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House Posed To Pass Tax Cuts

House poised to pass tax bill in major step toward overhaul. NYT: “The House is poised on Thursday to pass a sweeping rewrite of the tax code along party lines, advancing a critical effort by Republicans to enact legislation that cuts taxes for corporations and individuals before the year’s end. The tax overhaul still faces significant obstacles, as Republicans must align the legislation that is expected to pass the House with a bill that is working its way through the Senate Finance Committee this week. The party is under pressure to get legislation to President Trump’s desk by Christmas, in part to show a significant legislative achievement from a Republican-controlled Congress during its first year in the majority. Lawmakers also want to push the legislation through quickly to avoid giving lobbyists and Democrats time to mobilize sufficient opposition.”

Cordray Resigns From CFPB

Cordray to resign from CFPB, allowing Trump to remake watchdog. Bloomberg: “Richard Cordray will step down as the head of a controversial consumer watchdog at the end of the month amid growing speculation that he will run for governor of Ohio as a Democrat. The decision could clear the way for President Donald Trump to install his own director atop the Consumer Financial Protection Bureau, a regulator set up after the 2008 financial crisis to police mortgages, credit cards and other products. Cordray’s departure gives Republican lawmakers a chance to push a deregulatory agenda at an agency that they say has too much power and has burdened lenders with unnecessary red tape.”

Flood Insurance Renewal Guts Protections

N.J. Republican blasts colleagues for shortchanging Jersey Shore on flood insurance. NJ.com: “Rep. Frank LoBiondo, whose Jersey Shore district was devastated by Hurricane Sandy, blasted his fellow House Republicans for advancing a flood insurance bill that he said was biased against New Jersey… The legislation, which still needs Senate approval, would renew the insurance program for five years, increase premiums for policyholders, and allow the same private insurance companies that administer the program for the Federal Emergency Management Agency to also sell policies in competition with the government… Beginning in 18 months, the bill would prevent homeowners amassing total claims worth three times the replacement value of the damaged structure from obtaining government insurance. The legislation does not include federal funding to update flood maps.”

Dems Lead In Iowa Governor’s Race

Iowa Governor’s race comes into focus with three Democratic frontrunners. Des Moines Register: “After a long summer of organizing and campaigning, Iowa’s Democratic race for governor is coming into focus with two clear frontrunners and an emerging dark horse, according to party activists and campaign observers interviewed in recent weeks. State Sen. Nate Boulton and retired businessman Fred Hubbell, both of Des Moines, lead the seven-candidate field… Also gathering support is Cathy Glasson, a union leader from Coralville, who has put key progressive issues front and center and begun lining up support from the party’s liberal wing. Where Boulton and Hubbell have centered their arguments on economic challenges and social-service shortcomings in Iowa, Glasson has taken a broader view. She favors rapidly phasing in a $15 hourly minimum wage and speaks at nearly every campaign stop about providing universal, single-payer health insurance — typically viewed as a federal issue. She backs not only restoring public-sector union rights curtailed by the Legislature this year, but also further steps to allow public- and private-sector workers to unionize in Iowa. On water pollution, she promises a ‘moratorium on what she calls ‘factory farms’ until water quality measures improve.”

More from OurFuture.org:

Democrats Will Need More Than Resistance to Govern. Robert Borosage: “Sweeping victories in last Tuesday’s elections provided a bracing tonic for Democrats. “In case there was any doubt,” tweeted former Obama speechwriter Jon Favreau, “the Resistance is real.” Tuesday’s victories should buoy Democrats but not mislead them. The reaction to Trump is fierce, but not sufficient to consolidate a new ruling coalition that can make the changes we need. Centrist Democrats… already face primary challenges from the left. The party pros will decry the internal divisions, but the fact that grassroots activists are putting energy into electoral politics as well as protest movements, and are operating inside the party rather than outside in third parties, may well be the best hope for the Democratic party’s renewal.”

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