Administration Nominations to be Considered this Week
On Thursday, June 27, the Senate Banking Committee will hold a hearing to consider several of President Obama’s nominations, including Rep. Mel Watt (D-NC) to be Director of the Federal Housing Finance Agency (FHFA); Kara Stein and Mike Piwowar to be Commissioners at the Securities and Exchange Commission; Jason Furman to Chairman of the Council of Economic Advisers; and Richard Metsger to be a Member of the National Credit Union Administration Board. It remains unclear if Republicans will block a vote on Rep. Watt’s nomination when it reaches the Senate floor, but Sen. Bob Corker (R-TN) has raised objections to the nomination, arguing that the FHFA Director position “is a job for a technocrat not a politician.”
House To Consider Legislation Setting CFTC Budget
This week, the House will consider appropriations legislation that would set the Commodity Futures Trading Commission’s (CFTC) FY 2014 budget at $194.6 million. This level of funding is considerably below the Administration’s budget request of $315 million. The legislation was approved by the House Appropriations Committee, requiring $35.5 million of the total budget to go toward technology development. The legislation also states that the CFTC should report to Congress on the implementation schedule and cost-benefit studies for certain regulations, including the CFTC’s cross-border guidance and rules on position limits.
House Committee Marks Up Series of Dodd-Frank Modification Bills
On Wednesday, June 19, the House Financial Services Committee held a markup hearing to consider H.R. 1564, the Audit Integrity and Job Protection Act; H.R. 1105, the Small Business Capital Access and Job Preservation Act; H.R. 1135, the Burdensome Data Collection Relief Act; and H.R. 2374, the Retail Investor Protection Act. All measures were reported favorably to the House.
This Week’s Hearings:
- Tuesday, June 25: The Senate Banking Committee will hold a hearing titled “Private Student Loans: Regulatory Perspectives.”
- Wednesday, June 26: The House Financial Services Committee will hold a hearing on “Too Big to Fail” banks and their treatment by the Federal Reserve Bank. The hearing is titled “Examining How the Dodd-Frank Act Could Result in More Taxpayer-Funded Bailouts.”
- Wednesday, June 26: The House Financial Services Housing and Insurance Subcommittee will hold a hearing to examine the Department of Housing and Urban Development’s Moving-to-Work program. The hearing is titled “Evaluating How HUD’s Moving-to-Work Program Benefits Public and Assisted Housing Residents.”
- Thursday, June 27: The Senate Banking Committee will hold a hearing to consider several of President Obama’s nominations.