This week we highlight a report by BDO’s Center for Corporate Governance and Financial Reporting on a variety of topics that corporate management and boards of directors should be prepared to address in connection with their 2018 annual meetings. The main issues include the impact of efforts by the current administration regarding taxes and deregulation, as well as corporate accountability and compliance concerns.
Akin Gump has issued an alert on administration and congressional activity since President Trump’s inauguration. The report highlights key regulatory and legislative developments across a range of policy areas. This document also previews the policy agenda for the coming year and concludes with a political update and analysis of the 2018 congressional elections.
On June 16, 2017, the Trump administration issued a national security presidential memorandum entitled “Strengthening the Policy of the United States Towards Cuba” (the “Presidential Memorandum”). Related to this announcement, the White House issued a Cuba Fact Sheet, OFAC issued a new set of Frequently Asked Questions (FAQs) and the Department of Transportation also issued a new set of FAQs relating to the President’s announcement.
Despite the headlines coming out of Washington, Congress continues to move forward in regular fashion, discussing and acting upon key issues, such as funding the government, addressing the need to raise the debt ceiling and reauthorizing expiring programs.
This afternoon, President Trump announced his decision to withdraw the United States from the Paris Agreement, describing it as “disadvantaging the United States” and indicating that the United States will “cease implementation” thereof, unless the United States can renegotiate its terms.
Yesterday morning, the Office of the United States Trade Representative (USTR) formally notified Congress that the administration intends to initiate renegotiations with Mexico and Canada on the North American Free Trade Agreement (NAFTA). The administration is required to submit the notice to ensure that any legislation required to implement an updated agreement can receive fast-track protection under the Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (TPA). Under the TPA, the USTR may not enter into formal negotiations until 90 days after this notice is provided to Congress. Thus, NAFTA renegotiations can start on August 16, 2017.
Congress returned to session the week of April 24 following a two-week recess. Active discussions and debate surrounding the American Health Care Act (AHCA) and efforts to “repeal-and-replace” the Affordable Care Act resumed among Republicans in an effort to achieve the votes necessary for House passage. After negotiating additional changes to the legislation, members of the House Freedom Caucus agreed to lend their support, but many moderate Republicans remained wary of the proposal.
Congress entered into its spring recess on April 7 having delivered regulatory reforms to President Trump’s desk. In the first 75 days of the Trump administration, legislators approved 13 Congressional Review Act resolutions, with President Trump signing 11 thus far. Despite these victories, Congress was unable to deliver President Trump a key legislative goal, and health care reform remains elusive as Republicans continue to disagree over the American Health Care Act (AHCA).