The Weekly (Wall Street/Capitol Hill) Crib Sheet: Govt. Financial Watchdog Plan Unveiled [Updated 6/18].
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Last week we were spot on in our assessment that you would see more of the following in the lead up to this week: 1) detailed reporting on regulatory reform and 2) a closer look at the health of the TARP banks. In fact we were so right, we felt obligated to post mid-week just to prove our point.
So this week? That’s right – as promised the administration is expected to unveil its financial watchdog plan (aka regulatory reform) on Wednesday (6/17) then take it to Capitol Hill come Thursday (6/18).
MBA readers here’s WHY YOU CARE: What you need to look for is how Congress and the various interests react – whether congressional committees, financial institutions or the trade associations representing Wall Street types. The reporting thus far as already sketched out what the basics will look like, so when the curtain is pulled back consider this – the plan still has to be passed by Congress in order to land on Pres. Obama’s desk before becoming law. That’s a lot of in between time for discussion, input and modification. That’s why Treasury Secy. Timothy Geithner and Natl. Economic Council Dir. Lawrence Summers ran their op/ed pitch on reform in today’s (6/15) Washington Post and not another paper – their target: Capitol Hill and K Street.
MBA wannabes here’s WHY YOU CARE: We noted last week that this will be Congress’ chance to really put a finger print on preventing the next crisis… or contributing to the next one. The reporting that will be most helpful to you in understanding whether certain proposals will work or not will be the pieces that examine the unintended consequences of any reform. That’s the reporting will be looking for, and those are the pieces that are most worth your time.
Here’s The Weekly Crib Sheet… We do caution that you check back for updates.
MONDAY 6/15
Pres. Obama: Healthcare remarks before the American Medical Assoc. in Chicago, then meets with Italian PM Silvio Berlusconi at the White House.
TUESDAY 6/16
Economic Reports (each for May): Building Permits, Housing Starts, Producer Price Index.
Economic Report + Press Conference: American Bankers Assoc.’s economic predictions.
Pres. Obama: Meets with S. Korean Pres. Lee Myung-bak at the White House. Also, climate change inter-agency report released.
Senate Hearing: Senate Banking, Housing and Urban Affairs Cmte. on “New Ideas for Sustainable Development and Economic Growth.” Witnesses: HUD Secy. Shaun Donovan, Transportation Secy. Ray LaHood, and EPA Administrator Lisa Jackson.
House Hearing: House Judiciary Cmte’s Commercial and Administrative Law Subcmte. on “Bankruptcy Judgeship Needs.”
Press Conference: House Financial Services Cmte’s Financial Institutions and Consumer Credit Subcmte. Chmn. Rep. Gutierrez (D-IL) on legislation regarding large banks and risk.
WEDNESDAY 6/17
Economic Reports: Consumer Price Index (for May), Mortgage Bankers Assoc’s mortgage application data.
Pres. Obama: Wall Street Journal’s Damian Paletta reports that the White House will unveil financial regulatory reform this day. [Update 6/16: The Washington Post's Binyamin Appelbaum also reports the unveiling is expected this day]. [Update 6/17: Reform officially unveiled].
Bernanke: Federal Reserve Chmn. Ben Bernanke speaks on “Community Development Financial Institutions” in Washignton, DC.
Hearing: Senate Judiciary Cmte. on Dept. of Justice oversight. Witness: Attorney General Eric Holder.
THURSDAY 6/18 – FINANCIAL REGULATORY REFORM DAY
Economic Reports: Initial Unemployment Claims (for 6/13), Leading Indicators (for May).
Pres. Obama: Democratic Senatorial Campaign Committee and the Democratic Congressional Campaign Committee fundraisers.
Geithner Round I: Senate Banking, Housing and Urban Affairs Cmte. on the White House’s financial regulatory reform proposals. Witness: Treasury Secy. Geithner.
Geithner Round II: House Financial Services Cmte. on the White House’s financial regulatory reform proposals. Witness: Treasury Secy. Geithner. [Update 6/18: Cmte. announces hearing postponed to the week of 6/22/09].
House Hearing: House Oversight and Govt. Reform Cmte’s Govt., Organization, and Procurement Subcmte. on “Oversight of Federal Financial Management.” [Update 6/18: Cmte. announces hearing postponed, tbd].
House Hearing: House Budget Cmte. on pay as you go (aka “PAYGO”). Witness: Office of Management and Budget Dir. Pater Orszag. [Update 6/18: Cmte. announces hearing postponed to 6/23/09].
FRIDAY 6/19
Pres. Obama: Radio and Television Correspondent’s Dinner.
Hearing: House Budget Cmte. on “The Economic Case for Health Reform.” Witness: Council of Economic Advisers Chwmn. Christina Romer.
LOOK AHEAD:
June 22: Hearing by the Senate Banking, Housing and Urban Affairs Cmte’s Securities, Insurance, and Investment Subcmte. on over-the-counter derivatives oversight.
June 23-24: Two day Federal Open Market Committee (FOMC) meeting.
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[...] we posted The Weekly Crib Sheet on Monday we noted that with the financial watchdog plan unveiling this week you need to keep your eye out [...]
[...] hearing and reporters have already turned copy (links on this in a second). Please click on The Weekly Crib Sheet to see the other hearings that are postponed for today, June 18, [...]
[...] Last week we were spot on in our assessment that you needed to focus on the stories that outlined how the various interested parties would react to the Obama administration’s regulatory reform proposal(s). We noted that there’s a great deal of time between the unveiling and when Congress finally passes the legislation – time for everyone to have their say. And sure enough, on Friday the House Financial Services Cmte. was good enough to outline its July hearing schedule. [...]