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The House and Senate were both scheduled to be in session all week, but due to Hurricane Irma and the aftermath there will not be any legislative work done today, however they are currently scheduled to come back tomorrow evening. With storms of this magnitude still causing catastrophic devastation, the week’s legislative schedule is still in flux.
If they continue on the current agenda, the House of Representatives will resume consideration of the minibus appropriations bill (H.R. 3354). Last week, consideration of the bill was postponed as lawmakers across the South returned home to their states to help their constituents prepare for and clean up from these brutal hurricanes. Consideration of amendments, including the Amodei amendment, is expected to occur this week. In addition, H.R. 3697, the Criminal Alien Gang Member Removal Act will be considered on the House floor.
The Senate is expected to consider the “National Defense Authorization Act” (H.R. 2810).
Last week, the President signed into law legislation that would lift the debt ceiling AND fund the federal government at current levels until September 8th. Hurricanes Harvey and Irma sped consideration of the bill. The package includes $15.25 billion in supplemental hurricane aid. This is merely the first tranche of money that will be spent on disaster recovery. The bill also reauthorizes the National Flood Insurance Program, which is set to expire on September 30, through December 8. Congress reauthorizing the National Flood Insurance Program and fully funding the Community Development Financial Institutions Fund and the Community Development Revolving Loan Fund are important, but short-term victories for credit unions.
As referenced earlier, the amendment offered by Representatives Mark Amodei (R-NV) and Pete Aguilar (D-CA) to strike Section 906 of the minibus appropriations bill was made in order last week the House Rules Committee. This amendment would strip language from this 8-bill appropriations legislation that puts NCUA under the appropriations process. The other banking regulators are put under appropriations in the bill but the Amodei amendment simply strikes the NCUA portion of the bill.
**As of now, we expect this to be the schedule but that it is subject to change as dozens of lawmakers in the House and Senate may be delayed in their return to DC. In some cases, it might be some time before they return.**
The Senate Banking, Housing and Urban Affairs Committee will hold a hearing on "Examining the Fintech Landscape."
The House Financial Services Financial Institutions and Consumer Credit Subcommittee and the Monetary Policy and Trade Subcommittees will hold a joint hearing entitled, “Examining the Relationship Between Prudential Regulations and Monetary Policy at the Federal Reserve.” The subcommittees will examine whether these Federal Reserve responsibilities complement or conflict with each other, and how they might be organized more effectively.
While it has not been made public, we expect the Senate Appropriations Financial Services and General Government Subcommittee to hold a markup on the Financial Services and General Government Appropriations Act for FY 2018.
The House Financial Services Monetary Policy and Trade Subcommittee will hold a hearing entitled, “A Legislative Proposal to Impede North Korea’s Access to Finance.” The subcommittee will examine new legislation to impose secondary sanctions that would impact a wide range of North Korea’s economic activity.
The Senate Finance Committee will hold a full committee hearing on "Individual Tax Reform."
The Senate Banking, Housing and Urban Affairs Committee will hold a hearing on "Examining the Committee on Foreign Investment in the United States."
While it has not been made public, we expect the full Senate Appropriations Committee to hold a markup on the Financial Services and General Government Appropriations Act for FY 2018.
House Financial Services Committee Chairman Jeb Hensarling (R-TX) said last week that the committee will hold a hearing on the Equifax data breach that has potentially compromised the personal information of roughly 143 million Americans. A date for the hearing will be announced at a later time.
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