This week in the U.S. House of Representatives, Senate: June 20 -25, 2016
Both chambers are in session this week. U.S. House of Representatives On Monday, the U.S. House of Representatives is not in session. On Tuesday, the House is in session and will consider several bills under Suspension of the Rules. A full list of bills can be found here. On the floor this week, the House will consider: A vote on overriding the president’s veto of H. J. Res. 88, a resolution that disapproves the rule issued by the Labor Department on April 8, 2016, commonly known as the fiduciary rule on retirement investment advice, which subjects broker-dealers who oversee retirement investments to the fiduciary standard under which they must provide investment advice that is in the best interest of the investor “without regard to the financial or other interests” of the financial institution, adviser or other party. A two-thirds vote of both chambers is needed to override a veto; the House originally passed the measure by a 234-183 vote, while the Senate originally cleared it by a 56-41 vote. The president vetoed the measure June 8. Alabama co-sponsor(s): None. H.R. 5485: the Financial Services and General Government Appropriations Act for FY 2017. The bill provides a total of $21.7 billion in discretionary funding subject to budget caps, 6.5 percent less than current funding and 11 percent less than requested. It cuts funding for the IRS, SEC, FCC, CPSC and GSA while increasing funding for the federal judiciary and SBA. Alabama co-sponsor(s): None. H.R. 1270: the Restoring Access to Medication & Improving Health Savings Act. The bill modifies several rules related to health savings accounts (HSAs) in an effort to further promote the use of HSAs, including by nearly doubling the maximum contribution limit and allowing certain couples to divide up their combined catch-up contributions among either of their HSAs. It also repeals a rule under Obamacare that made over-the-counter medications ineligible for coverage under HSAs and other health-related accounts. Alabama co-sponsor(s): None. H.R. 4768: the Separation of Powers Restoration Act. The bill effectively overturns two Supreme Court decisions that require courts to give substantial deference to a federal agency’s interpretation of the law it is implementing and to its own interpretation of regulations. Supporters of the bill argue that the decisions override the checks and balances enshrined in the Constitution and give excessive power to administrative agencies. Alabama co-sponsor(s): 1st District U.S. Rep. Bradley Byrne, 5th District U.S. Rep. Mo Brooks, 6th District U.S. Rep. Gary Palmer Military Construction-VA Appropriations and Zika Funding. House and Senate negotiators may reach agreement on FY2017 Military Construction-VA appropriations and supplemental FY2016 funding to prepare for and respond to the Zika virus. U.S. Senate The Senate is in session and expected to continue consideration of its version of the FY2017 Commerce-Justice-Science appropriations bill, during which time the Senate is expected to hold up to four cloture votes on gun-related amendments.
Bradley Byrne votes to protect access to retirement advice for American families
The Republican-controlled U.S. House of Representatives voted along party lines, 234-183, Thursday to repeal a new Department of Labor rule the Obama administration introduced in April that would redefine the definition of “retirement advice” for pension and retirement plans. Democrats said the fiduciary rule would protect families from paying higher fee, meanwhile Republicans warn the rule will impose new standards and regulations on financial advisors while also expanding the definition of who is required to comply. Studies have found the increased compliance costs could be over $2 billion. The added costs will be passed on to the consumer in the form of higher costs and fees. Republican Congressman Bradley Byrne (AL-01), a member of the House Education and the Workforce Committee, joined his Party and voted for H.J. Res. 88 to block the rule warning the it would be especially hard on low- and middle-income families who will no longer be able to afford retirement advice, and that it may also restrict small businesses’ ability to offer retirement options to their employees. “I am pleased the House acted today to stop the Obama Administration’s ill-conceived ‘fiduciary’ rule,” said Byrne in a statement after his vote. “Republicans and Democrats agree that financial advisors should act in the best interest of the consumer, but there is a far better way to ensure the bad actors are punished than hurting everyone else in the process.” Byrne continued, “No one would be hurt more by this rule than low- and middle-income families who arguably need this financial advice the most. I hope the Senate will act soon on our legislation to ensure each and every American has access to retirement advice.” Byrne was joined by his Alabama Republican colleagues, Reps. Martha Roby (AL-02), Mike Rogers (AL-03), Robert Aderholt (AL-04), Mo Brooks (AL-06) and Gary Palmer (AL-06) in voting to block the rule. Rep. Terri Sewell, the delegation’s lone Democrat, voted against the resolution that blocks the new. Following the vote, President Barack Obama has threatened to veto the measure.
