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Trump’s sharp turn for US policy faces slower road in Congress

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President Donald Trump is preparing to take his show on the road after a shock-and-awe flurry of executive actions that have flipped U.S. priorities on everything from climate policy to diversity and inclusion.

Yet while Trump’s long-planned fire and fury start to his second term is entirely something he’s controlled, the next steps for his plans to remake Washington will need the help of others. Republicans, who narrowly control the House and Senate, have yet to find agreement on how to move Trump’s ambitious plans through Congress.

Trump’s third day in office will be capped by an Oval Office interview with Fox News host Sean Hannity, set to air Wednesday night during Asia market hours. Trump is also expected to meet today with a group of centrist House Republicans, according to a Semafor report

Trump met Tuesday with House and Senate Republican leaders to chart a path forward on his priorities, but those talks ended without a deal on how to advance Trump’s signature tax plan, as well as on other key policy priorities like immigration and energy. 

Senate Republicans would like to do a large bill on immigration and energy first to deliver a quick win for the president and then tackle tax reform in a second bill, whereas House Republicans would prefer to do one large bill that ties together all of Trump’s priorities to help ensure passage through Congress. 

Congressional Republicans have struggled with unity in recent years, especially in the House. It took 15 votes for Kevin McCarthy to become speaker in 2023, and he lasted just 10 months in the job before being ousted. GOP lawmakers eventually settled on Mike Johnson to take over, and he’s led an uneasy majority since then. Earlier this month, Johnson required Trump’s own last-minute intervention to flip a couple of votes in order to keep the top job.

Hannity, in a Tuesday evening program at the Capitol with House GOP leaders and lawmakers, repeatedly pressed them to get on board with Trump’s full agenda, urging unanimity while reminding repeatedly that no one member can get everything they want. 

Johnson told Hannity Tuesday that a bill to move Trump’s tax agenda, extending cuts from his first term and enacting promises made during his campaign, could be done by April and would be passed by the Memorial Day holiday near the end of May at the latest.

“We’ve had a lot of member briefings, but we’ve also been talking about this with President Trump,” House Majority Leader Steve Scalise told reporters after his meeting with the president on Tuesday.

“When you look at what gives us the best path to success, to secure the border, lower energy costs, save the tax policies, stave off the tax increase — all of those things we want to do, what builds the best path?” Scalise added.”The one area we’re not in disagreement on is what will be in an overall package. We’re all talking about the same things.”

Yet for all the optimistic talk on passing Trump’s legislative agenda, there’s no agreement yet on how to do it. 

Complicating matters further, Republicans in recent years needed to rely on Democratic votes for even the most basic legislative must-dos, like funding the government or lifting the debt ceiling. House Republicans can only afford to lose one vote and still be able to pass bills without needing to go to Democrats for help. In the Senate, they can afford just three defections.

“We’re gonna get the job done, at the end of the day,” Representative Tom Emmer, the Minnesota Republican whose job as majority whip is to corral House GOP votes for the bills that will enact Trump’s agenda, told Hannity. “Failure is not an option.”

Fire funding

Meanwhile, preparations are underway for a trip to North Carolina and Los Angeles, the latter of which will give Trump a chance to spar on Democratic turf with the biggest political foil of his first days back in office, California Governor Gavin Newsom. 

Trump is slated to visit North Carolina Friday to see the aftermath of Hurricane Helene and then California to view the devastation wrought by wildfires in Los Angeles. Trump and Newsom have sparred repeatedly over the handling of fires in California, including over water usage, preparation, and the state’s response. 

In his inaugural address, Trump said fires have burned in Los Angeles “without even a token of defense.” Newsom shot back that Trump’s rhetoric was both “nonsense” and “insulting,” in a statement late Tuesday that interspersed those words with photos of firefighters tackling the blazes.

“I look forward to President Trump’s visit to Los Angeles and his mobilization of the full weight of the federal government to help our fellow Americans recover and rebuild.”

Newsom has also sparred with conservatives in Congress over whether federal aid to California should come without conditions — his insistence — or with conditions including requiring changes to water policy and fire mitigation strategies in the state, as Republicans including Johnson have suggested.

“We’re going to take care of Los Angeles,” Trump said to reporters on Tuesday at the White House. “I’m going to North Carolina, which has been abandoned by the Democrats. And I’m going to North Carolina, very importantly, first, I’ll be there on Friday.”

