Post Congressional Recess DC Update Posted by AVCU on 10:37 AM

Congress returns to Washington today for what is expected to be a very long work period. The House is scheduled to be in session each week through the end of October, when it is "scheduled" to adjourn, the October 30^th deadline isn’t expected to be met. It is expected Congress may continue up to the Veterans' Day holiday in November. Health care reform, financial regulatory restructuring, student lending reform, transportation funding authorization and the fiscal year 2010 appropriations are top issues expected to be considered before the end of the session. Consequently, it’s a much safer bet that Congress will adjourn closer to Christmas than Columbus Day.

On Wednesday of this week, the House will act on Resolution 556 under suspension of the rules, which recognizes the 75th anniversary of the enactment of the Federal Credit Union Act. It was introduced by Rep. Jim Himes (D-CT), John Larson (D-CT) and Paul Kanjorski (D-PA) and recognizes the "valuable services to their member, financial alternatives for the underserved, and economic stimulus to our Nation even as we face a financial crisis today," provided by credit unions. Read the resolution here.

On Wednesday evening at 8:00 pm the House and Senate meet in joint session to receive an address from President Obama.

The Senate schedule is less defined. It convenes this evening and takes up a travel bill, but the schedule for the rest of the week hasn’t been announced. While the health care bill is deliberated in committee the Senate is expected to push through as many appropriation bills as possible in September. Senate action is expected on the Commerce, Justice and science appropriations bill, the Interior and the environment appropriations bill and the Transportation and Housing and Urban Development appropriations bill. If the Senate completes action on these, they will have acted on seven of the twelve appropriation bills. The House has already acted on all twelve. The Senate appropriation process will likely spill over beyond the end of the fiscal year.

Two hearings of note this week: On Tuesday, House Financial Services holds a hearing entitled, "Progress of the Making Home Affordable Program: What Are the Outcomes for Homeowners and What Are the Obstacles to Success?" Also on Tuesday, House Judiciary Subcommittee on Commercial and Administrative Law will hold a hearing entitled, "The Role of the Lending Industry in the Home Foreclosure Crisis."

It is very possible that House Financial Services will hold a hearing on the Community Reinvestment Act later this month, even as early as next week. H.R. 3216, the Consumer Financial Protection Agency Act is expected to be marked-up by House Financial Services before the end of the month.