DC Update - Week of 2/22 Posted by AVCU on 9:57 AM

The U.S. House and the Senate are back in session today after having taken a week off (or, in the case of the House, two weeks).

The House will take up several bills under the suspension of the rules procedure both today and tomorrow. The Senate convenes today and will continue consideration of the first of what is expected to be several bills aimed at job creation.

On Tuesday, the House Financial Services Committee will hold a hearing entitled, "Prospects of Employment Growth: Is An Additional Stimulus Needed?" On Wednesday, the House Financial Services Committee will receive the Federal Reserve's Semiannual Monetary Policy Report to Congress. Federal Reserve Board Chairman Bernanke will testify. Chairman Bernanke will appear before the Senate Banking Committee on Thursday. Also on Thursday, the House Financial Services Committee will hold a hearing on "Compensation in the Financial Industry - Government Perspectives," focusing on the pay practices of both private and public financial entities including AIG, Fannie Mae and Freddie Mac where the federal government plays a role in reviewing and/or approving compensation. The House Oversight Committee, Subcommittee on Domestic Policy will also hold a hearing Thursday on "Foreclosures Continue: What needs to Change in the Administration's Response." Finally, on Friday, the House Financial Services Committee and the House Small Business Committee will hold a hearing entitled, "Condition of Small Business and Commercial Real Estate Lending in Local Markets." Ron Covey, President and CEO of St. Mary's Bank Credit Union in Manchester, NH will testify. This hearing will begin at 10:00am, and will be web cast on the Committee's website at http://www.financialservices.house.gov.

There is wide speculation that this week Senators Dodd and Corker will release a new version of regulatory restructuring legislation. Adding to the speculation that they may actually come to agreement on legislation is the fact that the two Senators have been traveling overseas together this past week. It is possible that this legislation will be marked up in the Banking Committee as early as next week.