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Lame-duck session

A Senate version (S. 2680) prompted Democratic
concerns over funding levels, privacy issues, and other
matters. This issue is one that could slip into the next
Congress if negotiators are unable to reach an agreement
given the limited time available.
Another outstanding year-end issue for Congressional
leaders is whether to address the pending Medicare Part-
B premium increases facing new and some existing
Medicare enrollees caused by a smaller annual Social
Security cost-of-living adjustment (COLA). Congress has
acted in the past to avert premium increases due to
modest COLA adjustments before the premium increases
take effect. Additional Medicare changes that are
bipartisan in nature could be added to this Part B
adjustment if leaders agree to move forward. Up for
potential consideration are a handful of Medicare-related
bills that have already passed the House or Senate in the
114th Congress, as well as a package of provisions
recently unveiled by the Finance Committee that would
address how chronic conditions are managed in the
Medicare population.
Additionally, Congress continues to contemplate action in
the lame duck session to address the Obama
Administration's proposal to modify the payment
mechanisms for Part B Medicare drugs. While the
proposal has not yet been finalized, concerns about the
size and scope of the proposal have been raised by
Congress.
Energy. House and Senate conferees also hope to finish
negotiating the final version of the bipartisan, omnibus
Energy Policy Modernization Act (S. 2012, H.R. 8).
Among many other provisions, that bill would give the
Energy Department emergency authority to protect the
electric power grid from physical and cyber threats;
require the Federal Energy Regulatory Commission
(FERC) to expedite consideration of pipeline siting
applications; ease procedures for mining certain minerals
on federal lands; increase water allocations to address
drought in California; and change forestry management.
There will also be a push to complete the Water Resources
Development Act (WRDA). In September, both the Senate
(S. 2848) and House (H.R. 5303) overwhelmingly passed
bills that need to be reconciled, but the two chambers
have not yet formally gone to conference. One factor that
is likely to expedite a conference and floor votes is the fact
that in September, in order to resolve a deadlock over
government funding, Speaker Ryan made a commitment
to move assistance to Flint, Michigan (which has faced a
drinking-water crisis) as part of the WRDA bill.
Energy measures could also come up as Republican
"riders" on a year-end spending bill, such as provisions
blocking the EPA's Clean Power Plan or the "Waters of the
U.S." wetlands rule. House Majority Leader McCarthy has
also said the House will consider a bill offering a tax credit
for new nuclear reactors.
Financial Services. House Financial Services Chairman
Jeb Hensarling (R-TX) has said he hopes for a lame-duck
floor vote on his CHOICE Act, which would repeal much of
the Dodd-Frank Act and replace it with a system in which
banks would become exempt from many prudential rules if
they agree to a much higher leverage ratio. The committee
passed the CHOICE Act on a party-line vote in September.
The Wells Fargo scandal could pose a hurdle for that plan,
because Hensarling's bill would repeal the Consumer
Financial Protection Bureau's (CFPB) new rules limiting the
use of mandatory arbitration clauses in bank contracts.
Wells Fargo has been criticized for requiring its account
holders to agree to such clauses, restricting their ability to
sue the bank after as many as 2 million unauthorized
accounts were discovered.
The Financial Services Committee will hold a second
hearing on November 30 on the Wells Fargo issue, with
CFPB Director Richard Cordray testifying. SEC Chairman
Mary Jo White will also testify on November 15.

EY
12 | Election 2016
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