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Editor's Choice for September 28, 2009: Market-Moving News for This Week

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As we wait for quarterly earnings that will hit full force in two weeks, there are a number of government reports on the economy–including the September unemployment figure on October 2–that will likely affect the markets this week, but the big headline news is likely to emanate from Capitol Hill.

Beginning on Tuesday, the following Congressional hearings will be held:

September 29:

Senate Banking on Strengthening and Streamlining Prudential Bank Supervision, a continuation of hearings first held on August 4 of this year);

September 30:

House Financial Services on the Consumer Financial Protection Agency (Chairman Barney Frank has circulated a discussion draft of legislation that would create the CFPA.);

Senate Banking on International Cooperation to Modernize Financial Regulation; and the

House Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises on reforming the credit ratings agencies. (The subcommittee chairman, Paul Kanjorski, circulated a discussion draft of legislation on the agencies.)

On the 29th, the board of the FDIC meets to discuss ways to shore up the Deposit Insurance Fund–95 banks have been seized so far this year, seriously depleting the fund; The New York Times editorializes on whether the big, healthy banks should lend money to the DIF; while Dow Jones reports that on a panel discussion at the Clinton Global Initiative on Friday the 25th, Sheila Bair of the FDIC said she doesn’t see that as a “preferred option”.


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