Hearings This Week for Supreme Court Nominee Amy Coney Barrett

Posted on 10/12/2020 2:17 AM

Pelosi on aid negotiations: 'One step forward, and two backward'

 


Washington Focus


 

The Senate Judiciary Committee begins confirmation hearings on Monday for Amy Coney Barrett, President Donald Trump's pick to replace Justice Ruth Bader Ginsburg on the Supreme Court.

 

     Timeline: There will be four days for hearings this week. Each of the senators will have a chance to make opening statements on Monday, after which Judge Barrett will be introduced, sworn in, and given a chance to deliver her own opening statement. Tuesday and Wednesday are set aside for questions from senators, and on Thursday the committee will hear from an as-yet-unnamed slate of outside panelists. There are provisions for a closed portion of the hearing during which sensitive issues such as those relating to a background check may be discussed. All 12 Republicans will attend in person when the committee is expected to vote on Judge Barrett’s confirmation on Oct. 22. But their presence is necessary, since Senate Minority Leader Chuck Schumer (D-N.Y.) said at a press conference Sunday that Democrats wouldn’t supply the quorum for a Judiciary Committee vote.

 

     Some Senate Republicans want to allow Barrett to join the court before Election Day on Nov. 3. Senate Majority Leader Mitch McConnell (R-Ky.) said in a recent appearance on the Hugh Hewitt radio show that he hasn't picked “an exact point to bring the nomination up, but it's front and center for the American people."

 

     Schumer has accused Judiciary Committee Chairman Lindsey Graham (R-S.C.) of barreling ahead with the confirmation even as committee members Sens. Mike Lee (R-Utah) and Thom Tillis (R-N.C.) have been diagnosed with Covid-19.

 

     Four Republicans on the committee are running for re-election, many in races that have tightened in recent weeks. Graham and Sens. John Cornyn (R-Texas), Joni Ernst (R-Iowa) and Thom Tillis (R-N.C.) are all on the ballot.

 

Covid aid/stimulus after Nov. 3 elections: McConnell. The Trump administration offered a $1.88 trillion ($1.5 trillion in new spending) new stimulus package to congressional Democrats, days after the president declared negotiations were over. That figure is higher than congressional Republicans would support and lower than the $2.2 trillion Democrats have pushed for.

 

    McConnell's reasoning: “Even if an agreement is reached, and it may be, the process around it, literally the writing and all that, does take a while. The first item of priority for the senate is the Supreme Court,” McConnell said at an event in Kentucky. “I just think the situation is kind of murky,” McConnell said at an appearance in Bullitt County, Kentucky. “And I think the murkiness is a result of the proximity of the election and everybody kind of trying to elbow for political advantage. I'd like to see us rise above that like we did back in March and April, but I think that's unlikely in the next three weeks.”

 

     House Speaker Nancy Pelosi (D-Calif.) on Saturday sent a letter saying that the administration’s most recent offer was one step forward, and two backward.

 

     President Trump ’s economic adviser Larry Kudlow said Sunday that Senate Republicans will “go along with” the $1.88 trillion White House stimulus proposal despite their vocal pushback. Kudlow told CNN’s State of the Union that the White House expects support from Republicans in the upper chamber. Kudlow said he does not think the coronavirus stimulus bill is “dead.”

 

     Kudlow also told CNN that he doesn’t think the economic “recovery” in the U.S. “is dependent on” a stimulus bill. When Tapper said the Federal Reserve chairman disagreed, Kudlow said he’s “essentially saying the same thing — targeted assistance would be a good idea.”

 

     Bottom line: Odds are fading for any action prior to Nov. 3 elections. On a conference call Saturday morning with Treasury Secretary Steven Mnuchin and White House chief of staff Mark Meadows, several GOP senators nixed the proposal, saying the price tag is too lofty, questioning the overall direction and criticizing individual proposals. Check Policy Updates for new developments on this topic.

 


Hearings and Events This Week


 

 

Monday, Oct. 12


     • Holiday. U.S. gov't offices are closed in observance of Columbus Day, while Canada celebrates Thanksgiving. Markets are open.

