Briefings

Week InAdvance: March 18, 2014

This week on Capitol Hill there will be several hearings of interest, as top Administration officials testify about the President's 2015 $3.9 trillion budget request, released on Tuesday, March 4, 2014.  Namely, on Wednesday, March 12, 2014, Treasury Secretary Jack Lew will testify before the House Budget Committee.

Also, on Thursday, March 13, 2014, the Senate Banking Committee will hold a hearing on various nominations to the Federal Reserve Board, including the nomination of Stanley Fischer, former Bank of Israel Governor, to be Vice Chairman. 

 
This week on Capitol Hill there will be several hearings of interest, as top Administration officials testify about the President's 2015 $3.9 trillion budget request, released on Tuesday, March 4, 2014.  Namely, on Wednesday, March 12, 2014, Treasury Secretary Jack Lew will testify before the House Budget Committee.
 
Also, on Thursday, March 13, 2014, the Senate Banking Committee will hold a hearing on various nominations to the Federal Reserve Board, including the nomination of Stanley Fischer, former Bank of Israel Governor, to be Vice Chairman. 
 
Please see below for further detail on these events and others in Washington this week.
 
Relevant Congressional Activity
 
House Budget Committee
·         On Wednesday, March 12, 2014, the House Budget Committee will hold a hearing on “The President's Fiscal Year 2015 Revenue and Economic Policy Proposals.” The witness will be:
o   The Honorable Jacob J. Lew, Secretary, Department of the Treasury
 
House Financial Services Committee
·         On Wednesday, March 12, 2014, the House Monetary Policy and Trade Subcommittee will hold a hearing titled, “Federal Reserve Oversight: Examining the Central Bank's Role in Credit Allocation.” The witnesses will be:
o   Dr. Marvin Goodfriend, Friends of Allan Meltzer, Professor of Economics, Tepper School of Business, Carnegie-Mellon University
o   Mr. Paul H. Kupiec, Resident Scholar, American Enterprise Institute
o   Dr. Lawrence H. White, Professor of Economics, George Mason University
o   Dr. Josh Bivens, Research and Policy Director, Economic Policy Institute
 
Senate Banking, Housing and Urban Affairs Committee
·         On Tuesday, March 11, 2014, the Financial Institutions and Consumer Protection Subcommittee will meet in open session to conduct a hearing entitled “Finding the Right Capital Regulations for Insurers.” Additional witnesses may be announced at a later date. The witnesses will be:
o   Honorable Susan Collins (R-ME),United States Senator
o   Mr. Michael W. Mahaffey, Chief of Risk Officer, Nationwide Insurance
o   Ms. Virginia M. Wilson, Chief Financial Officer, TIAA-CREF
o   Mr. H. Rodgin Cohen, Senior Chairman, Sullivan & Cromwell LLP
o   Mr. Aaron Klein, Director, Financial Regulatory Reform Initiative, Bipartisan Policy Center
 
·         On Wednesday, March 12, 2014, the Economic Policy Subcommittee will meet in open session to conduct a hearing entitled “The State of U.S. Retirement Security: Can the Middle Class Afford to Retire?” The witnesses will be:
o   The Honorable Ted Wheeler, Treasurer, State of Oregon
o   Dr. Monique Morrissey, Economist, Economic Policy Institute
o   Mr. Robert Hiltonsmith, Policy Analyst, Demos
o   Ms. Kristi Mitchem, Executive Vice President, State Street Global Advisors and Head of the Americas Institutional Client Group
 
·         On Thursday, March 13, 2014, the Senate Banking, Housing, and Urban Affairs Committee will meet in open session to conduct a hearing on the following nominations. Nominees to appear as witnesses:
o   Dr. Stanley Fischer, to be a Member and Vice Chairman of the Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System
o   The Honorable Jerome H. Powell, to be a Member of the Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System
o   The Honorable Lael Brainard, to be a Member of the Board of Governors of the Federal Reserve System, Board of Governors of the Federal Reserve System
o   Mr. Gustavo Velasquez Aguilar, to be an Assistant Secretary of the U.S. Department of Housing and Urban Development, U.S. Department of Housing and Urban Development
o   Mr. J. Mark McWatters, to be a Member of the National Credit Union Administration Board, National Credit Union Administration Board
 
Senate Homeland Security and Governmental Affairs Committee
·         On Tuesday, March 11, 2014, the Senate Efficiency and Effectiveness of Federal Programs and the Federal Workforce Subcommittee with hold a hearing on “A More Efficient And Effective Government: Improving the Regulatory Framework.” The witnesses will be announced.
 
Joint Economic Committee
·         On Thursday, March 13, 2014, the Joint Economic Committee will hold a hearing on “The Economic Report of the President 2014.” The witness will be:
o   The Honorable Jason Furman, Chairman, Council of Economic Advisers, Washington, DC
 
Relevant Agency Activity
 
Securities and Exchange Commission
·         On Thursday, March 13, 2014, the Securities and Exchange Commission will hold a closed meeting, the subject matter of which will be:
o   Institution and settlement of injunctive actions;
o   Institution and settlement of administrative proceedings;
o   An adjudicatory matter; and
o   Other matters relating to enforcement proceedings.
 
BRANDON C. ROMÁN | PATTON BOGGS LLP
Associate*
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