Week ahead: House looks to act on spending bill

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Lawmakers will try again to pass a short-term funding bill after delaying the measure to consider a White House request for authority to arm Syrian rebel groups.

The House was expected to approve the continuing resolution, which must pass before Sept. 30 to avoid a government shutdown, but delayed a vote to consider the White House proposal.

{mosads}Even after a closed-door meeting on Thursday, GOP lawmakers remained divided on whether to grant President Obama the authority he seeks to train and equip moderate Syrian rebels to take on the Islamic State in Iraq and Syria (ISIS).

The White House has asked that the authority be attached to the spending bill, but it is unclear whether House GOP leaders will do so, with some rank-and-file members calling for separate votes.

Majority Leader Kevin McCarthy (R-Calif.) held out the possibility that lawmakers would have to work into October, when they’re scheduled to hit the campaign trail. But Speaker John Boehner (R-Ohio) has said he hopes the House will vote on the continuing resolution early in the week.

That would send the measure to the upper chamber, where Senate Appropriations Committee Chairwoman Barbara Mikulski (D-Md.) has offered few details on possible changes.

All eyes will also be on the White House, because the administration could unveil new policies aimed at reducing corporate tax “inversions,” a maneuver in which a company changes the address of its headquarters to avoid paying U.S. tax rates.

Treasury Secretary Jack Lew told Democrats the White House was prepared to unveil measures to combat inversions “when they’re ready,” according to Rep. Sandy Levin (D-Mich.).

Federal Reserve watchers will also be looking for clues to when the central bank will raise its interest rates.

Fed Chairwoman Janet Yellen will hold a press conference Wednesday, following the Federal Open Market Committee’s meeting announcement and forecasts.

The Hill will host a discussion with leading House lawmakers Wednesday in Washington called “The New Financial Services Landscape.” It will include a conversation with Reps. Denny Heck (D-Wash.), Brad Sherman (D-Calif.) and Rob Woodall (R-Ga.).

On Capitol Hill, the Senate Banking Committee will meet Tuesday for a hearing on small banks. Committee members will hear testimony by top officials from the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Federal Reserve Board of Governors.

The House Financial Services Committee will hold a hearing on the Financial Stability Oversight Council (FSOC) on Wednesday. Committee Chairman Jeb Hensarling (Texas) and other Republicans have criticized FSOC, which was created under the Dodd-Frank Wall Street Reform law, saying it lacks transparency and is an example of government overreach.

Also on Wednesday, Sen. Jeff Merkley (D-Ore.) will look to spotlight income inequality when he chairs a Senate Banking subcommittee hearing on the issue. Merkley’s subcommittee on economic policy will hear testimony from Heather McGhee, vice president for policy and outreach at the liberal think tank Demos.

The Senate Banking committee will meet in open session on Thursday for a hearing titled “Assessing and Enhancing Protections in Consumer Financial Services.” Members will hear from Hilary Shelton, the NAACP’s senior vice president for advocacy; and Travis B. Plunkett, senior director for family economic stability at The Pew Charitable Trusts.

Recent stories:

—Executive action on tax deals could come next week: http://thehill.com/policy/finance/217551-levin-wh-could-tackle-tax-deals-next-week

—U.S. offers extra $500 million in aid to Syrian victims: http://thehill.com/policy/finance/other/217576-us-to-provide-500m-more-in-aid-for-syrian-victims

—Feds award $600m in transportation grants: http://thehill.com/policy/transportation/217572-feds-award-600m-in-transportation-grants

—New rules target money transfer companies: http://thehill.com/regulation/217569-new-rules-target-western-union-money-transfer-companies

—CBO launches YouTube channel: http://thehill.com/policy/finance/budget/217554-cbo-launches-youtube-channel