Legislative Update

The House and the Senate return to Washington this week for one last time before the November election.  When the House and the Senate recess this week, they will next meet on November 13.
 
Floor Schedule
 
The House comes back on Wednesday and will consider bills under suspension of the rules.  On Thursday, the House will consider additional bills under suspension of the rules before considering legislation to create a new green-card category for foreigners who have received doctorate degrees from U.S. universities in science, technology, engineering, and math.  The House is also scheduled to consider a resolution of disapproval of recently promulgated rules related to the work requirements under the Temporary Assistance for Needy Families program.  The House also has H.R. 3409, the Stop the War on Coal Act, on its schedule for Friday.
 
The Senate also returns on Wednesday and will resume consideration of S. 3457, the Veterans Jobs Corp Act.  Also on Wednesday, the Senate is expected to consider the House-passed continuing resolution, which will fund the government for six months beginning September 30, 2012.  It is not clear at this point whether additional legislation will be considered before the Senate recesses.
 
Committee Schedule
 
The short week and the end of session both contribute to a relatively light committee schedule this week; however, there is one hearing of note for credit unions.  On Thursday, the House Financial Services Committee will hold a full committee hearing on the “Semi-annual Report of the Consumer Financial Protection Bureau.”  CFPB Director Cordray is expected to testify.  As you may recall, Director Cordray testified last week at a similar hearing before the Senate Banking Committee.
 
Lame Duck
 
Congress has left a considerable amount of work unfinished and will return for a post-election (lame duck) session.  The House has announced DC work periods for the week on November 13th, November 26, December 3, and December 10.  It is possible that House could also be in session the week of December 17th; however, they have not announced that at this time.  The Senate has not announced a post-election session schedule, but it would be reasonable to assume the Senate schedule will be similar to the House schedule.  Among the issues that will need to be addressed are the tax provisions that expire at the end of the year and the spending cuts required under sequestration.  How Congress addresses these issues will depend, at least in part, on the outcome of the elections.  The expectation is – and we are preparing -- for a prolonged post-election session; however, if control of the White House or either chamber changes, it would not be surprising to see some of these issues either handled temporarily through stop-gap measures or allowed to lapse and be handled retroactively in the new year.  Over the next few weeks, we may get a sense of how this will play out; however, it probably will not become crystal clear until after votes are cast on November 6.  We will follow this closely and update you as we get additional information.
 
If you have any questions regarding these or any legislative issues, please do not hesitate to contact John Magill, Sam Whitfield or Ryan Donovan.