House Cloakroom: July 23 – July 27
Analysis: This week, the House is going to focus on untangling some of the massive amounts of red tape that exist in the federal bureaucracy. The Red Tape Reduction Act is an amalgamation of bills that includes a regulatory freeze during the current state of high unemployment and requires financial regulators to perform cost/benefit analyses on new regulations, among other reforms. In an energy-focused bill, the House will vote to replace the Obama Administration’s offshore drilling plan with one that will open up additional areas of the outer continental shelf to leasing. Additionally, the House will consider a bill that would initiate an audit of the Federal Reserve.
Major Floor Action:
- HR 459 – Federal Reserve Transparency Act of 2011
- HR 6082 – Congressional Replacement of President Obama’s Energy Restricting and Job Limiting Offshore Drilling Plan
- HR 4078 – Red Tape Reduction and Small Business Job Creation Act
Major Committee Action:
- The House Judiciary Committee will hold a hearing on the “Taxation of Internet Sales.”
- The House Financial Services Committee will hold a hearing on the “Financial Stability Oversight Council Report.”
- The House Natural Resources Committee will hold a hearing on “Gulf Drilling Moratorium Oversight.”
- The House Agriculture Committee will hold a hearing on the “Oversight of Swaps and Futures Markets.”
- The House Foreign Affairs Committee will hold a hearing on the “Chinese Threat to the United States.”
Senate Cloakroom: July 23 – July 27
Analysis: This week in the Senate is expected to be very fluid. Majority Leader Harry Reid (D-NV) is preparing his massive tax increase bill that reflects President Obama’s plan for dealing with Taxmageddon at the end of this year. Heritage outlines the full impact of this fiscal cliff on you and your family here. The Senate could also consider the problematic Lieberman-Collins Cybersecurity bill.
Major Floor Action:
- S 3393 – Middle Class Tax Cut Act
- S 3414 – A bill to enhance to security and resiliency of the cyber and communications infrastructure of the United States
Major Committee Action:
- The Senate Environment and Public Works Committee will hold a hearing on “EPA Efforts to Control Toxic Chemicals.”
- The Senate Energy and Natural Resources Committee will hold a hearing on the “Use of Natural Gas as a Transportation Fuel.”
- The Senate Commerce, Science and Transportation Committee will hold a hearing on the International Space Station.
- The Senate Finance Committee will hold a hearing on “Education Tax Incentives.”
- The Senate Banking, Housing and Urban Affairs Committee will hold a hearing on the “Financial Stability Oversight Council Report.”