The hearing also marks the meaty middle of the JPMorgan hearing sandwich for the panel, as the committee discussed the trades with the heads of the Securities Exchange Commission and Commodity Futures Trading Commission a few weeks ago.
And that all leads to next week’s main event with Jamie Dimon, the chief executive of the nation’s largest bank and an outspoken Dodd-Frank critic, having agreed to testify on June 13.
WHAT ELSE TO WATCH FOR:
Eyeing Elmendorf: The House Budget Committee will put the spotlight on entitlement reform on Wednesday with their special guest, Congressional Budget Office Director Doug Elmendorf.
{mosads}CBO issued a dire warning on Tuesday that, despite some progress on spending restraint due to last August’s debt-ceiling deal, the national debt held by the public is still on track to double the size of the American economy as a whole.
That report gave fodder to Mitt Romney’s presidential campaign, which wants to make the long term debt a central campaign issue.
Looming loan lapse: Sens. Tom Harkin (D-Iowa) and Jack Reed (D-R.I.) are set to discuss student loans, with current interest rates on subsidized Stafford loans set to double at the end of the month.
On Tuesday, Democrats largely declined to publicly discuss a proposal from GOP leaders that would extend current rates for a year.
Elsewhere on the press conference circuit, the chairwoman and ranking member at Senate Agriculture — Debbie Stabenow (D-Mich.) and Pat Roberts (R-Kan.), respectively — are scheduled to talk farm bill.
A bipartisan group of seven House members is set to roll out their chamber’s version of the Startup 2.0 Act, which would create new visas and make it easier for highly skilled immigrants to work or start a business in the United States. Across the Capitol, a bipartisan collection of senators — including Marco Rubio (R-Fla.) — introduced the bill last month.
Eyeing advisers: The House Financial Services Committee is also keeping itself busy tomorrow, with a hearing on a bill that would require investment advisers to self-regulate themselves.
Currently, the Securities and Exchange Committee is charged with monitoring those advisers, but proponents of the bill point out that less than 10 percent of the industry is examined each year. The panel’s chairman, Rep. Spencer Bachus (R-Ala.), and Rep. Carolyn McCarthy (D-N.Y.) are sponsoring the bill, but some in the industry are warning the measure could prove burdensome, particularly to smaller businesses.
Mom Meld: Meanwhile, the panel is also slated to hold a subcommittee hearing exploring the Federal Reserve’s rules on who qualifies for credit cards — and specifically, the problems stay-at-home parents have in lining up a credit card. Because they lack an income of their own, many of these parents struggle to obtain their own credit cards, as the rules state they lack the ability to repay on that potential debt.
Spending season: Appropriators will be busy on Wednesday marking up two 2013 bills funding the Agriculture and Treasury departments.
The bills unveiled Tuesday slash funding for the Dodd-Frank financial reforms, and the Financial Services bill also would make the Consumer Financial Protection Bureau dependent on congressional appropriations, rather than receiving independent revenue from the Federal Reserve.
Democrats say the cuts to tax collection in the bill would actually increase the deficit.
Getting cheeky with it: Reps. Tim Huelskamp (R-Kan.) and Marsha Blackburn (R-Tenn.) look to be trying to embarrass the Senate Budget Committee.
After the panel failed, as Republicans have gleefully pointed out, to produce a budget for more than 1,000 days, the two GOP lawmakers are proposing to defund the committee.
Those proposed amendments are to the 2013 legislative branch appropriations bill, which comes to House Rules Wednesday afternoon.
Calling BLS: House Oversight is taking a look at a Labor Department policy for reporting that would cause journalists to use government-owned software and equipment. Some news organizations have said they are uneasy about that setup.
ECONOMIC INDICATORS:
— The Labor Department reports on productivity and costs for 2012’s first quarter.
BREAKING TUESDAY:
A Bill blast: Boy, that escalated quickly.
As our Alicia Cohn reported, former President Clinton seemed to suggest in a new CNBC interview that Congress should temporarily extend all of the tax cuts that are set to expire at the end of the year.
Republicans all across Capitol Hill took to Twitter to quickly declare that they agreed with Clinton’s remarks, and also urged President Obama to get on board with continuing all of the Bush-era tax rates.
In his interview, Clinton also indicated that policymakers should lay off spending cuts, for the time being, to promote economic growth. He also said that the president should not agree to the GOP request to extend expiring tax policies permanently.
Blocked: Senate Republicans stonewalled the paycheck fairness bill pushed by Democrats on Tuesday in a party-line vote.
Democrats, in pushing the bill, charged that more needed to be done to help women in the workplace, given that they make 77 cents per dollar that men get for similar jobs. The White House and other Democrats have also tried to tag Republicans in recent months as supporting policies that hurt women.
Republicans, meanwhile, said they supported pay equity, but that this particular bill would increase government interference in the economy and be a boon to trial lawyers.
A group of House Democrats also watched the bill go down in the Senate, and Lilly Ledbetter, who has a pay-equity bill named for her, also made an appearance on Capitol Hill.
That’s one way to put it: According to The Hill’s Alexander Bolton, one House GOP aide had this to say after Senate Majority Leader Harry Reid (D-Nev.) accused Republican leaders of sabotaging the highway bill: “That’s bull—-.”
WHAT YOU MIGHT HAVE MISSED:
— Chamber tells Congress not to leap off fiscal cliff.
— Treasury to sell off more bank stock.
— Tom Carper wants House action on postal reform.
— Fannie Mae finds new chief executive.
CORRECTION: An earlier edition of Overnight Money mistakenly identified Rep. Carolyn Maloney (D-N.Y.) as a co-sponsor on the investment adviser legislation, instead of Rep. Carolyn McCarthy (D-N.Y.).