The Week Ahead: Dec 12-18, 2011

December 12, 2011 12:28 AM

via a special arrangement with Informa Economics, Inc.

MF Global | CR | Omnibus spending package

NOTE: This column is copyrighted material, therefore reproduction or retransmission is prohibited under U.S. copyright laws.

Work on an omnibus spending bill and two hearings on the MF Global bankruptcy highlight the week in Washington.

The House begins its workweek considering several measures under suspension of the rules, including a bill on pipeline safety.

The Senate today turns to executive session to consider two ambassadorial nominations.

The current continuing resolution expires Dec. 16, so lawmakers will attempt finish the over $900 billion bill covering nine appropriations bills. The bill serving as the vehicle will be the FY 2012 spending measure for military construction and veterans' programs (HR 2055). The text of the year-end spending package will likely be released in the form of a conference agreement today or Tuesday providing for a required two-day advance publication of the legislation before the House votes on it the middle of the week. One of the keys is which policy riders find there way onto the must-pass legislation. For example, biodiesel lobbyists want to attach an extension for the expiring tax incentive program, saying they have a budget offset.

Meanwhile, efforts continue to extend lower payroll tax rates, expand unemployment benefits and to block a reduction in Medicare payments to doctors.

This week's Washington-related agenda: The agenda for congressional committees features hearings on MF Global.

Monday, Dec. 12

President Obama:
The president meets with Iraqi Prime Minister Nuri al-Maliki in Washington.
Impact of uncertainty on job shortage:
Subcommittee field hearing. Woodstock, Illinois. House Small Business — Subcommittee on Economic Growth, Tax and Capital Access.
Long-term economic policymaking:
Speech. Economic Club of Washington, DC. Speaker: Eric Schmidt, executive chairman, Google Inc.
Economic reports:
Selected Interest Rates (Federal Reserve) | Treasury Budget.
USDA reports:
Export inspections (AMS) | Livestock and Meat Trade Data (ERS) | Cotton and Wool Outlook (ERS) | Oil Crops Outlook (ERS) | Rice Outlook (ERS) | US Agricultural Trade Data Update (ERS).

Tuesday, Dec. 13

MF Global bankruptcy: Committee hearing. Senate Agriculture Committee. Panel 1: Roger Hupfer. grain elevator operator; Freeland Bean and Grain Inc., Freeland, Mich.; Jeff Hainline, president, Advanced Trading Inc., Bloomington, Ill.; Dean Tofteland, farmer, Luverne, Min.; C.J. Blew, farmer/rancher, chairman of the board, Mid Kansas Cooperative Association, Board of CHS Inc., Hutchison, Kan. - Panel 2: Jon Corzine, former chairman and CEO, MF Global Holdings Ltd. (also former senator, D-N.J., 2001-06, and former governor, D-N.J., 2006-10); Henri Steenkamp, chief financial officer, MF Global Holdings Ltd., New York, N.Y.; Bradley Abelow, president and chief operating officer, MF Global Holdings Ltd., New York, N.Y. - Panel 3: Terrence Duffy, executive chairman, CME Group, Chicago, Ill.; James W. Giddens, trustee, Securities Investment Protection Act liquidation of MF Global Holdings Ltd., New York, N.Y.;Jill Sommers, commissioner, Commodity Futures Trading Commission
Fannie Mae and Freddie Mac oversight: Committee oversight hearing. Senate Banking, Housing and Urban Affairs Committee.
Review of water infrastructure: Subcommittee hearing. Senate Environment and Public Works — Subcommittee on Water and Wildlife.
China and the WTO: Committee hearing. Congressional-Executive Commission on China will hold a hearing titled "Ten Years in the WTO: Has China Kept Its Promises?"
Energy reports: Weekly National Petroleum Report (API) | OPEC monthly oil report.
Economic reports: Retail Sales | Business Inventories | ICSC-Goldman Store Sales | FOMC meeting.
USDA reports: Wheat Outlook (ERS) | Feed Outlook (ERS) | Aquaculture Data (ERS).

