The Week Ahead: March 11-17, 2013

March 11, 2013 01:18 AM
Untitled Document

via a special arrangement with Informa Economics, Inc.

Budget matters focus in Congress this week

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

Budget matters take center stage in both the House and Senate, with the Senate taking up its version of the continuing resolution (CR) for Fiscal Year 2013, and both the House and Senate Budget panels will release text of their budget resolutions for Fiscal Year 2014 – which could include specific savings for a new farm bill.

The Senate will take up a House-passed funding resolution for FY 2013, but will include three additional spending bills to the continuing resolution (HR 993). Passage of a CR would prevent a government shutdown scheduled to occur March 28 if no action is taken. Senate Appropriations Chairman Barbara Mikulski (D-Md.) said the three bills to be added are for Agriculture, Homeland Security, and Commerce-Justice-Science. The House version, passed March 6 by a vote of 267-151, folded in Defense and Military Construction spending bills. The Senate version will also reflect the Budget Control Act's 2013 discretionary spending target, but like the House version, will be “subject to sequester,” Mikulski said. Senate Majority Leader Harry Reid (D-Nev.) said on the floor March 7 that he wants the Senate to clear the CR by week's end so that lawmakers can then to turn to the FY 2014 budget the week of March 18.“We have to be on the continuing resolution on Monday,” he said. “And we have to finish that next week because the next week [after] is the budget, and we have to do that before the break we take for Easter.”

The House will convene March 11 for a pro forma session, but lawmakers will return to legislative business when they convene March 12 at noon ET.

On Tuesday, two House bills are scheduled to be considered under suspension of the rules. The first (HR 1035) would require a study of community-based flood insurance options. A second bill (HR 749), the Eliminate Privacy Notice Confusion Act, would provide an exception for banks from a portion of the Gramm-Leach-Blily Act requiring banks to explain their information-sharing practices to their customers and to safeguard sensitive data.

House members will then turn to the first of two workforce legislation bills when the House meets Wednesday – The Preserving Work Requirements for Welfare Programs Act of 2013 (HR 890), would prohibit waivers related to compliance with the work requirements for block grants to states under the Temporary Assistance for Needy Families program. The other item on the House legislative agenda will be a measure (HR 803) reauthorizing federal workforce legislation. The House could take up the SKILLS Act as early as Thursday. The bill would trim federal programs, increase the number of employer representatives on local workforce investment boards, and allow state and local leaders to determine the remainder of the boards' composition.

Economic data releases pick up steam late in the week once again. Tuesday brings the monthly Treasury Budget Statement with Wednesday seeing the release of Retail Sales  and Business Inventories. Thursday will provide updates on weekly jobless claims and inflation at the wholesale level. Friday has a batch of data releases, including Consumer Price Index, the Empire State ManufacturingIndex, Industrial Production and Consumer Sentiment. In the wake of this week’s data, any comments by Federal Reserve officials that provide any hints or are perceived as providing hints on what the Fed might do on its stimulus efforts will be of particular importance. The weekend barrage of data out of China will also set the market stage for Monday.

Monday, March 11
Banking: The Independent Community Bankers of America's week-long national convention gets under way in Las Vegas.
Economic reports:
Selected Interest Rates (Federal Reserve)
USDA reports:
Export inspections (AMS)

Tuesday, March 12
New York City's big soda ban takes effect.
Nominations: The Committee hearing. Senate Banking, Housing, and Urban Affairs Committee nomination hearing. The committee will hear testimony from Richard Cordray, who is nominated to be director of the Consumer Financial Protection Bureau, and from Mary Jo White, nominated to be chair of the Securities and Exchange Commission.
SEC: Subcommittee oversight hearing. House Appropriations Subcommittee on Financial Services and General Government oversight hearing on the Securities Exchange Commission (SEC).
Economic reports: ICSC-Goldman Store Sales | NFIB Small Business Optimism Index | Treasury Budget
USDA reports: Rice Outlook (ERS) | Oil Crops Outlook (ERS) | Wheat Outlook (ERS) | (NASS) | Feed Grains Outlook (ERS) | Weekly Weather and Crop Bulletin (WAOB) | Cotton and Wool Outlook (ERS) | Price Reactions after USDA Crop Reports (NASS) | Aquaculture Trade Data (ERS)

Wednesday, March 13
US-India trade relations: Subcommittee. House Ways and Means Subcommittee on Trade hearing on the opportunities and challenges of US-India trade relations.
2014 appropriations: Agriculture, Rural, FDA - FSIS: Subcommittee hearing. House Ag Appropriations Subcommittee hearings on proposed FY appropriations for the Food Safety and Inspection Service (FSIS). Witnesses: Alfred Almanza, administrator, FSIS; Elizabeth Hagen, undersecretary of Agriculture for food safety, FSIS.
Impact of national forest management: Subcommittee hearing. House Ag Subcommittee on Conservation, Energy and Forestry hearing titled "National Forest Management and its Impacts on Rural Economies and Communities."
Mortgage insurance: Subcommittee hearing. House Financial Services Subcommittee on Housing and Insurance panel will examine mortgage insurance. The focus will be on comparing private sector and government-subsidized approaches to mortgage insurance.
Rebalance to Asia: Subcommittee hearing. House Foreign Affairs Subcommittee on Asia and the Pacific is holding a series of hearings titled "The Rebalance to Asia: Why South Asia Matters."
Funding for energy technology: Subcommittee hearing. House Science, Space, and Technology Subcommittee on Energy will look at federal funding for energy technology . The will focus on assessing the costs and benefits of federal support.
Health care issues: Subcommittee hearing. House Energy and Commerce Subcommittee on Health hearing on health care reform's impact on job growth.
Energy reports: Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports: Weekly mortgage applications (Labor Dept.) | MBA Purchase Applications | Retail Sales | Import and Export Prices | Business Inventories
USDA reports: Broiler Hatchery (NASS) | Bioenergy Data (ERS) | National Dairy Products Sales Report (AMS)

