WASHINGTON–The House and the Senate are both back in session this week, with both sides of Congress coming together tonight for President Biden’s State of the Union address.
The House and the Senate will then adjourn for two weeks at the end of this week.
“We look forward to working with the administration on credit union priorities that will hopefully be included,” said Jason Stverak, deputy chief advocacy officer for federal affairs with CUNA.
Separately, Stverak noted the hearing schedule is now underway in the new Congress. Among the hearings this week that will have credit union attention include:
Wednesday
House Financial Services Committee subcommittees’ hearings:
- Sophistication or Discrimination? How the Accredited Investor Definition unfairly Limits Investment Access for the Non-wealth and the Need for Reform. 10 a.m.
- Revamping and Revitalizing Banking in the 21st Century. “The hearing is looking at a number of ideas proposals to provide regulatory relief and to do some reforms in the financial services sector and we will be weighing in,” said NAFCU VP-Legislative Affairs Brad Thaler. “They are looking at issues ranging from data privacy to improving FSOC, so we'll be watching that hearing in particular.”
- Empowering Entrepreneurs: Removing Barriers to Capital Access for Small Business. 2 p.m. “Credit unions have a long track record of working with small businesses and providing relief and we think there are improvements to the Federal Credit Union Act that can be done to help credit unions further assist small businesses,” said Thaler.
Thursday
- The State of Housing 2023
ESG Working Group Board
Separately, the new chairman of the House Financial Services Committee, Patrick McHenry (R-NC), has announced the formation of a Republican Working Group. It will be led by Oversight and Investigations Subcommittee Chairman Bill Huizenga (R-MI)) with an aim of combatting “the threat to our capital markets posed by those on the far-left pushing environmental, social, and governance (ESG) proposals.”
“Progressives are trying to do with American businesses what they already did to our public education system—using our institutions to force their far-left ideology on the American people,” McHenry said in a statement. “Their latest tool in these efforts is environmental, social, and governance proposals…This group will develop a comprehensive approach to ESG that protects the financial interests of everyday investors and ensures our capital markets remain the envy of the world. Financial Services Committee Republicans as a whole will continue our work to expand capital formation, hold Biden’s rogue regulators accountable, and support American job creators.”
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