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Below is this week’s congressional update by BakerHostetler’s <a href="https://www.bakerlaw.com/FederalPolicy">Federal Policy</a> team. We’ll continue to post in weeks when both chambers of Congress are in session.

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Congress is wrapping up an extremely busy work period before both chambers depart for the two-week Fourth of July recess.

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It’s a busy week for the financial sector in committees in both chambers, and the 2024 National Defense Authorization Act will see action on both sides of the Capitol.

President Joe Biden is in California to begin the week, raising campaign cash and holding events on climate change and artificial intelligence; later in the week, Biden will host a state visit with Prime Minister Narendra Modi of the Republic of India.

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The House will <a href="https://www.majorityleader.gov/schedule/weekly-schedule.htm">vote</a> tonight through Friday, taking up <a href="https://rules.house.gov/news/announcement/meeting-announcement-june-20-2023">bills</a> targeting Biden administration actions, including an attempt to override Biden’s veto of legislation to block his student loan forgiveness plan.

The House Financial Services Committee tomorrow will <a href="https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=408872">receive</a> the Federal Reserve’s Semi-Annual Monetary Policy Report from Chair Jay Powell, who will also <a href="https://www.banking.senate.gov/hearings/06/15/2023/the-semiannual-monetary-policy-report-to-the-congress">testify</a> on the report at a Senate Banking, Housing and Urban Affairs Committee hearing Thursday.

Also tomorrow, the Energy and Commerce Committee will hold an oversight <a href="https://energycommerce.house.gov/events/communications-and-technology-subcommittee-hearing-oversight-of-the-federal-communications-commission">hearing</a> with the Federal Communications Commission.

The full list of House committee activity can be found <a href="https://www.house.gov/legislative-activity">here</a>.

The Senate will be in <a href="https://www.senate.gov/legislative/floor_activity_pail.htm">session</a> throughout the week, continuing to vote on Biden nominees.

The Senate Armed Services Committee will <a href="https://www.armed-services.senate.gov/press-releases/reed-and-wicker-announce-fy-2024-ndaa-markup-schedule">take up</a> the fiscal year 2024 National Defense Authorization Act, as the House Armed Services Committee also <a href="https://armedservices.house.gov/hearings/fy24-ndaa-full-committee-markup">aims</a> to complete work on its version of the bill.

The Banking Committee tomorrow will hold its first legislative markup since 2019, taking up the <a href="https://www.banking.senate.gov/imo/media/doc/recoup_act_one-pager.pdf">RECOUP Act</a> addressing bank executive accountability following on recent bank failures.

Additional Senate committee meetings can be found <a href="https://www.senate.gov/committees/hearings_meetings.htm">here</a>.

Biden is in <a href="https://www.ktvu.com/news/president-biden-in-bay-area-to-raise-money-address-climate-change">California</a> until Wednesday, holding events to discuss climate change as well as artificial intelligence and attending fundraisers for his reelection campaign.

After he returns Wednesday, the president will welcome Modi.

Thursday, the White House will <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2023/05/10/statement-from-white-house-press-secretary-karine-jean-pierre-on-the-official-state-visit-of-prime-minister-narendra-modi-of-the-republic-of-india/">host</a> an official state visit for Modi, including a state dinner.

The Weekly Hill Update