–Senate To Take Up $128 Billion FY’12 Spending Bill
–Senate Finance Committee To Hold Another Tax Reform Hearing Tuesday
–Senate Banking Committee To Hold Hearing On Housing Finance Issues

By John Shaw

WASHINGTON (MNI) – With the members of the House back in their
districts this week to experience the glories of fall and the ire of
their constituents, the Senate will continue to work on spending bills
and discuss tax reform options and housing finance challenges.

The Senate will work on a fiscal year 2012 spending bill that
combines three of the regular bills: Agriculture,
Commerce-Justice-Science, and Transportation-HUD.

The three-bill “minibus” will allocate about $128 billion in
discretionary spending for FY’12.

The 2012 fiscal year began on Oct.1. The federal government is
running on a stop-gap spending bill that extends until Nov. 18.

The House has passed six of its 12 bills while the Senate has only
passed one of its bills. No final version of a regular FY’12
appropriations bill has yet been passed.

In addition to work on the FY’12 spending package, the Senate
Banking Committee will hold a hearing Thursday at 10 a.m. on housing
finance issues. Several academics will testify.

One of the Senate Banking Committee’s subcommittees will hold a
hearing Wednesday at 9:30 a.m. on Exchange Traded Funds. Eileen
Rominger, the director of the SEC’s Division of Investment Management,
will testify as will several others from the private sector.

Another subcommittee of the Senate Banking Committee will hold a
hearing Thursday at 2 p.m. on the G20 and Global Economic challenges.
Lael Brainard, Treasury’s undersecretary for international affairs, will
testify.

The Senate Finance Committee will hold a hearing Tuesday at 10
a.m. on tax reform and incentives for charitable giving. A host of
representatives from churches and other charities will testify.

Congress’s deficit reduction committee has no scheduled hearings
this week, but is likely to hold private discussions. The panel is
charged to submit a $1.5 trillion deficit reduction package by Nov. 23.

** Market News International Washington Bureau: (202) 371-2121 **

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