With the return of Congress, look for McGuireWoods’ Tax Policy Update team to drop in on the Take Stock blog from time to time to share insights from our weekly client updates. Let’s kick things off and preview what’s in store for Congress this week.

The House and Senate convene today at 2 p.m. and 3 p.m., respectively. The legislative agenda for January includes the following big-ticket items:

  • FY 2018 Appropriations. The continuing resolution is set to expire Jan. 19. Congressional leaders are close to reaching an agreement to raise the budget caps and provide long-term funding for the remainder of the fiscal year. Another stopgap measure may be necessary to give lawmakers additional time to finalize a deal. An omnibus spending bill is expected to come in February, if not sooner.
  • Disaster Assistance. The House has already passed an $81 billion package for disaster victims in Texas, Florida, California, Puerto Rico, U.S. Virgin Islands. Lawmakers may attach the aid funding to the omnibus bill.
  • Debt Limit. Lawmakers may also raise the federal debt limit in the long-term spending bill. Extraordinary measures will be exhausted by either late March or early April.
  • Tax Extenders. Whether it’s a go or no-go is anybody’s guess at this point.
  • Immigration. Lawmakers will need to provide a fix for DACA before the March 5 deadline.

Here are the noteworthy tax and financial services hearings for the week:

Tuesday, 1/9

House Financial Services Committee
Subcommittee hearing on “Evaluating CFIUS: Challenges Posed by a Changing Global Economy.”

House Financial Services Committee
Subcommittee hearing on “Legislative Proposals for a More Efficient Federal Financial Regulatory Regime: Part III.”

Senate Banking Committee
Committee hearing on “Combating Money Laundering and Other Forms of Illicit Finance: Opportunities to Reform and Strengthen BSA Enforcement.”

Senate Finance Committee
Committee hearing to consider the anticipated nomination of Alex Michael Azar II to be HHS secretary.

Wednesday, 1/10

House Veterans’ Affairs Committee
Subcommittee hearing on home loan churning practices and how veteran homebuyers are being affected.