Thursday, March 14
Federal Reserve will release the results of its Comprehensive Capital Analysis and Review, which examines capital-planning processes of large banks and institutions.
Financial oversight – derivative trades: Subcommittee hearing. Senate Homeland Security & Governmental Affairs Permanent Subcommittee on Investigations hearing on matters relating to credit derivative trades made by the JPMorgan Chase Chief Investment Office.
2014 appropriations: Agriculture, Rural, FDA - FNS: Subcommittee hearing. House Ag Appropriations Subcommittee hearings on proposed FY appropriations for the Food and Nutrition Service (FNS). Witness: Audrey Rowe, administrator, FNS.
Border security: Committee hearing. Senate Homeland Security and Governmental Affairs Committee hearing titled "Border Security: Measuring the Progress and Addressing the Challenges."
Lower-skilled guest worker programs: Subcommittee hearing. House Education and the Workforce — Subcommittee on Workforce Protections hearing titled "Examining the Role of Lower-Skilled Guest Worker Programs in Today's Economy."
Immigration enforcement: Subcommittee oversight hearing. House Appropriations — Subcommittee on Homeland Security oversight hearing on immigration enforcement issues.
Financial Stability Oversight Council: Subcommittee oversight hearing. House Financial Services Subcommittee on Oversight and Investigations oversight hearing on the Financial Stability Oversight Council and the Office of Financial Research.
Swap markets: Committee hearing. House Agriculture Committee hearing to examine legislative improvements to Title VII of the Dodd-Frank Act, which creates a framework for the regulation of swap markets.
US budget, economy: Joint Economic Committee hearing on solving the federal debt crisis.
Sequestration: Committee hearing. House Oversight and Government Reform Committee hearing to examine the Obama administration's decisions on spending cuts and furloughs.
Energy partnerships with Mexico and Canada: Subcommittee hearing. House Foreign Affairs — Subcommittee on Western Hemisphere hearing titled "US Energy Security: Enhancing Partnerships with Mexico and Canada."
Indexing the minimum wage: Committee hearing. Senate Health, Education, Labor, and Pensions Committee hearing on keeping up with a changing economy, focusing on indexing the minimum wage.
Fostering economic growth: Subcommittee oversight hearing. House Appropriations Subcommittee on Labor, Health and Human Services, Education, and Related Agencies oversight rearing focusing on regulatory approaches to fostering economic growth.
Energy budget: Subcommittee hearing. House Appropriations Subcommittee on Energy and Water Development, and Related Agencies budget hearing on the Department of Energy's Applied Energy department. David Danielson assistant energy secretary for energy efficiency and renewable energy will testify.
US onshore energy resources: Subcommittee hearing. House Natural Resources Subcommittee on Energy and Mineral Resources hearing on US onshore energy resources.
Patent litigation: Subcommittee hearing. Patent litigation abuse and its impact on American innovation and jobs is the topic of a House Judiciary Subcommittee on Courts, Intellectual Property, and the Internet hearing, which will examine potential solutions to the problem.
Surface transportation programs: Subcommittee hearing. A progress report on surface transportation programs will be the focus of a House Transportation Subcommittee on Highways and Transit hearing, which will look at the implementation of the Moving Ahead for Progress in the 21st Century (MAP-21) surface transportation bill, one year after its passage.
Regulations and small businesses: Subcommittee hearing. House Small Business — Subcommittee on Investigations, Oversight and Regulations hearing on regulations and their impacts on small businesses.
Transportation: Weekly Traffic of Major Railroads (Assn. Of American Railroads) | Grain Transportation Report (AMS).
Energy reports: Weekly US underground natural gas stocks (EIA).
Economic reports: Jobless Claims (Labor Dept.) | Weekly Mortgage Rates (Freddie Mac) | ICI weekly money market mutual fund data | Producer Price Index
USDA reports: Export Sales (FAS) | Livestock, Dairy, and Poultry Outlook (ERS) | Sugar and Sweeteners Outlook (ERS) | Feed Grains Database (ERS) | Turkey Hatchery (NASS)

Friday, March 15
Energy policy: President Obama will deliver the first climate and energy speech of his second term during a visit to the Department of Energy Argonne National Laboratory in suburban Chicago. The president previously has said he will pursue administrative initiatives if Congress fails to move on legislation to address the threat of global climate change.
Medicare payment policies:
Subcommittee hearing. The annual report on Medicare payment policies is the topic of a House Ways and Means Subcommittee on Health hearing, which will examine the Medicare Payment Advisory Commission's (MedPAC) report detailing MedPac's recommendations for updating Medicare payment policies.
Economic reports:
Consumer Price Index | Empire State Mfg Survey | Treasury International Capital | Industrial Production | Consumer Sentiment
USDA reports: Meat Price Spreads (ERS) | Peanut Prices (NASS) |

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






Back to news


Spell Check

No comments have been posted to this News Article

Corn College TV Education Series


Get nearly 8 hours of educational video with Farm Journal's top agronomists. Produced in the field and neatly organized by topic, from spring prep to post-harvest. Order now!


Market Data provided by
Brought to you by Beyer