Week InAdvance June 23, 2014

 

Relevant Congressional Activity  |  Relevant Agency Activity

Lawmakers' attention will be on funding for the transportation bill, appropriations, energy and missing Internal Revenue Service e-mails in the week before the July 4 holiday recess. Look for an energy-themed week on the House floor: action on bills addressing drilling - in Alaska, offshore and on shale lands - as well as permits for exporting natural gas and energy infrastructure.

 

Meanwhile, the Senate Finance Committee will continue to negotiate over possible pay-fors for a $10 billion short-term funding bill for the nearly-dry Highway Trust Fund. Democrats have reportedly been looking hard at proposals to modify stretch IRAs and pension smoothing as possible sources of revenue. There's no indication that Republicans would accept offsets that do not include any spending cuts. Chairman Ron Wyden (D-OR) had hoped to markup the highway bill this week, but nothing has been announced as of this writing.

 

On Monday, June 23, 2014, we expect the House to consider the Commodity Futures Trading Commission's (CFTC) reauthorization bill, with votes the following day. The reauthorization bill (H.R. 4413) was recommended without dissent in April by the House Agriculture Committee and has a strong end-user protection component, as well as provisions to reduce power of CFTC staff and to further protect futures commission merchant customers. The White House, however, issued a statement on Thursday, June 19, 2014, strongly opposing the bill, claiming the measure "would hinder the CFTC's progress in successfully implementing" swaps reform and would "unnecessarily disrupt the effective management and operation of the agency."

 

On Tuesday, June 24, 2014, Treasury Secretary Jack Lew will deliver the annual report of the Financial Stability Oversight Council (FSOC) to the House Financial Services Committee, and

on Wednesday, June 25, 2014, the SEC will consider rules governing U.S. firms' overseas swaps.

 

Also on Wednesday, the Senate Banking Committee will vote on the nominations of Julian Castro to be Secretary of HUD and Laura Wertheimer to be Inspector General of the FHFA, and on Thursday, June 26, 2014, the House Financial Services Subcommittee will hold a hearing on "Oversight of the SEC's Division of Trading and Markets."

 

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

RelevantCongressionalActivityRelevant Congressional Activity

 

House Appropriations Committee

On Wednesday, June 25, 2014, the House Appropriations Committee will hold a markup of the FY2015 Financial Services and General Government Appropriations bill.

 

House Financial Services Committee

On Tuesday, June 24, 2014, the House Financial Services Committee will hold a hearing on "The Annual Report of the Financial Stability Oversight Council." Witness testimony will be given by:

  • Treasury Secretary Jacob Lew 

On Thursday, June 26, 2014, the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises will hold a hearing on "Oversight of the SEC's Division of Trading and Markets."

 

Senate Appropriations Committee

On Tuesday, June 24, 2014, the Senate Appropriations Subcommittee on Financial Services and General Government will hold a markup of the FY2015 Financial Services and General Government Appropriations bill.

 

Senate Banking, Housing and Urban Affairs Committee

On Wednesday, June 25, 2014, the Senate Banking Committee will hold a hearing on "The Financial Stability Oversight Council Annual Report to Congress." Witness testimony will be given by:

  • Treasury Secretary Jacob Lew 

Senate Finance Committee

On Wednesday, June 25, 2014, the Senate Finance Committee will hold a hearing on the nominations of D. Nathan Sheets to be Treasury undersecretary for international affairs, and Ramin Toloui to be deputy Treasury undersecretary for international finance. Witness testimony will be given by:

  • Dr. D. Nathan Sheets, of Maryland
  • Mr. Ramin Toloui, of Iowa

Senate Homeland Security and Governmental Affairs Committee

On Wednesday, June 25, 2014, the Senate Homeland Security Committee will hold a markup of cybersecurity bills, and a markup to vote on the nomination of Shaun Donovan to be director of the OMB.

RelevantAgencyActivityRelevant Agency Activity

 

Commodity Futures Trading Commission

On Friday, June 27, 2014, the CFTC will hold a closed meeting on surveillance, enforcement matters and examinations.

 

Securities and Exchange Commission

On Wednesday, June 25, 2014, the SEC will hold an open meeting to consider whether to adopt rules regarding the "Application of Security-based Swap Dealer and Major Security-based Swap Participant Definitions to Cross-Border Security-Based Swap Activities under the Securities Exchange Act of 1934 and Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act."

 

On Thursday, June 26, 2014, the SEC will hold a closed meeting to consider settlement of injunctive actions, institution and settlement of administrative proceedings, adjudicatory matters, and other matters relating to enforcement proceedings.