David Schweikert

Corrected 4:25 p.m. | Cryptocurrencies involve cutting-edge technology, but Congress is aiming at age-old problems when it comes to financial technology legislation: taxation, crime and jurisdiction to set the rules.

A review of the latest fintech-related bills by CQ Roll Call shows lawmakers’ latest efforts are focused on fostering innovation by some and making sure the technology isn’t abused by others.

Nine months out from Election Day, the latest fundraising reports provide new clues about both parties’ prospects in the battles for the House and Senate. 

In the fight for the House, vulnerable Democrats continued to raise eye-popping numbers as their party tries to hold on to its majority. Republican leaders last week sounded the alarm about their candidates’ fundraising, and the latest reports show why.

House Democrats have tucked tax relief for rum distilleries and more generous refunds for lower-income island residents into a disaster aid package intended to help Puerto Rico recover from an unusually destructive spate of recent earthquakes.

Backers say the add-ons are part of an ongoing effort to help Puerto Rico and other territories such as the U.S. Virgin Islands, also hit hard by hurricanes in recent years. But Republicans call the effort a typical congressional maneuver of piling on to a must-pass bill.

A one-word drafting error in the 2017 tax code overhaul has sent companies ranging from specialty retailer PetSmart Inc. to Nissan Motor Co. scrambling to Capitol Hill for relief.

As part of the effort to offset a dramatic reduction in the corporate tax rate in the 2017 law, Republicans limited the ability of firms to claim tax breaks on net operating losses, or when deductions exceed income.

Most Republicans believe their party has weathered the 2018 storm and brighter days are ahead in 2020. But that perspective doesn’t mean the GOP’s chances of retaking the House are particularly good.

Even if the national political environment isn’t as bad for the GOP as the midterms when they suffered a net loss of 40 House seats, there’s little evidence that President Donald Trump will dramatically improve his 2016 performance in key competitive districts next year.

It’s been almost a year since Democrats assumed control of the House, and they still haven’t touched the cap on state and local tax deductions imposed by the GOP Congress and President Donald Trump that disproportionately affect blue state districts.

That’s starting to become a problem for the dozen or so freshman Democrats who flipped GOP seats after campaigning in part on getting rid of that $10,000 “SALT” limit, which was included as an offset for the 2017 tax code overhaul.

The House Ethics Committee has released information on an expanded list of allegations against Rep. David Schweikert. The Arizona Republican is under investigation by the panel, which made public a second referral from the Office of Congressional Ethics. 

Under House Ethics rules, the committee is required to release OCE referrals one year after they are sent to the House.

In a sign that Democrats are broadening their 2020 messaging, the Democratic Congressional Campaign Committee on Thursday is rolling out digital ads attacking House Republicans over President Donald Trump’s trade policies. 

The ads, obtained first by CQ Roll Call, are timed to back-to-school shopping. The animated ads running on Facebook highlight products whose rising costs could affect consumers in 11 districts across the country, all but one of which Trump carried in 2016. 

Members of Congress who support the development of new financial technologies say their job might have gotten tougher after Facebook announced its plan to issue a cryptocurrency.

Lawmakers used hearings in both chambers this month to roundly censure Facebook’s proposed Libra, which the social media company says could provide financial services to people who can’t rely on banks.