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This Week in Washington, DC
Tuesday, April 12, 2016 6:45 AM

For the first time in weeks, both chambers of Congress return to session this week, joining 28 state legislatures also in session.   

Wednesday will feature the bulk of the committee action with hearings on tax reform and Puerto Rico, plus a mark-up in the House Financial Services Committee. 

  • The House Small Business Subcommittee on Economic Growth, Tax and Capital Access will hold a hearing on "Small Business Tax Reform." 
  • The House Ways and Means Tax Policy Subcommittee will hold a hearing on "Income Tax Reform Proposals." 
  • The House Financial Services Committee will hold a full committee markup to consider cost-saving measures as part of the House Republican FY 2017 budget.
  • The House Natural Resources Committee will hold a full committee legislative hearing on a discussion draft of the "Puerto Rico Oversight, Management, and Economic Stability Act." 

On Thursday, the House will consider H.R. 3340, the Financial Stability Oversight Council Reform Act, as well as H.R. 3791, a bill to raise the consolidated assets threshold under the small bank holding company policy statement. In addition, several committee meetings are of interest to credit unions:

  • The House Financial Services Capital Markets and Government Sponsored Enterprises Subcommittee will hold a hearing titled "The JOBS Act at Four: Examining Its Impact and Proposals to Further Enhance Capital Formation."
  • The Senate Banking, Housing and Urban Affairs Subcommittee on Securities, Insurance and Investment Subcommittee will hold a hearing on fixed-income market changes. 
  • The House Natural Resources Committee will mark-up the "Puerto Rico Oversight, Management, and Economic Stability Act."

On Friday, the House of Representatives will consider H.R. 2666, the No Rate Regulation of Broadband Internet Access Act.  

The House Financial Services Committee will mark-up two bills this week, including a CUNA-supported measure.  H.R. 1486, the "Taking Account of Bureaucrats' Spending Act of 2015," would place the CFPB under the appropriations process. Since the inception of the Bureau, CUNA has held the position that the most appropriate funding scheme for the Bureau would be under the appropriations process. This not only gives Congress oversight of the Bureau, but it would also incentivize the Bureau to focus its attention on the abusers of consumers.

The other bill under consideration this week is a yet-to-be-introduced bill to repeal Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Title II deals with the orderly liquidation for large, failing financial institutions.