This week, both the Senate and the House are in recess for the 4th of July holiday. No committees in either chamber of Congress will hold any hearings of interest.

In July, however, unfinished business will abound, with lawmakers working on appropriations, highway funding, and terrorism risk insurance. Look for floor action on the financial services appropriations bill - which would reduce IRS funding and limit a Dodd-Frank swaps rule - in both the House and the Senate.

Senate Appropriations Committee Chair Barbara Mikulski said her panel has reserved Wednesday, July 9, 2014, to mark up the financial services appropriations bill. Also on the Senate's to-do list are confirmation votes on Shaun Donovan to head the White House Office of Management and Budget and San Antonio Mayor Julian Castro to succeed Donovan as secretary of Housing and Urban Development.

On Wednesday, July 2, 2014, Fed Chair Janet Yellen will deliver the Inaugural Michel Camdessus Central Banking Lecture at the IMF in Washington, DC.

Please see below for detail on agency events in Washington this week.