The Weekly Crib Sheet: Dodd’s Mark Up, Geithner Testifies, Frank’s Hearings [UPDATED: 3/23]
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The Weekly Crib Sheet for March 22nd-26th: Obviously, this is a big week in Washington. There are a number of stories that will compete for front page space with finance reform reporting. They are: 1) Health care fallout – a) will Dems lose Congressional seats, if so how many?, b) detailing the student loan portion of the health care bill, c) coverage of the Senate “fixes” for the health care bill, d) signing ceremony if we get there this week; 2) Israel – a) Secy. of State Hillary Rodham Clinton speaks to AIPAC (3/22) along with Israeli PM Benjamin Netanyahu, but so too does fmr. UK PM Tony Blair (all detailed below); 3) Iraq/Afghanistan – Secy. Clinton and Defense Secy. Gates testify on the Hill, as does CIA Dir. Leon Panetta (noted below); 4) More Gitmo/DOJ attorney flap – Attorney General Eric Holder testifies on the Hill this week; and 5) White House 2012 – for true political junkies (and there are many reporters that fall into this category) CENTCOM Commander David Petraeus speaks at the New Hampshire Institute of Politics (also detailed below).
MBA readers here’s WHY YOU CARE:
1) Financial Regulatory Reform – What We Know: Senate Banking Cmte. Chmn. Christopher Dodd has a 5pm ET mark up (moved from 4p ET) Monday (3/22) on his draft bill. With 473 amendments, it initially looked like Senate Banking Cmte. Republicans were looking to slow the process and deny Chmn. Dodd his stated goal of voting the bill out of committee by the time Congress breaks for recess on Friday 3/26. Now, (and anything could change) it looks like Republicans will pull back their myriad amendments, and let Chmn. Dodd and his fellow Democrats push it through – perhaps as early as the evening of 3/22.
2) Financial Regulatory Reform – What We Know You Don’t Know: If the bill gets pushed through the Senate Banking Cmte. on the evening of 3/22 it means that it sets up a floor fight. Essentially, all the members are agreeing to keep their powder dry to duke it out on the Senate floor. It also puts great weight on what gets said publicly by key players between now and then. Much like last week so many power brokers are either testifying elsewhere this week on Capitol Hill or speaking publicly that you’ll get a chance to hear their cases and trial balloons publicly. We of course have broken it down for you day by day below, but here’s a taste of who you’ll hear from publicly this week: VP Joe Biden, Treasury Secy. Timothy Geithner (4 appearances), House Financial Services Cmte. Chmn. Barney Frank, Senate Banking Cmte. members Sen. Jud Gregg (R-NH) and Sen. Bob Corker (R-TN), Senate Ag. Cmte. Chwmn. Sen. Blanche Lincoln (D-AR), BB&T Corp CEO & Chmn. Kelly King, Kansas City Fed Pres. Thomas Hoenig, Deputy Treas. Secy. Neal Wolin, Commodity Futures Trading Commission Gary Gensler, NASDAQ CEO Bob Greifeld, and Financial Accounting Standards Board Chmn. Robert Herz, TARP Inspector General Neil Barofsky and Treasury Asst. Secy. for Financial Institutions Herbert Allison.
MBA wannabes here’s WHY YOU CARE: If the Senate Banking Cmte. passes Chmn. Dodd’s draft bill the evening of 3/22, it will mean that Democrats lined up with his manager’s amendment. Look for stories that break down what is in that amendment – it will give you a sense of what will be argued over on the Senate floor.
Here’s the week:
MONDAY 3/22
Dodd’s Draft Bill: Senate Banking Cmte begins mark up of the draft “Restoring American Financial Stability Act of 2010.” By our count there are 473 amendments. As of lunch time on 3/22 it seems as though most of the amendments will be withdrawn and Chmn. Dodd will get his chance to vote it out of the Senate Banking Cmte. this evening. [EDITOR'S NOTE: Dodd's bill was approved by the Cmte. on a 13-10 party line vote].
VP Biden/Secy. Geithner: VP Joe Biden and Treasury Secy. Geithner, along with IRS Commissioner Douglas Shulman, hold a recovery act event at the White House.
Secy. Geithner Prt. 2: Speaks before the American Enterprise Institute re: Financial reform.
Secy. Clinton & PM Netanyahu: Secy. Clinton speaks in the morning before pro-Israel group AIPAC [moved from 3/21], while Israeli Prime Minister Netanyahu speaks before the same group in the afternoon in Washington, DC.
CIA Dir. Panetta: Testifies before the House Approps. Cmte’s Select Intel Oversight Panel re: appropriations.
Fmr. Presidents George W. Bush and Bill Clinton: Travel together to Haiti.
