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News Now

Washington
Congress this week Focus on Fed chair nomination
WASHINGTON (1/26/10)--The legislative front will remain quiet for credit unions this week, but committee action will again take place on the Hill, and the confirmation hearing for current Federal Reserve Chairman Ben Bernanke will also take center stage. The House Financial Services Committee will be busy on Wednesday, with its Subcommittee on International Monetary Policy and Trade holding a hearing entitled "The State of Global Microfinance: How Public and Private Funds Can Effectively Promote Financial Inclusion for All." President Barack Obama will also deliver his State of the Union address before a joint session of Congress on Wednesday, and the House will not be in business on Thursday or Friday due to the Republican Issues Conference. While the House Rules Committee had planned to discuss Rep. John Tierney’s (D-Mass.) H.R. 4300, the Restoring America's Commitment to Consumers Act of 2009, on Wednesday, that hearing has been postponed indefinitely. The bill, which would cap credit card interest rates at 16%, has also been referred to the House Financial Services Committee., and has 70 mostly democratic co-sponsors. The bill is opposed by the Credit Union National Association.


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