The SENATE convened at 2:00 p.m., and will spend most of the week on the financial regulatory overhaul. 

The Senate is scheduled to spend a third consecutive week working on a financial regulatory reform bill, while the House is expected to focus on legislation that would boost U.S. competitiveness in the global economy.

The Senate will continue debate of the Restoring American Financial Stability Act (S. 3217), which would create new safeguards to protect the financial system and prevent financial institutions from becoming “too big to fail.” The Senate considered several amendments last week, and accepted amendments that would change the way the Federal Deposit Insurance Corporation bases deposit insurance assessments and offer whistleblower protections for employees of credit ratings agencies. 

The HOUSE is not in session today and is scheduled to convene at 2:00 p.m. Tuesday for legislative business and to take up 11 measures under suspension of the rules.  Wednesday, and for the balance of the week, the House is expected to take up 11 measures under suspension of the rules and one measure subject to a rule.

The House plans to take up the America COMPETES Reauthorization Act (H.R. 5116) this week.  The bill would aim to improve the nation's competitiveness in the global economy by investing in science, technology, education, and math (STEM) education and energy research programs.  The bill also contains provisions that would encourage more participation from female students and underrepresented groups in STEM education programs and reauthorize the Advanced Research Projects Agency at the Department of Energy, an agency that supports innovation in energy technology.  A meeting is scheduled for May 11 to formulate a rule for floor debate, and the bill could come to the floor by May 13.

KEY HEARINGS & MARKUPS

APPROPRIATIONS:   The Defense Subcommittee of the Senate Appropriations Committee will hold a hearing on proposed FY 2011 appropriations for programs under its jurisdiction.
Wednesday, May 12 at 10:30 a.m., 192 Dirksen Building.

The Labor, Health and Human Services, Education and Related Agencies Subcommittee of the House Appropriations Committee will hold hearings on proposed FY 2011 appropriations for programs under its jurisdiction.
Wednesday, May 12 at 10:00 a.m. and 2:00 p.m., 2358-C Rayburn Building.

The Transportation, Housing and Urban Development and Related Agencies Subcommittee of the Senate Appropriations Committee will hold a hearing on the Federal Housing Authority and its role in the housing crisis.
Thursday, May 13 at 9:30 a.m., 138 Dirksen Building.

The Defense Subcommittee of the House Appropriations Committee will hold a hearing on proposed FY 2011 appropriations for programs under its jurisdiction. Thursday, May 13 at 10:00 a.m., H-140 Capitol Building.

AGRICULTURE:   The Conservation, Credit, Energy and Research Subcommittee of the House Agriculture Committee will hold a hearing on the Rural Energy Savings Program Act.
Wednesday, May 12 at 10:00 a.m., 1334 Longworth Building.

The House Agriculture Committee will hold a hearing on agriculture policy in advance of the 2012 farm bill.
Thursday, May 13 at 9:00 a.m., 1300 Longworth Building.

ENERGY & NATURAL RESOURCES/COMMERCE:  The Senate Energy and Natural Resources Committee will hold hearings on current issues related to offshore oil and gas development.
Tuesday, May 11 at 10:00 a.m., 325 Russell Building.

The Oversight and Investigations Subcommittee of the House Energy and Commerce Committee will hold a hearing on the accident in the Gulf of Mexico involving the BP offshore oil rig Deepwater Horizon.
Wednesday, May 12 at 10:00 a.m., 2123 Rayburn Building.

The Communications, Technology and the Internet Subcommittee of the House Energy and Commerce Committee will hold a hearing titled “The National Broadband Plan: Promoting Broadband Adoption."
Thursday, May 13 at 10:00 a.m., 2123 Rayburn Building.

ENVIRONMENT & PUBLIC WORKS:   The Senate Environment and Public Works Committee will hold a hearing on issues surrounding the oil spill in the Gulf, including the impact on the economy and the environment.
Tuesday, May 11 at 2:30 p.m., 406 Dirksen Building.

The Oversight Subcommittee and Water and Wildlife Subcommittee of the Senate Environment and Public Works Committee will hold a joint hearing on the role of the EPA in protecting ocean health.
Tuesday, May 11 at 10:00 a.m., 406 Dirksen Building.

JOINT ECONOMIC:  The Oversight and Investigations Subcommittee of the House Financial Services Committee will hold an oversight hearing titled “TARP Oversight: An Update on Warrant Repurchases and Benefits to Taxpayers." Tuesday, May 11 at 11:00 a.m., 2128 Rayburn Building.

HOMELAND SECURITY & GOVERNMENTAL AFFAIRS:  The Disaster Recovery Subcommittee of the Senate Homeland Security and Governmental Affairs Committee will hold a hearing titled “Stafford Act Reform: Sharper Tools for a Smarter Recovery."
Wednesday, May 12 at 2:30 p.m., 342 Dirksen Building.

WAYS AND MEANS:   The Select Revenue Measures Subcommittee of the House Ways and Means Committee will hold a hearing on proposals to create infrastructure banks that would invest in large infrastructure projects with significant national or regional economic benefits, such as roads, airports, levees and drinking water systems.
Thursday, May 13 at 10:00 a.m., 1100 Longworth Building.

"EXTENSIONS" PACKAGE REPORTED TO BE IN THE WORKS

House leaders are reportedly working to craft a package of "extenders" to include long-awaited long-term extensions of unemployment benefits, COBRA benefits and possibly an enhanced Medicaid match for the states, commonly known as FMAP. 

The package, being crafted by House Democrats, is not yet public and it is unclear how many and which extenders would be included.  If the package is made public this week, it could lead to floor consideration in the House as early as next week, giving the Senate as much as a week and a half to complete work on the measure before leaving for the one-week Memorial Day recess.

The FMAP extension is critical to state budgets nationwide.  Thirty states - including Nevada - have assumed the extended increase in their annual or biennial budgets.  Without a federal extension, state budgets would be severely impacted, likely forcing special sessions to resolve the problem.

HELLER INTRODUCES BILL TO RESTORE GEOTHERMAL ROYALTIES

In response to the U.S. Department of the Interior’s efforts to reclaim geothermal royalties paid out to Nevada counties, U.S. Congressman Dean Heller introduced legislation to restore the local share of geothermal royalties retroactively to the beginning of the 2010 fiscal year.    

The Administration’s budget for fiscal year 2010 eliminated royalty revenue sharing for local governments.  This elimination was included in the Conference Report for the Department of the Interior Appropriations for FY10.  However, some royalties were paid out after enactment and the Department of Interior is seeking the return of those royalties.