This week, the House is expected to consider five bills, ranging from banking to veterans.
Legislation under consideration this week includes:
Financial Competitive Act of 2013 (H.R. 1341): requires the Financial Stability Oversight Council (FSOC) to conduct a study of the possible effects of the differences between the United States and other countries in implementing the credit valuation adjustment (CVA) capital charge under Basel III. Basel III – the third set of Basel Accords proposed by the Basel Committee on Bank Supervision (an international forum addressing matters of bank supervision and regulation) – increases the amount of capital banks must hold to cover losses arising when the counterparty of an over-the-counter derivative contract defaults through a new capital charge called the credit valuation adjustment (CVA) risk capital charge.
Audit Integrity and Job Protection Act (H.R. 1564): amends the Sarbanes-Oxley Act to clarify that the Public Company Accounting Oversight Board (PCAOB) has no authority to require public companies to use specific auditors or require the use of different auditors on a rotating basis. It also requires the Government Accountability Office (GAO) to update a 2003 report reviewing the potential effects of mandatory rotation for auditing firms, including whether rotation would reduce conflicts of interest between auditors and the companies they audit.
Formerly Owned Resources for Veterans to Express Thanks for Service (FOR VETS) Act of 2013 (H.R. 1171): permits federal agencies to donate surplus federal personal property – such as office supplies, furniture, and motor vehicles – to veterans service organizations for use in the full range of services provided by those organizations.
Energy and Water Development and Related Agencies Appropriations Act, 2014 (H.R. 2609): provides $30.5 billion for the Energy Department and federal water projects for Fiscal Year 2014 – 17% less than the FY13 level and 12% less than the president’s request. This includes funding for Army Corps of Engineers projects, renewable and domestic energy development, and science and research programs.
H.R. 761: classifies domestic mining operations on federal lands as “infrastructure projects” in order to streamline the permitting process for these operations. It also requires federal agencies to expedite the environmental review process for these mining projects and limits the judicial review process for mining permits.