Thursday: Regulations, CFPB and unfunded mandates

The House will pass legislation today that requires the government to report each month on regulations its planning, and to ensure those regulations have a minimal impact on companies.

Members will pass the Achieving Less Excess in Regulation and Requiring Transparency (ALERRT) Act, H.R. 2804. Members started debating this bill Wednesday, but will finish work on amendments and approve it today.

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GOP leaders will also call up H.R. 3193, the Consumer Financial Protection and Soundness Improvement Act. This bill would alter the structure of the Consumer Financial Protection Bureau, turning it into a five-person board and taking it out from under the Federal Reserve system.

The House approved a rule for this bill earlier in the month, so a one hour debate is all that's needed, plus debate on four amendments, before House passage.

Finally, the House will debate and pass a rule for H.R. 899, the Unfunded Mandates Information and Transparency Act. This bill looks to improve a 1995 law that tried to reduce the incidence of unfunded federal mandates on state and local governments.

The House will likely pass this bill on Friday.

The Senate starts at 9:30 a.m., and at 2 p.m. it will hold two votes related to the Comprehensive Veterans Health and Benefits Pay Restoration Act.

On Wednesday, Senate Majority Leader Harry Reid (D-Nev.) filed a motion to end debate on the bill, without considering any amendments. That move came after Reid said he would allow amendments, but only those amendments that were related to the bill.

Reid moved to end debate after Republicans proposed an amendment on Iran sanctions, which Reid said was unrelated.

As a result of Reid's move, the Senate will vote in the afternoon on whether to end debate on the bill. If most Republicans recoil at the idea of not having any amendments, that vote will fail, as 60 votes will be needed.

Just before that vote, the Senate will vote on whether to waive a budget point of order against the legislation. If the Senate doesn't waive the GOP point of order with 60 votes, consideration of the bill will end.