Trump will also go to Nevada, a swing-state he won in the 2024 presidential election, to “thank them” for their support. 

The trip will cap off a busy week for Trump, who advisers and allies say returned to power with a strong sense of the way he wanted to approach a second term. Trump is trying to demonstrate his effectiveness as a leader and draw a contrast with the former President Joe Biden, who typically did one or two public events each day in office. Many of Trump’s aides would like his legacy to rival that of the late President Ronald Reagan.

The Trump team always intended to move at a dizzying pace during its first two years in office, while Republicans control the White House, Senate and House. They say they are emboldened and confident after winning all seven swing states in the 2024 election and expanding the Republican Party to include greater numbers of young men, Black men and Hispanics. 

To reporters, Trump has said he may impose tariffs on Mexico, Canada and China as soon as February 1. “We’re talking about a tariff of 10% on China, based on the fact that they’re sending fentanyl to Mexico and Canada,” Trump told reporters Tuesday afternoon. 

Trump’s comments, made in White House events that turned into impromptu press conferences, scrambled currency markets. China’s onshore yuan dropped by the most in three weeks on his tariff threat reiteration. A day earlier, Trump’s 25% threat had sent the Canadian dollar to its weakest levels in nearly five years.

Even if Trump’s second-term is off to an impactful start, warning signs loom for his presidency. The nation’s stubborn inflation will be hard to tame, despite his recent order to federal agencies to study the issue of bringing down costs for consumers. 

Peace in the Middle East may prove fragile, despite the agreed-upon six week cease fire between Israel and Hamas in Gaza, while Russia continues to bombard Ukraine’s cities nightly, with little sign yet of public movement by Russia’s leadership toward the truce talks Trump says are essential.

Trump indicated he plans to speak soon with Russian President Vladimir Putin, and suggested Tuesday he could impose more sanctions on Russia if Putin doesn’t come to the table for talks on Ukraine. 

Putin told China’s leader Xi Jinping, during their 95-minute video call Tuesday, that he was ready for dialogue with the U.S. on Ukraine, Interfax reported, but that Trump’s representatives hadn’t yet contacted the Kremlin over possible talks. 

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Accounting

FASB proposes accounting standards codification changes

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The Financial Accounting Standards Board released a proposed accounting standards update containing a set of targeted improvements to the FASB Accounting Standards Codification. 

The amendments in the proposed ASU involve incremental changes to the codification and would affect a wide range of topics. They would apply to all reporting entities within the scope of the affected accounting guidance.

The proposed ASU would address 34 issues, including issues related to:

  • Removing the term “amortized cost” from the Master Glossary;
  • Clarifying the calculation of earnings per share when a loss from continuing operations exists;
  • Clarifying the calculation of the reference amount for beneficial interests;
  • Clarifying the guidance for the transfer of receivables from contracts with customers; and,
  • Clarifying the accounting for certain receivables by not-for-profit entities.

FASB is asking for comments by April 22, 2025.

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Accounting

Ramp announces availability of business and investment accounts for users

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Spend management solution provider Ramp announced the release of Ramp Treasury, which can act as a business or investment account for users. 

Specifically, Ramp Treasury lets businesses store cash in a business account that earns 2.5% interest, or in an investment account with the potential for higher yields, all within the same platform they already use to pay their bills. 

Users can create as many business accounts as they need versus having to juggle multiple accounts and passwords. They can also set a target balance for their Ramp Business Account and top up from their checking account. Upon opening a Ramp Business Account, Ramp will pay users a monthly cash reward, calculated as a percentage of their deposited funds. They begin earning on the first dollar they deposit, and there is no cap to how much they can earn. Earnings are disbursed automatically by Ramp each month. Earnings are paid as cash, versus statement credits or rewards requiring redemption. Instead, the customer can transfer earnings from their Ramp Business Account to be used as cash elsewhere.

Customers can transfer funds in and out of a Ramp Business Account via externally linked commercial or business bank accounts. Funds that are moved may settle as quickly as the same day, but could take as long as five business days. Funds in a Ramp Business Account can be used to pay Ramp statements, Ramp Bill Pay and employee reimbursements. Payments to Ramp statements settle instantly. At this time, the Business Account cannot be used to deposit checks, receive external payments, receive transfers from bank accounts that are not linked to Ramp, or make payments outside of the Ramp platform.

