The Week Ahead: Oct. 31-Nov. 4, 2011

October 31, 2011 12:38 AM

via a special arrangement with Informa Economics, Inc.

FY 2012 appropriations | Super Committee | G20 | FOMC | Employment

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

Work on the first of what eventually will be several budget "minibus" measures will take place this week in the returning Senate. Meanwhile, the deficit reduction Super Committee holds another public meeting on Tuesday, while Agriculture Committee leaders and their staff prepare farm bill language they hope will be included in any Super Committee package to be released by Nov. 23.

The Senate will complete work on its first minibus spending package, which includes Agriculture/FDA appropriations for Fiscal Year 2012, which began Oct. 1. The Senate also could consider other minibus appropriations measures during the week, but no groupings have been released. House GOP leaders have decided to take up the Senate on the minibus spending approach. On Tuesday, the Senate will continue debating the measure (HR 2112). The three-part funding bill provides spending for the Department of Agriculture and Food and Drug Administration, the departments of Commerce and Justice, and the departments of Transportation, and Housing and Urban Development. An agreement between Senate Majority Leader Harry Reid (D-Nev.) and Minority Leader Mitch McConnell (R-Ky.) will lead to votes on several pending amendments. Reid also is pushing for a vote on final passage of the legislation on Nov. 1.

The current continuing resolution (CR) expires Nov. 18, so Congress will have to pass another stopgap measure by then to keep the government from shutting down.

The House this week will consider several securities measures pushed as job creators while the Senate will take up a part of President Obama's jobs bill, which would provide $60 billion in infrastructure investments, including road and bridge projects.

The key economic reports this week come Wednesday following the Tue.-Wed. Federal Reserve meeting of the Federal Open Market Committee (FOMC), and Friday with the Employment report.

This week's Washington-related agenda: The agenda for congressional committees features hearings on tax reform, securities market speculation, the new Consumer Financial Protection Bureau, environmental issues, the Solyndra loan guarantee, and the Federal Election Commission.

Monday, Oct. 31
Capital formation:
A Security and Exchange Commission (SEC) advisory panel examines capital formation at small companies.
Economic forecasts:
OECD issues G20 economic forecasts.
Economic reports:
Selected Interest Rates (Federal Reserve) | Chicago PMI.
USDA reports:
Export inspections (AMS) | Agricultural Prices (NASS) | Egg Products (NASS) | Crop Progress (NASS).

Tuesday, Nov. 1
Super Committee: Committee hearing. The deficit reduction panel meets to consider previous proposals. Witnesses: Former Sen. Alan Simpson (R-Wyo.), 1979-1997) and Erskine Bowles, co-chairmen, National Commission on Fiscal Responsibility and Reform; Alice Rivlin, former vice chairwoman, Federal Reserve, and former director, Office of Management and Budget, and former director, Congressional Budget Office and Former Sen. Pete Domenici (R-N.M., 1973-2009).
ECB: Italy's Mario Draghi assumes presidency of the European Central Bank (ECB) from Jean-Claude Trichet of France. Draghi will preside over his first ECB governing council meeting in Frankfurt on Thursday.
EPA clear air rules: Committee hearing. House Oversight and Government Reform Committee.
Small business contracting: Subcommittee hearing. House Small Business Committee's Subcommittee on Contracting and the Workforce hearing on protecting small business contracting. The hearing will examine leadership challenges at four Cabinet-level agencies. The witnesses include Deputy Attorney General James Cole; Deputy Treasury Secretary Neal Wolin; Deputy Agriculture Secretary Kathleen Merrigan; and Deputy Secretary of State Thomas Nides.
Economic reports: ICSC-Goldman Store Sales | Motor Vehicle Sales | ISM Mfg. Index | Construction Spending. USDA reports: Potatoes and Potato Products: World Markets and Trade (FAS) | Dairy Products (NASS).

Wednesday, Nov. 2
Implications of European debt crisis:
Subcommittee hearing. Senate Foreign Relations — Subcommittee on European Affairs.
North American offshore energy:
Subcommittee oversight hearing. House Natural Resources — Subcommittee on Energy and Mineral Resources oversight hearing titled "North American Offshore Energy: Mexico and Canada Boundary Treaties and New Drilling by Cuba and Bahamas."
Impact of motor fuel standards:
Subcommittee hearing. House Science, Space and Technology — Subcommittee on Energy and Environment.
Consumer Financial Protection Bureau:
Subcommittee hearing. House Financial Services Subcommittee on Financial Institutions and Consumer Credit hearing on the first 100 days of the newly-created Consumer Financial Protection Bureau.
Energy reports:
Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
Economic reports: Weekly mortgage applications (Labor Dept.) | ADP Employment Report | FOMC Meeting Announcement.
USDA reports: Broiler Hatchery (NASS).

Thursday, Nov. 3
Japan: Markets closed.
ECB monetary policy meeting: The ECB is expected to shift toward a more accommodating tone at its monetary policy meeting.
G20: Leaders of the G20 nations begin summit in Cannes, France.
Commodities market speculation: Subcommittee hearing. Senate Homeland Security and Governmental Affairs — Subcommittee on Permanent Investigations titled "Excessive Speculation and Compliance With the Dodd-Frank Act." The session will focus on speculation in the commodities markets and implementation of provisions on speculative position limits for futures, options and swap contracts.
Chesapeake Bay TMDL watershed implementation plans: Subcommittee hearing. House Agriculture — Subcommittee on Conservation, Energy and Forestry.
Secondary mortgage market overhaul: Subcommittee hearing. House Financial Services — Subcommittee on Capital Markets and Government Sponsored Enterprises.
Small business tax policy overhaul: Subcommittee hearing. House Small Business — Subcommittee on Economic Growth, Tax and Capital Access.
Congressional Executive Commission on China annual report: Committee hearing. House Foreign Affairs Committee.
Solyndra loan guarantee: Subcommittee on Oversight and Investigations of the House Energy and Commerce Committee will meet to consider a resolution authorizing the issuance of a subpoena for internal White House communications relating to the Solyndra loan guarantee.
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.) | Weekly Mortgage Rates (Freddie Mac) | ICI weekly money market mutual fund data | ISM Non-Mfg. Index.
USDA reports: Export Sales (FAS) | Grain Transportation Report (AMS).

Friday, Nov. 4
Economic reports: Employment.
USDA reports: Dairy Products Prices (NASS) | Peanut Prices (NASS) | US and Canadian Hogs (NASS).


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






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