Week ahead: Fed clues; hard sell on trade

All eyes will be on Federal Reserve Chairwoman Janet Yellen as economists look for clues on the next rate hike.

The Federal Reserve Board’s policymakers meet on Tuesday and Wednesday in Washington.

Fed-watchers will be closely watching Yellen’s team for any hints, with most economists thinking the rate hike will come some time in the fall. Fed officials have kept interest rates at zero percent since the 2008 collapse.

{mosads}The trade fight will also be at the center of attention, with both sides digging in.

House and Senate panels passed legislation backed by the White House that would give President Obama fast-track trade powers and clear the way for new deals. Both sides are looking to shore up support over the controversial measure ahead of floor votes.

The administration is pushing for a bipartisan trade agenda, including a 12-nation economic agreement known as the Trans Pacific Partnership that has divided Democrats.

Progressives such as Sen. Elizabeth Warren (D-Mass.) and labor unions vehemently oppose the deal, arguing it’s bad for U.S. workers. Obama says it will help sustain economic growth and protect businesses and employees.

U.S. Trade Representative Michael Froman will speak at a forum on trade policy hosted by the U.S. Chamber of Commerce, as the administration pushes its case.

In the House, lawmakers will also take up two fiscal 2016 appropriations bills on funding for the Department of Veterans Affairs and Department of Energy.

Elsewhere, Treasury Secretary Jack Lew will speak at a forum in Washington on Monday hosted by Bloomberg about U.S. infrastructure spending.

Citigroup shareholders will vote Tuesday on whether to delay top executives’ pay for 10 years. The headline-grabbing meeting will decide whether the delayed compensation will instead help pay for the bank’s regulatory and legal costs stemming from its role in the 2008 financial collapse.

Commerce Department officials on Wednesday will release first-quarter data on gross domestic product. On Thursday, they’ll release Americans’ spending and income data for the first months of the year.

The Independent Community Bankers of America hosts a forum on banking policy in Washington running Tuesday to Thursday. Senate Banking Committee Chairman Richard Shelby (R-Ala.) will speak, along with Federal Reserve Governor Daniel Tarullo; Consumer Financial Protection Bureau Director Richard Cordray; Federal Deposit Insurance Corp. Chairman Martin Gruenberg; and U.S. Comptroller of the Currency Thomas Curry.

Shelby will hold a full Banking Committee hearing on Tuesday examining the status of insurance industry regulation. He will hear testimony from officials at the Federal Reserve and the Financial Stability Oversight Council. Shelby is working on a bipartisan regulatory relief package.

Members of the House Financial Services Committee will have a hearing dubbed “Examining the Export-Import Bank’s Mandates.” It isn’t a full committee hearing, but it comes as a June 30 deadline to renew the bank’s charter nears. Tea Partyers say the bank is cronyism and corporate welfare, while supporters say it sustains U.S. jobs.

On Wednesday, the panel’s Subcommittee on Housing and Insurance will have a hearing on “The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers,” chaired by Blaine Luetkemeyer (R-Mo.). He will hear testimony from officials at Treasury and the Federal Reserve Board of Governors.

On Thursday, the House Financial Services subcommittee on Capital Markets and Government Sponsored Enterprises will have a hearing dubbed “Legislative Proposals to Enhance Capital Formation and Reduce Regulatory Burdens.” The subcommittee is chaired by Rep. Scott Garrett (R-N.J.).

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