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Week of July 26, 2021

  • This week, the U.S. House of Representatives and U.S. Senate are in session for legislative business. On Monday, the House is expected to consider S. 848, the Consider Teachers Act, which would amend the Higher Education Act to improve the service obligation verification process for TEACH Grant recipients. On Tuesday, the chamber is expected to consider H.R. 4502, the Labor, Health and Human Services, Education, and Related Agencies Appropriations Act, which would provide discretionary funding for the U.S. Department of Education and extend the authority for the payment of Account Maintenance Fees to guaranty agencies for an additional year. 
  • On Tuesday and Wednesday, all-day, the Federal Reserve holds a two-day meeting of its Federal Open Market Committee to review the nation’s monetary policy. The minutes for each regularly scheduled meeting of the committee, which include a description of economic and financial conditions, are made available three weeks after its policy decisions are posted in the Federal Reserve Board’s Annual Report. 
  • On Tuesday at 3:00 p.m., the Senate Banking, Housing, and Urban Affairs Subcommittee on Economic Policy holds a hearing titled, “Protecting Student Loan Borrowers and the Economy in Upcoming Transitions.” Witnesses include: Randi Weingarten, President, American Federation of Teachers; and The Honorable Letitia James, Attorney General, State of New York. Additional witnesses may be added at a later date. The hearing will be livestreamed on the committee website. 
  • On Wednesday at 10:00 a.m., the House Financial Services Committee meets in executive session to consider H.R. 4616, the Adjustable Interest Rate (LIBOR) Act, which would facilitate the transition away from the London Interbank Offered Rate or LIBOR toward the Secured Overnight Financing Rate or SOFR. The markup session will be livestreamed on the committee website.
  • On Thursday at 10:00 a.m., the Senate Banking, Housing, and Urban Affairs Committee holds a hearing titled, “Protecting Americans from Debt Traps by Extending the Military’s 36 Percent Interest Rate Cap to Everyone.” Witnesses include: The Honorable Glenn Grothman (R-WI); The Honorable Jesus “Chuy” Garcia (D-IL); Hollister Patraeus, Former Assistant Director for Servicemember Affairs, Consumer Financial Protection Bureau; Ashley Harrington, Federal Advocacy Director, and Senior Counsel, Center for Responsible Lending; Richard Williams, President and Chief Executive Officer, Essential Federal Credit Union; and Bill Himpler, President and Chief Executive Officer, American Financial Services Association. The hearing will be livestreamed on the committee website. 
  • On Thursday at 10:15 a.m., the House Education and Labor Subcommittee on Higher Education and Workforce Investment holds a hearing titled, “Keeping the Pell Grant Promise: Increasing Enrollment, Supporting Success.” Witnesses will be announced at a later date. The hearing will be livestreamed on the committee website. 
  • There are no further public events on higher education finance-related issues.