This week in the U.S. House of Representatives, Senate: Apr. 25 — 29, 2016
Both chambers are in session this week and are scheduled to adjourn at week’s end for a one-week district work period. U.S. House of Representatives On Monday, the House meets in pro forma session. On Tuesday, the House is in session and will consider several bills under Suspension of the Rules including: H.R. 1684: the Foreign Spill Protection Act. This bill would allow the federal government to recover the costs for oil spill cleanup activities from foreign entities owning or operating offshore facilities located further out to sea than the boundary of the exclusive economic zone (200 miles) of the United States H.R. 4698: the Securing Aviation from Foreign Entry Points and Guarding Airports Through Enhanced Security Act. This bill seeks to strengthen security screening at foreign airports that have non-stop flights to the U.S. H.R. 3583: the PREPARE Act. This bill includes numerous provisions intended to improve the Homeland Security Department’s and Federal Emergency Management Administration’s (FEMA) emergency preparedness and response programs and activities. A full list of bills that will be considered under suspension can be found here. Also on the House floor this week: H.R. 4901: the Scholarships for Opportunity and Results (SOAR) Reauthorization Act. The bill reauthorizes for five years, through FY 2021, the Scholarships for Opportunity and Results (SOAR) program, under which federal funding is provided to eligible students in Washington, D.C., to allow them to attend private schools, and it modifies the program to provide for greater student participation and to mandate greater accountability by the private schools that participate in the program. Alabama co-sponsor(s): None H. J. Res. 88: a joint resolution to disapprove of the Labor Department’s Fiduciary Rule. The resolution disapproves the rule issued by the Labor Department on April 8, 2016, commonly known as the fiduciary rule on retirement investment advice, that subjects broker-dealers who oversee retirement investments to the fiduciary standard, under which they must provide investment advice that is in the best interest of the investor “without regard to the financial or other interests” of the financial institution, adviser, or other party. Alabama co-sponsor(s): Rep. Bradley Byrne (AL-01) Highlights of what is happening in House Committees this week: Budget season: The House Appropriations Committee continues its FY17 hearing slate, a full list of those hearings can be found here. NDAA: On Wednesday, the House Armed Services Committee will markup the annual National Defense Authorization Act (NDAA). More information can be found here. E&C markups: The House Energy & Commerce Committee will hold multiple markups this week. More information is available here. TSA oversight: On Wednesday, the House Oversight and Government Reform Committee will hold a hearing titled “Examining Management Practices and Misconduct at TSA.” More information here. Small businesses: On Wednesday, the House Small Business Committee will hold a hearing titled “S is for Savings: Pro-Growth Benefits of Employee-Owned S Corporations.” More information here. Homeland security oversight: On Thursday, the House Oversight and Government Reform Committee will hold a hearing titled “Criminal Aliens Released by the Department of Homeland Security.” More information here. EPA and Pebble Mine: On Thursday, the House Science, Space and Technology Committee will hold a hearing titled “Examining EPA’s Predetermined Efforts to Block the Pebble Mine, Part II.” More information here. Asia: On Thursday, the House Foreign Affairs Committee will hold a hearing titled “America as a Pacific Power: Challenges and Opportunities in Asia.” More information here. U.S. Senate The Senate is in session and expected to continue consideration of its FY17 Energy and Water appropriations legislation. Highlights of what is happening in Senate Committees this week: F-35 Joint Strike Fighter program: On Tuesday, the Senate Armed Services Committee will hold a hearing to examine the F-35 Joint Strike Fighter program in review of the Defense Authorization Request for fiscal year 2017 and the Future Years Defense Program. More information here. China: On Wednesday, the Senate Foreign Relations Committee will hold a hearing to examine United States-China relations, focusing on strategic challenges and opportunities. More information here. Small business regulations: On Wednesday, the Small Business and Entrepreneurship Committee will hold a hearing to examine the controversial waters of the United States rule and the case for reforming the Renewable Fuels Association. More information here. ISIL: On Thursday, the Armed Services Committee will hold a hearing to examine counter-ISIL (Islamic State of Iraq and the Levant) operations and Middle East strategy. More information here.
