The week ahead: Federal Reserve meets, Bernanke speaks

Meanwhile, negotiations between congressional leaders helmed by Vice President Biden will continue in earnest, with at least three meetings set for this week. Participants say progress is being made, but questions remain as to whether lawmakers can craft a package that can gain needed bipartisan support. On Thursday, Congressional Budget Office (CBO) Director Douglas Elmendorf will testify before the House Budget Committee to discuss the agency’s long-term budget outlook. That report is scheduled to be issued Wednesday.

On Tuesday, the Senate Commerce Committee will discuss President Obama’s nomination of John Bryson to be the next Commerce secretary.

That same day, a number of influential officials and lawmakers will gather for a conference of chief financial officers hosted by The Wall Street Journal.

{mosads}Treasury Secretary Timothy Geithner, House Ways and Means Committee Chairman Dave Camp (R-Mich.) and “Gang of Six” members Sens. Saxby Chambliss (R-Ga.) and Mark Warner (D-Va.) will be on hand to discuss current issues. Securities and Exchange Commission Chairwoman Mary Schapiro and Commodity Futures Trading Commission Chairman Gary Gensler will also speak at the daylong event.

On Wednesday, Geithner heads to Capitol Hill, where he will discuss how small businesses can access credit before the House Small Business Committee.

The House Ways and Means Committee could take the next step — a subcommittee mock markup — to move three pending trade agreements with Colombia, Panama and Korea in the days ahead.

Congressional lawmakers and the White House are working toward an agreement on a trade package that would include a reauthorization of expansions to the Trade Adjustment Assistance program (TAA), which helps U.S workers who’ve lost their jobs because of foreign trade and was broadened in the stimulus to cover service workers.

Last month, the Obama administration said it wouldn’t submit the three pending trade deals for congressional approval until lawmakers agreed to renew the expanded TAA.

The Senate Banking Committee on Tuesday will explore cybersecurity issues when it comes to protecting financial data. The hearing comes after Citigroup disclosed that more than 360,000 accounts were compromised by hackers.

{mosads}The Senate Finance Committee has set a pair of hearings for this week. On Wednesday, lawmakers will discuss ways to improve the unemployment insurance system, following that up Thursday with a discussion of healthcare entitlements.

The House Appropriations Committee will mark up the 2012 spending bill for financial services and general government Thursday, after it was moved through the appropriate subcommittee one week ago. On Wednesday, that panel’s Senate counterpart will weigh 2012 spending on defense.

The Senate Agriculture Committee will look into ways to trim fat from the farm bill Thursday, holding a hearing devoted to improving accountability for the legislative mainstay.

Both chambers of Congress will come together twice this week for hearings held by the Joint Economic Committee. On Tuesday, academics will weigh in on ways to cut spending and grow the economy. The following day, lawmakers will discuss ways to improve the nation’s approach to manufacturing.

And on Friday, the government will release its third estimate on the nation’s gross domestic product for the first quarter of the year. A disappointing second estimate set off a fresh set of concerns about the economic recovery, which was exacerbated by continued lackluster economic reports in the following weeks.