Opportunity Zone Fundraising Fell in 2023: The DI Wire reports that qualified opportunity zone funds tracked by Novogradac raised $3.53 billion in equity in 2023, plummeting from annual amount totals of the three previous years, all of which surpassed $9 billion.
Trade Groups, State AGs Back SEC Audit Trail Suit: Pensions & Investments reports that several trade groups and 23 Republican attorneys general have filed briefs in federal court in support of a lawsuit challenging the Securities and Exchange Commission's revised funding model for the plan governing its consolidated audit trail.
SEC Proposes to Raise Threshold for VC Funds: ExecutiveGov reports that the SEC last week proposed a new rule that would update the definition of a qualifying venture capital fund. The SEC proposes to raise the dollar threshold for a fund to qualify as a qualifying venture capital fund from $10 million to $12 million aggregate capital contributions and uncalled committed capital based on the Personal Consumption Expenditures Chain-Type Price Index.
Financial Regulator Hopes to Finalize up to 20 More Rules: InvestmentNews reports that SEC Chair Gensler said he hopes to finalize up to 20 more rules before the end of President Biden’s first term, including rules on predictive data analytics, custody, liquidity, and climate and rules around investment advisers, broker-dealers and systems compliance and integrity.
Gensler Says Dealer Rule Not Aimed at Hedge Funds: The Financial Times reports that hedge funds are not the main target of the SEC's Treasury dealer rule, Chair Gary Gensler says. The rule "is primarily about principal trading firms that dealer trade," Gensler said. "It's about parties posting liquidity on both sides of the market in the same security.”
DOL Fiduciary Rule Criticized During Second House Hearing: Financial Advisor reports that DOL’s proposed fiduciary rule came under harsh criticism last week during the House Education and Workforce Committee's second hearing on the retirement security rule, which seeks to extend fiduciary duty to insurance agents and broker-dealer register representatives.
IRS Following Closely if Senate Considers Tax Bill: The Hill reports that IRS Commissioner Danny Werfel testified last week that his agency was paying close attention to a bipartisan tax deal that passed the House and may be considered in the Senate. He said if it becomes law, the IRS would be able to process the expanded credits and deductions within a matter of weeks and potentially within the current filing season.
House Whip Says No More Continuing Resolutions:Bloomberg reports that House Majority Whip Tom Emmer (R-MN) said last week that the House will not pass another continuing resolution to avert a funding lapse after dual expiration dates on March 1 and March 8. His posture will make things tough for Congress to avoid a government shutdown. The House is set to be out of Washington until Feb. 28.
Pessimism Growing About Federal Partial Closure: Roll Call reports that 20% of annual appropriations for the current fiscal year are due March 1 or portions of the government will shut down. Critical final decisions about those spending bills’ contents or the process for getting them across the finish line haven’t yet been made.
Debt Payments to Eclipse Defense Spending: The Wall Street Journal reports that interest costs are on pace to surpass defense this year as one of the largest government expenses in the budget. Only Social Security and Medicare are forecast to be bigger burdens in the coming years.
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