Senate committee votes on two nominations to the board of the federal credit union regulatory agency, the Federal Reserve Board chairman’s monetary policy report to Congress, and speeches by the chairman and vice chairman of Fed policy and economic developments are key events on tap for the week ahead.
The Fed chairman gives his first monetary policy report Tuesday before the Senate Banking Committee. Just prior to that, the committee will vote on federal agency nominees.
Here are details on what’s ahead:
- At 6 p.m., Fed Vice Chairman Clarida will engage in a moderated discussion at a “Community Listening Session” held at the Federal Reserve Bank of Dallas (Texas) with Dallas Fed President Robert S. Kaplan. The session will be streamed live here.
- The Senate Banking Committee meets at 9:30 a.m. to vote on nominations for a half-dozen federal agencies and offices, including the National Credit Union Administration (NCUA) Board. The nominations, of Rodney E. Hood (a Republican) and Todd M. Harper (a Democrat), are expected to pass easily. Hood and Harper, nominated to the agency board by President Donald Trump, both appeared before the panel Feb. 14 for a confirmation hearing. Hood would replace current Board Member Rick Metsger (a Democrat) to fill out a six-year term that ends in August 2023. (Metsger, whose term expired in 2017, is serving as a holdover.) Harper would fill a seat last occupied by former NCUA Board Chairman Debbie Matz (also a Democrat). If confirmed, Harper would complete a six-year term that ends in April 2021. Chairman J. Mark McWatters, a Republican, rounds out the board; his term ends this August.
- At 10 a.m., right after nominations are voted on, the Senate Banking Committee will hear Federal Reserve Board Chairman Jerome H. (“Jay”) Powell’s semiannual monetary policy report to Congress.
- Powell reprises his monetary policy testimony, this time during a 10 a.m. hearing of the House Financial Services Committee. (The monetary policy report of the Fed is given to Congress twice a year – in February and July – before both the Senate Banking and House Financial Services committees.)
- At 8 a.m., Fed Vice Chairman Clarida will give a speech, “U.S. Economic Outlook and Monetary Policy,” before the 35th Annual National Association for Business Economics (NABE) Economic Policy Conference, Washington, D.C.
- Fed Chairman Powell is scheduled to speak at 8:15 p.m. on “Recent Economic Developments and Longer-Term Challenges” during the Citizens Budget Commission 87th Annual Awards Dinner, New York, N.Y. Powell is the honoree, and his remarks will be streamed live.