DC Update for Week of 2/1/10 Posted by AVCU on 9:59 AM

The House and the Senate are back in session this week and there is more activity in Committees than we've seen in a while. The Senate returns today and resumes consideration of debt ceiling legislation. The House returns tomorrow to consider bills under suspension of the rules. On Wednesday, the House will consider additional rules under suspension followed by H.R. 4061, the Cyber Security Act of 2009. The House may also consider the Senate amendments to H.J.Res 45, the debt ceiling legislation. No votes are expected in the House on Friday.

Hearings this week of particular interest to credit unions:.

• In the Senate on Tuesday, the Rules & Admin Committee will hold a hearing on the Supreme Court decision to allow unlimited corporate spending in elections. The Budget Committee will hold a hearing on the President's budget for fiscal year 2011. The Banking Committee will hold a hearing on "Prohibiting Certain High-Risk Investment Activities by Banks and Bank Holding Companies."
• In the House on Tuesday, the Budget Committee will hold a hearing on the President's Budget for Fiscal Year 2011.
• On Wednesday, the House Judiciary Committee Subcommittee on the Constitution, Civil Rights and Civil Liberties will hold a hearing entitled, "the First Amendment and Campaign Finance Reform after Citizens United." Also on Wednesday, the House Administration Committee will hold a hearing entitled, "Defining the Future of Campaign Finance in an Age of Supreme Court Activism."
• On Thursday, the Senate Banking Committee will hold a hearing entitled, "Implications of the 'Volcker Rules' for Financial Stability," focusing on constraining risky investment activity by banks and financial institutions. Also on Thursday, the Senate Commerce, Science and Technology Committee will hold a hearing entitled, "Financial Services and Products: the Role of the Federal Trade Commission in Protecting Consumers."
• On Friday, the House Financial Services Committee and the House Small Business Committee will hold a joint hearing entitled, "Condition of Small Business and Commercial Real Estate Lending in Local Markets."