What We're Tracking in DC
Week One of the Second Trump Administration
President Donald Trump was inaugurated earlier this week and immediately began implementing his policy agenda via executive actions. These actions included:
- Regulatory Freeze Pending Review, which means pending regulations — including the draft donor-advised fund regulations from 2023 — will need to be reviewed by agency leads before moving forward.
- Initial Rescissions of Harmful Executive Orders and Actions, which included revoking Executive Order 14015, which established the White House Office of Faith-Based and Neighborhood Partnerships.
- Ending Illegal Discrimination and Restoring Merit-Based Opportunity, an executive order that — among other provisions — seeks to discourage the private sector from engaging in certain programs related to diversity, equity, and inclusion. The EO requires federal agencies to identify for investigation up to nine corporations, large nonprofit corporations or associations, foundations with $500 million or more in assets, state and local bar and medical associations, and institutions of higher education with endowments over $1 billion.
For a deeper dive into all executive orders impacting nonprofits, check out this new resource from our partners at the National Council of Nonprofits.
Senate Finance Pushes Treasury Secretary Nomination to Senate Floor
Last week, the Senate Finance Committee held a confirmation hearing for Scott Bessent, President Trump’s nominee of Secretary of the Treasury. Much of the questioning revolved around the expiring provisions of the Tax Cuts and Jobs Act, decreasing federal spending, and the impacts of potential tariffs. Mr. Bessent raised his experience donating to charitable organizations and volunteering his time as examples of his past in public service. The Republicans on the Committee were joined by two Democrats in voting to advance Mr. Bessent’s nomination.
President Trump continues to build out the Treasury Department in preparation for the next four years of economic policy. He nominated Kenneth Kies to be Assistant Secretary for Tax Policy. The Council has long worked with Mr. Kies for consulting and lobbying. Derek Theurer, who is currently Senior Policy Adviser for tax for Speaker of the House Mike Johnson (R-LA), will join Treasury as well.
Tax Debate Begins
As congressional Republicans start to discuss extending the Tax Cuts and Jobs Act — a task which could cost upwards of $3 trillion — they have also begun listing potential “pay-fors” or revenue raisers. These proposals include taxing all scholarship and fellowship income.
While Congress continues to debate the structure, timing, and offsets for a tax package, lawmakers have already begun introducing legislation that would impact the tax code. These include:
- H.R.523, introduced by Rep. Max Miller (R-OH), would permanently increase the standard deduction to $18,000, adjusted for inflation.
- H.R.446, introduced by Rep. Troy Nehls (R-TX), would increase the rate of the excise tax on investment income of private colleges and universities from 1.4% to 21%.
- H.R.137, introduced by Rep. Vern Buchanan (R-FL), would make permanent some provisions from the Tax Cuts and Jobs Act.
As these conversations continue, the Council will monitor these and all bills that could have an impact on charitable giving and the philanthropic sector. Stay up to date by reading Snapshot, and stay tuned for new webpages tracking legislative developments and their implications for philanthropy.
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