OVERNIGHT MONEY: Cordray, White get panel vote

TUESDAY’S BIG STORY: 

Pick me, pick me: A pair of President Obama’s nominees to head financial regulators will be getting a quick vote following their confirmation hearing, but that doesn’t mean it will be smooth sailing for them before the full Senate. 

On Tuesday, the Senate Banking Committee will vote on the nominations of Mary Jo White to head the Securities and Exchange Commission and Richard Cordray to stay on as director of the Consumer Financial Protection Bureau. 

{mosads}The pair testified before the panel a week ago, and look set to gain approval from the committee tomorrow.

But then it appears their paths will diverge. While White faced some questions about her private-sector work defending some major financial institutions and executives, she generally emerged unscathed and with some bipartisan praise. 

Cordray finds himself still obstructed by the same GOP resistance that forced the president to install him to the position via a recess appointment in the first place. 

There really haven’t been any questions about Cordray’s ability to do the job. In fact, he’s gotten decent reviews from banks and credit unions in how he is proceeding with the burdensome task of rule-making, especially under the Dodd-Frank financial reform law. 

Instead, Republicans are still demanding changes to the bureau’s structure before agreeing to consider his nomination, and Democrats are refusing to budge. 

That means that while both could pass the Democratic-controlled committee, Cordray looks to be stuck yet again when his pick hits the Senate floor.

Another stalemate in the Senate. 

WHAT ELSE TO WATCH FOR 

Housing reform: The Senate Banking Committee on Tuesday will hold a hearing on the nation’s housing finance system, hearing from a range of experts on how Congress could rework the nation’s mortgage system to free it from the dominating grips of Fannie Mae and Freddie Mac, which are still being kept afloat by a government bailout.

Former Republican Sen. Mel Martinez (Fla.), co-chairman of the Bipartisan Policy Center’s Housing Commission, will testify, along with Janneke Ratcliffe, a senior fellow for the Center for American Progress. Last month, the center released a report that suggested eliminating Fannie and Freddie as part of a winding-down of the federal government’s involvement in the mortgage finance business.

The House Financial Services Committee also will dig into housing with a hearing to explore the financial condition of the Federal Housing Finance Agency (FHFA) and Fannie and Freddie. Edward DeMarco, acting director of the FHFA, will talk about the condition of the government-sponsored enterprises and how they have stayed afloat behind a huge taxpayer investment of nearly $200 billion but have seemed to weather the storm. 

Trade issues: The Senate Finance Committee on Tuesday will delve into the nation’s trade agenda for the year and how opening up foreign markets can increase U.S. exports and help the economy, in a discussion with acting U.S. Trade Representative Demetrios Marantis.

There is plenty of talk about including the Trans-Pacific Partnership, the U.S.-EU trade deal and a potential international services agreement. The panel will discuss several in-house issues, including the renewal of trade promotion authority and trade adjustment assistance.

On Monday, Irish Prime Minister Enda Kenny spoke in support of a U.S.-EU deal at an event held at the U.S. Chamber of Commerce. 

“I am convinced that an ambitious, comprehensive and far-reaching agreement on trade and investment between the EU and the U.S. will not only trigger economic growth in our respective economies, but will also send a strong signal of leadership to other economic powers,” Kenny said. 

He reiterated that he wants to see negotiations start by June, which also is the end of the Irish presidency of the European Union.

“I, for one, will do all in my power to meet this ambitious target,” he said.

Tax debate: The House Ways and Means Committee will continue its tax reform debate on Tuesday, holding a full committee hearing to discuss how the federal tax code affects state and local governments and the possible effects of a tax code overhaul. 

BUDGET WATCH

Whip list: The Hill is polling House and Senate lawmakers on their support for a budget plan. Check for updates here. 

And then there were four: Two more budget plans emerged on Monday — one from House Democrats and the other from Republican conservatives — as both chambers aim to dispatch with their — vastly different — plans this week. 

The House is expected to take up House Budget Committee Chairman Paul Ryan’s (R-Wis.) plan on Tuesday, while the Senate has slated Senate Budget Committee Chairwoman Patty Murray’s (D-Wash.) budget for action — if the upper chamber can get through its continuing resolution, which would stave off a government shutdown on March 27. 

Both measures will probably get through their respective chambers, although there is bound to be quite the fight on each floor, with Senate Republicans bashing Murray’s plan and House Democrats taking some swipe’s at Ryan’s blueprint. 

Still, it remains to be seen how many party defections will take place. 

The conservative Republican Study Committee (RSC) released its budget proposal on Monday, which calls for eliminating the federal deficit in four years and raising the retirement age to 70.

The RSC budget would begin Ryan’s “premium support” for Medicare five years earlier, affecting people ages 59 and younger. It would gradually increase the eligibility age for Social Security and Medicare to 70, with the phase-up beginning in 2024.

Meanwhile, House Democrats on Monday unveiled a 2014 budget proposal that includes $1.2 trillion in new taxes and $200 billion in stimulus spending.

Rep. Mick Mulvaney (R-S.C.) is trying to set up a vote, as an amendment, on President Obama’s budget, which hasn’t reached Congress yet and won’t until after the two-week break, which is set to start on Friday. 

Headed to extras?: Senate Majority Leader Harry Reid (D-Nev.) warned senators Monday that if they didn’t complete work on the continuing resolution to fund to government for the remainder of the fiscal year — that’s six months — that votes on the budget resolution could creep into their Easter recess.

“This will be a very full week,” Reid said. “Senators should expect several long nights and late votes. And we will stay as long as it takes to complete work on both the continuing resolution and the budget resolution — even if that means working into the weekend and the Easter/Passover recess.

So, hold those egg rolls.

BREAKING NEWS

Labor pick: President Obama nominated Thomas Perez on Monday to head up the Department of Labor. The head of the Justice Department’s Civil Rights Division would replace former Labor Secretary Hilda Solis, who departed in January.

“Tom’s knowledge and experience will make him an outstanding Secretary of Labor,” Obama said. “And there’s plenty of work to do.”

So far, his nomination has the backing of unions, but congressional Republicans are already lining up in opposition, including Sen. David Vitter (R-La.), who said on Monday he would block the nomination until Attorney General Eric Holder addressed his concerns about the Obama administration’s enforcement of voter rights laws. 

The unions and consumer advocates are hoping he will move forward with long-stalled worker protection rules.

LOOSE CHANGE

For sale: Former Treasury Secretary Timothy Geithner has put his Bethesda, Md., house on the market and is hoping to make a few bucks on the transaction, Bloomberg reported. 

Geithner recently listed the house for $995,000 — $45,000 above the price he bought if for in 2009 when he came to Washington to oversee the agency. 

Jack Lew recently replaced Geithner at the helm of Treasury.

ECONOMIC INDICATORS

Housing Starts-Building Permits: The Commerce Department releases its February report on the number of residential units under construction along with building permits, which allow work to start and are a forward-looking indicator of where the sector is headed.  

WHAT YOU MIGHT HAVE MISSED

— McCain criticizes CR for prohibiting Postal Service from switching to 5-day service

— Rebecca Blank to depart Commerce Department for university chancellor role

— White House ‘closely monitoring’ Cyprus bailout effort

— U.S. banking industry looks to settle Cyprus worries

— Builder confidence drops slightly on supply-chain challenges

— Half of states see jobless rates rise in January

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