Tag Archives: Economy of the United States

TRIA Reauthorization Bill; House Introduce Housing Finance Reform Bill & FHFA Proposes New Mortgage Insurance Rules

Legislative Activity Senate to Vote on TRIA Reauthorization Bill, Federal Reserve Membership This week, the Senate is expected to consider a bill (S. 2244) that would reauthorize the Terrorism Risk Insurance Act (TRIA) for seven years, while making few changes to the current program.  On July 10, Senate leadership agreed to a list of four … Continue Reading

The Future of Fannie and Freddie & FSOC Releases Annual Report

Legislative Activity Senate Banking Committee Likely to Markup GSE Reform Bill It appears as if the Senate Banking Committee is likely to hold a markup of legislation to reform the government-sponsored enterprises (GSEs), the “Housing Finance Reform and Taxpayer Protection Act of 2013” (S. 1217), this week; however, given the fluid nature of the situation, the … Continue Reading

Senate Appropriations Committee Hold Hearings on the FY2015 Budget

Senate Legislative Activity The Senate Appropriations Committee will continue to hold hearings on the FY 2015 Budget this week. See this week’s Budget and Appropriations Capital Thinking Blog Post for further details. The Senate will convene today, Monday, March 31, at 2:00 pm. After any leader remarks, the Senate will proceed to consideration of H.R. 4302, the … Continue Reading

President Obama Submits His FY 2015 Budget Proposal To Congress

LEGISLATIVE ACTIVITY Appropriations Work Begins Following last week’s submission by President Obama of his FY 2015 Budget Proposal to Congress, appropriators are set to begin work in earnest on the FY 2015 spending bills. Senate Budget Committee Chairwoman Patty Murray (D-WA) previously stated that her committee would not take up a budget resolution for FY … Continue Reading

House Republicans Are Still Considering Options For Add-Ons To The Debt Ceiling Increase

LEGISLATIVE ACTIVITY Debt Ceiling According to Treasury Secretary Jacob Lew, Congress has approximately three weeks – until February 27 – to extend the nation’s debt ceiling (the current suspension expired on Friday; however, the Department of Treasury is able to extend the deadline using “extraordinary measures”). House Republicans are still considering options for add-ons to … Continue Reading

Department Of Treasury Predicts The Extension Of Nation’s Debt Ceiling

LEGISLATIVE ACTIVITY Debt Ceiling The suspension of the nation’s debt ceiling authorized by the FY 2014 Continuing Resolution (P.L. 113-46) will expire on Friday; however, the Department of Treasury predicts it will be able to extend the deadline through the end of February using accounting techniques knows as “extraordinary measures”. The debt ceiling increase was … Continue Reading

Congress Examines A Series of Regulatory Reports

Legislative Activity Congress Examines A Series of Regulatory Reports Last week, the Senate Committee on Banking, Housing, and Urban Affairs held a hearing to explore the annual report and oversight of the Department of Treasury’s Office of Financial Research (OFR) and the House Financial Services Committee probed Consumer Financial Protection Bureau (CFPB) Director Richard Cordray … Continue Reading

FY 2014 Continuing Resolution Enacted In October Suspends The Debt Ceiling Through February 7

LEGISLATIVE ACTIVITY Debt Ceiling The FY 2014 Continuing Resolution enacted in October (P.L. 113-46) suspended the debt ceiling through February 7. While this deadline can typically be extended for a length of time through accounting techniques known as “extraordinary measures”, Treasury Secretary Jack Lew is urging Congress to address an increase in the debt ceiling … Continue Reading

Budget Conference Committee Holds Its First Meeting

  LEGISLATIVE ACTIVITY Budget Conference Committee The Budget Conference Committee held its first meeting last Wednesday, October 30, during which member statements stressed the importance of agreement, yet highlighted their deep differences over spending and taxes. With House members back in their districts this week and the Senate scheduled to be out of session the … Continue Reading

Official Start To The Farm Bill Conference Involves House and Senate Conferees

LEGISLATIVE ACTIVITY Farm Bill Conference This Wednesday, October 30, marks the official start to the farm bill conference, which will be a public meeting involving the 41 House and Senate conferees. For months, agriculture leadership and their staff have met behind the scenes on an informal basis to start conversations on reconciling the two farm … Continue Reading

President Obama Signs A FY 2014 Continuing Resolution / Debt Ceiling Stopgap Agreement

LEGISLATIVE ACTIVITY On October 17, President Barack Obama signed a FY 2014 Continuing Resolution / Debt Ceiling stopgap agreement (H.R. 2775 / P.L. 113-46) that funds the federal government at current sequester levels through January 15, 2014 and suspends the nation’s debt limit through February 7, 2014 (although this may be extended for a short … Continue Reading