     • Federal Reserve. Minneapolis Fed President Neel Kashkari to deliver remarks.

     • Pandemic recovery. Institute of International Finance virtual 2020 Membership Meeting with the theme "Financing a Sustainable Economy: Crisis Recovery and Drivers of Future Growth," with Bank of Japan Governor Haruhiko Kuroda among those to speak.

     • Supreme Court nominee hearing. Senate Judiciary Committee hearing on the nomination of Amy Coney Barrett to serve as an associate justice on the Supreme Court of the United States.

     • Global economy. International Monetary Fund (IMF) and the World Bank Group 2020 Fall Meeting via webcast with remarks from World Bank President David Malpass and IMF Managing Director Kristalina Georgieva. The conference runs throughout the week.

     • Infrastructure. Brookings Institution webinar on "InfraCorps: Building the Future Infrastructure Workforce," a proposed federal program to develop a diverse workforce of skilled trades as part of an infrastructure stimulus plan for the Covid-19 recession.

    • 2020 elections. German Marshall Fund of the United States virtual discussion on "Securing the 2020 Presidential Election."

     • Barrett philosophy. Federalist Society for Law and Public Policy Studies virtual discussion on "Judicial Philosophy of Judge Amy Coney Barrett."

     • Supply chain. Johns Hopkins University Paul H. Nitze School of Advanced International Studies webinar on "Unpacking Global Value Chain Trade in the Age of Covid-19."

Tuesday, Oct. 13


     • Federal Reserve. Federal Reserve Chairman Jerome Powell delivers remarks to the National Association for Business Economics (NABE). Philadelphia Fed President Patrick Harker, Atlanta Fed President Raphael Bostic and Dallas Fed President Robert Kaplan also scheduled to deliver remarks.
     • Supreme court nomination hearing. Senate Judiciary Committee hearing on the nomination of Amy Coney Barrett to serve as an associate justice on the Supreme Court of the United States.

     • Ag policy and the presidential election. The Farm Foundation holds a virtual forum on "Focus on Farm Policy: The Food and Agriculture Platforms of the 2020 Presidential Candidates."

Economic outlook. International Monetary Fund (IMF) and the World Bank Group 2020 Fall Meeting via webcast with a briefing on the "World Economic Outlook.”

     • Energy outlook. International Energy Agency (IEA) media webinar on "The World Energy Outlook 2020."

     • Social networks and politics. American Enterprise Institute for Public Policy Research (AEI) webinar on "Socially Distant: How our Divided Social Networks Explain our Politics."

     • U.S./China policy. Center for Strategic and International Studies webcast on "Mapping the Future of U.S./China Policy: Survey Results and Analysis."

     • 2020 elections. Center for American Progress webinar on "Waiting and Watching: What to Expect From Election Night 2020."

     • Taxpayer fairness. House Ways and Means Oversight Subcommittee of House Ways and Means Committee hearing on "Taxpayer Fairness."

     • Food aid. U.S. Agency For International Development teleconference of the Board for International Food and Agricultural Development on "Agricultural Growth, Economic Transformation, and the Journey to Self-Reliance: Implications for USAID Programming."

     • FEMA pandemic response. Federal Emergency Management Agency teleconference to implement Pandemic Response Voluntary Agreement Under Section 708 of the Defense Production Act.

     • State officials on elections. National Association of Secretaries of State virtual Elections 101 press briefing to discuss the decentralized nature of elections, address Covid-19 effects on election administration, and other important topics reporters should know when covering the 2020 election. •

Wednesday, Oct. 14


     • Federal Reserve. Fed Vice Chair Richard Clarida speaks on the U.S. economic outlook and monetary policy at the Institute of International Finance Annual Meeting; Fed Vice Chair for Supervision Randal Quarles to speak at the Hoover Institute Monetary Policy Virtual Series (via livestream); Dallas Fed President Robert Kaplan to speak.

     • China report. U.S./China Economic and Security Review Commission meeting to review and edit drafts of the 2020 Annual Report to Congress.

     • Supreme Court nomination hearing. Senate Judiciary Committee hearing on the nomination of Amy Coney Barrett to serve as an associate justice on the Supreme Court of the United States.

