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The Weekly Crib Sheet for February 22nd-26th:  The stories you’ll see on the front pages and network newscasts will be – a) of course the Olympics, b) Afghanistan and Iran – for among other reasons Secretary of State Hillary Rodham Clinton’s four (yes four) appearances on Capitol Hill this week, and c) health care – both because Pres. Obama released his own plan today (2/22) and Thursday’s (2/25) televised bipartisan summit.  However, as always, there will be a number of business stories that we think will jump beyond the business section and on to the front page…

MBA readers here’s WHY YOU CARE:

1)  Financial Regulatory Reform:  What we know:  Senate Banking Cmte. Chmn. Christopher Dodd and Republican committee member Sen. Bob Corker land back in Washington, DC this evening from a Congressional trip.  The question is how far along are they really?  Capitol Hill is a hive of busy staffers, which means that perhaps Chmn. Dodd will indeed deliver his new draft this week.  The bigger question is what will ranking Republican committee member Sen. Richard Shelby do?  Multiple reports have him ready with his own version should he not have a meeting of the minds with Chmn. Dodd, that of course would put Sen. Corker’s support for the new draft bill into question.  So the question is when does it come out – if this week then there are plenty of hearings where a new draft would provide ample fodder for various parties to make their case (all noted below):  Treasury Secy. Timothy Geithner testifies this week, so does Fed Chmn. Ben Bernanke (twice, including in front of Chmn. Dodd on Thursday), and House Financial Services Cmte. Chmn. Barney Frank has multiple hearings.  Even if a draft gets delayed – all of these hearings will help push the economy and financial regulatory reform to the front page.

2) Toyota:  There are two hearings this week on Capitol Hill, one of which is with Toyota Pres. Akio Toyoda.  The scope and size of the recall, plus his statements before Congress will undoubtedly generate important coverage.  Also, look for this coverage (like the health care summit) to squeeze some of the coverage from regulatory reform.

3) Jobs:  Should the Senate come together on a jobs bill look for detailed reporting on a) what actually got passed versus the bipartisan bill that Senate Majority Leader Harry Reid balked at, and b) the actual anticipated impact the bill will have on the unemployment numbers (and when).

4)  Health care:  As we noted last week, this made for TV debate will get a lot of coverage.  The question is whether the White House decides it is a win or not for them.  If so, could one on financial regulatory reform be that far off?

MBA wannabes here’s WHY YOU CARE:  Here’s how to cut through the clutter:  When Chmn. Dodd’s bill comes out look to see what Sen. Shelby says.  Specifically, look for pieces that parse his words.  That will tell you how long it will take (slow or fast) to get out of committee.  Then, of course, look for the pieces detailing what’s actually in the bill – especially when compared to his prior draft.

Here’s the week:

MONDAY 2/22

Earnings:  Fannie Mae, Leucadia National, The Blackstone Group.

Pres. Obama:  Unveils White House version of health care proposal, then hosts National Governors Assoc. members at the White House.

Senate:  Reconvenes to take up the jobs bill.

House:  Reconvenes as well.

SEC:  SEC Advisory Cmte. meeting.

Secy. Clinton:  Secy. of State Hillary Rodham Clinton speech at the Atlantic Council of the United States.

TUESDAY 2/23

Economic Reports:  Case-Shiller 20-city price report (for Dec.), Consumer Confidence (for Feb.).

House Hearing:  House Financial Services Cmte. hearing on the prospects for employment growth.

House Hearing:  House Energy and Commerce Cmte’s Oversight and Investigations Subcmte. on Toyota recalls.

Senate Hearing:  Senate Finance Cmte. on job creation.

Joint Economic Cmte.:  Hearing on job creation.  Witnesses include:  Congressional Budget Office Director Douglas Elmendorf.

Treasury:  Asst. Treasury Secy. for Financial Institutions Michael Barr at the Credit Union Association conference.

FDIC:  Presser on bank/thrift earnings with FDIC Chwmn. Sheila Bair.

WEDNESDAY 2/24

Earnings:  The Washington Post Company, Thomson Reuters Corporation.

Economic Report:    Mortgage Bankers Assoc. weekly mortgage application info, New Home Sales (for Jan.).

Pres. Obama:  Business Roundtable address.

