The Week Ahead: June 24-30, 2013

June 23, 2013 10:38 PM

via a special arrangement with Informa Economics, Inc.

Immigration reform | FY 2014 spending bills | Key USDA reports | RFS hearing

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

Senate leaders want to finish its immigration reform bill (S 744) before leaving on a week-long July Fourth recess -- both chambers will return to Capitol Hill July 8. The Senate will also consider several nominations, including President Obama's choice for Transportation and Commerce secretaries. The House plans to debate offshore drilling bills. Meanwhile, House GOP and Agriculture panel leaders will try to pick up the pieces of last week's politically tinged failure by the House to pass the farm bill, but the exact outlook remains murky. Committee focus is on various markups of FY 2014 appropriations measure, while a House Energy and Commerce subcommittee will review the Renewable Fuel Standard (RFS).

Senate leaders want to complete consideration of comprehensive immigration reform legislation. A deal reached recently between two Republican senators would strengthen the border security provisions of the legislation. A cloture vote for the amendment is scheduled for Monday at 5:30 p.m. ET. Senate Majority Leader Harry Reid (D-Nev.) warned senators that the chamber, if needed, would work through the coming weekend to finish the reform package, which would clear a path to citizenship for more than 11 million illegal aliens in the United States.

Energy focus in House. On Tuesday, the House will consider three bills under suspension of the rules. The focus of the House for the balance of the week will be two energy bills — Offshore Energy and Jobs Act (HR 2231) and Outer Continental Shelf Transboundary Hydrocarbon Agreements Authorization Act (HR 1613) — which would expand domestic energy production as part of a Republican "all of the above" energy strategy. The Offshore Energy and Jobs Act would require the Obama administration to write a new, expanded five-year offshore leasing program. HR 1613 would implement an agreement between the United States and Mexico to facilitate more oil and gas exploration in the Gulf of Mexico.

House GOP leaders on Friday released a schedule for next week that does not include consideration of the FY 2014 Agriculture spending bill, even though it was thought this bill would come up. "I anticipate bringing to the floor HR 2410, the Agriculture appropriations bill authored by Representative Robert Aderholt of Alabama," Majority Leader Eric Cantor (R-Va.) said Thursday on the House floor. But on Friday, Cantor's office released a schedule that did not include the spending bill, HR 2410. After last week's failure of the House farm bill vote due in part to Democratic opposition to proposed $20.5 billion in cuts to food stamp/SNAP funding, the Agriculture spending bill will need very strong Republican support to overcome resistance from Democrats.

Appropriations bills moving to full House Appropriations Committee markup are those for Energy and Water and Transportation, Housing, and Urban Development (THUD). The bills were approved in subcommittee the previous week, and are scheduled to be marked up June 26 by the full House Appropriations panel.

The Senate Appropriations Committee plans to mark up both the Energy and Water and THUD bills before the break. The bills are scheduled to be marked up in separate subcommittee sessions Tuesday and then considered by the full committee Thursday.

During the week, the Senate also is expected to consider at least two of Obama's Cabinet nominees. Under an agreement between Reid and Minority Leader Mitch McConnell (R-Ky.), the Senate will consider the nomination of Anthony Foxx, of North Carolina, to be Transportation secretary and Penny Pritzker, of Illinois, to head the Commerce Department. Other nominations also could be cleared, including that of Howard Shelanski to be administrator of the Office of Information and Regulatory Affairs (OIRA) in the Office of Management and Budget. The Senate Homeland Security and Governmental Affairs Committee is scheduled to approve that nomination Monday.

CFTC and SEC spending bill. The Subcommittee on Financial Services and General Government of the Senate Appropriations Committee on Tuesday afternoon will examine the FY 2014 budget request for the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). CFTC Chairman Gary Gensler and SEC Chairman Mary Jo White will testify.

A Senate Energy and Natural Resources panel will conduct a Tuesday afternoon hearing on pending energy efficiency legislation. The Subcommittee on Energy will examine legislation (S. 1084) dealing with energy-efficient school buildings and a bill (S 717) to establish a pilot program that would provide grants to nonprofit organizations to make their buildings more energy efficient.

An overview of the Renewable Fuel Standard (RFS) from a government perspective will be examined by a House Energy and Commerce subcommittee panel Wednesday afternoon.

On the transportation front, the House Transportation and Infrastructure Committee will meet Wednesday afternoon on how logistics can facilitate an efficient freight transportation system.

