FINANCIAL SERVICES WEEK AHEAD JUNE 17 to JUNE 21

U.S. House of Representatives

House Committee Activity

Financial Services

Subcommittee on National Security, International Development, and Monetary Policy
Hearing: Promoting Economic Growth: Exploring the Impact of Recent Trade Policies on the U.S. Economy
Wednesday, June 19 10:00 AM

2128 RHOB
Witness panel:
Laura Baughman, President, The Trade Partnership
C. Fred Bergsten, Ph.D., Senior Fellow and Director Emeritus, Peterson Institute for International Economics
John Boyd, President, National Black Farmers Association
Ronnie Russell , Missouri Farmer and At Large Member, American Soybean Association
Gordon Gray, Director of Fiscal Policy, American Action Forum

Subcommittee on Investor Protection
Entrepreneurship, and Capital Markets, Hearing: Putting Investors First: Examining Proposals to Strengthen Enforcement Against Securities Law Violators
Wednesday, June 19 2:00 PM

2128 RHOB
Witness panel:
Jordan A. Thomas, Partner, Labaton Sucharow
Urska Velikonja, Professor of Law, Georgetown University Law Center
Andrew N. Vollmer, Professor of Law, University of Virginia School of Law
Stephen Crimmins, Partner, Murphy & McGonigle PC

Legislation:

  • Discussion Draft – H.R. ___ the “Holding Foreign Companies Accountable Act” (Sherman) [PDF]
  • Discussion Draft – H.R. ___ the “Stronger Enforcement of Civil Penalties Act of 2019” (Porter) [PDF]
  • Discussion Draft – H.R. ___ To establish a whistleblower program at the Public Company Accounting Oversight Board (Garcia-TX) [PDF]
  • Discussion Draft – H.R. ___ the “PCAOB Enforcement Transparency Act of 2019” (Pressley) [PDF]
  • Discussion Draft – H.R. ___ To amend the Securities Exchange Act of 1934 to allow the Securities and Exchange Commission to seek and Federal courts to grant restitution to investors and disgorgement of unjust enrichment (McAdams) [PDF]
  • Discussion Draft – H.R. ___ the “Corporate Management Accountability Act of 2019” (Porter) [PDF]
  • Discussion Draft – H.R. ___ To establish a statute of limitations for certain actions of the Securities and Exchange Commission (Gonzalez) [PDF]
  • Discussion Draft – H.R. ___ the “Bad Actor Disqualification Act of 2019” (Waters) [PDF]

Full Committee
Hearing: Diversity in the Boardroom: Examining Proposals to Increase the Diversity of America’s Boards 
Thursday, June 20 10:00 AM
2128 RHOB
More information available 
here.

Subcommittee on Housing, Community Development, and Insurance
Hearing: What’s Your Home Worth? A Review of the Appraisal Industry
Thursday, June 20 2:00 PM
2128 RHOB
More information available 
here.

Small Business

Full Committee
Hearing: Unlocked Potential? Small Businesses in the Cannabis Industry
Wednesday, June 19 11:30 AM

2360 Rayburn HOB
Witness panel:
Ms. Shanita Penny, President of the Board of Directors, Minority Cannabis Business Association, Portland, OR
Mr. Eric Goepel, Founder & CEO, Veterans Cannabis Coalition, Walnut, CA
Ms. Dana Chaves, Senior Vice President and Director of Specialty Banking, First Federal Bank, Lake City, FL
Mr. Paul Larkin, John, Barbara, and Victoria Rumpel Senior Legal Research Fellow in the Meese Center for Legal and Judicial Studies, The Heritage Foundation, Washington, DC

Ways and Means

Full Committee
Hearing: The 2019 Trade Policy Agenda: Negotiations with China Japan the EU and UK; new NAFTA USMCA; U.S. Participation in the WTO; and other matters
Wednesday, June 19 9:30 AM

1100 Longworth HOB
Witness panel:
Ambassador Robert E. Lighthizer, United States Trade Representative

House Floor Activity

Legislation Considered Pursuant to a Rule:

H.R. 2740 Labor, Health and Human Services, Education, Legislative Branch, Defense, State, Foreign Operations, and Energy and Water Development Appropriations Act, 2020 [PDF] The House will continue consideration of the first minibus funding package this week. It encompasses the text of the bills noted in its title as reported by the House Appropriations Committee with exception that the Legislative Branch bill has been removed from the package by manager’s amendment. The House will next consider amendments to Division C – Defense. When consideration of this legislation concludes this week the House will begin debate for the second FY20 funding minibus. 

