Intro
The House and Senate will reconvene Tuesday at 2:00 p.m. and Monday at 3:00 p.m., respectively.
What to Watch
Both chambers return today from their two-week district work period and are next scheduled to leave Washington May 27 for Memorial Day. Until then, Congress will be focused on the following issues:
- Ukraine Supplemental. President Biden announced last week that the United States would be sending another $800 million in military aid to Ukraine. He is expected to ask Congress for additional funds “in order to sustain Ukraine for the duration of this fight” and “keep weapons and ammunition flowing without interruption.” Some lawmakers want to move swiftly on this next package, including Speaker Nancy Pelosi (D-CA), who said through a spokesperson that she wants to take up the package “as soon as we can.” However, there is “no specific timeline for a floor vote” as of last week.
- COVID-19 Assistance. Republicans and moderate Democrats reached an agreement on a $10 billion aid package prior to the break. It contains funding for testing, treatments and therapeutics. However, the package was stalled due to Republican opposition over immigration policy concerns. Lawmakers will try to overcome those concerns and advance the legislation this week.
- Competitiveness Package Conference. Prior to the break, both parties in the House and Senate named negotiators for the conference process to reconcile the difference between the House-passed America COMPETES Act and the Senate-passed U.S. Innovation and Competition Act. However, the conference has not yet officially begun, as the Senate still must take a procedural vote to officially commence the group. That is expected to happen as soon as this week, after which congressional staff and conferees will negotiate the final package over the coming weeks and potentially months. A list of conferees, broken down by committee assignments, and a general state of play, can be found here.
On the committee level, there will be a heavy focus on government funding. Multiple committees will hear from Biden administration officials about the White House’s fiscal year 2023 budget request. These discussions will inform the appropriations bills that will be crafted in the coming months.
On the Floor
The House will vote on the Small Business Development Centers Improvement Act and the One Stop Shop for Small Business Compliance Act, which will cut red tape and make more resources available to entrepreneurs and small businesses so they can grow and create jobs.
The Senate will vote on advancing the nomination of Lael Brainard to be Vice Chair of the Board of Governors of the Federal Reserve System.
In Committee
Senate Banking Committee
On Tuesday, the full committee will hold a hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress,” during which the following witnesses will testify:
- Rohit Chopra (Director, Consumer Financial Protection Bureau)
Chopra is appearing before the committee to present the CFPB’s semiannual report to Congress, which it unveiled in early April 2022. The report covers the period beginning April 1, 2021 and ending Sept. 30, 2021 and details the CFPB’s efforts to increase workforce diversity, host roundtables to examine racial bias in home appraisals and expand housing efforts. These issues and others in the report are likely to be discussed during the hearing.
On Tuesday, the Economic Policy Subcommittee will hold a hearing entitled “Child Care and Other Policy Tools to Combat Bottlenecks and Inflation,” during which the following witnesses will testify:
- William Spriggs (Professor of Economics and Chief Economist, Howard University and AFL-CIO)
- Melissa Colagrosso (Owner and Director, A Place to Grow Children’s Center)
- Kathleen Sgamma (President, Western Energy Alliance)
- Brian Riedl (Senior Fellow, Manhattan Institute)
Inflation has increased prices for items such as gas and groceries. Child care has not been immune either, and according to a recent report, the average annual cost of child care is over $14,000, according to a recent LendingTree report. Lawmakers are expected to discuss legislative options to reduce child care costs and combat inflation.
House Financial Services Committee
On Wednesday, the full committee will hold a hearing entitled “Consumers First: Semi-Annual Report of the Consumer Financial Protection Bureau,” during which the following witnesses will testify:
- Rohit Chopra (Director, Consumer Financial Protection Bureau)
The hearing could feature discussion similar to that in the Senate Banking Committee hearing earlier in the week on the same topic.
On Thursday, the full committee will hold a hearing entitled “Oversight of the Financial Crimes Enforcement Network.” Witnesses have not yet been named.
The Financial Crimes Enforcement Network (FinCEN) is tasked with, among other things, promoting national security through the collection, analysis and dissemination of financial intelligence. In recent weeks, FinCEN has issued advisories encouraging financial institutions to combat efforts by Russian individuals to evade sanctions. Lawmakers could explore other FinCEN efforts related to the Russian aggression against Ukraine.
On Thursday, the committee will hold a hearing entitled “What’s in Your Digital Wallet? A Review of Recent Trends in Mobile Banking and Payments.” Witnesses have not yet been named.
Consumer use of mobile banking has skyrocketed in recent years. This trend accelerated during the COVID-19 pandemic, as consumers were forced to socially distance. The committee could explore the future of this trend and others involving mobile banking.
House Ways and Means Committee
On Thursday, the committee will hold a hearing entitled “Proposed Fiscal Year 2023 Budget with Health & Human Services Secretary Becerra,” during which the following witnesses will testify:
- Xavier Becerra (Secretary, Department of Health and Human Services)
Secretary Becerra will face questions about President Biden’s fiscal year 2023 budget proposal, which he released to Congress earlier this year. For a detailed summary of the Department of Health and Human Services budget request, click here.
Senate Finance Committee
The committee currently has no hearings scheduled.
Tax and Finance Rewind
In case you missed it…
- Internal Revenue Service (IRS) Commissioner Charles Rettig and National Taxpayer Advocate Erin Collins testified before the House Oversight and Reform Committee last Thursday. They discussed issues affecting the IRS, such as workforce challenges, outdated technology and a persistent processing backlog.
The White House released a fact sheet last week criticizing, although not by name, Sen. Rick Scott’s (R-FL) 11-point plan to “rescue America.” The fact sheet claims congressional Republicans, were they to implement the plan, would increase taxes for middle-class families by an average of $1,500.
Upcoming Activity
Below is a complete list of all tax and financial services events in Congress, the administration and private sector for the upcoming week.
Congress
Wednesday, April 27
House Appropriations Committee
FY2023 Budget Request for the Department of Labor
Joint Economic Committee
Building on a Strong Foundation: Investments Today for a More Competitive Tomorrow
Administration
Wednesday, April 27
Internal Revenue Service
Meeting of the IRS Advisory Council
Thursday, April 28
Internal Revenue Service
Meeting of the Taxpayer Advocacy Panel Joint Committee
Private Sector
Monday, April 25
Tax Policy Center
What Can the United States Learn from Tax Reform in Developing Countries?
Wednesday, April 27
PunchBowl News
Interview with House Financial Services Committee Ranking Member Patrick McHenry (R-NC)
Brookings Institution
Recession Remedies: Lessons Learned from the U.S. Economic Policy Response to COVID-19