WASHINGTON – The 111th Congress is being sworn in today and will have an agenda filled with items aimed at curing the nation's economic woes.
Democrats will have increased majorities in both the House and Senate, though the leadership of the committees with jurisdiction over most issues of importance to credit unions will stay the same. Sen. Christopher Dodd (D-Ct.) will continue as chairman of that chamber's Banking Committee and Rep. Barney Frank (D-Mass.) will continue to chair the House Financial Services Committee.
A massive economic stimulus package, which credit union lobbyists hope will include lifting or eliminating the limit on member business loans, is likely to be the fist big item taken up. The measure could also include a provision allowing judges to rewrite the terms of certain mortgages during bankruptcy proceedings.
Recommended For You
The Senate must also hold confirmation hearings and votes on several of President-elect Barack Obama's key nominees, including Treasury Secretary-designate Timothy Geithner.
The Senate has 55 Democrats, 41 Republicans, two independents who caucus with the Democrats, and two vacancies.
The House has 256 Democrats, 178 Republicans and one vacancy.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