Dodd/Frank:  House Financial Services Cmte. Chmn. Frank and Senate Banking Cmte. Chmn. Dodd both slated to speak at the Credit Union Association conference.

Senate Hearing:  Senate Homeland Security and Govt. Affairs Cmte. on 2011 budget.  Witness:  Homeland Security Secy. Janet Napolitano.

Senate Hearing:  Senate Foreign Relations Cmte. on 2011 budget.  Witness:  Secy. of State Hillary Rodham Clinton.

Senate Hearing:  Senate Appropriations Cmte’s State and Foreign Operations Subcmte. on 2011 budget.  Witness:  Secy. of State Hillary Rodham Clinton.

House Hearing:  House Oversight and Govt. Reform Cmte. on Toyota recalls.  Witnesses include:  Toyota Pres. Akio Toyoda, Transportation Secy. Ray LaHood and Toyota’s North America President and CEO Yoshimi Inaba.

House Hearing:  House Financial Services Cmte. on semiannual monetary report to Congress.  Witness:  Federal Reserve Chmn. Ben Bernanke.

House Hearing:  House Budget Cmte. on the 2011 budget.  Witness:  Treasury Secy. Timothy Geithner.

THURSDAY 2/25

Economic Reports:   FHFA Housing Price Index (for Dec.), Initial Unemployment Claims (for 2/20).

Pres. Obama:   Pres. Obama holds bipartisan televised health care summit.

Senate Hearing:  Senate Banking Cmte. on semiannual monetary report to Congress.  Witness:  Federal Reserve Chmn. Ben Bernanke.

House Hearing:  Senate Foreign Affairs Cmte. on 2011 budget.  Witness:  Secy. of State Hillary Rodham Clinton.

House Hearing:  House Appropriations Cmte’s State and Foreign Operations Sucmte. on 2011 budget.  Witness:  Secy. of State Hillary Rodham Clinton.

House Hearing:  House Financial Services Cmte. on “Compensation in the Financial Industry – Government Perspectives” focusing on “the pay practices of both private and public financial entities including AIG, Fannie Mae and Freddie Mac where the federal government plays a role in reviewing and/or approving compensation.”  Witnesses include:  TARP Exec. Compensation Special Master Ken Feinberg.

House Hearing:  House Oversight and Govt. Reform Cmte. on foreclosures titled “What Needs to Change in the Administration’s Response.”

TARP Hearing:  Congressional Oversight Panel hearing on TARP assistance given to GMAC.  Witnesses include: GMAC CEO Michael Carpenter, GMAC CFO Robert Hull, Treasury Dept. Chief Restructuring Officer Jim Millstein, and Treasury Secy. Sr. Adviser Ron Bloom.

CBO:  Congressional Budget Office Director Douglas Elmendorf speech at the National Economists Club.

FRIDAY 2/26

Economic Report: Existing Home Sales (for Feb.) and Second Estimate of Fourth Quarter GDP.

Pres. Obama:  TBD.

Joint Hearing:  House Financial Services Cmte. and House Small Business Cmte. on small business lending specifically “the condition of small business and commercial real estate lending in local markets.”  Witnesses include:  Asst. Secretary for Financial Stability Herbert Allison, Jr.

Treasury:  Speech by Asst. Secretary for Economic Policy and Chief Economist Alan Krueger on “Achieving and Sustaining an Employment-Based Recovery: US and Global Strategies for Governments, Businesses, Workers and Families” at Brookings Institution.

TARP Pay:  TARP Exec. Compensation Special Master Ken Feinberg gives keynote address at Vanderbilt Univ. Law School’s conference on exec. compensation.

LOOK AHEAD:

February 28th:  Winter Olympics closing ceremony.

March 1st:  Ghost of Enron: Supreme Court hears Skilling v. United States.

March 2nd:  House Financial Services Cmte. on the future of housing finance.  Witnesses invited include:  Treasury Secy. Timothy Geithner and HUD Secy. Shaun Donovan.

March 2nd:  Senate Commerce, Science and Transportation Cmte. on Toyota recalls.

March 4th:  Congressional Oversight Panel hearing on TARP assistance given to Citigroup.  Witnesses include:  Citigroup CEO Vikram Pandit and Asst. Treasury Secy. for Financial Stability Herbert Allison.

March 16th:  Federal Open Market Cmte. meeting.