WASHINGTON–Both the House and the Senate are back in session this week, but any progress on specific legislation of interest to credit unions is not expected as negotiations continue related to a number of significant bills.
The House will consider legislation related to the federal debt limit, as well as HR 5665, the Combating International Islamophobia Act. Ryan Donovan, CUNA’s EVP and chief advocacy officer, said the House will also be prepared to handle any end-of-year legislation from the Senate, including amendments to the National Defense Authorization Act (NDAA)
On the Senate side, the NDAA (which does not currently include language giving banks access to military bases equal to that of credit unions) will be a focus. It also does not include the credit union-opposed IRS reporting provision (see related story).
Like the House, the Senate will also be considering legislation to lift the debt ceiling.
“A lot will be happening on the floor and behind the scenes,” said Donovan. “Another big hurdle the Senate is facing, of course, is the president’s big Build Back Better legislation. There is a possibility the Senate could consider Build Back Better before Christmas as Sen. (Charles) Schumer (D-NY) has indicated. But time being such a precious commodity it’s more likely consideration of that legislation drifts into January.”
Hearings on Agenda
Donovan said CUNA is watching two hearings on Capitol Hill this week:
Today
- Senate Committee on Banking, Housing & Urban Affairs hearing: Stablecoins: How Do They Work, How Are They Used, and What Are the Risks?”
Thursday
- Senate Committee on Banking, Housing & Urban Affairs hearing: Disaster Recovery Assistance: Authorization of the Community Development Block Grant Disaster Recovery Program