TUESDAY 3/23
Economic Reports: Natl. Assoc. of Realtors’ Existing Home Sales (for Feb.) and Federal Housing Finance Agency’s House Price Index estimates (for Jan.).
Pres. Obama: 1) Signs health care overhaul into law, 2) meets with Israeli PM Netanyahu at the White Whouse. [UPDATED: 3/23].
Secy. Geithner: House Financial Services Cmte. holds a hearing on the future of housing finance. Witnesses include: Treasury Secy. Geithner. [Editor’s Note: Originally scheduled for 3/2/10].
TARP CZAR: TARP Exec. Compensation Special Master Kenneth Feinberg holds a 1p media briefing on the next phase of his pay structure determinations for firms that received TARP assistance, 1p ET. [UPDATED: 3/23].
More AIPAC: Fmr. UK Prime Minister Tony Blair, now the quartet rep., speaks to AIPAC in Washington, DC.
AG Holder: Testifies before the Senate Judiciary Cmte. re: Justice Dept. oversight.
WEDNESDAY 3/24
Economic Reports: Mortgage Bankers Assoc’s weekly mortgage info, and New Home Sales (for Feb.).
House Financial Services Cmte.: The Cmte’s Subcmte. on Housing and Community Opportunity holds a hearing on HR 4868 – the house Preservation and Tenant Protection Act of 2010.
House Financial Services Cmte.: The Cmte’s Subcmte. on Financial Institutions and Consumer Credit holds a hearing on “Keeping Score on Credit Scores: An Overview of Credit Scores, Credit Reports and their Impact on Consumers.”
Capital Markets Summit: U.S. Chamber of Commerce’s summit includes: Senate Banking Cmte. members Sen. Jud Gregg (R-NH) and Sen. Bob Corker (R-TN), Senate Ag. Cmte. Chwmn. Sen. Blanche Lincoln (D-AR), BB&T Corp CEO & Chmn. Kelly King, Kansas City Fed Pres. Thomas Hoenig, Deputy Treas. Secy. Neal Wolin, Commodity Futures Trading Commission Gary Gensler, NASDAQ CEO Bob Greifeld, and Financial Accounting Standards Board Chmn. Robert Herz.
Petraeus: CENTCOM Commander David Petraeus speaks at the New Hampshire Institute of Politics.
THURSDAY 3/25
Economic Reports: Continuing Unemployment Claims (for 3/13) and Initial Unemployment Claims (for 3/20).
Pres. Obama: Health care event in Iowa. [UPDATED: 3/23].
Secy. Geithner: Testifies before the House Approps. Cmte’s Subcmte on State, Foreign Operations, and Related Programs, re: Treasury Dept. international programs.
House Financial Services Cmte.: Hearing on “Unwinding Emergency Federal Reserve Liquidity Programs and Implications for Economic Recovery.” [UPDATED: 3/23].
Senate Hearing on Loans & the Financial Crisis: Senate Homeland Security and Govt. Affairs Cmte’s Permanent Investigations Subcmte. on “Wall Street and Financial Crisis: The Role of High Risk Home Loans.” [UPDATED 3/23: This is now moved to 4/13/10].
Senate Hearing on FHA & the Financial Crisis: Senate Approps. Cmte’s Transportation, Housing and Urban Development Subcmte. holds a hearing on the Federal House Authority and the housing/financial crisis. Witness: FHA Commissioner David Stevens.
House Hearing on Foreclosure Prevention Efforts: House Oversight and Govt. Reform Cmte. holds a hearing on whether the Home Affordable Modification Program working. Witnesses invited included: TARP Inspector General Neil Barofsky and Treasury Asst. Secy. for Financial Institutions Herbert Allison.
Secys. Clinton/Gates: Senate Approps. Cmte. holds a hearing on supplemental war spending for fiscal 2010. Witnesses: Secy. of State Hillary Rodham Clinton and Defense Secy. Robert Gates.
FRIDAY 3/26
Economic Reports: GDP estimate for fourth quarter
Dodd’s Draft Bill: Senate Banking Cmte. Chmn. Dodd set a goal to vote his draft reform bill out of Cmte. by today as Congress breaks for recess. [EDITOR'S NOTE: Chmn. met this goal on 3/22 when the Senate Banking approved his bill].
LOOK AHEAD:
March 30th: Economic Recovery Advisory Board Chmn. Paul Volcker speaks at the Peterson Institute for International Economics on financial reform.
April 7th-9th: Financial Crisis Inquiry Commission to hold hearing on “Subprime Lending and Securitization and Government-Sponsored Enterprises.” Fmr. Federal Reserve Chmn. Alan Greenspan is reported by the Wall Street Journal to be among those who will appear before the congressional panel.
