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News Now

Washington
House Senate have much to do before adjournment
WASHINGTON (12/6/11)--Appropriations bills and tax extender legislation are among the items standing between Congress and the holiday recess, but credit unions will also want to watch for hearings on Dodd-Frank Act implementation and private mortgage regulations, among others.

The Senate Banking Committee on Tuesday will discuss the "Continued Oversight on the Implementation of the Wall Street Reform Act," with Deputy Treasury Secretary Neal Wolin, Federal Reserve Governor Daniel Tarullo, Securities and Exchange Commission Chairman Mary Schapiro, Commodity Futures Trading Commission Chairman Gary Gensler, Federal Deposit Insurance Corp. (FDIC)  Chairman Martin Gruenberg, and acting Comptroller of the Currency John Walsh scheduled to testify.

The House Ways and Means Committee and Senate Finance Committee have also set a hearing for today, entitled "Tax Reform and the Tax Treatment of Financial Products." Joint Committee on Taxation chief of staff Thomas Barthold, academics, and industry representatives will testify during that hearing.

The House Financial Services capital markets subcommittee will hold a hearing entitled the "Private Mortgage Market Investment Act, Part 2," on Wednesday.

That committee's financial institutions subcommittee will conduct a Wednesday hearing on enhanced supervision of large, complex financial institutions, with former FDIC Chairperson Sheila Bair among those set to testify.

The full House Financial Services Committee was set to discuss legislation related to examination of depository institutions this week, but that hearing has been postponed until next year. In lieu of that hearing, the committee is expected to hold a hearing Tuesday on H.R. 1148, the Stop Trading on Congressional Knowledge Act.

Hearings on cybersecurity and internet domain names have also been scheduled.

A House vote on H.R. 10, the Regulations from the Executive in Need of Scrutiny (REINS) Act, and a Senate vote on the nomination of Richard Cordray to serve as Consumer Financial Protection Bureau leader may also take place this week. (See related story: Senate to vote on CFPB head nomination this week)

Congress has targeted an adjournment date of Dec. 16, but that date is subject to change. For more on this week's hearings, use the resource link.


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