Print This Post   |  Email This Post

The Weekly Crib Sheet for May 17th-21st:  We could actually see a vote this week in the Senate first to end debate on finance reform (Wednesday (5/19), should Senate Majority Leader Harry Reid file for cloture on Monday (5/17)), and possibly final passage (Thursday (5/20) should a cloture vote happen on Wednesday, or alternatively Friday (5/21) should a cloture vote get pushed to Thursday).  So what could possibly steal headlines from such a story?  First, there are multiple hearings this week on the Gulf of Mexico oil spill noted on the calendar below – including testimony from key executives.  Second, Mexico’s President is paying a visit to Washington this week which will mean two main narratives in the press:  1) a look at immigration policy, specifically what is going on in Arizona, and 2) the level of drug trade fueled violence along the border.  Third, the Supreme Court nomination will continue to be scrutinized.  Lastly, there are a number of primaries come Tuesday which will absorb the political press’ attention.  The interesting part?  There’s a finance reform tie-in to one of those primaries…

WHY YOU CARE:  Timing is the question we are getting the most inquiries on, and understandably so…  Sen. Reid is expected to file for cloture (again all that means is a motion to end debate) come Monday which would set up the actual cloture vote two days later on Wednesday.  Final passage of the bill would come after that on Thursday, and the much awaited manager’s amendment should come out Wednesday – just in time to be AFTER Sen. Blanche Lincoln’s primary in Arkansas and before the cloture vote later that day on Wednesday.  If you work within that frame work you realize should the motion for cloture be pushed to Tuesday, well then simply kick each data point out an extra day as well.  Could something happen to push this into the following week?  Yes.  Anything can happen, but it looks like the Democrats are trying hard to heard cats in the Senate and get this done.  If you missed Sen. Christopher Dodd’s and Sen. Byron Dorgan’s exchange on the Senate floor this past week, then you missed a window into the intra-party tension that Dodd/Reid are contending with:  Every Senate Democrat is pushing for a vote on their amendment (a couple hundred at this point), and should that happen then it ties up the bill, effectively killing it.  The way out?  Push for a quick vote, which is what Sen. Reid is trying to do.  And why the theatrics on waiting to put out the manager’s amendment?  That has to do with Sen. Lincoln’s primary as the party doesn’t want to rock her boat until after Tuesday.

MONDAY 5/17

Senate Schedule:  Senate convenes at 2p, first votes on finance reform expected at 5:30p ET.

Senate Finance Reform Bill:  Sen. Reid is expected to file for cloture (to cut off debate, setting up a Wednesday vote to end debate) and the Senate is expected to vote on at least four amendments:  Sen. Bond’s amendment on removing start-up funding from SEC review, Sen. Udall’s (D-CO) amendment to give free credit scores when consumers obtain a credit report, Sen. Cornyn’s amendment on certifying future repayment of the IMF’s Greece loan and Sen. Rockefeller’s amendment keep the Federal Trade Commission’s rulemaking ability/authority should a Consumer Financial Protection Bureau be created.

Pres. Obama:  Signs Daniel Pearl Freedom of Press Act of 2009.

Senate Hearing:  Homeland Security and Govt. Affairs Cmte. on the Gulf of Mexico oil spill.  Witnesses include: Homeland Security Secy. Janet Napolitano and BP Pres. Lamar McKay.

House Financial Services Cmte. Hearing:  Subcmte on Oversight and Investigations on “Commercial Real Estate: A Chicago Perspective on Current Market Challenges and Possible Responses.”

Treasury Watch:  Holds conference call on Small Business Health Care Tax Credit.

TUESDAY 5/18

Primaries: Arkansas, Kentucky, Oregon and Pennsylvania each hold primaries this day.  Note for finance reform bill watchers:  Senate Agriculture Cmte. Chwmn. Blanche Lincoln has her primary in Arkansas this day.

Economic Reports: Building Permits (for Apr.), Housing Starts (for Apr.), and Producer Price Index (for Apr.).

Earnings:  Wal-Mart.

Pres. Obama:  Speech on jobs/economy in Youngstown, Ohio.

Treasury Watch:  Treasury Secy. Timothy Geithner travels to Seattle to talk jobs/economy.

Senate Hearing:  Foreign Relations Cmte. on U.S.-Russia arms treaty.  Witnesses include: Secy of State Hillary Rodham Clinton and Defense Secy. Robert Gates.

Senate Hearing:  Environment and Public Works Cmte. on Gulf of Mexico oil spill.  Witnesses include: EPA Admin. Lisa Jackson and Interior Secy. Ken Salazar.

Senate Hearing:  Energy and Natural Resources Cmte. on offshore oil drilling.  Witnesses include: Interior Secy. Ken Salazar.

Senate Hearing:  Commerce, Science and Transportation Cmte. on Gulf of Mexico oil spill.

House Financial Services Cmte.: Hearing on “Initiatives to Promote Small Business Lending, Jobs and Economic Growth.”

WEDNESDAY 5/19

Economic Reports: Consumer Price Index (for Apr.).

Senate Finance Reform Bill:  If Sen. Reid files for cloture on Monday (5/17) then the cloture vote would be held this day.  Also, the manager’s amendment would be released by or on this day.

Pres. Obama:  Hosts Mexican Pres. Felipe Calderon.

Fed Watch: Federal Open Market Cmte. minutes from the 4/27-28 released.

Senate Hearing:  Small Business and Entrepreneurship Committee on the Gulf of Mexico oil spill.

House Hearing: Transportation and Infrastructure Cmte. on Gulf of Mexico oil spill.

THURSDAY 5/20

Economic Reports: Initial Unemployment Claims (for 5/15).

Senate Banking Cmte. Hearing:  How the May 6 stock market plunge happened.  Witnesses include:  Sec Chwmn. Mary Schapiro and CFTC Chmn. Gary Gensler.

FDIC on Quarterly Bank Earnings: FDIC Chwmn. Sheila Bair to hold press conference on bank and thrift quarterly earnings.

House Hearing:  Energy and Commerce’s Oversight and Investigations Subcmte. on the Toyota recall.  Witnesses include:  Toyota Motor Sales U.S.A. Inc. Pres. James Lentz.

FRIDAY 5/21

House Financial Services Cmte. Hearing:  Capital Markets, Insurance and Government Sponsored Enterprises Subcmte. on “Accounting and Auditing Standards: Pending Proposals and Emerging Issues.”

LOOK AHEAD:

June 23rd:  Federal Open Market Cmte. meeting.