Cattle Pricing, Farm Safety Net Topics of Hearings on Wednesday

Senate may attempt to clear Global Climate Solutions Act

Washington Focus

Bipartisan infrastructure talks continue with infighting among Democrats adding more hurdles to the topic, but it will be hearings this week in Washington that will be the focus of many.

Cattle pricing hearing. On Wednesday, the Senate Ag Committee holds a long-requested session on cattle marketing. Various legislative bills have been introduced that would mandate a specified number of cattle priced on the spot market. The issue is a complex one that will in part be covered by several witnesses at the hearing. They include three economists and representatives from producer groups.

Farm safety net. Also on Wednesday, the House Ag General Farm Commodities and Risk Management Subcommittee will hold a hearing to review “The Efficacy of the Farm Safety Net." While some farm-state lawmakers may say the current safety net just needs tweaking, the events over the past few years (need for China trade war mitigation; Covid aid) clearly signal that at least a major airing out of the safety net provisions is needed, hopefully including a discussion of the role played by USDA’s Commodity Credit Corporation (CCC).

The Senate may try to clear the Global Climate Solutions Act, bipartisan legislation to provide much-needed rules for private carbon markets and hopefully how to measure and price carbon credits. Democrats and Republicans agreed to debate the measure, with allowance for one amendment by Sen. Mike Lee (R-Utah) but Sen. John Kennedy (R-La.) objected to the agreement, so the matter is still under review.

The House Agriculture Appropriations Subcommittee will mark up its FY 2022 bill this week, as the House begins its annual spending bill process. Controversial amendments usually do not occur until full committee debate.

The Senate spending timeline is murky due to a lack of consensus to date top line spending and in particular defense appropriations.

A hearing on USTR trade nominees will take place Thursday via the Senate Finance Committee. The nominations include Sarah Bianchi to be deputy U.S. trade representative (USTR) for Asia, Africa, investment, services, textiles, and industrial competitiveness; Jayme White to be a deputy USTR for Western Hemisphere, Europe, the Middle East, labor, and environment. The panel will also consider Melanie Egorin to be assistant HHS secretary for legislation.

Hearings and Events This Week

Monday, June 21

Vice President Kamala Harris travels to Pittsburgh, Pennsylvania, with Labor Secretary Marty Walsh.
Child Tax Credit. House Speaker Nancy Pelosi (D-Calif.) virtual San Francisco press event to ensure all eligible families receive the American Rescue Plan's enhanced Child Tax Credit, part of the Biden-Harris Administration's "Child Tax Credit Awareness Day."
U.S./EU relations. Woodrow Wilson Center's Global Europe Program virtual discussion on "U.S./EU Relations After the Summit."
China and Russia issues. Brookings Institution and Texas A&M's Bush School of Government and Public Service virtual discussion on "How Should the United States Approach China and Russia?"
Covid vaccines. Center for Strategic and International Studies virtual discussion on "The Reality of Rolling Out Covid-19 Vaccines."
Digital trade. Cato Institute virtual discussion on "Can International Rules Improve Domestic Regulation of Digital Trade?"
Presidential election. American Enterprise Institute for Public Policy Research virtual discussion on "How Can we Strengthen Trust in the Integrity of Presidential Elections?"

