Wednesday: NDAA debate starts in the House

A separate rule on amendments to the NDAA will be approved in the House Rules Committee on Wednesday, and will lead to an all-day amendment marathon on Thursday.

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The debate rule for the NDAA also allows for full consideration of H.R. 1256, the Swap Jurisdiction Certainty Act. This bill would direct financial regulators to adopt a formal rule on cross-border swaps transactions, and it is expected to be passed today.

The House will also consider four suspension bills:

— H.R. 634, the Business Risk Mitigation and Price Stabilization Act, exempting entities that use financial derivatives products to hedge risk — as opposed to speculators — from margin requirements under the Dodd-Frank financial reform law.

— H.R. 2167, the Reverse Mortgage Stabilization Act, authorizing the Secretary of Housing and Urban Development to set up requirements to boost the safety and soundness of reverse mortgages.

— H.R. 742, the Swap Data Repository and Clearing house Indemnification Correction Act, a bill aimed at ensuring international "swap data" sharing.

— H.R. 1038, the Public Power Risk Management Act, giving utilities the ability to buy energy from other producers, to help keep electricity rates down.

The Senate starts at 9:30 a.m., and will continue consideration of the bipartisan immigration bill, S. 744.

As of late Tuesday, no agreement had been reached on an initial set of amendments that will get a vote, and no votes were scheduled for Wednesday. But Senate leaders are expected to continue discussions about amendments and schedule them as agreements are reached.