     • IMF/World Bank. International Monetary Fund (IMF) and the World Bank Group 2020 Fall Meeting via webcast with media briefings with IMF Managing Director Kristalina Georgieva and World Bank President David Malpass

     • Japan situation. Brookings Institution webinar on "Liberal Order Undone? Japan's Role After Prime Minister Abe."

     • U.S. energy outlook. Center for Strategic and International Studies webcast on "U.S. Energy Information Administration's (EIA) International Energy Outlook 2020."

     • Food insecurity and Covid-19. Bipartisan Policy Center webinar on "Addressing Food Insecurity and Poor Nutrition During Covid-19."

     • Climate change. Washington Post Live webinar on "Climate Solutions: Next Generation," focusing on the new scientists and activists working on the most innovative inventions, proposals and solutions to combat climate change.

     • Trade issues. National Council on International Trade Development virtual 2020 Trade Meeting with Matt Borman, deputy assistant Commerce secretary for export administration.

     • Food security. The Woodrow Wilson Center's Polar Institutevirtual Arctic Resilience Forum on "Food Security."

     • China and 5G. Center for American Progress (webinar on "Competing at Full Strength in 5G: How the United States Can Counter China and Unleash the Power of American Innovation."

     • Railroad regulation. Federalist Society for Law and Public Policy Studies webinar on "The Staggers Act Turns Forty: Lessons Learned from Railroad Regulation."

     • China and Southeast Asia. Henry L. Stimson Center webinar on "China and Southeast Asia: Balanced and Centered?" focusing on relations with countries in the Association of South East Asian Nations (ASEAN).

     • China issues. Center for Strategic and International Studies virtual book discussion on "Invisible China: How the Urban-Rural Divide Threatens China's Rise."

     • Covid and markets. Securities and Exchange Commission (SEC) virtual discussion on "the interconnections within U.S. credit markets and the impact of the Covid-19 economic shock."

     • 2020 election preparations. Election Assistance Commission hearing by teleconference on election security and preparedness for November 2020 elections.

     • Offshore drilling. House Natural Resources Committee's Energy and Mineral Resources Subcommittee virtual forum on "The Threat of Offshore Drilling and the Need for a Permanent Federal Ban."

     • Financial regulation. Stanford University's Hoover Institute webinar on "Financial Regulation," part of the monetary policy virtual series.

     • Electoral college. Cato Institute virtual workshop on "The Electoral College: History and Controversies in an Election Year."

Thursday, Oct. 15


     • Federal Reserve. Fed Vice Chair for Supervision Randal Quarles talks on the response to the COVID Event at the Institute of International Finance Annual Meeting (virtual meeting).

     • Supreme Court nomination hearing. Senate Judiciary Committee hearing on the nomination of Amy Coney Barrett to serve as an associate justice on the Supreme Court of the United States.

     • Election security. Heritage Foundation webinar on "Is Election Security at Stake? Trading Ballot Boxes for Mailboxes."

     • Covid-19 vaccine. Woodrow Wilson Center's Maternal Health Initiative, the Jonas Salk Legacy Foundation, the March of Dimes, and the University of Pittsburgh webcast on "Rolling out a Vaccine for Covid-19: Present Prospects and Lessons from the Past."

     • Information security. National Institute of Standards and Technology teleconference of the Information Security and Privacy Advisory Board on information security and privacy issues pertaining to Federal government information systems, including a presentation on 5G Security Issues.

     • U.S./Iran policy. German Marshall Fund of the United States webinar on "Is the Trump Administration's Maximum Pressure Campaign Against Iran Working?"
     • Winter weather outlook. National Oceanic and Atmospheric Administration's (NOAA) Climate Prediction Center conference call briefing to announce the U.S. temperature and precipitation outlook for the winter, extending from December 2020 through February 2021, as well as current drought conditions across the United States.

     • U.S. food system. Washington Post Live webinar on "The Future Reset: Building a Healthy Food System."

     • Korean unification. Korea Societywebinar on "New Views on Korean Peace Regime and Unification."

     • Covid and the U.S. economy. Urban Institute webinar on "The Prescription: Fiscal Policy for the Covid-19 Economy."

