WASHINGTON (9/7/11)--As the House and Senate return to session in Washington this week, both chambers will be busy with a full slate of scheduled hearings and a late week economic address by President Barack Obama. The House Financial Services Committee subcommittee on capital markets and government sponsored enterprises has scheduled a Wednesday New York City-based field hearing entitled "Facilitating Continued Investor Demand in the U.S. Mortgage Market Without a Government Guarantee.” Bills addressing data security and data breaches are slated for Senate Judiciary Committee markups on Thursday, and the House Financial Services Committee subcommittee on international monetary policy and trade has set its own hearing that day related to the U.S. housing finance system. Another House Financial Services subcommittee on Thursday will study the future roles of the Federal Housing Administration, the Rural Housing Service, and the Government National Mortgage Association. The Senate Banking Committee may also take up a bill that would reauthorize the National Flood Insurance Program on Thursday. The House and Senate are expected to be in session until a week-long break starting on Sept. 26, and both houses of Congress will take separate week-long breaks in October and then return until the Thanksgiving break. Congress’ targeted adjournment date for the year is currently Dec. 9, but the Credit Union National Association (CUNA) notes that Congress could remain in session until Dec. 23. The first meeting of the Congressional Joint Select Committee on Deficit Reduction is set for Thursday, and that group will meet to make opening statements and to consider proposed committee rules during that meeting. CUNA Vice President of Legislative Affairs Ryan Donovan said CUNA will be following the activity of this joint select committee closely because of the possibility, currently viewed as remote, that the credit union tax status could be discussed. Congressional committees must make their deficit-cutting recommendations to the committee by Oct. 14, and the deficit reduction committee must vote on its final reduction plan by Nov. 23. The committee’s final report on deficit reduction, and related legislation, must be provided by Dec. 2, and that legislation must be voted on by Dec. 23. For prior News Now coverage of the deficit committee, use the resource link.