OVERNIGHT MONEY: All eyes on Bernanke

The central bank has said it will keep up the buying spree until it sees significant improvement in the labor market and that rates will stay near zero until the jobless rate dips below 6.5 percent (assuming inflation stays in check). 

{mosads}The nation’s unemployment rate is on the decline — it dropped to 7.7 percent in February — but there is little indication the Fed is satisfied just yet, especially with the the unknown effects of the sequester looming over job creation.

So the FOMC will likely issue a “staying the course” statement, but, perhaps, could include updated language in terms of when the Fed might head toward the exit. 

Whatever the Fed says, Chairman Ben Bernanke will get the chance to elaborate on that, as the central bank chief will be holding one of his regular press conferences to explain the monetary policy moves (or lack thereof) after the statement is released following the two-day meeting.

BUDGET WATCH

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

Everybody’s working (to go home) for the weekend: Senate Democrats said Tuesday they will hold a final vote on their fiscal 2014 budget before leaving for a two-week Easter recess. That could be by Friday, or votes on the first Democratic budget in four years could stretch into the weekend. Lawmakers will need to pick up the pace and wrap up work on a six-month government-funding resolution to move to the budget by the end of the week. 

Senate Majority Leader Harry Reid (D-Nev.) vowed to get the work done before heading out of town. 

The Senate, at one time, was known for its budget vote-a-ramas, where senators spent the better part of a week or so in an almost continuous march to the floor for votes on amendments. There may be a glimpse of the old days again this week. 

So expect amendments galore, putting Republicans and Democrats on the hot seat to decide just how deep into the week or weekend they want to go with the recess beckoning. 

Meanwhile, over in the House, the chamber approved a rule to govern debate on a budget produced by House Budget Committee Paul Ryan (R-Wis.) setting up the start of budget votes on Wednesday. 

Members voted 224-189 in favor of the rule, which sets up four hours of debate on the GOP budget and allows for 30 minutes of debate on most of the five alternative budgets, which all will get votes but aren’t expected to replace Ryan’s blueprint. 

In fact, Speaker John Boehner (R-Ohio) steered clear of endorsing a conservative Republican Study Committee alternative, saying he expected that Ryan’s measure would prevail as the only budget to clear the chamber. 

Continuing debate on the continuing resolution: Senate Majority Leader Harry Reid (D-Nev.) tried to get debate started on the stopgap measure that would fund the government for the rest of the fiscal year, but the move was blocked by Republican Sen. Jerry Moran (R-Kan.), who wants a vote on his amendment. 

Reid is hoping to clear a path for what could be a long debate and dozens of votes on the Senate Democrats’ budget blueprint. 

As the Senate stalls out, the House is ready to act quickly on Senate spending bill.

The House is poised to quickly approve the $984 billion Senate stopgap spending bill as soon as it makes its way out of the Senate.

“I like what I see so far,” House Appropriations Committee Chairman Hal Rogers (R-Ky.) told The Hill on Tuesday.

He said that it is “likely” the full House will take up the Senate continuing resolution without changes.

WHAT ELSE TO WATCH FOR 

Ruminating over regulations: The House Financial Services Committee will hold a hearing on Wednesday with government officials on the community banking industry and what federal regulations could be holding bankers back from growing.

Ahead of the hearing, the National Association of Federal Credit Unions sent a letter to the top-ranking Democrat and Republican on the panel expressing the importance of regulatory relief to the survival of credit unions. Credit unions argue that because they didn’t cause the financial crisis, they “shouldn’t be caught in the crosshairs of regulations aimed at those entities that did,” said Fred Becker, the association’s president and CEO.

“Unfortunately, that has not been the case thus far. Accordingly, finding ways to cut-down on burdensome and unnecessary regulatory compliance costs is a chief priority of our members,” he wrote.

Talking taxes: The Ways and Means subcommittee dealing with taxes will hold a Wednesday hearing on a draft proposal on derivatives and other financial instruments that the full panel chairman, Rep. Dave Camp (R-Mich.), released in January.

The draft includes some provisions that could force investors to pay higher taxes, and has gathered praise from both sides of the aisle. But Ways and Means staffers have also cautioned not to look at the proposal on financial products in isolation, but as part of their broader work on tax reform.

Balancing budgets: The House Appropriations Committee is staying busy with a bunch of hearings on Wednesday, highlighted by a look at the budget of the Commodity Futures Trading Commission with Chairman Gary Gensler, while another subcommittee will talk to NASA Administrator Charles Bolden.

Double trouble: The House Small Business Committee is talking about duplicate federal programs with government officials. They will examine instances of duplication in entrepreneurial assistance programs across the government, specifically between the Small Business Administration and the Department of Agriculture. The committee will take a look at the Government Accountability Office’s reports pointing out ways to improve across 52 entrepreneurial assistance programs and discuss what steps, if any, agencies have taken to implement GAO’s recommendations.

“As our debt continues to pile up, an important way for us to rein in federal spending is to find ways to get rid of duplication and overlap in federal programs where taxpayer dollars are being wasted or used inefficiently,” said panel Chairman Sam Graves (R-Mo.).

ECONOMIC INDICATORS 

MBA Mortgage Index: The Mortgage Bankers Association releases its weekly report on mortgage application volume. 

WHAT YOU MIGHT HAVE MISSED

— Senate Banking panel approves financial regulatory nominees

— Housing chief urges Congress to take action on Fannie, Freddie

— Senators may push online sales tax measure in budget

— OMB nominee has positive meeting with key Senate Republican

— GOP senators introduce bill to repeal Obama health law’s insurance tax

— CEOs set tax reform goal: 25 percent corporate rate

— Insurance reform meets ‘love fest’ on the Hill

Catch us on Twitter: @VickoftheHill, @peteschroeder, @elwasson and @berniebecker3

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