WASHINGTON (11/8/11)--Members of the U.S. House have left Washington for Veteran's Day recess, and with only the Senate in town, the legislative calendar is expected to be light this week.
The most relevant action for credit unions will likely be a Thursday Senate Banking Committee hearing entitled "Opportunities and Challenges for Economic Development in Indian Country." Business, finance and community representatives will testify alongside Federal Reserve Bank of Minneapolis Community Development Advisor Sue Woodrow during that hearing, which is scheduled to begin at 10:00 a.m. ET.
H.R. 674, a bill that would amend the Internal Revenue Code of 1986 to repeal the imposition of 3% withholding on certain payments made to vendors by government entities, and would modify adjusted gross income calculations that are used to determine eligibility for some healthcare-related programs, is also expected to come up in the Senate. This legislation has passed the House. The Senate will also consider adding an amendment to boost tax credits to businesses that hire veterans.