalf Of Running Tide Technologies, Inc.
Drummond Woodsum Strategic Consulting LLC: Wireless Partners, LLC
Hance Scarborough: Creative Solutions In Healthcare
Kasirer LLC: Diego Beekman Mutual Housing Association Housing Development Fund Corporation
Klein/Johnson Group: Solamerica Energy, LLC
Manatos & Manatos: Peter Palivos
Mr. Richard Burness: Brownstein Hyatt Farber Schreck, LLP Obo Del Monte Fresh Produce Company
Nvg, LLC: Leadership Conference On Civil And Human Rights
Pillsbury Winthrop Shaw Pittman LLP: Tychon
Pioneer Public Affairs: Citizens Energy Corporation
Pioneer Public Affairs: C-Zero
Pioneer Public Affairs: Solar Energy Industries Association
Pioneer Public Affairs: Source Global, Pbc
Potomac Consulting LLC: Association Of Fish & Wildlife Agencies
Sims Strategies, LLC: Chronic Care Policy Alliance
Sims Strategies, LLC: Therapeuticsmd, Inc.
The Health Equity Strategies Group, LLC: Travere Therapeutics
The Vogel Group: Quantum Energy, Inc.
Tiber Creek Group: We Work For Health
Todd Strategy, LLC Dba Todd Strategy Group: Grand River Aseptic Manufacturing
Todd Strategy, LLC Dba Todd Strategy Group: Med Claims Compliance Corporation
Todd Strategy, LLC Dba Todd Strategy Group: Sidecar Health
Twinlogic Strategies, LLP: High Tech Inventors Alliance
Von Batten-Montague-York: Ogaden Community Of USa
West Front Strategies LLC: Ctia - The Wireless Association
West Front Strategies LLC: National Insurance Crime Bureau

 

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New Lobbying Terminations

Baker Donelson Bearman Caldwell & Berkowitz / The Daschle Group: Opco Altoona, Ia, LLC
Baker Donelson Bearman Caldwell & Berkowitz / The Daschle Group: Opco Carroll, Ia, LLC
Baker Donelson Bearman Caldwell & Berkowitz / The Daschle Group: Opco Granger, Ia, LLC
Baker Donelson Bearman Caldwell & Berkowitz / The Daschle Group: Opco Jefferson, Ia, LLC
Baker Donelson Bearman Caldwell & Berkowitz / The Daschle Group: Opco Norwalk, Ia, LLC
Baker Donelson Bearman Caldwell & Berkowitz / The Daschle Group: Opco Polk City, Ia, LLC
Baker Donelson Bearman Caldwell & Berkowitz / The Daschle Group: Opco University Park, Ia, LLC
Baker & Hostetler LLP: Weber-Stephen Products LLC
Brownstein Hyatt Farber Schreck, LLP: Advamed
Brownstein Hyatt Farber Schreck, LLP: Atrium Health
Center Road Solutions: Well Being Trust
Cornerstone Government Affairs, Inc.: Navient Solutions, LLC
Crossroads Strategies, LLC: American Association Of Timeshare Owners Inc.
Crossroads Strategies, LLC: Sitelogiq
Dorsey & Whitney LLP: Christopher & Banks, Inc.
Dorsey & Whitney LLP: Medsource Labs
Edmund Graber: American Road & Transportation Builders Assn
Electronic Signature And Records Association: Electronic Signature And Records Association
Foley & Lardner, LLP: Kids Ii, Inc
Foley & Lardner, LLP: Masa Global
Foley & Lardner, LLP: The Manitowoc Company, Inc.
Forbes-Tate: Sorrento Therapeutics, Inc.
Genesis Healthcare Inc (Formerly Listed As Genesis Healthcare Corporation): Genesis Healthcare Inc (Formerly Listed As Genesis Healthcare Corporation)
Hamilton Goodman Partners LLC: Freedom For All Americans
Hecht Latham Spencer & Associates, Inc., Formerly Known As Hecht Spencer & Assoc: Cognizant Technology Solutions - U S Corporation
Holland & Knight LLP: Kimmel Center Inc.
Hurt, Norton & Associates, Inc.: Sierra Nevada Corporation
Husch Blackwell Strategies: Husch Blackwell On Behalf Of Franklin Savings Corp.
Husch Blackwell Strategies: Las Vegas Sands Corporation
Kountoupes Denham Carr & Reid, LLC: Humanity Forward
Lobbyit.Com: Iss Aviation, Inc.
Lobbyit.Com: Modular Building Institute
Lobbyit.Com: Prime Time Media
Meeks, Butera & Israel Pllc: Society For Brain Mapping & Therapeutics (Sbmt)
Mehlman Castagnetti Rosen & Thomas, Inc.: Elara Caring
Mehlman Castagnetti Rosen & Thomas, Inc.: National Council On Civil Advocacy
Mehlman Castagnetti Rosen & Thomas, Inc.: Papierfabrik August Koehler Se
Michael Best Strategies LLC: Mortgage Machine Services
New Century Government Affairs (F/K/A Terrence C. Wolfe): Tech Army, LLC
North South Government Strategies F/K/A Jdm Public Strategies, LLC: Constellation Brands, Inc
Polsinelli Pc: Bluebird Bio
Potomac Policy Advisors LLC: Flir Systems, Inc.
Raffaniello & Associates: Odyssey Marine Exploration, Inc.
Rjb Strategies, LLC: National Coalition For The Homeless
Sidley Austin LLP: Intrexon Corporation
Strategic Marketing Innovations: American Tank And Fabricating Company
Strategic Marketing Innovations: Solvay America, Inc.
Strategic Marketing Innovations: Zeel
The Livingston Group, L.L.C.: Tevogen Bio
Tompkins Strategies, LLC: Grand Rounds
Twinlogic Strategies, LLP: Consumer Technology Association (Previously The Consumer Electronics Association
United Brotherhood Of Carpenters And Joiners Of America: United Brotherhood Of Carpenters And Joiners Of America
Van Scoyoc Associates: Humanigen, Inc.
Van Scoyoc Associates: International Legal Finance Association
Van Scoyoc Associates: University Of Idaho
Waxman Strategies: Good Food Institute Inc.

 

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At HCA Healthcare, we understand the healthcare insurance and billing processes can be confusing and stressful for patients. For this reason, we have developed several programs and resources to help support patients. We provide pricing information, financial counseling, patient-friendly billing practices and generous financial assistance programs for uninsured and under-insured patients.

Specifically, HCA Healthcare has patient benefit advisors who help patients understand and access programs and discounts, which we believe help significantly reduce financial burden. These resources are available to patients who need assistance applying for Medicaid or other eligible coverage.

In fact, HCA Healthcare cares for more Medicaid inpatients than any other health system in the U.S. Additionally, our Uninsured Discount Policy offers patients with no insurance, or exhausted insurance benefits, a discount (averaging 90% of the total bill) for emergency services. See how we show up for our patients, communities and each other.

 
 

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