Tuesday, June 22

Democrats to pick candidate for New York City mayor. The winner of Tuesday's primary will likely prevail in the fall general election, as the city leans very heavily Democratic. A recent poll shows Brooklyn Borough President Eric Adams, who has made public safety the centerpiece of his campaign, in the lead, followed by former civil-rights lawyer Maya Wiley.
Federal Reserve Chairman Jerome Powell testifies before the House Select Subcommittee on the Coronavirus Crisis on the central bank's lending programs established during the coronavirus pandemic.
President of the Federal Reserve Bank of San Francisco Mary Daly will speak at a Peterson Institute for International Economics event titled "Climate risk and the Fed: Preparing for an uncertain certainty.”
Renewable energy and rural economies. Senate Agriculture Rural Development and Energy Subcommittee hearing on "Renewable Energy - Growth and Opportunities for our Rural Economies."
DC statehood. Senate Homeland Security and Governmental Affairs Committee hearing on "Examining DC Statehood."
Fed pandemic response. House Oversight and Reform Coronavirus Crisis Subcommittee hearing on “Lessons Learned: The Federal Reserve’s Response to the Coronavirus Pandemic,” with Fed Chairman Jerome Powell.
Covid vaccines. Senate Health, Education, Labor and Pensions Committee hearing on “Vaccines: America’s Shot at Ending the Covid-19 Pandemic”
Treasury nominees. Senate Banking, Housing and Urban Affairs Committee hearing on the nominations of Brian Eddie Nelson to be Treasury undersecretary for terrorism and financial crimes; and Elizabeth Rosenberg, assistant Treasury secretary for terrorist financing.
U.S. healthcare. Atlantic holds its virtual Health Equity Summit with HHS Secretary Xavier Becerra delivering remarks on "The Biden Plan for Health Equity."
China and the world. Brookings Institution online event to discuss "Global China: Assessing China's growing role in the world."
Iran election. Woodrow Wilson Center's Middle East Program and the U.S. Institute of Peace virtual discussion on "Iran's Pivotal Presidential Election."
Climate and investment. Business Council for International Understanding virtual discussion on the new Development Finance Corporation 2040 zero-emissions target and how DFC will institute more international climate investments in its portfolio.
EPA advisory board. Environmental Protection Agency teleconference of the Board of Scientific Counselors on water treatment and infrastructure.
Climate and monetary policy. Peterson Institute for International Economics virtual discussion on "Climate Risk and the Fed: Preparing for an Uncertain Certainty."
Worker safety. Occupational Safety and Health Administration teleconference of the National Advisory Committee on Occupational Safety and Health, including an update from OSHA's Acting Assistant Secretary; remarks from the Director of the National Institute for Occupational Safety and Health; discussion of occupational safety and health issues; and discussion of NACOSH's previous work.
Network resiliency. Senate Commerce, Science and Transportation Communication, Media, and Broadband Subcommittee hearing on "Building Resilient Networks."
Asia-Pacific trade policy. Senate Finance International Trade, Customs, and Global Competitiveness Subcommittee hearing on "The Strategic Benefits of a Multilateral Approach to Trade Policy in the Asia-Pacific Region."

Wednesday, June 23

Cyber policy. Senate Armed Services Subcommittee on Cyber will receive testimony regarding recent ransomware attacks. Testifying will be Mieke Eoyang, deputy assistant secretary of Defense for cyber policy; Major General Kevin Kennedy, director of operations for the U.S. Cyber Command; and Rear Admiral Ronald Foy, deputy director for global operations with the Joint Staff.
Federal Reserve. Fed Governor Michelle Bowman speaks at the Cleveland Fed Policy Summit 2021.
Farm safety net. House Agriculture General Farm Commodities and Risk Management Subcommittee hearing on "A Hearing to Review the Efficacy of the Farm Safety Net."
Cattle markets. Senate Ag Committee hearing on "Examining Markets, Transparency, and Prices from Cattle Producer to Consumer."
Farm labor. Woodrow Wilson Center's Mexico Institute virtual discussion on "U.S. Farm Labor and Trade in 2021," focusing on "the characteristics and earnings of U.S. agricultural workers over the past three decades, the status and outlook for the H-2A program, and trends and patterns in North American fruit and vegetable trade."
FY 2022 budget: Treasury. Senate Appropriations Financial Services and General Government Subcommittee hearing on "FY 2022 Budget for the Department of the Treasury,” with Treasury Secretary Janet Yellen.
FY 2022 budget: HUD. House Budget Committee hearing on "U.S. Department of Housing and Urban Development's FY 2022 Budget,” with Housing Secretary Marcia Fudge.
FY 2022 budget: DOE. Senate Appropriations Energy and Water Development hearing on "A Review of the FY 2022 Budget Submission for the U.S. Department of Energy, including the National Nuclear Security Agency,” with Energy Secretary Jennifer Granholm.
FY 2022 budget: Interior. House Natural Resources Committee hearing on "Examining the Department of the Interior's Spending Priorities and the President's FY 2022 Budget Proposal,” with Interior Secretary Deb Haaland.
FY 2022 budget: NASA. House Science, Space and Technology Committee hearing on "The President's FY 2022 Budget Proposal for the National Space and Aeronautics Administration,” with Administrator Bill Nelson.
FY 2022 budget: Defense. House Armed Services Committee hearing on "The FY 2022 National Defense Authorization Budget Request from the Department of Defense,” with Defense Secretary Lloyd Austin.
FY 2022 budget: FEMA. House Transportation and Infrastructure Economic Development, Public Buildings and Emergency Management Subcommittee hearing on "FEMA's Priorities for FY 2022 and Beyond: Coordinating Mission, Vision, and Budget,” with Administrator Deanne Criswell.
Global finance and trade. Italian Institute for International Political Studies and the Think Tanks and Civil Society Program at the University of Pennsylvania hold virtual People, Planet & Prosperity Global Policy Forum, including remarks from former Treasury Secretary Lawrence Summers.
U.S./Korea trade. Center for Strategic and International Studies virtual discussion on "100-Day Supply Chain Review: Opportunities for U.S./Korea Cooperation," focusing on semiconductors and batteries.
U.S. industrial policy. Atlantic Council virtual discussion on "U.S. Industrial Policy."
Digital competition. Brookings Institution virtual discussion on "Global Competition in a Digital Age."
Cyberattack impacts on cattlemen and consumers. Washington Post Live virtual discussion on ransomware attacks, other issues affecting cattlemen and consumers, and legislation to repeal outdated or discriminatory laws targeting Native Americans.
Brexit. Heritage Foundation virtual discussion on "The Brexit Miracle: How the British People Broke Free of the EU and Why Brexit is Great for the United Kingdom and the United States."
Drones. Federal Aviation Administration webcast of the Drone Advisory Committee.
Clean energy. Senate Energy and Natural Resources Energy Subcommittee hearing on existing programs and future opportunities to ensure access to affordable, reliable, and clean energy for rural and low-income communities.
Small businesses. House Small Business Underserved, Agricultural, and Rural Business Development Subcommittee hearing on "Prioritizing Small Undeserved and Rural Businesses in the SBIR/STTR (Small Business Innovation Research/Small Business Technology Transfer) Programs."

