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WASHINGTON - A raft of expired and expiring tax breaks, including deductions for mortgage insurance premiums, college tuition and large medical bills, would be renewed under a massive government-wide funding bill approved by the Democratic-controlled House. The action comes a few days before the second anniversary of passage of President Donald Trumps massive 2017 tax law, his signature legislative achievement The package of individual and corporate tax cuts that the Republicans muscled through Congress was the most extensive rewrite of the U.S. tax code in three decades, adding an estimated $1.5 trillion to the ballooning deficit It provided steep tax cuts for corporations and the wealthiest Americans, and more modest reductions for middle- and low-income individuals and families. In addition to the deduction for mortgage insurance, college tuition and big medical bills, it includes extensions of several measures to boost renewable energy sources, such as a wind energy tax credit and a biodiesel credit eagerly sought by soybean growers.

Administration officials say the goal of the program, established by the new tax law enacted last December, is to create businesses and jobs in lowincome areas and lift residents out of poverty. \"The real estate industry is completely excited and mobilized about this, and now is getting paid through massive tax cuts,\" said Timothy Weaver, a professor at the State University of New York in Albany who has studied similar development programs. Based on Census data, the zones have an average poverty rate of about 32 percent, compared with the national average of 17 percent.

Money TALKS WASHINGTON (AP) The Federal Reserve has set limits aimed at addressing one of the leading causes of the 2008 financial crisis the buildup of loans extended by one bank to another among the biggest Wall Street institutions. The Fed oversees Wall Street titans such as JPMorgan Chase & Co., Goldman Sachs & Co., Bank of America Corp. and Citigroup Inc. The banks are considered to be so huge and interconnected that each could threaten the financial system if it collapsed. The Trump administration has sharply scaled back the authority and reach of the Consumer Financial Protection Bureau, which was established to safeguard consumers against abuses by credit, card issuers, payday lenders, mortgage servicers and debt collectors.

WASHINGTON (AP) - President Donald Trump indicated May 23 that he's eager to sign a bill that would dismantle a chunk of the rules framework for banks, installed to prevent recurrence of the 2008 financial crisis that brought millions of lots jobs and foreclosed homes. U.S. banks' net income climbed to $56 billion in the January-March quarter, a 27.5 percent increase from a year earlier, as profits were revved up by the corporate tax cuts enacted late last year, the Federal Deposit Insurance Corp. reported Tuesday. The win on the banking bill adds to Trumps marquee business-friendly legislative achievement, the sweeping tax bill enacted late last year that deeply cut taxes for corporations and wealthy individuals and offered more modest reductions for most ordinary Americans.

WASHINGTON (AP) - Republicans began pushing a broad tax cut for businesses and many individuals through the Senate Finance Committee on Nov. 15, a measure complicated by a late addition - repeal of the Affordable Care Act requirement that Americans get insurance coverage. Promoted as needed relief for the middle class, the House and Senate tax overhaul bills would deeply cut corporate rates, double the standard deduction used by most Americans and limit or repeal completely the federal deduction for state and local property, income and sales taxes. Beyond Trump's prodding, the repeal move was dictated by the Republicans need to find revenue sources for the massive tax-cut bill, which calls for steep reductions in the corporate tax rate and elimination of some popular tax breaks.

Roughly 28 million Americans deduct mortgage interest from their income taxes, with the biggest concentrations in the high housing-cost states of California, New York, New Jersey, Virginia and Maryland, according to the Tax Policy Center, a joint venture of the Urban Institute and the Brookings Institution. With lawmakers looking for revenue sources to offset prospective tax cuts, \"Any changes to the retirement system made solely for short-term budgetary gains, and not for policy reasons, could hurt Americans' long-term retirement security,\" the Save Our Savings coalition said in a letter to Sen. Orrin Hatch, R-Utah. * Deductions for donations to charitable, religious and other nonprofit organizations. Under the plan, all itemized deductions would be eliminated except for two: mortgage interest and charitable donations. * Tax-free employer-paid health insurance premiums and other medical expenses, including longterm care insurance, clocking in at $143.8 billion.

The Donald Trump administration is proposing to curb the authority of the consumer finance watchdog created following the economic crisis as the White House drives toward easing restrictions on banks and financial institutions. The Treasury Department issued Monday the first part of a review ordered by Trump in one of his earliest acts as president. The report reviewing the Dodd-Frank financial oversight law also urges changes to rules for banks that were put in place under the 2010 law. The law aimed to restrain banks -- which received hundreds of millions in taxpayer bailouts -- from the kind of misconduct many blamed for the crisis.

The move announced Wednesday by the Federal Reserve, the Federal Deposit Insurance Corp. and a Treasury Department banking agency is designed to get banks' senior executives and directors to pay closer attention to cybersecurity, agency officials said.

The vote, which surprised financial markets and was a \"negative shock\" to investor confidence, brings in months or years of uncertainty over British finance, trade and investment, the OFR report says. Because Britain's economy and financial system are so closely connected with the U.S. and the rest of Europe, distress in Britain could threaten U.S. financial stability, it warned. While the U.K.'s decision to leave the EU will reduce takeover activity under any scenario, a \"disorderly\" exit marked by difficult negotiations will result in increased political and economic uncertainty and a bigger decline in transactions, a forecast from the law firm Baker & McKenzie shows.