The top news this week for the markets and economy likely will be made by Fed Chairman Ben Bernanke, who heads to the Hill to present his semi-annual Humphrey-Hawkins monetary policy testimony to the House Financial Services Committee on Tuesday the 21st; and the Senate Banking Committee on the 22d.

Barney Frank’s full Financial Services panel continues its hearings on financial regulation restructuring on the 22d and 24th and the Subcommittee on Oversight and Investigations holds a hearing on TARP on the 22d.

Chris Dodds’s Banking Committee hears from Sheila Bair and Mary Schapiro on systemic risk regulation on the 23d.

Speaking of regulation, the military is often accused of preparing to fight the last war, but is that how the Administration and Congress are behaving when it comes to financial services regulation? Yale’s Robert Shiller asks if a consumer financial protection agency, like the CFPA embodied in legislation recently sent to Congress by the Administration, would have prevented the subprime meltdown. He’s skeptical in an Op-Ed in the Sunday New York Times.

As for market-moving reports this week, on July 20 the Conference Board releases its leading economic indicators; on July 23d are existing home sales from the National Association of Realtors.

In earnings, on Tuesday the 21st TD Ameritrade reports, on Wednesday the 22d, Wells Fargo, Bank of New York Mellon, and Morgan Stanley report.