Legislative Activity

House To Consider Amending Flood Insurance Bill

This Wednesday, February 26, and for the duration of the week, the House will consider amending the Homeowner Flood Insurance Affordability Act under suspension of the rules. The legislation would scale back flood insurance rate increases. According to Majority Leader Eric Cantor (R-VA), “the House will act to protect the flood insurance program but also protect homeowners from unreasonable and unrealistic premium increases.”  The legislation is expected to differ from the bill passed by the Senate on January 30 by a vote of 67-32.

House To Consider CFPB Legislative Proposals

This week the House will consider H.R. 3193, which would reform the Consumer Financial Protection Bureau (CFPB). Specifically, the legislation would: (1) allow the chairman of the Financial Stability Oversight Council (FSOC) the ability to set aside any CFPB-issued regulation; (2) replace the CFPB’s single director with a five-member commission; (3) establish the CFPB as an independent agency subject to the annual congressional authorization and appropriations processes; (4) alter the pay scale of CFPB employees; and (5) impose limits on consumer information that CFPB collects.

This Week’s Hearings:

  • Wednesday, February 26: The House Appropriations Subcommittee on Financial Services and General Government will hold an Oversight Hearing of the Internal Revenue Service.
  • Wednesday, February 26: The House Financial Services Subcommittee on Oversight and Investigations will hold a hearing titled, “Inspector General Report: Allegations of Improper Lobbying and Obstruction at the Department of Housing and Urban Development.”
  • Wednesday, February 26: The House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises will hold a hearing titled, “The Dodd-Frank Act’s Impact on Asset-Backed Securities.”
  • Wednesday, February 26: The House Judiciary Committee will hold a hearing to consider H.R. 2992, the “Business Activity Tax Simplification Act of 2013.”
  • Thursday, February 27: The Senate Banking, Housing, and Urban Affairs Committee will hold a hearing titled, “The Semiannual Monetary Policy Report to the Congress.”
  • Friday, February 28: The House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises will hold a hearing titled, “Equity Market Structure: A Review of SEC Regulation NMS.”

Regulatory Activity

SED Reveals Priorities For The Year Ahead

The Practicing Law Institute (PLI) hosted “SEC Speaks 2014” this past weekend on February 21 and 22 in Washington, D.C. Securities and Exchange Commission (SEC) Chairwoman Mary Jo White spoke about potentially increasing oversight of asset managers, explaining that she has asked staff to develop an “‘action plan’ to enhance our asset manager risk management oversight program. Among the initiatives under near-term consideration are expanded stress testing, more robust data reporting, and increased oversight of the largest asset management firms.”

Gene Sperling To Depart White House In March

At a Politico event held last Thursday, February 20, Gene Sperling, Director of the National Economic Council, confirmed that he would be leaving his post on March 5, the day after the President’s Budget for FY 2015 is scheduled to be released. Although Director Sperling did not provide many details on the Budget, he indicated that it will focus on investment for the future and long-term savings.