Major Actions This Week:

White House

• On Wednesday, President Obama and Vice President Biden will host a forum at the White House entitled “Insourcing American Jobs,” which will focus on what can be done to encourage businesses to keep jobs and investment in the United States.  The forum will be followed by remarks from the President.  Cabinet officials will then host panel discussions on the same topic.
• Also on Wednesday, the President will travel to Chicago for a series of fundraisers.
• Treasury Secretary Timothy Geithner will spend his week in Beijing and Tokyo to discuss economic issues and sanctions on Iran.

Europe

• Today, German Chancellor Angela Merkel and French President Nicolas Sarkozy met in Berlin, where they discussed the importance of boosting economic growth to mitigate the effects of the European debt crisis.  They also encouraged Greece and its private creditors to come to an agreement on debt restructuring, so that Greece may receive the next round of Eurozone bailout funds.

Senate and House

• The Senate and House are scheduled to hold pro forma sessions only until January 17^th.

Political

• The New Hampshire GOP primary will take place on Tuesday.

Major Actions This Week:

White House

• On Monday, President Obama and his family returned from their vacation in Hawaii.
• Later in the week, the President will meet with Secretary of Defense Leon Panetta, who is expected to unveil at a press conference later this week the administration’s new defense strategy, including a preview of some significant defense cuts.
• On Wednesday, President Obama will travel to Cleveland, OH to speak about the economy at Shaker Heights High School.

Senate and House

• The Senate and House are scheduled to hold pro forma (no legislative business) sessions only until January 17^th.

Political

• The Iowa caucuses took place on Tuesday. The New Hampshire primary will be held next Tuesday, Jan. 10.

White House

• Monday morning, President Obama hosted Iraqi Prime Minister Nouri al-Maliki at the White House to discuss the end of the war in Iraq.
• On Tuesday, the President will conduct interviews with local television anchors from across the country about the end of the war in Iraq, and taxes on middle-class families.
• On Wednesday, the President will travel to Ft. Bragg, NC, to speak to troops and thank them for their service in Iraq.
• On Friday, the President will speak at the Biennial Convention of the Union for Reform Judaism.

Senate

• The Senate is expected to vote on the omnibus FY12 appropriations package once it is passed by the House and prior to the expiration of the current stopgap funding measure, which is on Friday, December 16.
• The Senate is expected to amend the House version of the year-end payroll tax holiday/unemployment benefits/”doc fix” extension bill, once it passes the House.

House

• The conference report on the omnibus FY12 appropriations package is expected to be filed late Monday, setting up a vote in the House on Wednesday.
• The House is likely to vote early this week on its version of the year-end payroll tax holiday/unemployment benefits/”doc fix” extension bill.

Political

• Monday at 4:00 p.m., there will be a Lincoln-Douglas Debate between Presidential candidates Newt Gingrich and Jon Huntsman at Saint Anselm College in Manchester, NH.
• On Thursday at 9:00 p.m., there will be a GOP primary debate at Sioux City Convention Center in Sioux City, IA, hosted by Fox News and the Republican Party of Iowa.

Congressional Committee Highlights

Senate

Tuesday, Dec. 13

9:00 a.m. – Senate Agriculture, Nutrition and Forestry Committee

The Committee will hold a hearing to investigate the bankruptcy of MF Global.  Scheduled witnesses include:

• Roger Hupfer, grain elevator operator, Freeland Bean and Grain Inc.
• Jeff Hainline, president, Advanced Trading Inc.
• Dean Tofteland, farmer, Luverne, MN
• C.J. Blew, farmer/rancher, chairman of the board, Mid Kansas Cooperative Association, Board of CHS Inc., Hutchison, Kan.
• Jon Corzine, former chairman and CEO, MF Global
• Henri Steenkamp, chief financial officer, MF Global
• Bradley Abelow, president and chief operating officer, MF Global
• Terrence Duffy, executive chairman, CME Group, Chicago, Ill.
• James W. Giddens, trustee, Securities Investment Protection Act liquidation of MF Global
• Jill Sommers, commissioner, Commodity Futures Trading Commission

10:00 a.m. – Senate Banking, Housing, and Urban Affairs Committee

The Committee will hold a hearing entitled “Oversight of FHFA Part II.”  Steve Linick, Inspector General of the FHFA, is expected to testify.

2:30 p.m. – Senate Banking, Housing, and Urban Affairs Committee

The Subcommittee on Housing, Transportation, and Community Development will hold a hearing entitled “Helping Homeowners Harmed by Foreclosures.”

Thursday, Dec. 15

10:00 a.m. – Senate Health, Education, Labor and Pensions Committee

The Committee will hold a hearing to discuss prescription drug shortages, focusing on public health concerns and potential solutions.

House

Wednesday, Dec. 14

10:00 a.m. – House Financial Services Committee

The Subcommittee on Capital Markets and Government Sponsored Enterprises will mark-up a draft bill entitled, “Private Mortgage Market Investment Act.”

Thursday, Dec. 15

10:00 a.m. – House Financial Services Committee

The Subcommittee on Capital Markets and Government Sponsored Enterprises will hold a hearing to examine oversight, regulation, and current issues facing the accounting and auditing profession.

2:00 p.m. – House Financial Services Committee

The Subcommittee on Oversight and Investigations will hold a hearing to investigate the bankruptcy of MF Global.  Scheduled witnesses include:

• Jon Corzine, former chairman and CEO, MF Global
• Bradley Abelow, chief operating officer and president, MF Global
• Gary Gensler, chairman, Commodity Futures Trading Commission
• Richard G. Ketchum, chairman and CEO, Financial Industry Regulatory Authority
• William Dudley, president, Federal Reserve Bank of New York
• Robert Cook, director, Division of Trading and Markets, Securities and Exchange Commission
• Terry Duffy, executive chairman, CME Group

Regulators

Federal Reserve

Tuesday, Dec. 13

2:15 p.m. – The Federal Open Market Committee releases a statement at the conclusion of its one-day meeting on monetary policy.  Chairman Bernanke will not hold a press conference.

Wednesday, Dec. 14

8:30 a.m. – Atlanta Fed President Dennis Lockhart will speak at the Midtown Alliance Annual Meeting in Atlanta.

Thursday, Dec. 15

3:20 p.m. – Atlanta Fed President Dennis Lockhart will give a commencement speech at the Andrew Young School of Policy Studies.

Friday, Dec. 16

11:00 a.m. – Dallas Fed President Richard Fisher will give a speech entitled “A Report on the Economy: Where Have We Been; Where Are We Going?” at the Austin Chamber of Commerce’s 2012 Economic Forecast Luncheon.

Commodity Futures Trading Commission

Tuesday, Dec. 13

10:00 a.m. – The CFTC’s Technology Advisory Committee will hold a public meeting to discuss issues facing the swaps and futures industries as the CFTC continues to finalize rules under the Dodd-Frank Act.

Notable Events

American Enterprise Institute

Wednesday, Dec. 14

8:30 a.m. – AEI will hold the first session of its “AEI Election Watch Series.”

The Brookings Institution

Friday, Dec. 16

10:00 a.m. – The Brookings Institutions will host a discussion entitled “Controlling Medicare Costs: Is Premium Support the Answer?”

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