Thursday, June 24

Microsoft Corp. event to introduce its "next generation of Windows. Microsoft Chief Executive Satya Nadella and Panos Panay, the company's chief product officer, are expected to highlight substantial changes to the Windows operating system, including several visual and UI improvements and potentially a new logo.
Transatlantic cooperation. BSA | The Software Alliance is hosting an online event titled "Confronting Bias: A Path Toward Transatlantic Cooperation on AI Policy.” The event, which seeks to explore how leaders around the world are approaching the risk of AI bias in the private and public sectors, will feature a conversation with Commerce Secretary Gina Raimondo and European Commission Executive Vice-President Margrethe Vestager.
Energy, water and public lands. Senate Energy and Natural Resources hearing on the infrastructure needs of the U.S. energy sector, western water and public lands.
EU, U.S. & G7 summits. Washington International Trade Association virtual discussion on "What Was Achieved at the U.S., EU and G7 Summits?"
FY 2022 budget: DOE. Senate Armed Services Committee hearing on Energy Department and National Nuclear Security Administration on atomic energy defense activities in review of the Defense Authorization Request for FY 2022, with Energy Secretary Jennifer Granholm.
Trade supply chains. International Trade Administration teleconference of the Advisory Committee on Supply Chain Competitiveness, including a discussion on the major competitiveness-related topics raised at the previous Committee meetings, including supply chain resilience and congestion, trade and competitiveness, freight movement and policy, trade innovation, regulatory issues, finance and infrastructure, and workforce development.
Future of the Republican party. Ronald Reagan Presidential Foundation and Institute virtual discussion with former Vice President Mike Pence on "critical questions facing the future of the Republican Party."
U.S. voting. House Administration Elections Subcommittee hearing on "Voting in America: A National Perspective on the Right to Vote, Methods of Election, Jurisdictional Boundaries, and Redistricting."
Water resource projects. Senate Environment and Public Works Committee hearing on "The Role of Natural and Nature-Based Features in Water Resources Projects."
Transportation-related nominations. Senate Commerce, Science and Transportation Committee hearing on the nominations of Jennifer Homendy to be chairman of the National Transportation Safety Board; Karen Hedlund to be a member of the Surface Transportation Board; Robert Hampshire to be an assistant Transportation Secretary; Christopher Coes to be an assistant Transportation secretary; and Carol Petsonk to be an assistant Transportation secretary.
Trade nominees. Senate Finance Committee hearing on the nominations of Sarah Bianchi to be deputy U.S. trade representative (USTR) for Asia, Africa, investment, services, textiles, and industrial competitiveness; Jayme White to be a deputy USTR for Western Hemisphere, Europe, the Middle East, labor, and environment; and Melanie Egorin to be assistant HHS secretary for legislation.
Manufacturing and low carbon. Information Technology and Innovation Foundation virtual discussion on "How to Make U.S. Manufacturing Clean and Competitive in the Global Low-Carbon Economy."
Carbon capture. Bipartisan Policy Center virtual discussion on "Making the Case for Direct Air Capture and Carbon Removal."
Immigration. House Judiciary Immigration and Citizenship Subcommittee hearing on "Oh, Canada! How Outdated US Immigration Policies Push Top Talent to Other Countries."
China governing. Center for Strategic and International Studies virtual discussion on "A Historical View of Regime Security and State Capacity in China," focusing on "how successive rulers in China have consolidated power, fended off revolts, and governed China."
Senate filibuster. Chicago Lawyers Chapter of the Federalist Society for Law and Public Policy Studies virtual discussion on "The Senate Filibuster: A Feature of or Impediment to Democracy?"

