WASHINGTON—The 113th Congress begins its final week this week, and most of the attention will be going to legislation to fund the government in the form of a continuing resolution and an omnibus bill, which has been dubbed the “cromnibus” inside the Beltway. That legislation again involves threats of a “government shutdown” and a veto by President Obama.
The House will also be considering the California Emergency Drought Relief Act, and legislation related to terrorism, and will hold a hearing on cybersecurity on Tuesday. The Senate will be considering defense authorization, the appointment of federal judges, and the broad funding bills.
Credit unions aren’t expecting much from a Congress that is in a lame duck session, considered among the least productive ever, and which is divided along strongly partisan lines. Still, Ryan Donovan, SVP-legislative affairs with CUNA, said the trade group is hopeful of progress on what he called some “below the waterline” pieces of legislation that have credit union support, such as bills related to Interest on Lawyer Trust Accounts (IOLTA), to grant privately-insured institutions access to the Fed, and to extend certain privacy protections.
“It’s going to be a very busy and fluid week,” said Donovan.
CUNA feels most positive that progress will be made in requiring the GAO to conduct a study of the impact of the Federal Reserve’s regulation setting reserve requirements for depository institutions. The Reg D Study Act (H.R. 3240), passed the House 422-0.
“The bill passed the House on a very strong vote and we’re going to work with the sponsors, regardless or what the Senate does, to get the GAO to do the study,” said Donovan, who explained the legislation does not necessarily need to pass the Senate for the GAO to take action. “We have a degree of confidence we will get the report and it will have a positive outcome.”
Once the current Congress adjourns, it will be out of session until the 114th Congress begins Jan. 6, 2015, with a strong Republican majority in both houses.