As the Senate prepares for a vote on The Credit Union Small Jobs Bill (S.2231) CUAD advocates met with Banking Chair, Senator Tim Johnson (SD) yesterday in Washington, DC in an effort to secure his support on the legislation that would raise the credit union member business lending cap from 12.25 percent to 27.5 percent. 

A vote on the bill was expected this week, however Senate Majority Leader, Harry Reid told the Senate Democratic Caucus yesterday that the vote would not happen this week and indicated that it likely would not happen next either. In our meeting with the Senator, Senate Banking Staff Members indicated the Bill's sponsor, Senator Udahl (CO) is still looking to attach the bill to the right piece of moving legislation. One such option was the Bank favored T.A.G. (Transaction Account Guarantee) bill. However, House Republican Leader Eric Cantor (VA) came out against that bill yesterday. Senator Johnson told us that today that he is undecided on the MBL legislation. 

CUAD also met with Senator Hoeven's (ND) staff yesterday as well. Today, CUAD staff will meet with Senator Conrad, Senator Thune and Congresswoman Noem. 

Photo: John Small, Sioux Falls Radio Station Owner, advocates for the Credit Union Small Business Jobs bill with Senator Johnson (SD). Learn more about John Small in yesterday’s Memo!

Inside DC this Week

The Lame Duck
Based on our conversations with leadership staff, we understand that the target adjournment for the 112^th Congress is now December 21; however, that date could slip depending on the outcome of fiscal cliff negotiations. 

As we approach the end of the Congress, it is critical to keep a few things in mind:  most of the negotiations on critical end-of-year legislation is being done with a small number of Representatives, Senators and administration officials; because of this, floor leaders will be looking for measures to consider on the floor to keep rank-and-file members occupied (and in Washington).  The floor schedules below appear light, but we expect them to develop significantly over the week.  And, as the lame duck extends into December, frequent changes to announced schedules are expected.

This Week’s Floor Schedule
On Wednesday, the House will consider additional bills under suspension of the rules.  Thursday and the balance of the week, the House will consider H.R. 6429, the STEM Jobs Act of 2012, legislation that amends the Immigration and Nationality Act to modify immigration and work visa law.  

Committee Meetings
On Thursday morning, the Financial Institutions and Consumer Credit Subcommittee and Insurance, Housing and Community Opportunity Subcommittee will hold a joint hearing on "Examining the Impact of the Proposed Rules to Implement Basel III Capital Standards."  In the afternoon, the Domestic Monetary Policy and Technology Subcommittee will have a hearing on "The Future of Money: Dollars and Sense."

Swearing-in Day for the 113^th Congress
The schedule for the 113^th Congress has not yet been released; however, we expect that next year’s schedule, including the swearing-in day, will be released in the next two weeks.  Generally, we get this in late November or early December; for reference, the schedule for the first session of the 112^th Congress was announced on December 8, 2010.  The Constitution provides that the new Congress will convene on January 3^rd unless the previous Congress otherwise designates by law (which happens regularly).  As we get more information, we will let you know.