Print This Post   |  Email This Post

The Weekly Crib Sheet for March 8th-12th:  The stories you’ll see on the front pages and network newscasts this week will be lots of domestic politics and a little foreign policy.  Specifically, the state of Democrats in New York will continue to be scrutinized by the media until all things New York Gov. David Patterson and House Ways and Means Chmn. Charlie Rangel shake out.  Then, as both health care reform limps along and financial reform keeps Capitol Hill staffers equally busy behind the scenes 24/7, the plot line in coverage will naturally return to personality politics.  Don’t believe us?  Well, if you are covering a story, but don’t have the draft language what do you do?  You analyze the message and the messenger.  Don’t take our word for it, here’s the Atlantic’s profile of Treasury Secretary Geithner, the New York’s version of the same, the New York Times’ take on White House messenger David Axelrod, and the New York Times Magazine preview of James Baker’s look at White House CoS Rahm Emanuel.  We think you’ll see lots more to come like this, and in the interim look for TV news to do their versions of these print pieces.  On the foreign policy front, Iraq will get coverage post election and given that Secretary of State Hillary Rodham Clinton addresses the U.N. on women’s issues at the end of the week (noted on the calendar below) we think that will help open the door to further Iraq, Iran, and Pakistan coverage.  That’s a pretty stiff line up for economic recovery stories to break through, but we do think there will be a few that leap from the business pages to the front pages… Here’s our take…

MBA readers here’s WHY YOU CARE:

1)  Financial Regulatory Reform – What We Know:  Senate Banking Cmte. Chmn. Christopher Dodd continues to work behind the scenes.  It seems like from what we hear that a draft is not likely to come early in the week, maybe at the end… perhaps.  We caution because every time there seems to be progress another step is taken backward instead of forward (example: the fire drill last week over the Volcker Rule language).  Secretary Geithner is on Capitol Hill this week testifying (noted below) as is the Asst. Treasury Secy. for Financial Institutions Michael Barr (also noted below), between those appearances and Secretary Geithner’s speech at the end of the week there’s ample opportunity to publicly dissect any trial balloons that might pop up prior to release of Chmn. Dodd’s next draft (not to mention a number of House Financial Service Cmte. hearings that will allow Chmn. Frank to both do the same and push his own agenda, all of which we’ve outlined below).

2) Health care:  Pres. Obama has a self imposed deadline for movement on health care by March 18th, that makes us think March still feels like a big month.  The White House is doing a better media management job in terms of keeping this drumbeat alive.  We think we’ll see more leaks on negotiations and substance – so expect to see that at some point on the front pages this week.

3) Fed Watch:  Look for more pieces examining how the Obama administration will make over the Fed with the number of open seats.  This plays perfectly into the current state of play as the Fed continues to tussle for regulatory ground.

MBA wannabes here’s WHY YOU CARE:  The key is what will be in the Dodd bill and what won’t.  An example of the type of piece that is easy to miss if you aren’t absorbed in the business pages is this one by the Washington Post’s Tomoeh Murakami Tse over the weekend looking at investment advisers.

Here’s the week:

MONDAY 3/8

Pres. Obama:  Health care remarks, then hosts El Salvadorian Pres. Mauricio Funes, later meets with Sen. Charles Schumer (D-NY) and Sen. Lindsey Graham (R-SC).

Bair/Elmendorf:  Nat’l Assoc. for Business Economics’ policy conference “The New Normal? Policy Choices After the Great Recession.”  Speakers:  FDIC Chwmn. Sheila Bair and Congressional Budget Office Dir. Douglas Elmendorf.

Treasury Watch: Treasury Asst. Secy. for Financial Institutions Michael Barr speaks at the Nat’l Council of State Housing Agencies’ legislative conference.

TUESDAY 3/9

Pres. Obama:  Hosts Greek PM George Papandreou.

Romer:   Nat’l Assoc. for Business Economics’ policy conference “The New Normal? Policy Choices After the Great Recession.”  Speakers include:  President’s Council of Economic Advisers Chwmn. Christina Romer and Chicago Fed Pres. Charles Evans.

House Hearing:  House Financial Services Cmte. on community development financial institutions.  Witnesses include:  Treasury Asst. Secy. for Financial Institutions Michael Barr and Community Development Financial Institutions Fund Dir. Donna Gambrell.

WEDNESDAY 3/10

Economic Report:  Mortgage Bankers Assoc’s weekly mortgage application data.

Pres. Obama Meets with Haitian Pres. Rene Preval, later delivers health care remarks.

House Hearing:  House Appropriations Cmte’s Financial Services Subcmte. on 2011 financial services appropriations.  Witness:  Treasury Secy. Geithner.

House Hearing:  House Financial Services Cmte’s on Financial Institutions and Consumer Credit Subcmte. on money service business regulation.

Econ Outlook:  George Washington Univ’s Elliot School hosts former Congressional Budget Office Dir. Douglas Holtz-Eakin for an economic address.

THURSDAY 3/11

Economic Reports:  Initial Unemployment Claims (for 3/6).

Pres. Obama:  Speech at the Export-Import Bank annual DC conference.

House Hearing:  House Appropriations Cmte’s Financial Services Subcmte. on 2011 financial services appropriations.  Witness:  SEC Chwmn. Mary Schapiro.

House Hearing:  House Financial Services’ Housing and Community Opportunity Subcmte. on draft legislation (FHA Reform Act of 2010).

House Hearing:  House Financial Services’ Capital Markets, Insurance and Govt. Sponsored Enterprises Subcmte. on “Corporate Governance after Citizens United.”

Senate Hearing:  Senate Commerce, Science and Transportation Cmte. on Comcast-NBC deal.

COP (TARP Panel) Watch:  New America Foundation discusses Consumer Financial Protection Agency with Congressional Oversight Panel (aka TARP Oversight Panel) Chwmn. Elizabeth Warren and Mother Jones DC Bur. Chief David Corn.

FRIDAY 3/12

Economic Report:  Retail Sales (for Feb).

Secy. Geithner:  Treasury Secy. Geithner and Export-Import Bank of United States Chmn. and Pres. Fred Hochberg before the Export-Import Bank of United States annual conference.

U.N. Address:  Secretary of State Clinton to address the U.N. on women’s issues.

LOOK AHEAD:

March 16th:  Federal Open Market Cmte. meeting.

March 18th:  Pres. Obama’s self imposed deadline for movement on health care reform.

March 23rd:  House Financial Services Cmte. on the future of housing finance.  Witnesses invited include:  Treasury Secy. Timothy Geithner and HUD Secy. Shaun Donovan. [Editor’s Note:  Originally scheduled for 3/2/10].