H.R. 3055 Commerce, Justice, Science, Agriculture, Rural Development, Food and Drug Administration, Interior, Environment, Military Construction, Veterans Affairs, Transportation, and Housing and Urban Development Appropriations Act, 2020 [PDF] After consideration of the first minibus funding bill the House is expected to take up this measure. It would provide full year funding for FY20 via the House Appropriations marks noted in the title of the bill. It also contains Division – F to address back pay for contractors affected by the government shutdown that began at the end of 2018. As of Sunday 533 amendments had been submitted to the Rules Committee altering this bill. The deadline for amendment submissions was Thursday, June 13 at 11:00am. It is not expected that the House will complete consideration of this funding bill this week.

Legislation Considered Under Suspension of the Rules:

Energy and Commerce legislation is expected on the floor.

Suspension: (The House is only expected to consider a single suspension this week)

H.R. 3253 Empowering Beneficiaries, Ensuring Access, and Strengthening Accountability Act of 2019[PDF]

U.S. Senate

Senate Committee Activity

Appropriations 

Full Committee
Business meeting to markup an original bill entitled, “Emergency Supplemental Appropriations for Humanitarian Assistance and Security at the Southern Border, 2019”
Wednesday, June 19 10:30 AM
SD-106
More information available 
here.

Banking, Housing, and Urban Affairs

Full Committee
Business meeting to consider the nominations of Thomas Peter Feddo, of Virginia, to be Assistant Secretary of the Treasury for Investment Security, Ian Paul Steff, of Indiana, to be Assistant Secretary of Commerce and Director General of the United States and Foreign Commercial Service, Michelle Bowman, of Kansas, to be a Member of the Board of Governors of the Federal Reserve System, Paul Shmotolokha, of Washington, to be First Vice President of the Export-Import Bank of the United States, and Allison Herren Lee, of Colorado, to be a Member of the Securities and Exchange Commission; to be immediately followed by a hearing to examine the reauthorization of the Terrorism Risk Insurance Program
Tuesday, June 18 10:30 AM
SD-538
Witness panel:
Mr. Tarique Nageer, Terrorism Placement Advisory And Leader, Property Practice, Marsh
Dr. Howard Kunreuther, Co-Director, Wharton Risk Management and Decision Processes CenterMr. Baird Webel, Specialist In Financial Economics, Congressional Research Service

Full Committee
Hearings to examine outside perspectives on the collection of beneficial ownership information,
Thursday, June 20 10:00 AM
SD-538
Witness panel:
Mr. Greg Baer, CEO, Bank Policy Institute
Ms. Karen Harned, Executive Director, Small Business Legal Center
Mr. Gary Kalman, Executive Director, Financial Accountability and Corporate Transparency Coalition (FACT)

Commerce, Science, and Transportation

Full Committee
Hearings to examine the Fixing America’s Surface Transportation Act reauthorization, focusing on transportation and safety issues
Wednesday, June 19 10:00 AM
SH-216
Witness panel:
The Honorable Ronald Batory, Administrator, Federal Railroad Administration
The Honorable Raymond Martinez, Administrator, Federal Motor Carrier Safety Administration
The Honorable Joel Szabat, Assistant Secretary for Aviation and International Affairs, Office of the Secretary of Transportation
Ms. Heidi King, Deputy Administrator, National Highway Traffic Safety Administration

Judiciary

Full Committee
Hearings to examine combating kleptocracy, focusing on beneficial ownership, money laundering, and other reforms
Wednesday, June 19 10:00 AM
SD-226
More information available 
here.

Senate Floor Activity

This week the Senate will continue consideration of several nominations:

1.     Confirmation pending a motion to invoke cloture on Executive Calendar #222, Sean Cairncross, of Minnesota, to be Chief Executive Officer, Millennium Challenge Corporation

2.     Motion to invoke cloture on Executive Calendar #22, Matthew J. Kacsmaryk, of Texas, to be United States District Judge for the Northern District of Texas

3.     Motion to invoke cloture on Executive Calendar #28, Allen Cothrel Winsor, of Florida, to be United States District Judge for the Northern District of Florida

4.     Motion to invoke cloture on Executive Calendar #50, James David Cain, Jr., of Louisiana, to be United States District Judge for the Western District of Louisiana

5.     Motion to invoke cloture on Executive Calendar #118, Greg Girard Guidry, of Louisiana, to be United States District Judge for the Eastern District of Louisiana

Senator McConnell has also filed cloture on the motion to proceed to S.1790, National Defense Authorization Act [PDF]. The cloture vote on the motion to proceed to NDAA will occur upon disposition of the above nominations (expected on Wednesday, June 19th). S. 1790 would authorize the Department of Defense for fiscal year 2020. A copy of the report prepared by Senate Armed Services Committee is available here. An executive summary from the Senate Armed Services Committee is available here.

During the balance of the week, the Senate may consider any cleared legislative and executive business.

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