WASHINGTON (9/20/11)—In Washington, D.C., the U.S. House and Senate are back in session this week and looking forward to a pretty packed schedule of hearings among panels of key interest to credit unions before adjourning next week for another district work session. The Credit Union National Association (CUNA) will be monitoring such hearings as today’s Senate Budget Committee session entitled, “Promoting Job Creation in the United States.” CUNA, the state leagues, and credit unions support a statutory increase to the credit union member business lending cap as a way to infuse $13 billion in new funds into the economy, creating 140,000 new jobs in the first year after enactment--at no cost to the U.S. taxpayer. Bills to increase the MBL cap to 27.5%, up from 12.25%, have bi-partisan support in both the House and Senate. In today’s hearing, former Federal Reserve Vice Chairman Alice Rivlin is among those scheduled to testify. In addition to the Budget Committee hearing, CUNA will be following hearings today in the Senate Banking Committee and the Joint Economic Committee. A hearing called by the banking panel’s subcommittee on housing, transportation and urban development is slated to study, "New Ideas to Address the Glut of Foreclosed Properties." Allan Dechert, president of the New Jersey Association of Realtors, and Bob Nielsen, chairman of the board of the National Association of Homebuilders, are expected to testify. The Joint Economic Committee has scheduled a hearing on the effects that the federal debt on the U.S. economy and a panel of distinguished academics comprise the expected witness panel. On Wednesday’s radar:
* The House Financial Services subcommittee on capital markets and government-sponsored enterprises, similar to the Senate’s budget committee on Tuesday, intends to conduct a hearing on "Legislative Proposals to Facilitate Small Business Capital Formation and Job Creation." * A House Ways and Means Committee hearing will focus on the variety of economic models used by the Joint Committee on Taxation to analyze and score tax reform legislation. * And, the Senate Energy and Commerce Committee is expected to markup pending legislation, including S. 1207, the Data Security and Breach Notification Act.
The country’s tax code is on the dissecting table at the continuing hearings of the Joint Committee on Deficit Reduction, which isexpected to conduct a hearing Thursday entitled, “Overview: Revenue Options and Reforming the Tax Code." Thomas Barthold, chief of staff of the Joint Committee on Taxation, is expected to testify. Also on the Thursday agenda, the Senate Banking Committee will hold confirmation hearings on the nominations of Alan Krueger to be a member of the Council of Economic Advisers; David Montoya to be inspector general of the Housing and Urban Development Department; and Cyrus Amir-Mokri to be U.S. Treasury assistant secretary for financial institutions. Amir-Mokri would replace Michael Barr, who left Treasury last year to return to the University of Michigan. The nominees are expected to testify. Also of note, the House Financial Services subcommittee on financial institutions and consumer credit has scheduled a Thursday hearing on the availability of credit products for consumers who may not have access to services provided by traditional financial institutions. And, finally, the Senate Judiciary Committee is expected to resume consideration of pending legislation, including S. 1151, the Personal Data Privacy and Security Act, S. 1408, the Data Breach Notification Act, and S. 1535, the Personal Data Protection and Breach Accountability Act. (See related story: Data security bill improved by CUNA-backed amendment.)