[author: Lai Lam]

The Senate convenes today at 3 p.m., and the House returns Tuesday at noon.

House

Financial Services Bills. The chamber will take up consideration of the following bills:

• H.R. 4293 – the Stress Test Improvement Act would modify testing requirements applicable to bank holding companies and certain nonbank financial companies by (1) establishing limitations on CCAR and (2) reducing the frequency of stress testing from semiannual to annual.
• H.R. 4061 – the Financial Stability Oversight Council Improvement Act would require the Financial Stability Oversight Council, in determining whether a nonbank financial company shall be designated as systematically important and consequently be supervised by the Federal Reserve Board and subject to prudential standards, to consider the appropriateness of imposing such standards as opposed to other forms of regulation to mitigate identified risks to U.S. financial stability. Every five years, the council must, upon request by a nonbank financial company, reevaluate such a determination and hold a vote on whether to rescind it.
• H.R. 4790 – the Volcker Rule Regulatory Harmonization Act would give the Federal Reserve Board sole rulemaking authority for the Volcker rule and exclude community banks from the requirements of the rule.

Balanced Budget Amendment. The House will vote on H.J. Res 2, which would add a balanced budget amendment to the U.S. Constitution. This is a political messaging exercise for the GOP ahead of the midterm elections.

Tariffs Hearing. The House Ways and Means Committee will hold a Thursday hearing to discuss the effects of tariff increases on the U.S. economy.

Senate

Nomination. The chamber will consider the nomination of Claria Horn Boom to be U.S. District Judge for the eastern and western districts of Kentucky. A cloture vote has been scheduled for 5:30 p.m. today.

IRS Hearing. The Senate Finance Committee will hold a hearing Thursday to discuss the 2018 filing season and the future challenges of the IRS.

Mulvaney at Banking. CFPB Acting Director Mick Mulvaney will deliver his semiannual report to the Senate Banking Committee on Thursday.

Key Hearings

Wednesday, 4/11

• Senate Finance Committee. Subcommittee hearing on “Market Access Challenges in China.”
• House Financial Services Committee. Hearing on the CFPB’s semi-annual report to Congress with Acting Director Mick Mulvaney.
• House Small Business Committee. Hearing on “The State of Trade for America’s Small Businesses.”

Thursday, 4/12

• House Ways and Means Committee. Committee hearing on the effects of tariff increases on the U.S. economy.
• House Ways and Means Committee. Subcommittee hearing on “Jobs and Opportunity: Local Perspectives on the Jobs Gap.”
• House Financial Services Committee. Subcommittee hearing on “H.R. 4311, the Foreign Investment Risk Review Modernization Act.”
• House Financial Services Committee. Subcommittee hearing on oversight of the FHFA.
• Senate Finance Committee. Hearing on “The 2018 Tax Filing Season and Future IRS Challenges.”
• Senate Banking Committee. Hearing on the CFPB’s semi-annual report to Congress with Acting Director Mick Mulvaney testifying.