•The IRS and Treasury Department announced plans for new regulations imposing excise taxes on compensation exceeding $1 million at tax-exempt organizations.
•The new rule eliminates the requirement that an employee be among the five highest-compensated to trigger the tax, applying to any employee exceeding $1 million after 2025.
•Federal Reserve Governor Michael S. Barr issued an urgent warning regarding the trajectory of U.S. bank regulation during a speech at American University.