     • China policy. Brookings Institution webinar on "Assessing China Policy from City Halls, Governors' Mansions, and Capitol Hill."

     • Businesses and climate change. Aspen Institute webinar on "The Next Move: Staying the Course on Climate," focusing on how business leaders are addressing climate change.

     • U.S. inflation and Germany. Hudson Institute webinar on "How U.S. Inflation Exposes Europe to a Third German Monetary Shock."

     • Elections and climate change. Brookings Institution webinar on "How Will the Election Impact U.S. Engagement on Climate Change?"

     • Energy efficiencies. General Services Administration teleconference of the Energy Storage Task Group to explore the use of energy storage at federal facilities, and how it may be employed to reduce energy use and greenhouse gas emissions, including in conjunction with renewable energy and grid integration strategies.

     • Trade and forced labor. Washington International Trade Association webinar on "Using Trade Tools to Combat Forced Labor: The Roles of Government, Business, and Civil Society."

Friday, Oct. 16


     • WTO. Atlantic Council webinar on "Revitalizing the World Trade Organization."

     • Congress and constitutional reform. American Enterprise Institute for Public Policy Research webinar on "Congress and Constitutional Reform."

     • India issues. Asia Society Washington Center virtual discussion with Indian External Affairs Minister Subrahmanyam Jaishankar.

     • U.S./EU relations. Carnegie Endowment for International Peace webinar on "The Second Transatlantic Pillar: Strengthening U.S./EU Ties."

     • China issues. The Cato Institute webinar on "China's New Authoritarian Ideology."

     • Workers and Covid. Urban Institute webinar on "A 360 Degree Perspective on What Workers Need to Thrive," focusing on "how life outside work affects employees' abilities to thrive on the job," including access to such essentials as child care, housing, health care, food and transportation.

     • China and 5G. Heritage Foundation webinar on "5G: The Emerging Market's Trojan Horse," focusing on China's offering of 5G wireless networks to developing countries.

     • EPA cost-benefit analysis. Bipartisan Policy Center (BPC) webinar on "The Environmental Protection Agency's (EPA) Cost-Benefit Analysis Rule: Too Prescriptive?"

 


Economic Reports for the Week


 

Economic highlights in the week ahead include the Consumer Price Report, the latest Philadelphia Fed Index reading and an update on retail sales. See the daily calendar for specifics on Federal Reserve speakers this week.

 

     Big banks will lead off the Q3 earnings season this week — the 12 largest U.S. banks are all forecast to report a profit.

 

    On Tuesday, the International Monetary Fund releases forecasts for global economic growth that are expected to show a less-severe contraction in 2020 than initially anticipated. The latest outlook report comes as finance ministers and central bankers gather virtually for the IMF and World Bank’s annual meetings.

 

Monday, Oct. 12


     • Federal Reserve: Neel Kashkari speaks.

Tuesday, Oct. 13


     • National Federation of Independent Business releases its Small Business Optimism Index for September. Consensus estimate is for a 100.9 reading, slightly above August’s 100.2.
     • Bureau of Labor Statistics (BLS) releases the Consumer Price Index (CPI) for September. Expectations are for a 1.4% year-over-year rise in the CPI, ahead of August’s 1.3% gain. The core CPI, which excludes volatile food and energy prices, is seen jumping 1.8%, roughly even with the August data.

     • Treasury Statement

Wednesday, Oct. 14


     • MBA Mortgage Applications
     • BLS releases the Producer Price Index for September. Economists forecast an uptick of 0.2% month over month, with the core PPI also gaining 0.2%. This compares with rises of 0.3% and 0.4%, respectively, in August.
• Atlanta Fed Business Inflation Expectations
     • Federal Reserve: Clarida discusses U.S. economic outlook; Quarles takes part in panel on financial stability; Kaplan, Quarles speak on financial supervision; Quarles discusses financial regulation; Kaplan discusses the road ahead for central banks; Kaplan holds virtual town Hall at 3pm

Thursday, Oct. 15


     • Department of Labor reports initial jobless claims for the week ending on October 10. Initial claims were 840,000 this past week, the lowest level since mid-March.
     • Federal Reserve Bank of New York releases its Empire State Manufacturing Survey for October. The consensus estimate is for a 12 reading, below the 17 figure for September.
     • Philadelphia Fed Manufacturing Index
     • Import and Export Prices
     • Fed Balance Sheet
     • Money Supply

     • Federal Reserve: Bostic speaks on benefits cliffs; Quarles discusses response to Covid-19; Kaplan speaks to U.S. India Chamber of Commerce; Kashkari speaks on U.S. Economic Outlook.

