Week InAdvance July 14, 2014

 

Relevant Congressional Activity  |  Relevant Agency Activity

This week, Senate leaders have set up for floor consideration a proposed seven-year extension of the Terrorism Risk Insurance Act. The House could also take up its version of TRIA later in the week and is expected to vote on several tax bills related to charitable giving, including a provision that would make permanent the rule allowing certain tax-free distributions from individual retirement accounts for charitable purposes.  The House will also vote on passage of a bill to replenish the Highway Trust Fund.

 

Also look for possible House floor action on the FY2015 Financial Services spending bill, H.R. 5016, which would provide $21.3 billion in discretionary funds, a cut of $566 million from the current fiscal year. The bill will reduce IRS funding, limit a Dodd-Frank swaps rule, say no to DC's marijuana law and demand the continuation of Saturday mail delivery.

 

The Congressional Budget Office plans to release its annual long-term budget projections on Tuesday. A Senate Banking subcommittee will hold a hearing titled "What Makes a Bank Systemically Important?"

 

Fed Chair Janet Yellen is scheduled to deliver the semi-annual Monetary Policy Report to two congressional committees on the outlook for the U.S. economy and will face questions about the Fed's eventual withdrawal of monetary stimulus two weeks before the July 29-30 policy meeting. House Republicans have proposed draft legislation that would give the Fed less flexibility in making monetary policy. The measure, which would require the policy-setting Federal Open Market Committee ("FOMC") to describe a strategy or rule for how it would adjust interest rates, has little chance in the Senate.

 

On Tuesday, July 15th, the Bipartisan Policy Center will hold a discussion on "Dodd-Frank at Four: Making Progress, Meeting Challenges, and Finding Solutions." Former Senator Chris Dodd, a chief architect of the legislation, is among the keynote speakers. The Cato Institute will also focus on Dodd-Frank at a July 17th-18th conference on "After Dodd-Frank: The Future of Financial Markets." Speakers to include: Rep. Jeb Hensarling (R-TX), Rep. Patrick McHenry (R-NC), and SEC Commissioners Scott O'Malia and Daniel Gallagher.

 

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

RelevantCongressionalActivityRelevant Congressional Activity

 

House Financial Services Committee

On Tuesday, July 15, 2014, the Subcommittee on Financial Institutions and Consumer Credit will hold a hearing on "Examining Regulatory Relief Proposals for Community Financial Institutions, Part II."

 

On Wednesday, July 16, 2014, the House Financial Services Committee will hold a hearing on "Monetary Policy and the State of the Economy." Witness testimony will be given by:

  • Federal Reserve Chair Janet Yellen 

On Thursday, July 17, 2014, the Subcommittee on Monetary Policy and Trade will hold a hearing on "A Legislative Proposal Entitled the 'Bank Account Seizure of Terrorist Assets (BASTA) Act.'"

 

House Judiciary Committee

On Tuesday, July 15, 2014, the Subcommittee on Regulatory Reform, Commercial and Antitrust Law will hold a hearing on "The Financial Institution Bankruptcy Act of 2014." Witness testimony will be given by:

  • Mr. Donald S. Bernstein, Partner, Davis Polk & Wardwell LLP
  • Professor Thomas H. Jackson, William E. Simon School of Business, University of Rochester
  • Mr. Stephen E. Hessler, Partner, Kirkland & Ellis LLP
  • Professor Stephen J. Lubben, Seton Hall University School of Law 

Senate Banking, Housing and Urban Affairs Committee

On Tuesday, July 15, 2014, the Senate Banking Committee will hold a full committee hearing on "The Semiannual Monetary Policy Report to the Congress." Witness testimony will be given by:

  • Federal Reserve Chair Janet Yellen 

On Wednesday, July 16, 2014, the Subcommittee on Financial Institutions and Consumer Protection will hold a hearing on "What Makes a Bank Systemically Important?" Witness testimony will be given by:

  • Dr. Richard Herring, Jacob Safra Professor of International Banking, The Wharton School, University of Pennsylvania
  • Dr. James Thomson, Professor and Finance Chair, University of Akron
  • Dr. Robert DeYoung, Capitol Federal Professor in Financial Markets and Institutions, University of Kansas School of Business
  • Dr. Paul Kupiec, Resident Scholar, American Enterprise Institute. 

Senate Judiciary Committee

On Tuesday, July 15, 2014, the Subcommittee on Crime and Terrorism will hold a hearing on "Taking Down Botnets: Public and Private Efforts to Disrupt and Dismantle Cybercriminal Networks."

 

Joint Economic Committee

On Tuesday, July 15, 2014, the Joint Economic Committee will hold a hearing on "The Recovery at Five Years: An Assessment."

RelevantAgencyActivityRelevant Agency Activity

 

Board of Governors of the Federal Reserve System

On Monday, July 14, 2014, the Fed will hold a closed meeting to consider review and determination by the Board of Governors of the advance and discount rates to be charged by the Federal Reserve banks.

 

Federal Deposit Insurance Corporation

On Tuesday, July 15, 2014, the FDIC will hold an open meeting to consider a proposed rule on "Revisions to the Deposit Insurance Assessment System."

 

Securities and Exchange Commission

On Thursday, July 17, 2014, the SEC will hold a closed meeting to consider institution and settlement of injunctive actions, institution and settlement of administrative proceedings, and other matters relating to enforcement proceedings.