This Week in Congress: May 3 – 7, 2010
This week the Senate resumes consideration of financial regulatory reform while the House considers the HOME STAR retrofit program.

Financial regulatory reform
The Senate resumes consideration Monday of the Restoring American Financial Stability Act, although votes on amendments are not expected until Tuesday at the earliest. There are several amendments pending, but Majority Leader Harry Reid (D-NV) and Minority Leader Mitch McConnell (R-KY) have not yet agreed to the rules of debate going forward. It is possible that they will agree to set a 60-vote threshold for all amendments. The bill will be considered on the floor for at least the next two weeks before a vote on final passage.
On Tuesday, the Senate Finance Committee will hold a hearing on President Barack Obama’s proposed TARP fee. Treasury Secretary Timothy Geithner will be testifying along with CEOs from the Financial Services Roundtable and the Iowa Bankers Association.
More from CAP:
- Infographic: Derivatives Regulation
- Ask the Expert: David Min on Financial Regulation
- Shining a Light on Shadow Banking by David Min
Fiscal year 2011 budget and appropriations
House leadership will this week debate whether it will attempt to pass a FY 2011 budget resolution or use ad hoc deeming resolutions to set spending limits for this year’s appropriations bills. Deeming language could be included in an upcoming war supplemental bill, but a formal markup has not yet been scheduled. The supplemental will likely include disaster relief money for the Gulf Coast oil spill cleanup and Federal Emergency Management Agency in addition to funding for operations in Afghanistan and Iraq.
More from CAP:
- Oil Spills by the Numbers by Susan Lyon and Daniel J. Weiss
- Public Opinion Snapshot: Public Warms to Afghanistan Effort by Ruy Teixeira
HOME STAR program
The House will also consider this week H.R. 5019, the Home Star Energy Retrofit Act, which authorizes $6 billion in rebates, grants, and loan programs to improve the energy efficiency of homes through retrofits such as upgrading insulation, windows, and heating units.
More from CAP:
- HOME STAR 101
- HOME STAR: Putting Americans Back to Work by Bracken Hendricks and Tom Kenworthy
- Ask the Expert: Bracken Hendricks on the HOME STAR Program
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