By Peter Schroeder - 06/25/12 10:28 AM EDT
The Senate Banking Committee will discuss on Tuesday how well-protected the nation’s fighting forces are in the consumer financial marketplace. The hearing comes days after the nation’s financial regulators announced new rules for helping servicemembers handle their mortgages after being quickly transferred to a new site.
Among those testifying will be Holly Petraeus, who helps lead the Consumer Financial Protection Bureau’s Office of Servicemember Affairs and is the wife of CIA Director David Petraeus, as well as Joseph “Beau” Biden III, Delaware’s attorney general and the son of Vice President Biden.
Meanwhile, in the House, appropriators will be steering a pair of spending bills through floor votes. Both the agriculture and transportation/housing measures have already received veto threats. In the agriculture bill, the White House is objecting to, among other things, the cuts it will take out of the Commodity Futures Trading Commission’s budget, which is charged with overseeing derivatives for the first time thanks to the Dodd-Frank law. The other bill has also garnered White House opposition, as it would cut $4 billion from the budget of the Department of Housing and Urban Development.
House spending cardinal Rep. Frank Wolf (R-Va.) is also expected to agree to bail out the National Weather Service, the victim of financial mismanagement, writing a letter that would let the Commerce Department shift funds around to avoid staff reductions.
The Commerce Department will release on Thursday the government’s final estimate on economic growth in the first quarter of the year, after last determining in May it grew 1.9 percent during that time.
Following those numbers, all eyes will turn towards the June jobs report, which is due out the following Friday, July 6, and comes after the dismal May report that threw confidence in the economic recovery into a tailspin.
Vicki Needham and Erik Wasson contributed.