WASHINGTON—More nomination approvals, committee organizational meetings and close examination of Dodd-Frank are part of a busy Congressional agenda this week.
The House Financial Services Committee today is set to adopt an oversight plan for the 115th Congress that will include addressing the effectiveness of financial institution regulation, the CFPB’s structure and funding, and safety of the federal share and deposit insurance funds.
“All House and Senate committees set plans such as these at the beginning of each Congress and years between. The plan to be taken up today by House Financial Services, chaired by Rep. Jeb Hensarling (R-TX), provides the panel’s overriding goals and the issues that will be taken up by each of its subcommittees,” noted NAFCU.
The full committee plans to continue its close examination of the Dodd-Frank Act, with special emphasis on the operations of the Financial Stability Oversight Council of regulators; operations of the Office of Financial Research; the Volcker Rule (limiting financial institutions’ non-deposit liabilities and investment trading); and regulators’ effectiveness in ending a past policy of propping up institutions considered too big to fail.
Issues also to be addressed include the future of government-sponsored enterprises Fannie Mae and Freddie Mac, payments system innovations and mobile payments, data security, Financial Accounting Standards Board activities and more.
CUNA noted it will be following the proceedings, as well.
NAFCU said it is in ongoing contact with the House Financial Services Committee and other lawmakers in advocating for credit union regulatory relief from Dodd-Frank Act rules that were intended to address abuses in which credit unions did not participate. The association is also urging NCUA against any share insurance premium charge on credit unions this year that is not triggered by statute.
Also ahead in Washington this week:
- Tuesday the Senate Armed Services Committee will hold a small closed briefing on cyber threats.
- The House Democratic Caucus retreat takes place Wednesday-Friday.
- Thursday the Senate Judiciary Committee will hold a full committee markup Of S178, the Elder Abuse Prevention and Prosecution Act, and will also consider committee rules for the 115th Congress.
This week could also bring a vote by the full Senate on the president’s nomination of Steve Mnuchin to be Treasury secretary. The Senate voted 51-48 Thursday on a motion allowing a vote to go forward. The Senate will also consider the nomination of Betsy DeVos for Education secretary, Tom Price for secretary of the Department of Housing and Human Services, and Sen. Jeff Sessions (R-AL) for Attorney General.