The Week Ahead: May 28-June 3, 2012

May 28, 2012 06:57 PM
 
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via a special arrangement with Informa Economics, Inc.

Senate is out | House takes up FDA user fee bill | Surface transportation


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


House members return to legislative work on Wednesday after a week-long recess while the Senate is out this week on its Memorial Day recess and will return June 4.

The House plans to consider Food and Drug Administration (FDA) user fee legislation (HR 5651) and Fiscal Year 2013 appropriations. The House Energy and Commerce panel voted out its FDA bill May 10. The current user fee program for medical devices and drugs expires Sept. 30. The House legislation includes policy changes that would address drug shortages as well as medical device and drug approvals. The Senate passed its version of the user fees reauthorization (S 3187) May 24 on a vote of 96-1.

Transportation issue. House members could consider a Republican motion to instruct conferees on the surface transportation extension bill (HR 4348).

FCC action. The House will also debate one (HR 3310) of two bills to reform the way the Federal Communications Commission does business.

The House agenda also includes the Export Promotion Act (HR 4041) and a motion to concur in the Senate amendment of legislation (HR 5740), to reauthorize the nation's flood insurance program.

The House Financial Services Committee on Thursday will mark up two pieces of financial regulation legislation. The first, the Consumer Rental Purchase Agreement Act (HR 1588), would amend the Consumer Credit Protection Act to assure meaningful disclosures of the terms of rental-purchase agreements. The second bill (HR 3128) would amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to adjust the date on which consolidated assets are determined for purposes of exempting certain instruments of smaller institutions from capital deductions.


Topics for House hearings include the budget process, estate tax, internet regulation and consumer protection reform.

Monday, May 28
Memorial day:
U.S. federal holiday; markets closed. Among other closings: Switzerland and South Korea.
Italy
begins the first of several bond auctions this week.

Tuesday, May 29
Texas primary: A primary election in the Republican party contest for a presidential candidate is held in Texas.
Gas benefits and risks addressed:
A report, “Golden rules for a golden age of gas”, is published by the International Energy Agency, outlining the benefits and risks of shale and other forms of unconventional gas.
Energy reports: Weekly National Petroleum Report (API).
Economic reports: Selected Interest Rates (Federal Reserve) | Consumer Confidence.
USDA reports:
Export inspections (AMS) | Peanut Stocks and Processing (NASS) | Crop Progress (NASS).

Wednesday, May 30
Congress:
House returns from Memorial Day recess; Senate in pro forma recess until June 2.
EU:
The European Commission in Brussels announces its annual economic recommendations for EU member states, as well as the results of its reviews of 12 nations found to have macroeconomic imbalances. These include the UK, France, Italy, Spain and Sweden.
East Asia:
The challenges facing Asian economies and their role in the global economy are discussed at the World Economic Forum on East Asia, which opens in Bangkok (until June 1).
Energy reports: Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports: Weekly mortgage applications (Labor Dept.) | ICSC-Goldman Store Sales | Pending Home Sales.
USDA reports: Broiler Hatchery (NASS).

Thursday, May 31
Irish vote on EU treaty: The Republic of Ireland holds a referendum on the EU’s fiscal discipline treaty.
Volcker rule: The CFTC holds a forum on the Volcker rule to limit big-bank trading.
Administration energy policies: Committee hearing. House Oversight and Government Reform Committee.
Financial services bills: Committee markup. House Financial Services Committee will mark up pending legislation. Agenda: HR 1588 — Consumer Rental Purchase Agreement Act | HR 3128 — A bill to amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to adjust the date on which consolidated assets are determined for purposes of exempting certain instruments of smaller institutions from capital deductions.
Estate tax impact on small businesses: Subcommittee hearing. House Small Business — Subcommittee on Economic Growth, Tax and Capital Access.
Budgeting process overhaul: Committee hearing. House Budget Committee. Witness: Douglas Holtz-Eakin, president, American Action Forum and former director, Congressional Budget Office
Transportation: Association of American Railroads issues Weekly Traffic of Major Railroads | Grain Transportation Report (AMS).
Energy reports: Weekly US underground natural gas stocks (EIA).
Economic reports: ADP Employment Report | GDP | Jobless Claims (Labor Dept.) | Weekly Mortgage Rates (Freddie Mac) | ICI weekly money market mutual fund data | Chicago PMI.
USDA reports: Agricultural Prices (NASS) | Egg Products (NASS) | Vegetable and Melons Yearbook Data tables (ERS) | Outlook for US Agricultural Trade (ERS).

Friday, June 1

China posts its purchasing managers' index for April.
Economic reports: Employment. | Motor Vehicle Sales | Personal Income and Outlays | ISM Mfg. Index | Construction Spending.
USDA reports: US Export Sales (FAS) | Peanut Prices (NASS) | Dairy Products (NASS).



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


 


 

 

 

 

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