Friday, June 25

Derek Chauvin faces sentencing. Prosecutors are seeking a 30-year sentence for the former Minneapolis police officer convicted of murdering George Floyd, while Chauvin's attorney, who has been pushing for a retrial, has asked for less than 15 years or probation. The sentencing is scheduled for Friday.
China report preview. Heritage Foundation virtual discussion on "Preview of the Heritage Foundation's 2021 China Transparency Report."
Food insecurity. Aspen Institute virtual discussion on "Food Insecurity and Mental Health: The Silent and Devastating Impacts on Children and Families."

Economic Reports for the Week

Monday, June 21

Federal Reserve Bank of Chicago releases its National Activity index, a gauge of overall economic activity, for May. Expectations are for a 0.50 reading, higher than April’s 0.24 figure. A positive reading indicates economic growth that is above historical trends.

Tuesday, June 22

National Association of Realtors reports existing-home sales for May. Economists forecast a seasonally adjusted annual rate of 5.7 million homes sold, about 150,000 fewer than the April data. Existing-home sales have fallen for three consecutive months, as supply hasn’t been able to keep up with demand.
Richmond Fed Manufacturing for June

Wednesday, June 23

MBA Mortgage Applications
Census Bureau reports new residential construction data for May. Consensus estimate is for a seasonally adjusted annual rate of 875,000 new single-family homes sold, slightly higher than April’s 863,000. Similar to existing-home sales, new-home sales have fallen from their recent peak of 993,000 in January of this year.
IHS Markit reports both its Manufacturing and Services Purchasing Managers’ indexes for June. Expectations are for a 61.5 reading for the Manufacturing PMI, and a 69.8 figure for the Services PMI. Both projections are comparable to the May data as well as being near record highs for their respective indexes.

Thursday, June 24

Jobless Claims
Bureau of Economic Analysis (BEA) reports the third and final estimate of first-quarter gross-domestic-product growth. Economists forecast a seasonally adjusted annual growth rate of 6.4%.
Census Bureau releases the durable-goods report for May. The consensus call is for new orders of manufactured goods to rise 2.8% month over month to $253 billion. Excluding transportation, new orders are projected at 1%, matching the April data.
Wholesale Inventories for May
KC Fed Manufacturing Index for June
Fed Balance Sheet
Money Supply
Bank of England announces its monetary-policy decision. The central bank is widely expected to keep its key interest rate at 0.1%.

Friday, June 25

BEA reports personal income and consumption for May. Income is expected to fall 3% month over month, after plummeting 13.1% in April. This reflects a dropoff in stimulus checks that first were sent out in March. Spending is seen rising 0.5%, comparable to the April data.
Consumer Sentiment for June

Key USDA & international Ag & Energy Reports and Events

Monday, June 21

Ag reports and events:

Export Inspections
Crop Progress
Monthly MARS report on EU crop conditions
EU weekly grain, oilseed import and export data