WASHINGTON–Both the House and Senate are back in session this week and credit unions—and the rest of the country—will be focused on what is in the final version of the trillion-dollar-plus reconciliation bill and whether it passes at all.
Brad Thaler, VP-legislative affairs with NAFCU, said it’s likely a couple of different versions of the reconciliation bill will go back and forth in Congress as a vote on the spending package likely takes place this week.
The reconciliation bill is moving along slowly in part, as CUNA’s chief advocacy officer, Ryan Donovan, observed, “Funny thing about putting together big legislation--someone actually has to write it and put it in final form. I understand they have a little bit more work to do—matters the rules committee will consider before going to the floor.”
And then after being written that legislation, ideally, needs to be read by members of Congress, noted Thaler, who noted Speaker of the House Nancy Pelosi (D-CA) said last week that most in Congress, including Democrats, had not yet seen the text. That text is critical, as Thaler reminded the Democrats can only afford to lose three members in the House on a vote in order to pass the bill, while in the Senate they must have all 50 members.
“If a member wants to eliminate or tweak (text), they have to line up all those votes and if that is the case for lot of different interests that are lobbying the bill,” Thaler said of all the complexities involved. “It’s not set in stone.”
Additional Complexities
And there are additional complexities.
Thaler noted some have said there may be issues in the Senate related to the Byrd rule, under which the Senate is prohibited from considering extraneous matter as part of a reconciliation bill or resolution or conference report.
“Senate Republicans have said there are things in the House text that can’t pass under Senate rules,” he said.
Still, with all of that flux, CUNA’s Donovan said the House Rules Committee may consider the reconciliation bill as early as today and, if not, certainly this week.
Also Being Watched
In addition to the reconciliation bill, Donovan said there are several hearings CUNA will be watching this week, including:
Today
- Senate Banking Committee: The LIBOR Transition: Protecting Consumers and Investors
- House Financial Services Committee Task Force on Financial Technology: Buy Now, Pay More Later? Investigating the Risks and Benefits of BNPL and Other Emerging Fintech Cash Flow Products
Wednesday
- House Financial Services Committee: Cyberthreats: Consumer Data and the Financial System