On the economic front, now that the Federal Reserve has made their potential plans known on their stimulus efforts, that will keep US economic data at the forefront. Monday will open with two regional manufacturing indicators (Dallas and Chicago Fed surveys) while Tuesday brings a spate of data – Durable Goods, FHFA Home Price Index, New Home Sales, S&P Case Shiller housing index, Consumer Confidence and the Richmond Fed survey. Wednesday will see the release of the reading on the overall US economy in the first quarter via the GDP update, with the weekly Jobless Claims data arriving Thursday. Also on Thursday, the Personal Income and Expenditures report comes which will give an update on the key inflation index watched by the Fed – Personal Consumption Expenditures. Also out Thursday will be updates on Pending Home Sales and the Kansas City Fed manufacturing update. The week will close out with the Chicago PMI and Consumer Sentiment reports. Other points of interest for markets will be via several Federal Reserve speakers who will be on tap now that the post-FOMC blackout will be lifted and any economic developments from around the globe could also spark market interest.

For agriculture, the key for the week will come with Friday’s June Acreage and Quarterly Grain Stocks data in the morning and Quarterly Hogs & Pigs report in the afternoon. But leading up to Friday, there will be the weekly update via Crop Progress on Monday, the updated USDA food price forecasts on Tuesday, with demand in focus on Thursday via the Weekly Export Sales report. Weather will rise as a factor, especially with some forecasters talking hot and dry conditions to wrap up June and start July.

Monday, June 24
Germany's Angela Merkel outlines her party platform ahead of elections.
Federal Reserve: Dallas Fed President Richard Fisher speaks in London about the US economy and monetary policy.
Secretary of State John Kerry visits New Delhi.
OIRA, GSA administrator nominations: Committee markup. Homeland Security and Governmental Affairs Committee business meeting to vote on pending nominations. The vote is expected to occur in conjunction with Senate floor votes. Nominations: Howard Shelanski to be administrator, Office of Information and Regulatory Affairs, Office of Management and Budget; Daniel Tangherlini to be administrator, General Services Administration.
Economic reports: Selected Interest Rates (Federal Reserve) | Chicago Fed National Activity Index | Dallas Fed Mfg Survey
USDA reports: Export inspections (AMS) | Crop Progress (NASS) | Poultry Slaughter (NASS)

Tuesday, June 25
Climate change: President Obama will roll out his second-term climate agenda Tuesday, at Georgetown University, via a series of executive actions expected to include regulating emissions from existing power plants, among other provisions. His speech is expected to include a pledge to curb carbon emissions from existing power plants, a top priority for environmentalists.

International finance: IMF Chief Economist Olivier Blanchard participates in an International Institute of Finance conference.
Election: Special-election to fill the Massachusetts Senate seat held by Democrat William "Mo" Cowan.
Global demands on agriculture: Conference. American Association for the Advancement of Science will hold their 2013 Charles Valentine Riley Memorial Lecture titled "Food, Feed and Fuel From Crops Under Global Atmospheric Change: Could We Have it All in 2030?"
Fiscal 2014 appropriations - Energy and Water Development: Subcommittee markup. Senate Appropriations — Subcommittee on Energy and Water Development.
Fiscal 2014 appropriations - Transportation, HUD: Subcommittee markup. Senate Appropriations — Subcommittee on Transportation, Housing and Urban Development, and Related Agencies.
Federal minimum wage: Committee hearing. Senate Health, Education, Labor and Pensions Committee.
Energy efficiency bills: Subcommittee hearing. Senate Energy and Natural Resources — Subcommittee on Energy hearing on pending legislation.
2014 Appropriations - Financial Services: Subcommittee hearing. Senate Appropriations — Subcommittee on Financial Services and General Government.
Economic reports: ICSC-Goldman Store Sales | S&P Case-Shiller HPI | FHFA House Price Index | New Home Sales | Richmond Fed Mfg Index | Consumer Confidence | Durable Goods Orders
USDA reports: Weekly Weather and Crop Bulletin (WAOB) | Food Price Outlook (ERS) | Dairy Data (ERS) | Livestock & Meat Domestic Data (ERS)

