A lame-duck session of Congress occurs whenever one Congress meets after its successor is elected, but before the successor’s term begins. In current practice this means any meeting of Congress after Election Day, but before the next Congress convenes the following January, is a lame-duck session.
Despite the moniker, Congress still has its full powers to act from the Wednesday after Election Day until January, when the new Congress reconvenes. In fact, especially when power is changing in a chamber from one party to another, this truncated time period provides impetus for a slew of votes on nominees or legislation that will likely not pass once power changes hands.
For example, after Democrats won control of the Senate in 2020, there were 28 nominations confirmed. Similarly, Majority Leader Chuck Schumer (D-NY) is currently lining up nomination votes, including nine judicial nominations this week. Since the House does not have any advice and consent powers, it is more limited in what it can achieve in a lame-duck session.
In the financial services policy world, the lame-duck focus will be on outbound investment reform, de minimus crackdown, and crypto. Both chambers will still hold hearings related to financial services, including the House Financial Services hearing this week with FDIC Chair Martin Gruenberg in attendance. Chair Gruenberg has said he will resign on January 19.
During the hearing, FDIC Chairman Gruenberg, Federal Reserve Vice Chairman Barr, and Office of the Comptroller of the Currency Acting Comptroller Hsu committed that their agencies (the FDIC, the Fed, and the OCC) would not finalize any “major rulemakings” prior to a new administration. Director Chopra of the CFPB has not made a similar statement.
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