The Week Ahead: Sept. 17-23, 2012

September 17, 2012 12:10 AM
 

via a special arrangement with Informa Economics, Inc.

Continuing Resolution | Immigration bill | Farm bill timeline


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


This week's Washington focus will be Senate consideration of a continuing resolution (CR), while House GOP leaders hope to vote on an immigration bill, as lawmakers prepare to leave the Capitol for election campaigns, returning after Nov. 6 elections for an undetermined lame-duck session of Congress. Both chambers' legislative work will begin mid-week in observance of the Jewish holiday, Rosh Hashanah. The Senate and House will return to legislative session Sept. 19.

Meanwhile, House GOP efforts to extend the 2008 Farm Bill by three months will likely fail amid strong Democratic opposition in the House and Senate, leaving that topic as another potential post-election issue. House Majority Leader Eric Cantor (R-Va.) last week mentioned only the "possibility" of action on the "the issue of the farm bill," but he provided no further details during a colloquy on the House floor Sept. 14, with Cantor actually commenting about ag disaster aid rather than a new farm bill.

House immigration legislation would create a new green-card category for foreigners who have received doctoral degrees from US universities in science, technology, engineering, and math.

The Senate will debate a six-month stop-gap funding measure (HJRes 117). The House approved the spending measure Sept. 13 by a vote of 329-91. The legislation is a result of negotiations held during the August recess between Senate Majority Leader Harry Reid (D-Nev.), House Speaker John Boehner (R-Ohio), and the White House. The CR will fund government programs through March 27, 2013.

In the House, the final two days of the three-day workweek will be used to consider a resolution expressing disapproval of a welfare work waiver from the Department of Health and Human Services (HJRes. 118). That resolution was marked up by House Ways and Means and the House Education and the Workforce committees last week. The House also is scheduled to take up legislation (HR 3409) that would prohibit the secretary of the interior from creating new regulations on the coal industry.


Congressional hearings include sessions on capital gains tax, offshore profit-sharing, a report from the Consumer Financial Protection Bureau, and international services trade.

Monday, Sept. 17
-- Markets closed in Japan and Israel.
-- Economic reports:
Selected Interest Rates (Federal Reserve) | Empire State Mfg Survey.
-- USDA reports:
Export inspections (AMS) | Crop Progress (NASS) | Sugar and Sweeteners Outlook (ERS).

Tuesday, Sept. 18
-- Energy: Weekly National Petroleum Report (American Petroleum Institute).
-- Economic reports: ICSC-Goldman Store Sales | Treasury International Capital | Housing Market Index.
-- USDA reports: Livestock, Dairy and Poultry Outlook (ERS) | Livestock Historical Track Records (NASS).

Wednesday, Sept. 19
-- Japan: Some observers are predicting the Bank of Japan will announce its own QE when its policy meeting ends.
-- Energy legislation: Subcommittee markup. Senate Energy and Natural Resources Subcommittee on Water and Power will markup of several pieces of energy legislation, including a bill (S 3265) that would remove the authority of the Federal Energy Regulatory Commission to collect user fees for land that has been sold, or otherwise transferred from federal ownership but that is subject to a power site reservation.
-- Trade Adjustment Assistance program oversight: Subcommittee oversight hearing. House Oversight and Government Reform — Subcommittee on Government Organization, Efficiency and Financial Management,
-- Energy reports: Weekly Petroleum Status Report (EIA) | Weekly ethanol plant production (EIA).
-- Economic reports: Weekly mortgage applications (Labor Dept.) | MBA Purchase Applications | Housing Starts | Existing Home Sales.
-- USDA reports: Milk Production (NASS) | Broiler Hatchery (NASS).

Thursday, Sept. 20
-- ECB: The governing council and general council of the European Central Bank (ECB) meets to decide on monetary policy for the euro area.
-- China: Wen Jiabao, the Chinese premier, attends an EU-China summit in Brussels.
-- Capital gains taxation: Joint hearing. Senate Finance Committee and House Ways and Means Committee joint hearing on proposals relating to the taxation of capital gains as a part of a broader overhaul of the tax system.
-- Computerized trading of securities: Subcommittee hearing. Senate Banking, Housing and Urban Affairs — Subcommittee on Securities, Insurance, and Investment.
-- Offshore profit-shifting and US tax code: Subcommittee hearing. Senate Homeland Security and Governmental Affairs Subcommittee on Investigations will discuss offshore profit-shifting and the US tax code.
-- Financial oversight: Committee hearing. House Financial Services Committee will hear from Consumer Financial Protection Bureau Director Richard Cordray who will deliver the agency's semiannual report.
-- Water resources development: Committee hearing. Senate Environment and Public Works Committee hearing titled "Water Resources Development Act: Growing the Economy and Protecting Public Safety." Members also will evaluate legislative and policy proposals for the WRDA, including proposals on levee safety and flood risk, inland waterways transportation, dam safety, ports, and ecosystem restoration.
-- 'American Energy Initiative': Subcommittee hearing. House Energy and Commerce — Subcommittee on Energy and Power hearing on EPA's proposed New Source Performance Standards for power plants.
-- Administration regulatory agenda v. jobs and the economy: Committee hearing. House Judiciary Committee.
-- US-Egypt relations: Committee hearing. House Foreign Affairs Committee.
-- Impact of sequestration on small businesses: Committee hearing. House Small Business Committee.
-- Expanding US trade in services: Subcommittee hearing. House Ways and Means — Subcommittee on Trade.
-- 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 | Phila. Fed Survey | PMI Manufacturing Index Flash | Leading Indicators.
-- USDA reports: Export Sales (FAS) | Catfish Feed Deliveries (NASS) | Potatoes (NASS) | Hop Stocks (NASS) | Citrus Fruits (NASS) | Catfish Processing (NASS).

Friday, Sept. 21
-- Japan: Japan's ruling Democratic Party holds its leadership election.
-- Impact of interest rates: Subcommittee hearing. House Financial Services — Subcommittee on Domestic Monetary Policy and Technology hearing on the monetary effects of interest rates and the consequences of interest rate setting as a monetary policy tool employed by the Federal Reserve.
-- Economic reports: Consumer Sentiment | Leading Indicators.
-- USDA reports: Livestock Slaughter (NASS) | Chickens and Eggs (NASS) | Cold Storage (NASS) | Peanut Prices (NASS) | Cattle on Feed (NASS) | Feed Grains Database (ERS) | Wheat Data (ERS).


 

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


 


 

 

 

 

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