Wednesday, June 26
President Barack Obama begins a tour of Africa in Dakar, Senegal.
Central banks: Current and former central-bank officials and regulators from the U.S., Canada, and the U.K. speak at a Banking Law Symposium in Ottawa.
The Bank of England holds a news conference on the publication of its Financial Stability Report.
Renewable Fuel Standard (RFS): Subcommittee hearing. House Energy and Commerce — Subcommittee on Energy and Power hearing titled "Overview of the Renewable Fuel Standard: Government Perspectives."
Export promotion bills: Subcommittee markup. House Foreign Affairs — Subcommittee on Terrorism, Nonproliferation, and Trade will mark up pending legislation.
Impact of energy industry on jobs, economy: Committee hearing. House Budget Committee.
Weather forecasting: Subcommittee hearing. House Science, Space and Technology — Subcommittee on Environment hearing titled "Restoring US Leadership in Weather Forecasting."
Federal Reserve Bank and "too big to fail" banks: Committee hearing. House Financial Services Committee.
Federal regulations and bureaucracy: Committee hearing. Joint Economic Committee hearing titled "Reducing Unnecessary and Costly Red Tape through Smarter Regulations."
Businesses and Health Care Act: Subcommittee hearing. House Energy and Commerce — Subcommittee on Oversight and Investigations.
Fiscal 2014 appropriations - Transportation, HUD: Committee markup. House Appropriations Committee.
Fiscal 2014 appropriations - Energy and Water: Committee markup. House Appropriations Committee.
Small business policy for USTR: Committee hearing. House Small Business Committee.
Freight transportation system efficiency: Committee hearing. House Transportation and Infrastructure Committee.
Energy reports: Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports: GDP | MBA Purchase Applications
USDA reports: Broiler Hatchery (NASS) | National Dairy Products Sales Report (AMS) | Monthly Milk Cost of Production (ERS)

Thursday, June 27

European Union summit starts.
Federal Reserve: Fed Governor Jerome Powell speaks in Washington about monetary policy.
South Korea's president visits China.
Border security oversight: Subcommittee hearing. House Oversight and Government Reform — Subcommittee on National Security.
Fiscal 2014 appropriations – Energy: Committee markup. Senate Appropriations Committee.
Fiscal 2014 appropriations – Transportation-HUD: Committee markup. Senate Appropriations Committee.
Transportation: Weekly Traffic of Major Railroads (Assn. Of American Railroads) | Grain Transportation Report (AMS).
School meal regulations: Subcommittee hearing. House Education and the Workforce — Subcommittee on Early Childhood, Elementary and Secondary Education hearing titled "School Meal Regulations: Discussing the Costs and Consequences for Schools and Students."
Railroad policy: Subcommittee hearing. House Transportation and Infrastructure — Subcommittee on Railroads, Pipelines and Hazardous Materials.
IRS investigation: Committee hearing. House Ways and Means Committee hearing on the investigation of the IRS targeting tax-exempt applicants for additional review based on their political beliefs.
Impact of India's industrial policy on US: Subcommittee hearing. House Energy and Commerce — Subcommittee on Health hearing titled "A Tangle of Trade Barriers: How India's Industrial Policy is Hurting U.S. Companies."
US-Republic of Korea alliance: Subcommittee joint hearing. Asia and the Pacific Subcommittee and Terrorism, Nonproliferation, and Trade Subcommittee of House Foreign Affairs Committee.
Energy reports: Weekly US underground natural gas stocks (EIA)
Economic reports: Jobless Claims (Labor Dept.) | Personal Income & Outlays | Pending Home Sales Index | KC Mfg Index
USDA reports: Export Sales (FAS) | Cherry Production (NASS) | Agricultural Prices (NASS) | Peanut Stocks and Processing (NASS) | International Food Security Assessment (ERS)

Friday, June 28

Japanese Finance Minister Taro Aso speaks about "Abenomics and the outlook of Japan's economy" in Tokyo.
Federal Reserve: Richmond Fed's Jeffrey Lacker speaks about the economic outlook.
Economic reports: Chicago PMI | Consumer Sentiment
USDA reports: Acreage (NASS) | Grain Stocks (NASS) | Rice Stocks (NASS) | Peanut Prices (NASS) | Egg Products (NASS) | Quarterly Hogs & Pigs (NASS)

Sunday, June 30

Egypt: Mass protests have been called as part of a move to withdraw confidence from Egyptian President Mohammed Morsi, who took office a year ago.
IRS deadline for holders of foreign accounts over $10,000 to file a Foreign Bank and Financial Accounts Report.


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






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