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Dodd-Frank tax reforms on Congressional agenda
WASHINGTON (5/10/11)—Credit unions will again want to pay particular attention to Senate and House hearings this week. The first relevant hearing of the week will take place on Tuesday when the Senate Banking Committee reviews the final report of the Financial Crisis Inquiry Commission, created by the government in 2009 and charged with investigating the causes of the country’s 2007 financial crisis, the shock waves of which continue. The Senate’s banking panel will again be active on Thursday when it discusses Dodd-Frank Wall Street Reform Act implementation. U.S. Treasury Deputy Secretary Neal Wolin, Federal Reserve Chairman Ben Bernanke, outgoing Federal Deposit Insurance Corp. Chairman Sheila Bair, Securities and Exchange Commission Chairman Mary Schapiro, Commodity Futures Trading Commission Chairman Gary Gensler, and Acting Comptroller of the Currency John Walsh will testify during that hearing. The related housing, transportation and community development subcommittee will discuss national mortgage servicing standards on Thursday. In the House, a Financial Services monetary policy subcommittee will discuss the ties between the Fed and government debt on Wednesday, with the full financial services committee following that with a Thursday markup session on legislation that would alter the composition of the planned Consumer Financial Protection Bureau. Legislation that would extend the implementation deadline for derivatives-related portions of the Dodd-Frank Act and reauthorize the National Flood Insurance Program will also be marked up. The House Ways and Means Committee has also planned a Thursday hearing on tax reform’s potential to aid corporate competition and create jobs. While the House will recess until May 23 at the end of this week, the Senate will remain in session. The Senate’s Small Business Reauthorization bill, which has been on the floor for several weeks, remains pending, and the Credit Union National Association’s (CUNA) Vice President of Legislative Affairs Ryan Donovan said that the outlook for this legislation, as well as the Senate version of legislation that would delay the implementation of an interchange fee rate cap, remains unknown.


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