Week ahead: Yellen to deliver monetary report

Federal Reserve Chairwoman Janet Yellen will be in a Capitol Hill hot seat this week when she delivers her semiannual report to Congress.

On Tuesday, Yellen will testify before the Senate Banking Committee and appear before the House Financial Services Committee on Wednesday. 

{mosads}Also on Wednesday, the Fed will also release its “Beige Book,” a business report of its 12 regional banks released eight times each year.

Expect plenty of political fireworks at the House hearing, as Republicans have repeatedly called for greater transparency at the central bank and following news last week that the Fed will end its stimulus bond purchases in October.

Democrats could also press Yellen to weigh in on business groups’ concerns about congressional inaction on a continuing resolution and whether that uncertainty is hindering economic growth, as alluded to in the June Federal Open Market Committee meeting minutes.

Sens. Joe Manchin (D-W.Va.) and Mark Kirk (R-Ill.) could also finally release their five-year Export-Import Bank reauthorization bill this week,

It’s been under fire from Tea Party conservatives, who argue the bank’s authorization should expire on Sept. 30 and call it “crony capitalism.” Now groups on the left are also balking at renewing the bank over a provision in the bill that would reverse restrictions on financing coal plants overseas.

The Senate could also vote on legislation to reauthorize terrorism risk insurance, pressuring the House to also vote on the bill.

On Monday, the House Rules Committee is taking up the highway bill passed by the Ways and Means Committee.

Yellen won’t be the only person to expect a grilling on Capitol Hill, with General Motors CEO Mary Barra returning to testify before lawmakers. She’ll appear on Thursday before the Senate Commerce subcommittee on product safety.

GM is under fire for failing to recall cars with faulty ignition switches quickly that have been linked to 13 deaths.

On the election front, Tuesday night will again pit Tea Partyers against the GOP establishment in an Alabama congressional race, where Tea Party-backed candidate Gary Palmer has a runoff election against state Rep. Paul DeMarco. Palmer and DeMarco are vying to fill retiring-Rep. Spencer Bachus’s (R-Ala.) seat.

Eyes will also be on the financial markets this week, as Wall Street heavyweights such as Goldman Sachs, Johnson & Johnson, and JPMorgan Chase & Co. will release their quarterly earnings.

Recent stories:

-Wall Street’s need for speed spurs debate: http://bit.ly/W4Ao7N

-IRS staffer suspended for Obama cheerleading: http://bit.ly/1jz1QoP

-Warren wades into W.Va. to bash Wall St.: http://bit.ly/1jkqhpo

-Federal Reserve eyes October exit for stimulus: http://bit.ly/1s4ofwu

-White House threatens to veto GOP tax cut: http://bit.ly/VUptgB