Wednesday, Dec. 14

Meeting in Vienna.
Investor risks in capital raising:
Subcommittee hearing. Senate Banking, Housing and Urban Affairs — Subcommittee on Securities, Insurance, and Investment.
Alternative energy tax incentives:
Subcommittee hearing. Senate Finance — Subcommittee on Energy, Natural Resources, and Infrastructure hearing titled "Alternative Energy Tax Incentives: The Effect of Short-Term Extensions on Alternative Technology Investment, Domestic Manufacturing and Jobs."
Pandemic and Hazards Preparedness Act:
Committee markup. Senate Health, Education, Labor and Pensions Committee.
Rule of law and human rights in Russia:
Subcommittee hearing. Senate Foreign Relations — Subcommittee on European Affairs.
Trans-Pacific Partnership (TPP):
Subcommittee hearing. House Ways and Means — Subcommittee on Trade hearing on the prospect and potential economic impact of a Trans-Pacific Partnership.
Aging in America:
Committee forum. Senate Special Aging Committee forum titled "Aging in America: Future Challenges, Promise and Potential."
Energy reports: Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports: Weekly mortgage applications (Labor Dept.) | MBA Purchase Applications | Import and Export Prices.
USDA reports: Broiler Hatchery (NASS) | Agricultural Income and Finance Outlook (ERS) | Sugar and Sweeteners Outlook (ERS).

Thursday, Dec. 15

MF Global bankruptcy: Subcommittee hearing. House Financial Services — Subcommittee on Oversight and Investigations. Witnesses: Jon Corzine, former chairman and CEO, MF Global Holdings Ltd., New York, N.Y. (also former senator, D-N.J., 2001-06, and former governor, D-N.J., 2006-10); Bradley Abelow, chief operating officer and president, MF Global; Gary Gensler, chairman, Commodity Futures Trading Commission; Richard G. Ketchum, chairman and CEO, Financial Industry Regulatory Authority; William Dudley, president, Federal Reserve Bank of New York; Robert Cook, director, Division of Trading and Markets, Securities and Exchange Commission; Terry Duffy, executive chairman, CME Group.
Reopening American capital markets to emerging growth companies: Subcommittee hearing. House Financial Services — Subcommittee on Capital Markets and Government Sponsored Enterprises.
Keystone XL pipeline: Subcommittee markup. House Foreign Affairs — Subcommittee on Terrorism, Nonproliferation, and Trade markup of HR 3537 – North American Energy Security Act.
US economic impact of euro crisis: Subcommittee hearing. House Oversight and Government Reform — Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs.
Agriculture nominations: Committee confirmation hearing. Senate Ag Committee confirmation hearing on pending nominations.
Environmental risks of genetically engineered fish: Subcommittee hearing. Senate Commerce, Science and Transportation — Subcommittee on Oceans, Atmosphere, Fisheries, and Coast Guard.
Expedited Line-Item Veto and Rescissions Act: Committee markup. House Budget Committee.
Transportation: Weekly Traffic of Major Railroads (Assn. Of American Railroads).
Energy reports: Weekly US underground natural gas stocks (EIA).
Economic reports: Jobless Claims (Labor Dept.) | Producer Price Index | Empire State Mfg Survey | Industrial Production | Weekly Mortgage Rates (Freddie Mac) | ICI weekly money market mutual fund data | | Phila. Fed Survey.
USDA reports: Export Sales (FAS) | Grain Transportation Report (AMS) | Livestock, Dairy, and Poultry Outlook (ERS) | Potato Stocks (NASS) | Turkey Hatchery (NASS) | Vegetables and Melons Outlook (ERS) | Cost of Production Forecast (ERS).

Friday, Dec. 16

Economic reports: Consumer Price Index.
USDA reports: Dairy Products Prices (NASS) | Peanut Prices (NASS) | Cattle on Feed (NASS) | Meat Price Spreads (ERS) | National Hop Report (NASS) | Dairy: World Markets and Trade (FAS) | Coffee: World Markets and Trade (FAS).


NOTE: This column is copyrighted material, therefore reproduction or retransmission is prohibited under U.S. copyright laws.


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