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CUNA testimony hearings highlight busy week in D.C.

WASHINGTON (11/15/11)--Business on Capitol Hill will pick up this week ahead of the upcoming Thanksgiving constituent work week, with hearings and a number of votes scheduled.

One of the biggest events this week for credit unions will come on Wednesday as Credit Union National Association (CUNA) President/CEO Bill Cheney joins academics and financial services industry insiders to testify on community bank regulatory relief measure H.R. 1697, the Communities First Act.That hearing will take place before the House financial institutions subcommittee.

Other hearings held this week include a Tuesday Senate Banking Committee oversight hearing on the Federal Housing Finance Agency (FHFA). FHFA Acting Director Edward DeMarco is expected to testify during that hearing. The Senate Banking Committee financial institutions subcommittee will also hold a hearing today, as Consumer Financial Protection Bureau Office of Financial Protection for Older Americans Assistant Director Hubert "Skip" Humphrey III testifies on the financial security issues faced by older Americans.

The House Oversight and Government Reform Committee financial services subcommittee will also discuss job creation today, and the House Financial Services Committee today also is scheduled to mark up H.R. 1221, the "Equity in Government Compensation Act of 2011," which would suspend the current compensation packages for the senior executives of Fannie Mae and Freddie Mac and impose a new pay structure on Fannie and Freddie employees.

This week will also feature the following hearings:

  • A Wednesday House Oversight and Government Reform Committee hearing on Fannie Mae and Freddie Mac executive compensation;
  • A Wednesday House Rules Committee mark-up of H.R. 10, the "Regulations From the Executive in Need of Scrutiny (REINS) Act," a bill to require congressional approval of certain agency rulemaking;
  • A Wednesday Joint Economic Committee hearing on the impact of infrastructure investment on job creation;
  • A Thursday Senate Banking Committee nomination hearing, which will include the nomination of Thomas Hoenig to join the Federal Deposit Insurance Corp. board of directors; and
  • A Thursday Joint Economic Committee tax-reform related hearing.

The Joint Select Committee on Deficit Reduction is expected to meet, but will not hold any public meetings this week.

The House and Senate floors will also see action this week.

A minibus spending bill and Medicare-related Senate amendments are set to be considered by the House on Tuesday, and minibus spending legislation is scheduled to be taken up by the Senate this week. H.R. 2112, an appropriations bill for the Departments of Agriculture, Commerce, Justice, Transportation and Housing and Urban Development that would also fund the government until mid-December, could also be approved this week.


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