Thursday: Taxes, Federal Reserve Board noms

The House will consider two tax credit bills to extend provisions that expired at the end of 2013.

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One measure would make permanent the deductions small businesses can make for investments in new equipment and property. The second bill would extend the tax break that enable businesses set up as S-corporations to reduce the time they have to hold built-in gains from 10 years to five.

The last House votes are expected no later than 3 p.m.

The Senate starts at 9:30 a.m. and at 11:30 a.m. it will vote on the nomination of Crystal Nix-Hines to serve as the U.S. Representative to the United Nations Educational, Scientific, and Cultural Organization. The Senate will also vote on the confirmations of Michael McCord to be Under Secretary of Defense (Comptroller), R. Jane Chu to be Chairwoman of the National Endowment for the Arts and Todd Batta to be an Assistant Secretary of Agriculture.

At 1:45 p.m., the Senate will then vote to confirm two members to join the Federal Reserve Board of Governors — Lael Brainard and Jerome Powell — and will confirm Stanley Fischer as the vice chairman of the Federal Reserve. He will serve as the No. 2, underneath Fed Chairwoman Janet Yellen.

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