As we wait for quarterly earnings that will hit full force in two weeks, there are a number of government reports on the economy--including the September unemployment figure on October 2--that will likely affect the markets this week, but the big headline news is likely to emanate from Capitol Hill.
Beginning on Tuesday, the following Congressional hearings will be held:
September 29:
Senate Banking on Strengthening and Streamlining Prudential Bank Supervision, a continuation of hearings first held on August 4 of this year);
September 30:
House Financial Services on the Consumer Financial Protection Agency (Chairman Barney Frank has circulated a discussion draft of legislation that would create the CFPA.);
Senate Banking on International Cooperation to Modernize Financial Regulation; and the
House Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises on reforming the credit ratings agencies. (The subcommittee chairman, Paul Kanjorski, circulated a discussion draft of legislation on the agencies.)
On the 29th, the board of the FDIC meets to discuss ways to shore up the Deposit Insurance Fund--95 banks have been seized so far this year, seriously depleting the fund; The New York Times editorializes on whether the big, healthy banks should lend money to the DIF; while Dow Jones reports that on a panel discussion at the Clinton Global Initiative on Friday the 25th, Sheila Bair of the FDIC said she doesn't see that as a "preferred option".
