WASHINGTON–Both the House and Senate are back in session this week, but credit unions will likely be paying most attention to the Federal Reserve when its Open Markets Committee meets for two days this week.
Beginning today, the FOMC will gather to discuss the direction of interest rates. As CUToday.info has reported previously, a number of analysts believe the Fed will again move to raise rates, having already done so twice this year. In July, the Fed moved its target range to 2% from 1.75%, and many expect it will announce another 25 basis point increase on Wednesday afternoon when it adjourns.
Meanwhile, in Congress, with the House likely adjourning at the end of this week until after the mid-term elections, the Senate’s calendar will likely be affected by hearings/developments related to Supreme Court nominee Brett Kavanaugh, while it also focuses on several lesser-known nominations.
Ryan Donovan, chief advocacy officer for CUNA, said the group will be watching activity around three bills in the House this week:
- HR 6756, the American Innovation Act of 2018 (sponsored by Rep. Vern Buchanan, R-FL)
- HR 6757, the Family Savings Act of 2018 (sponsored by Rep. Mike Kelly, R-PA)
- HR 6760, the Protecting Family and Small Business Tax Cuts Act of 2018, sponsored by Rep. Rodney Davis, R-IL)
The House is also expected to vote on a minibus appropriations bill that would fund the government through Dec. 7. That legislation has already passed the Senate.
Also on Agenda
Also on the Congressional/Washington agenda this week:
Wednesday
- On Wednesday, the House Financial Services Subcommittee on Monetary Policy and Trade will hold a hearing on the administration's goals for major sanctions programs
- On Wednesday, the House Ways and Means Committee will hold a hearing on the IRS's efforts regarding taxpayer online authentication
- On Wednesday, the Senate Finance Committee will evaluate the impact of tariffs on the U.S. auto industry
- On Wednesday, a Senate committee will hold a hearing on “Examining Safeguards for Consumer Data Privacy” at which an Apple executive will testify
Thursday
- On Thursday, two House Oversight and Government Reform subcommittees will hold a joint hearing reviewing the benefits of a deregulatory agenda
- On Thursday, the House Judiciary Committee will hold a hearing titled “State of Intellectual Freedom in America”
- On Thursday, the newly reconstituted Credit Union Advisory Council will meet to discuss issues related to fintech
Hiking the Hill
CUNA said delegations from Vermont, Minnesota, California/Nevada, Wisconsin, Ohio, Michigan, Louisiana, West Virginia and Kentucky will all be in Washington to Hike the Hill this week.