This week in Washington promises to be quieter than the last. Some of us have a three-day weekend, and some of us have a nine-day weekend. That´s right; I´m talking about Congress, which gets a weeklong break. Unfair! But they do need time to go home and talk to constituents about their problem-free work on the stimulus package. It was smooth sailing!
Watch for Treasury Secretary Timothy Geithner to unveil the administration´s new plan to combat foreclosures. Mr. Geithner said last Tuesday that the plan would be announced in two weeks, but insiders say the announcement could come earlier.
Regulatory agencies, including the Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, and the Office of Thrift Supervision, are closed for Presidents Day.
Federal Reserve Governor Betsy Duke will speak at the American Bankers Association´s national conference for community bankers in Phoenix, at 7:40am local time. Her talk will address the foreclosure crisis and how communities can help stabilize the housing market.
The auto companies, which received a pledge from Treasury for a $17.4 billion bailout back in December, are due to submit business plans demonstrating how they will remain viable. Treasury will review the plans and decide whether to release the rest of the pledged funds--$13.4 billion has made its way to the automakers so far; $4 billion remains.
Fed Chairman Ben Bernanke will speak at the National Press Club at 1pm. He´ll describe the Fed´s various lending programs and discuss the central bank´s balance sheet.