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House Senate hold final meetings before recess
WASHINGTON (7/31/12)—As the U.S. Congress prepares to leave for a month-long August recess at the end of this week, credit unions will want to watch the House and Senate for potential votes and hints at how Congress could proceed when legislators return to Washington later this year.

Both the House and Senate are scheduled to return to Washington in early September, after the Democratic and Republican national political conventions, to name each party's presidential nominee, have ended.

Meanwhile this week, the Senate Banking Committee, today, will receive the Consumer Financial Protection Bureau's (CFPB) semi-annual progress report. CUNA met with Senate Banking Committee staff last week to discuss credit union concerns and interactions with the CFPB ahead of this hearing.

The House Financial Services capital markets and government sponsored enterprises subcommittee has scheduled a Wednesday session to vote on the Equitable Treatment of Investors Act (H.R. 757), the Fostering Innovation Act (H.R. 6161), and a bill that would amend the Securities Exchange Act of 1934 to clarify provisions relating to the regulation of municipal advisors (H.R. 2827).

The House Small Business Committee will also be in session on Wednesday, as that group holds a hearing titled "Know Before You Regulate: The Impact of CFPB Regulations on Small Business." The name of the hearing is a play on the CFPB's "Know Before You Owe" program meant to improve disclosures to borrowers.

A Senate Finance Committee hearing has also been scheduled for Wednesday. That hearing, entitled "Tax Reform: Examining the Taxation of Business Entities," will focus on the different taxation of business entities structured as corporations versus passthroughs, and consider how related tax rules could be changed.

This week, the full House is expected to take up the Job Protection and Recession Prevention Act (H.R. 8) and the Pathway to Job Creation through a Simpler, Fairer Tax Code Act (H.R. 6169). H.R. 8 would extend tax cuts that are scheduled to expire at the end of this year until 2013. H.R. 6169 would allow Congress to expedite consideration of tax reform bills, beginning in 2013.

That body could also consider agriculture legislation this week.

The Senate is expected to discuss cybersecurity legislation this week. (See related News Now story: CUNA, industry partners watching cybersecurity bill progress.)


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