Week of April 25, 2022
Congress returns to Washington following the two week Spring recess, and for the first time in two years they are not required to wear a mask on their flight into Reagan or Dulles. The pressures of campaign season are on the horizon, the challenges of confirming political appointees in a 50-50 Senate are increasingly apparent, and Russia’s war in Ukraine continues to loom over the global political landscape - nonetheless, Congress is poised to give bi-partisanship a chance as they seek to find consensus on a China competitiveness bill. It is a new exercise for some and a distant memory for others; but a real live Conference Committee is going to happen!
What We’re Watching This Week:
Nominations Are Moving: The Senate is expected to vote on several of the Administration’s nominations. These confirmations will give President Biden a working majority on the FTC and bring them closer to finally filing out the Federal Reserve Board. These nominations have become the battleground for debates about the policymaking roles, and their limits, of the Executive Branch as congressional Republicans seek to check what they see as policy overreach by the Administration.
A Senate floor vote is expected to confirm four Fed nominees - Jerome Powell as Chair, Lael Brainard as Vice Chair, and Lisa Cook and Philip Jefferson for the Board of Governors. President Biden recently expressed his intent to nominate Michael Barr for the last remaining spot. Barr is a former Obama Administration and known for his work on the Dodd-Frank Act.
Senate Majority Leader Chuck Schumer filed cloture on Alvaro Bedoya, Biden’s pick to join the FTC, setting up Senate floor votes as early as this week. Bedoya’s nomination has become a political hot button, and are examples of the increasing difficulty in confirming nominees in an evenly split Senate.Bedoya’s confirmation would allow FTC Chair, LinaKhan to advance privacy and antitrust policies targeting big tech.
Financial Services’ Busy Hearing Schedule: The House Financial Services Committee returns with a packed hearing schedule on a number of fintech issues including digital wallets, review of the Consumer Financial Protection Bureau (CFPB), and oversight of the Financial Crimes Enforcement Network (FinCEN). This activity points to the Committee’s priorities heading into midterm elections, and follows Chair Maxine Waters’ (D-CA) push to enforce Russian sanctions and expanding laws related to digital assets.
ChinaCompetition Bill Heads to Conference: The House and Senate announced their conferees prior to the recess, and the Conference Committee is expected to begin negotiations on the reconciliation of the Senate-passed USICA and House-passed COMPETES. While Senate Majority Leader Schumer (D-NY) has stated his goal of having a final product done by Memorial Day, it is likely negotiations could extend until July. The ability of this Conference Committee to function—or not—is a genuine test of whether bi-partisanship is possible in this current political environment. A constructive process that results in a deal signed by President Biden could point the way.
What’s Happening This Week:
Hearings
Senate Banking, Housing, and Urban Affairs hearing on CFPB - Tuesday, April 26 at 10:00 AM ET
Senate Commerce, Science, and Transportation hearing on Department of Commerce Budget - Wednesday, April 27 at 10:00 AM ET
House Financial Services hearing on the CFPB - Wednesday, April 27 at 10:00 AM ET
House Financial Services hearing on FinCEN - Thursday, April 28 at 10:00 AM ET
House Financial Services hearing on digital wallets - Thursday, April 28 at 2:00 PM ET
Tech Events
DHS and CISA - Virtual Industry Day - Wednesday, April 27 at 1:00 PM ET
National Science Foundation - (87 FR 18400) meeting of the Advisory Committee for Cyberinfrastructure - Thursday, April 28 at 10:00 AM ET
The R Street Institute - "Beyond the Basics: The Many Pillars of a U.S. Privacy Law" - Monday, April 25 at 12:00 PM ET
The Hoover Institution - "Modern Data Infrastructure: Public & Private Implications" - Tuesday, April 26 at 1:00 PM ET
The Atlantic Council - "Protecting information and communications technology supply chains" - Tuesday, April 26 at 12:30 PM ET
Bloomberg Government - "What’s Next for Congress?" - Wednesday, April 27 at 1:00 PM ET
The Institute of World Politics (IWP) - "Online Seminar: Artificial Intelligence" - Wednesday, April 27 at 6:00 PM ET
What’s Interesting This Week:
Internet for the Masses! This week marks what some call the birth of the Web, as on April 30, 1993, Tim Berners-Lee persuaded the CERN to release the source code of his World Wide Web into the public domain, making it free to everyone. And the rest is history.