Friday, Oct. 16


     • University of Michigan releases its Consumer Sentiment Index for October. Economists forecast a 80.8 reading, similar to September’s 80.2.
     • Census Bureau reports retail-sales data for September. Expectations are for a 0.8% monthly increase in consumer spending, to $542 billion. Excluding autos, sales are seen rising 0.3%, slower than August’s 0.7% gain.
     • Industrial Production
     • Business Inventories
     • Treasury International Capital

 


Key USDA & international Ag & Energy Reports and Events


 

USDA's Friday supply and demand updates gave fodder to soybean and corn market bulls. Attention now will focus on harvest results, the weather and international crop updates. On the demand side, traders will monitor whether or not China picks up more buys of U.S. soybeans, and perhaps corn, in this quarter.

 

Monday, Oct. 12
 

      Ag reports and events:

  • EU weekly grain, oilseed import and export data
  • Malaysian Palm Oil Board Sept. end-stocks, output, exports
  • SGS Malaysia Oct. 1-10 palm oil export data
  • Holiday: Argentina, Brazil, Canada, Chile, U.S.
     

Tuesday, Oct. 13

 

      Ag reports and events:

  • Export Inspections
  • Crop Progress
  • Feedgrains Database
  • Meat Price Spreads
  • Wheat data
  • China trade data on soybeans and meat imports
  • France’s agriculture ministry crop estimates
  • U.K.’s AHDB Grain Market Outlook Conference
  • Holiday: Thailand
     

      Energy reports and events:

  • OPEC Monthly Oil Market Report
  • EIA monthly Drilling Productivity Report
  • Energy Intelligence Forum (virtual), 1st day of 3; speakers include oil ministers from Nigeria and UAE, and CEOs of Saudi Aramco and Chevron
  • China first batch of trade data for September, including crude oil
     

Wednesday, Oct. 14

 

      Ag reports and events:

  • Broiler Hatchery
  • Cotton and Wool Outlook
  • Oil Crops Outlook
  • Dairy Monthly Tables
  • Feed Outlook
  • Rice Outlook
  • Wheat Outlook
  • Leman China Swine Conference, Chongqing, day 1
  • FranceAgriMer monthly crops report
  • Global Food Forum, Australia, day 1
     

      Energy reports and events:

  • IEA releases monthly Oil Market Report
  • API weekly U.S. oil inventory report
  • Energy Intelligence Forum, 2nd day of 3; speakers include CEOs of Adnoc, Total and Shell
     

Thursday, Oct. 15

 

      Ag reports and events:

  • Feed Grains: Yearbook Tables
  • Turkey Hatchery
  • Malaysia Oct. 1-15 palm oil export data
  • Port of Rouen data on French grain exports
  • Global Food Forum, Australia, day 2
  • Leman China Swine Conference, Chongqing, day 2
     

      Energy reports and events:

  • EIA natural gas storage change
  • EIA weekly U.S. oil inventory report
  • U.S. weekly ethanol inventories
  • Energy Intelligence Forum, final day; speakers include OPEC Secretary General Mohammad Barkindo; CEOs of Vitol, Gunvor and Trafigura
     

Friday, Oct. 16

 

      Ag reports and events:

  • Weekly Export Sales
  • CFTC weekly commitments of traders report
  • Peanut Prices
  • Livestock, Dairy, and Poultry Outlook
  • Sugar and Sweeteners Outlook
  • FranceAgriMer weekly update on crop conditions
  • Leman China Swine Conference, Chongqing, day 3
     

      Energy reports and events:

  • Baker Hughes weekly U.S. oil/gas rig counts

 

 

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