Appropriations, expired tax breaks and veterans' medical care will dominate the agenda on Capitol Hill, where both chambers of Congress will be in session this week. The House returns from its recess to devote the bulk of the week to fiscal 2015 appropriations and plans to take up three bills to make expired or expiring tax provisions permanent. The House will also consider a bill intended to roll back overly burdensome regulatory requirements imposed by the CFTC.

On Tuesday, June 10, 2014, the House Financial Services Committee will mark up a series of bills, including legislation that would require Senate confirmation of an inspector general for the CFPB, and three JOBS Act 2.0 bills that would loosen the requirements to qualify as a well-known seasoned issuer (WKSI), revise the definition of an accelerated filer under the Sarbanes-Oxley Act, and repeal and replace the crowdfunding provisions of the original Jumpstart Our Business Startups Act. The JOBS Act 2.0 markup is the latest is a push by the Republican-controlled committee to advance legislation easing disclosure requirements and rolling back other securities regulations. The bills are being considered as part of a larger package of securities and financial legislation and were originally scheduled for markup earlier in May 2014.

The Senate Budget Committee and the Homeland Security and Governmental Affairs Committee have scheduled confirmation hearings for Shaun Donovan to be the next director of the White House Office of Management and Budget.

Senate Majority Leader Harry Reid filed cloture on Thursday, June 5, 2014, on Federal Reserve Board nominees, setting up possible cloture and confirmation votes this week on Stanley Fischer to be vice chairman of the Federal Reserve (the Senate confirmed Fisher to be a member of the Fed on May 21, 2014), as well as Lael Brainard and Jerome Powell to be members of the Fed Board.

Senate Finance Committee Chairman Ron Wyden plans to begin a fresh series of hearings in June and July to restart tax overhaul talks. Claiming it is a common element in most of the tax plans being offered by both political parties, the chief tax counsel for the Senate Finance Committee's Democratic staff said a minimum tax on the foreign earnings of U.S. companies is likely to be part of a compromise on comprehensive tax reform.

Of note, SEC Commissioner Kara Stein will discuss possible ways to address systemic risk in the financial system on Thursday, June 12, 2014, at the Peterson Institute.

Please see below for further detail on these events and others in Washington this week.