The Weekly (Wall Street/Capitol Hill) Crib Sheet: Will Sotomayor Coverage Crowd Out the Federal Reserve’s Economic Tea Leaves?
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Last week WhyYouCare.com did not publish, but in our absence we note that Capitol Hill’s hearing juggernaut continued on the myriad facets of regulatory reform.
So this week’s story drivers? Barring a major international incident (and there are numerous candidates) this week’s focus will be on Judge Sotomayor, Healthcare, Bush administration era anti-terror policies and programs, and the economy. In that order.
MBA readers HERE’S WHY YOU CARE: The Fed releases the FOMC’s minutes (7/15) from the June 23-24 meeting – and we’ll get a better window as to what their thinking is as to the length of the recession. That will give good copy for the business pages but will not likely punch through to the front page because of the two political dramas drawing media resources and attention: Judge Sotomayor’s confirmation hearing and the renewed pressure on the Obama administration to look at Bush era intelligence programs. Last week’s news on a previously undisclosed intelligence program to Congress certainly drove the Sunday talk shows, and we think it has media legs for the week. The question we wonder is whether general news consumers will get a good look at Wall Street’s balance sheet with earnings due this week. We hope so. We also hope that Treasury Secretary Henry Paulson’s Capitol Hill testimony on Thursday (7/16) will provide more light than heat. However, we suspect he may end up as Congress’ political theater piñata. That’s shame because thoughtfulness from the most recent Treasury Secretary on unintended consequences could be helpful at the very moment Congress is rushing to reshape how Wall Street gets regulated.
MBA wannabes HERE’S WHY YOU CARE: Keep you eye on two balls: Stories coming out of the House Financial Services Cmte. regarding overseeing Wall Street and the Federal Reserve minutes we referenced for the MBA readers above. When the minutes come out, look for stories that discuss the length of the recession. That will keep you in the loop.
Here’s The Weekly Crib Sheet… We do caution that you check back for updates.
MONDAY 7/13
Pres. Obama: Surgeon General announcement, later remarks at Urban and Metropolitan Policy Roundtable.
Senate Schedule: In session.
House Schedule: In session.
Sotomayor Hearing: Senate Judiciary Cmte. starts Judge Sonia Sotomayor’s confirmation hearing.
House Hearing: House Financial Services Subcmte. on Oversight and Investigations on “Preventing Unfair Trading by Government Officials.”
Panel Discussion: Third Way on “the key provisions of health care reform that benefit the middle class.” Panel: Rep. John Dingell (D-MI), Rep. Ron Kind (D-WI), and Rep. Jason Altmire (D-PA).
TUESDAY 7/14
Earnings: Goldman Sachs, Intel, and Johnson & Johnson.
Economic Reports: Producer Price Index and Retail Sales.
Pres. Obama: Speech in Warren, MI, later throws first pitch for MLB All-Star game.
Sotomayor Hearing: Senate Judiciary Cmte. continues Judge Sonia Sotomayor’s confirmation hearing.
Senate Hearing: Senate Banking, Housing and Urban Affairs Cmte. on the creation of the Consumer Financial Protection Agency. Witnesses include: Asst. Treasury Secy. for Financial Institutions, Michael Barr and American Bankers Assoc. Pres. Edward Yingling.
Senate Hearing: Senate Commerce, Science and Transportation Cmte’s Consumer Protection, Product Safety, and Insurance Subcmte. on “The Economy and Fraud: Protecting Consumers During Downward Economic Times.”
House Hearing: House Financial Services Cmte’s Capital Markets, Insurance and Govt. Sponsored Enterprises Subcmte. hearing on the SEC. Witness: SEC Chair Mary Schapiro.
WEDNESDAY 7/15
Economic Reports: Consumer Price Index; Federal Open Market Committee (FOMC) meeting minutes from Jun 23-24 released; Mortgage Bankers Assoc’s weekly mortgage application data.
Pres. Obama: TBD
Sotomayor Hearing: Senate Judiciary Cmte. continues Judge Sonia Sotomayor’s confirmation hearing.
