Judge Says No Hearing Needed on FTC Noncompete Suit: Bloomberg Law reports that a Texas federal judge said she will decide a challenge to the Federal Trade Commission’s near-total ban on worker noncompetes without a hearing by

July 3.

IRS, Treasury Aim at Stopping Partnership Basis Shifting: Financial Advisor Magazine reports that the IRS and Treasury Department on Monday unveiled a

plan to end a tax provision known as "partnership basis shifting."

SEC Commissioner Renominated: Pensions & Investments reports that President Biden has renominated SEC Commissioner Caroline Crenshaw, a Democrat, to a

full five-year term. She has served since August 2020.

Younger Wealthy Investors Seek Alts, Survey Finds: PLANADVISER reports that high-net-worth investors in the Generation Z and Millennial cohorts are seeking alternatives to traditional stock and bond investments to expand their

wealth.

Gensler Revisits IT Regs for BDs: Law360 reports that Securities and Exchange Commission Chair Gary Gensler told senators last week that the agency could rewrite a pair of proposals governing broker-dealers' use of artificial intelligence and the handling of customers' cryptocurrency assets in the wake of "robust" feedback

from both supporters and naysayers.

State Officials Ask Congress to Stop SEC Trade-Tracking: Financial Advisor Magazine reports that 23 state financial officers from 19 states are asking House Speaker Mike Johnson to take up a bill that would prohibit the SEC from tracking private investment transactions and investor information on every securities trade

that is made nationwide.

SEC’s Budget in Congressional Crosshairs: Congressional Quarterly reports that a House spending bill that would cut funding for the SEC is likely to run into strong resistance in the Democratic-majority Senate, based on reaction to the

measure during a Senate hearing last week.

Corporate Tax Rate Battle Looms: The Wall Street Journal reports that President Biden wants to raise current 21% corporate tax rate to 28% while Republicans

consider further cuts.

Budget Deficit Headed to $1.9 Trillion: The Hill reports that the federal budget deficit is projected to reach $1.9 trillion this fiscal year, a 27% increase over previous estimates, the Congressional Budget Office said Tuesday, as government

spending continues to rise.