Congress is back this week and the regulatory restructuring debate should pick up some pace, though full committee hearings on the subject are still a couple of weeks away. But there will be plenty to keep Washington occupied, including another Tarp report, and some news on the economy from Federal Reserve Chairman Ben Bernanke.


A Tarp report on deleveraging is due out by the inspector general, as mandated by legislation. It´s unclear, though, whether the Treasury, which has missed so many deadlines, will stick to this one.


At 2pm, the Office of Thrift Supervision is holding its quarterly earnings briefing.


Bernanke will testify before the House Committee on the Budget at 10am. He´ll discuss the state of the economy and the budget.

The House Financial Services Subcommittee on Financial Institutions and Consumer Credit will hold a hearing at 10am on issues of regulation and disclosure related to remittances. Witnesses have yet to be announced. At 2pm, the Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises will hold a hearing-also with heretofore undisclosed witnesses-on the future of the GSEs.


Bernanke will open the Journal of Money, Credit, and Banking Conference on Financial Markets and Monetary Policy with a speech at 8:45am at the Fed.

The Senate Banking Committee will hold a 9:30am nomination hearing for Herb Allison, who has been picked to be the assistant Treasury Secretary for financial stability.

The Financial Services Subcommittee on Housing and Community Opportunity will hold a 10am hearing on legislation to reform the Section 8 voucher system.


Fed Vice Chair Don Kohn will appear on a panel at the Fed´s financial markets conference at 2:15pm. The panel will discuss "financial markets and monetary policy."