Senate Hearing: Senate Banking, Housing and Urban Affairs Cmte’s Securities, Insurance, and Investment Subcmte. on regulating hedge funds. Witness: Dir. of the SEC’s Division of Investment Management, Andrew Donohue.
House Hearing: House Financial Services Cmte. hearing on financial regulation restructuring (slated for 7/13, 7/15-17, 7/22, and 7/24). Today’s focus: “Banking Industry Perspective on the Obama Administration’s Financial Regulatory Reform Proposals.”
Discussion: Economic Policy Institute on “The Federal Reserve’s Expanded Role: Is Greater Transparency Needed?”
House Hearing: House Small Business Cmte. on “Economic Recovery: Tax Stimulus Items that Benefited Small Business With a Look Ahead.”
House Hearing: House Financial Services Cmte’s Housing and Community Opportunity Subcmte. on state and federally assisted affordable housing.
THURSDAY 7/16
Earnings: Google, IBM, and JPMorgan Chase.
Economic Reports: Initial Unemployment Claims (for 7/11).
Pres. Obama: Event for Gov. Jon Corzine (D-NJ), later NAACP 100th anniversary event.
Sotomayor Hearing: Senate Judiciary Cmte. continues Judge Sonia Sotomayor’s confirmation hearing.
Senate Hearing: Senate Banking, Housing and Urban Affairs Cmte. on “Preserving Homeownership: Progress Needed to Prevent Foreclosures.” Witnesses include: Asst. Treasury Secy. for Financial Stability Herbert Allison Jr. and senior advisor for mortgage finance to the Secy. of HUD, William Apgar.
House Hearing: House Financial Services Cmte. hearing on financial regulation restructuring (slated for 7/13, 7/15-17, 7/22, and 7/24). Today’s focus: “Community and Consumer Advocates’ Perspectives on the Obama Administration’s Financial Regulatory Reform Proposals.”
House Hearing: House Financial Services Cmte’s Domestic Monetary Policy and Technology Subcmte. on “Safeguarding Consumer Protection and the Role of the Federal Reserve.”
House Joint Hearing: House Oversight and Government Reform Cmte. and its Domestic Policy Subcmte. on “Bank of America and Merrill Lynch: How Did a Private Deal Turn Into a Federal Bailout.” Witness: Fmr. Treasury Secy. Henry Paulson Jr.
FRIDAY 7/17
Earnings: Bank of America, BB&T, Citigroup, and GE.
Economic Reports: Building Permits and Housing Starts.
Pres. Obama: TBD
Sotomayor Hearing: Senate Judiciary Cmte. continues Judge Sonia Sotomayor’s confirmation hearing.
House Hearing: House Financial Services Cmte. hearing on financial regulation restructuring (slated for 7/13, 7/15-17, 7/22, and 7/24). Today’s focus: “Industry Perspectives on the Obama Administration’s Financial Regulatory Reform Proposals.”
LOOK AHEAD:
July 21: House Financial Services Cmte. hearing on “Humphrey- Hawkins Semi-Annual Report of the Federal Reserve on Monetary Policy.”
July 22: House Financial Services Cmte. hearing on financial regulation restructuring (slated for 7/22, and 7/24 [7/13 hearing rescheduled TBD - "Systemic Risk: Are Some Institutions Too Big to Fail and if so, What Should We Do About It?"]).
July 27: House Financial Services Cmte. Chmn. Rep. Barney Frank (D-NY) addresses the National Press Club.
July 29: Federal Reserve’s Beige Book.
1 Comment
[...] Last week we were spot on to say the major news focus of the week would be on Judge Sotomayor, health care, Bush administration era anti-terror policies and programs, and the economy. We were also right to say that former Treasury Secretary Henry Paulson’s testimony on the Capitol Hill along with the release of the Federal Open Markets Cmte. minutes and selected earnings would drive the business pages. This week, we think Judge Sotomayor will still get attention with the Senate Judiciary Cmte. expected to vote on her nomination (see below), but we also think Iraq/Afghanistan, health care and the economy will get greater play in the press. [...]