The Ramp Investment Account, meanwhile, allows businesses to invest cash in the Invesco Premier U.S. Government Money Portfolio (FUGXX), a money market fund. Securities products and brokerage services are provided by Apex Clearing Corporation, an SEC-registered broker-dealer. The Investment Account is not a deposit product, not insured by the FDIC, and may lose value.

The launch is part of Ramp’s ambitions to automate more areas of the financial tech stack beyond payments.

“The old treasury playbook meant either constant micromanaging of cash positions and payment dates … or just accepting you’ll lose out on interest. The new playbook is refreshingly simple: let technology do the heavy lifting, so you don’t have to,” said Ramp CEO Eric Glyman. “This is why we created Ramp in the first place. We find every cent you deserve so you can focus on moving your business forward. It’s all about the timeless principle of making every dollar and hour work harder, and go farther.”

While the service acts a lot like a bank account, Ramp is not a bank and therefore is not subject to all the same rules and regulations of a bank (though the accounts are FDIC insured, according to the website). The Business Account is a deposit account offered through First Internet Bank of Indiana, which is the one who provides the bank services. There are no account opening or management fees, no deposit minimums, and no withdrawal restrictions. 

Ramp Treasury allows for unlimited same-day ACH, international wires and domestic wires. It also offers alerts before funds are low or if cash is available to invest. The solution provides support for fully integrated workflows from beginning to end, meaning that cash transfers and earnings automatically sync with a connected ERP system and get categorized in the correct general ledger accounts. The security features allow only authorized people to transfer or release money, and the software provides a comprehensive audit trail. Ramp also makes Ramp for Accounting Firms.

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Accounting

FinQuery announces new CEO, COO, executive chairman

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Accounting and contract management solutions provider FinQuery announced a major reshuffle of its executive team, including a new CEO, COO and executive chairman. Joe Schab—the president and chief operating officer—has been appointed to the role of chief executive officer, effective immediately. 

“It’s an honor to be appointed CEO of FinQuery,” said Schab. “I’m incredibly proud of the positive impact we’ve made on our customers, helping them simplify complex accounting processes and gain unparalleled visibility into their committed spend. I’m eager to continue building on this success and deliver even more impactful solutions that meet their evolving needs.”

Meanwhile, George Azih, founder and now-former CEO, will transition to the role of founder and executive chairman, where he will continue to provide strategic guidance and support the company’s growth.

“Joe has been an invaluable partner in building FinQuery into the successful company it is today,” said Azih. “A deep understanding of the technology industry coupled with his strategic vision and operational expertise make him the ideal leader to guide FinQuery through its next phase of growth. I am confident that under Joe’s leadership, FinQuery will continue to innovate and deliver exceptional value to our customers.”

In addition to Schab’s promotion, FinQuery also announced the promotion of Justin Smith from chief financial officer to both CFO and COO. Smith will assume responsibility for overseeing the company’s financial and operational performance. It is unknown who the replacement CEO will be. 

Overall, according to Azih, these changeups in the leadership reflect a natural evolution in people’s roles through the years. 

“This transition is about aligning titles with the roles that have already been shaping FinQuery’s success,” he said. “Joe has been serving as president and COO for several years, playing a pivotal role in driving our strategy and operations. His promotion to CEO is a natural evolution, recognizing his outstanding leadership and vision. Similarly, Justin’s move into the dual roles of CFO and COO reflects how closely these two functions have become aligned in recent years, as we prioritize both financial strategy and operational excellence to deliver greater value to our customers. As I step into the role of executive chairman, my focus will remain on guiding FinQuery’s strategic vision while empowering this exceptional team to continue simplifying complex accounting processes for our customers.” 

FinQuery, formerly LeaseQuery, has spent the last few years growing well beyond its original focus on lease accounting, prompting a rebrand early last year. The transition to FinQuery mirrors the company’s expanded vision toward providing comprehensive financial solutions. While lease accounting software remains a core part of its offering, FinQuery represents a more holistic approach to financial management. To this end, the company recently released a prepaid and accrual accounting solution as well as a contract management solution.

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