Financial regulatory reform
The Senate may consider the conference report to H.R. 4173, the Restoring American Financial Stability Act, on the floor this week. Sen. Maria Cantwell (D-WA) previously voted against the Senate-passed version of the regulatory reform bill, but is expected to support the conference report. Sen. Russell Feingold (D-WI) has announced his opposition to the conference report, and Sen. Ben Nelson (D-NE) has not yet taken a position. Support from Sen. Cantwell, along with all of the four Republican senators who supported the Senate-passed version, should give the conference report 60 yea votes to overcome a Republican-led filibuster.
More from CAP:
- A Last Bid to Save Wall Street by Pat Garafalo
- Fixing Wall Street, Protecting Main Street
- Getting Financial Regulation Right
- Making the Volcker Rule Count
- Keeping Loopholes Out of Derivatives Reform
- Infographic: Derivatives Regulation
Small businesses and banking
The Senate is expected this week to begin consideration of a small business bill that would establish a $30 billion fund for banks to expand credit availability to small businesses. The House has already passed a similar bill, but the Senate version differs by restoring bonus depreciation provisions and largely offseting the cost of the total package through a change in the way that 401(k) accounts roll over into Roth IRA accounts.
Supreme Court nomination
The Senate Judiciary Committee has scheduled a confirmation vote this Tuesday for U.S. Solicitor General Elena Kagan’s nomination to the Supreme Court. But Republicans on the committee are likely to ask for a one-week delay in the vote, pushing the confirmation until July 20.
More from CAP
- A Much-Needed Progressive Voice on the Court by John Podesta
- And much more coverage from CAP and CAP Action’s Wonk Room
The House Energy and Commerce Subcommittee on Commerce, Trade, and Consumer Protection holds a hearing Thursday on the National Manufacturing Strategy Act.