The Senate convenes today at 3 p.m. Senators are gearing up to debate immigration and put together a bipartisan bill on the floor this week. The House will kick off its legislative business at noon on Tuesday.

The Trump Administration will roll out two big documents today – its FY 2019 budget request and infrastructure plan. Tax policy wonks can sit back and relax, as the administration has decided once again to not issue a “Greenbook” with the budget. In past administrations, the Greenbook typically accompanied the president’s budget plan, providing detailed explanations of tax proposals in the budget.

On the regulatory front, the Consumer Financial Protection Bureau (CFPB) is expected to release its revised strategic plan today.

House

Bills Under Consideration. The chamber will take up the following financial services and trade bills this week:

  1. H.R. 3978 – The TRID Improvement Act would modify disclosure requirements applicable to mortgage loan transactions. Specifically, the disclosed charges for any title insurance premium shall be equal to the amount charged for each individual title insurance policy, subject to any discounts as required by either state regulation or the title company rate filings.
  2. H.R. 3299 – The Protecting Consumers’ Access to Credit Act would clarify that bank loans that are valid when made as to their maximum rate of interest in accordance with federal law shall remain valid with respect to that rate regardless of whether a bank has subsequently sold or assigned the loan to a third party.
  3. H.R. 4979 – a bill that would extend the Generalized System of Preferences and make technical changes to the competitive need limitations provision of the program.

Budget Hearings. OMB Director Mick Mulvaney, Treasury Secretary Steven Mnuchin, and HHS Secretary Alex Azar will appear before their respective House committees this week to outline the administration’s FY 2019 budget request. See details in the activities section below.

Senate

Immigration. The upper chamber will be preoccupied with the immigration debate all week. Senate Majority Leader Mitch McConnell has put forth a “shell bill” (H.R. 2579) to kick off the process. The shell bill is the legislative vehicle that senators will use to write their bipartisan deal. There will be an open amendment process. Congress has until March 5 to come up with a solution for Dreamers whose legal status faces an uncertain future after the administration announced an end to the DACA program.

Budget Hearings. OMB Director Mick Mulvaney, Treasury Secretary Steven Mnuchin, and Acting IRS Commissioner David Kautter are scheduled to appear before their respective Senate committees to discuss the administration’s budget proposal.

Key Hearings

Tuesday, 2/13

  • Senate Budget Committee – OMB Director Mick Mulvaney to testify on the administration’s FY 2019 budget request.

Wednesday, 2/14

  • Senate Finance Committee – Hearing on the administration’s FY 2019 budget request for the Treasury Department and on the tax reform law’s implementation. Treasury Secretary Steven Mnuchin to testify.
  • Senate Finance Committee – Hearing on the administration’s FY 2019 budget request for the IRS. Acting IRS Commissioner and Assistant Secretary for Tax Policy David Kautter to testify.
  • House Ways and Means Committee – Hearing on the administration’s FY 2019 budget request for the HHS Department. Secretary Alex Azar to testify.
  • House Budget Committee – OMB Director Mick Mulvaney to testify on the administration’s FY 2019 budget request.
  • House Financial Services Committee – Subcommittee hearing on legislative proposals regarding derivatives.
  • House Financial Services Committee – Subcommittee hearing on data security and breach notification.

Thursday, 2/15

  • House Financial Services Committee – Subcommittee hearing on “Examining De-risking and its Effect on Access to Financial Services.”
  • House Financial Services Committee – Subcommittee hearing on “Exploring the Financial Nexus of Terrorism, Drug Trafficking, and Organized Crime.”
  • House Ways and Means Committee – Hearing on the administration’s FY 2019 budget request for the Treasury Department. Secretary Steven Mnuchin to testify.
  • Senate Agriculture Committee – Hearing on the oversight of the CFTC, featuring CFTC Chairman Christopher Giancarlo.
  • Senate Finance Committee – Hearing on the administration’s FY 2019 budget request for the HHS Department. HHS Secretary Alex Azar to testify.