President Obama Meets Separately With Senate Democrats, Senate Republicans, House Democrats and House Republicans

Legislative Activity This past week has seen the evolution of the federal government shutdown and the slow emergence of a potential framework for a deal. Late in the week, President Barack Obama met separately with Senate Democrats, Senate Republicans, House Democrats and House Republicans. While President Obama continues to maintain he will not negotiate on … Continue Reading

Shutdown Impacts Financial Regulators & Report Released on Possible Consequences of U.S. Default

Legislative Activity This Week’s Hearings: Thursday, October 10: The Senate Banking Committee is scheduled to hold a hearing titled, “Impact of a Default on Financial Stability and Economic Growth.” The presidents of the American Bankers Association (ABA), Investment Company Institute (ICI), National Association of Realtors, and Securities Industry and Financial Markets Association (SIFMA) are scheduled … Continue Reading

FHA Needs A Bailout

Legislative Activity This Week’s Hearings: Tuesday, October 1: The Senate Banking Committee will hold a hearing titled “Housing Finance Reform: Fundamentals of a Functioning Private Label Mortgage Backed Securities Market.” This is the first in a series of eight hearings the committee will hold on specific aspects of the housing finance market, with the goal … Continue Reading

House Passes Nutrition Title Bill

LEGISLATIVE ACTIVITY House Nutrition Title Bill Last week, the House passed its nutrition title bill, the Nutrition Reform and Work Opportunity Act of 2013 (H.R. 3102), by a vote of 217 to 210. The bill would cut Supplemental Nutrition Assistance Program (SNAP, formerly known as food stamps) funding by $39 billion over the next 10 years, … Continue Reading

House Approves Amended Short-Term FY 2014 Continuing Resolution, Eliminating All Funding For The Affordable Care Act

LEGISLATIVE ACTIVITY FY 2014 Appropriations On Friday, September 20, the House approved an amended short-term FY 2014 Continuing Resolution (CR) (H.J. Res. 59) that would fund the federal government at current levels through December 15, while eliminating all funding for the Affordable Care Act  (ACA) (P.L. 111-148, P.L. 111-152). The 230-189 House vote fell along … Continue Reading

House Goes Back To Square One After Conservative Republicans Reject The Short-Term FY 2014 Continuing Resolution

LEGISLATIVE ACTIVITY FY 2014 Appropriations After conservative Republicans rejected the short-term FY 2014 Continuing Resolution (H. J. Res. 59) introduced by House Republican leaders last week, the House must go back to square one this week and come up with another near-term funding solution, as a government shutdown looms in two weeks. House conservatives rejected … Continue Reading

FCC Nominations; FCC Consolidated Reporting Act

Legislative Activity FCC Nominations The Senate Committee on Commerce, Science and Transportation is expected to hold a confirmation hearing on Republican Michael O’Reilly’s nomination to serve as a Commissioner of the Federal Communications Commission (FCC) after Congress reconvenes in September. Tom Wheeler, President Barack Obama’s nominee to chair the FCC, has already been voted out … Continue Reading

House Approves PATH Act; FHA Reform; Banks’ Involvement in Commodities and Warehousing & Detroit Bankruptcy

Legislative Activity House Financial Services Committee Sends PATH Act to the Floor The House Financial Services Committee approved the Protecting American Taxpayers and Homeowners Act of 2013, also known as the PATH Act (H.R. 2767). The PATH Act now awaits consideration by the House. The housing finance reform bill includes provisions to wind-down the government … Continue Reading

Announcing Housing Finance Reform Bill, FHA Reform Bill and Bill to Recreate Glass-Steagall Act Conditions

Legislative Activity House Financial Services Committee Members Announce Bill on Housing Finance Reform House Financial Services Committee Chairman Jeb Hensarling (R-TX) and Committee Members Scott Garrett (R-NJ), Randy Neugebauer (R-TX), and Shelley Moore Capito (R-WV) announced their plans to introduce the “Protecting American Taxpayers and Homeowners Act” or PATH Act to reform housing finance. Highlights … Continue Reading

Agreement on Student Loan Interest Rate Package Disrupted

Legislative Activity Student Loan Interest Rates The agreement reached on a student loan interest rate package last week has been disrupted after a Congressional Budget Office (CBO) score estimated a $22 billion (over 10 years) cost to the proposal. A bipartisan group consisting of Democratic Senators Joe Manchin (WV), Tom Carper (DE), and Dick Durbin … Continue Reading