All eyes on Yellen, as Fed weighs rate hike

The debt ceiling. Interest rates. Big bank regulations. All three will be on the radar for Washington’s financial services crowd.

All eyes will be on Federal Reserve Chair Janet Yellen when she gives a press conference that could provide clues for when central bank policymakers will raise interest rates.

{mosads}Meanwhile, Senate Banking Committee Chairman Richard Shelby (R-Ala.) is hosting a hearing Thursday on systemically important financial institutions (SIFIs) that are deemed “too big to fail” and therefore warrant additional regulations.

It’s part of Shelby’s larger series of hearings on financial-services-related issues to help him decide what type of legislative package he’ll propose in the coming months.

Currency Comptroller Thomas Curry, Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg and Federal Reserve Board Gov. Daniel Tarullo will testify Thursday.

Over in the House, Financial Services Committee Chairman Jeb Hensarling (R-Texas) and his panel will hear testimony from Treasury Secretary Jack Lew on Tuesday. On Wednesday, he’ll host a hearing dubbed “Preserving Consumer Choice and Financial Independence,” details of which haven’t yet been unveiled.

On Wednesday, officials at the Federal Reserve will meet in Washington and then Yellen will have a press conference. Most economists expect Fed officials to raise rates later this year. They’ve kept interest rates at zero percent since the financial collapse.

Officials at the Treasury Department will hit the debt ceiling on Monday, but they will be able to use “extraordinary measures” to help the government stay funded through the fall.

That could set up another headache for lawmakers in the fall when they are expected to have another government funding debate.

Also on Wednesday, officials at the U.S. Commodity Futures Trading Commission will host a forum on cybersecurity.

Rep. Scott Garrett (R-N.J.), who chairs the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, will host a panel examining the Securities and Exchange Commission. The witnesses have not been named.

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