Policymaking

Wall Street and its allies in the House are trying to kill the Consolidated Audit Trail, a supercomputer that will allow regulators to detect market abuses, punish wrongdoers and better understand why markets sometimes crash.

The financial services industry has largely warmly greeted the GOP’s proposed overhaul of tax policy, yet some provisions have triggered concern and uncertainty. Here is a rundown of the key provisions and how they may impact the industry.

A House Republican tax proposal that infuriated housing groups and sent homebuilder stocks sliding would only have a modest impact on the market for new homes and could end up being a net positive for the industry, according to Keefe, Bruyette & Woods analysts.

Hopes that tax reform might soften a weakening of the mortgage interest deduction were quickly dashed as the GOP plan landed a double punch on the incentive cherished by the mortgage and housing industries.

In a somewhat surprising decision, House Financial Services Committee Chairman Jeb Hensarling announced his retirement from Congress on Tuesday, but speculation immediately grew that he could fill a regulatory post.