presidential historians. explore the life events that shaped our leaders. theyenged -- challenges faced, and the legacies they have left behind. order your copy today. c-span's "the presidents" is available as a hardcover or e-book at c-span.org thepresidents. group in rojas is senior -- reporter with limburg law. this bill would increase the flexibility on retirement savings plans. how would it do that? a long timeen coming, congress has not delved law.o made it verye clear that retirement security, retirement savings was going to be a priority. in the last congress, he and brady passed something out that had some of these components and it but that bill was tied to

--e of the permanence of the of president trump's tax cut and another bill. that did not have legs in the senate. so it died last session, this year. chairman neil brought this up and this bill basically does not sexy components like a refund check for people or anything like that. what it does is it allows, it makes it easier for employers to offer retirement plans, incentivizes the creation of new retirement plans, they grants iras,s access to 401(k)s, vehicles they get tax breaks on. and it has additional elements that just make the process easier for employers to administer, create, and provide these plans for a wider variety

of workers. >> the bill is called the secure act, sitting every community up enhancement.t your headline reflecting, it sailed through the house committee, by sartre -- bipartisan support. should we look for similar support on the house for when it comes to debate? >> it hit her up -- hit a bit of a bump this week when it was brought up in the rules committee, chairman neil broke the news that to the members, the bill was being modified, they were removing some language that would have benefited people who homeschool. the 529 plans which are specifically education savings accounts. he informed the members that had been some resistance within his caucus. that was being removed. they were adding in new provisions to fix something from so 2017 bill that made it

children, made them the beneficiaries of income from fallen warriors or other payments, we're paying higher tax rates somewhat north of 30% when they should have been paying much lower closer to 12% to 15% of what their parents had earned. >> a headline at bloomberg law reflects the changes, you mentioned house democrats retooled retirement bundle ahead of the vote. why were those provisions taken out of the bill and were republicans surprised? >> it sounded like the republicans were, i don't know how surprised they were. in roles, several members coalding representative and representative would all try to get to the heart of the issue asking were outside groups

lobbying for this, was it something that, why was this not done in committee, why are we ?oing this year -- here he said he was never sold on the changes, he left them in for the sake of getting the broader bill reported out. that over the past few weeks, the bill came out of ways and means in early april. over the past two weeks, he kept getting pushed back within the caucus from members saying this is not going to fly with us so do the i don't want to entire bill because of this one thing so he pulled it out. and even the representative on the rules committee tried to get him to change his mind but then in the end said, you know what? we expect this will fly on the floor because there is a lot of other good stuff in it. broader issue now of retirement savings, you wrote recently that this secure act could be the first of a number of pieces of legislation that ways and means tries to bring to

the house floor. int else should we look for the coming session? >> even as this bill was clearing the committee as it did in april, nail announced that he and brady were already collaborating on a second retirement bill that his staff has indicated would most likely pick up where this leaves off. chairman neil has introduced legislation to our auto enroll employees and retirement plans. if your company does not offer anything, as soon as you get in there, you will automatically get a 401(k) or an ira to broaden the base and provide people to change their model from having to opt out. which serves to get people involved area and if you don't have to do anything, you're already in there versus someone saying i don't want this benefit, i don't want to save for the future. so that in theory is going to be

the starting line for his next roles -- rules, fourid there were three or more substantive proposals. at least one more retirement bill he said he would like to move by this summer. >> our guest, senior reporter with bloomberg law and you can read his reporting with limburg -- bloomberglaw.com. >> in a moment, we will show you steve mnuchin's testimony on international financial system. first, here is a quick look at one of the exchanges during the hearing dealing with the presidents tax returns -- president's tax returns. know, the secretary

shall furnish the ways and means committee with any information specified in request. you are aware of that, right? that nowhereaware in that section is the chairman required to provide a reason for the request. you are aware of that? >> i have read the language. letter, you rely on advice from the doj determining that the request lacks a legitimate legislative purpose. >> that is correct. >> you understand that we are the legislative branch and we make decisions about legislating. >> i understand there are three branches of government. >> and you are the executive branch, right? you don't make the laws. we make the laws. we learned last night of a second opinion written by the irs chief counsel's office. are you aware of that letter? when we got anre

inquiry from the washington post. i'm not sure who the author of that was. posten did the washington inquire about your knowledge? >> i believe the day before yesterday. we confirmed that i the commissioner were not aware of the letter and had not seen it. >> but you have, since that time, reviewed the memo. >> i have not. i looked at it on the way appear. i would not describe that -- -- up here. i would not describe that as being familiar. it does notead that specify that we provide a reason for the request? >> i will just say that the legal advice we have relied upon, and i understand there are three branches of government,

and when it comes to constitutional issues there may be different interpretations of that is why there is a third branch of government -- >> i'm sorry, reclaiming my time. you are aware that the conclusion of that memo directly contradicts the conclusion you are relying upon. >> i do not believe that is the case. aat memo is addressing different issue and not the issue that we in the department of justice looked at. , this is notst say a letter that came to our attention earlier. who with the irs would have made the decision not to run this memo up the chain? >> i have no idea. >> are you planning to find that out? >> we are trying to find out who wrote the memo, yes. >> here is the entire hearing now before the house financial services committee on international financial system. it is two hours and 15 minutes -- systems.