Week ahead: IRS under review

In another potential controversy for the IRS, the House Oversight and Government Reform Committee on Wednesday will look at what contracts the IRS has with Strong Castle, formerly Signet Computers.

Panel Chairman Darrell Issa (R-Calif.) has questioned whether an unnamed IRS official steered nearly $500 million in contracts to the firm and whether it improperly obtained a special business designation giving contractors in economically distressed areas an advantage when competing for federal contracts.

The Small Business Administration revoked Strong Castle’s designation as a “HUBZone” contractor in May.

The Senate Banking Committee on Thursday will consider a slew of nominations, including several nominees for slots at the Securities and Exchange Commission and his choice to head the Council of Economic Advisers, Jason Furman. 

The panel will also consider Obama’s nomination of Rep. Mel Watt (D-N.C.) to take over the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac.

The Senate Homeland Security and Governmental Affairs Committee on Monday will vote on Howard Shelanski’s nomination to the Office of Information and Regulatory Affairs.

Days before federal interest rates on student loans are set to increase, the Banking panel on Tuesday will hold a hearing on the role of private student loans and how they should be regulated.

The House Budget Committee on Wednesday will explore ways the nation’s energy production could drive economic growth, while its Senate counterpart will examine how automatic spending cuts are affecting children.

The House Financial Services Committee on Wednesday will continue the conversation on the Dodd-Frank financial reform law, with Republicans pushing the notion that the Wall Street overhaul may actually lead to more bank bailouts in the future.

Senate Appropriations subcommittees on Tuesday will consider separate spending bills for energy and water programs, transportation and housing and urban development.

A third subcommittee will examine the president’s requested budget increases for financial regulators. The heads of the SEC and the Commodity Futures Trading Commission (CFTC) will testify.

Lawmakers on the House Energy and Commerce Committee on Thursday will consider India’s growing number of trade barriers and how they are harming U.S. businesses.

In the House, the Small Business Committee will provide export policy recommendations to the U.S. Trade Representative’s office.

Separately, the Joint Economic Committee will take look at how crafting better regulations can help reduce red tape for businesses.

Off Capitol Hill, the Bipartisan Policy Center on Thursday will hold a discussion on how the Federal Reserve’s current monetary policy is affecting the economy and how to boost growth down the road with Federal Reserve Governor Jerome Powell and other policy experts.

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