Feb. 23-27: Bernanke on the Hill

The plans are out, and now it's time to get to work. The Treasury Department will be busy this week coming up wtih a package of details on how to implement its foreclosure prevention program, as well as its less-advanced financial rescue package. Will we see progress on the public-private partnership? That seems to be what many market participants are anxious to know. Meanwhile, Congress returns. And they haven't forgotten about executive compensation or Tarp accountability.

Tuesday

Federal Reserve Board Governor Betsy Duke will address the Community Reinvestment Act Policy Forum at noon at the Mandarin Oriental Hotel in Washington. She'll discuss the future of the statute.

But the Fed's main act will be the testimony of Chairman Ben Bernanke before the Senate Banking Committee at 10 a.m. Mr. Bernanke is set to talk about monetary policy as mandated by the Humphrey-Hawkins Full Employment Act.

House Financial Services´ oversight subcommittee will convene a 2 p.m. hearing on Rep. Barney Frank's Tarp oversight bill. One of the three witnesses will be the program's inspector-general, Neil Barofsky.

At 2:30 p.m. Rep. Maxine Waters, D-Calif., will lead a Financial Services´ housing subcommittee hearing on how mortgage servicers can help struggling borrowers. A witness list has yet to be released.

Wednesday

Mr. Bernanke will testify before House Financial Services at 10 a.m. on monetary policy and the state of the economy in another Humphrey-Hawkins appearance. His Tuesday dual engagements should offer observers a controlled opportunity to match the interrogative muscles of House and Senate members.

Thursday

House Financial Services will hold a second day of hearings on the state of the economy and monetary policy. Mr. Bernanke will not be there.