The Market Institute

• Obama chastises republicans for their opposition to the Disclose Act (New York Times, AP, and Washington Times). The Disclose Act would require more transparency regarding the funding of political commercials. It is expected to be defeated.
• Democrats say the first vote in 2011 will be to reform the filibuster (Huffington Post). The filibuster is a legislative procedure that provides the minority a way to force debate and negotiation in the Senate. This is a shortsighted push from Democrats because at some point they too will be in the minority and cherish the ability to filibuster bills that they disagree with.
• “Static Kill” to begin in one week (AFP). The will plug the well in the Gulf that has contaminated coastlines from Louisiana to Florida.
• Survey shows that public confidence in government is at an all time low (Washington Post)

Economy:

• Home sales up in June (AP and AFP) rising nearly 24% since April, but there is still a long way to go for the housing market to require.
• Stocks positive for year (AP and New York Times) with Dow at 10,525 and S&P to 1,115. These numbers beat economic projections and seem to be changing there tone.

Today’s Events:

10:30 a.m. APPROPRIATIONS — Financial Services and General Government subcommittee markup of the Fiscal Year 2011 Financial Services and General Government Appropriations Bill.  Location: 138 Dirksen.

10 a.m. JOINT ECONOMIC — Hearing on “Promoting a Clean Energy Economy”. Witnesses: Dr. Michael Greenstone, 3M Professor of Environmental Economics, Massachusetts Institute of Technology, Director, The Hamilton Project, The Brookings Institution, Cambridge, MA and Washington, DC; Anthony E. Malkin, President, Malkin Holdings, New York, NY; Dr. E.G. (Skip) Ward, Associate Director, Offshore Technology Research Center, Texas A&M University, College Station, TX.  Location: 216 Hart.

10 a.m. FINANCIAL SERVICES — Markup of H.R. 5814, Public Housing Reinvestment and Tenant Protection Act of 2010; H.R. 4868, Housing Preservation and Tenant Protection Act of 2010; H.R. 2267, Internet Gambling Regulation, Consumer Protection, and Enforcement Act; H.R. 3421, Medical Debt Relief Act of 2009; H.R. 4790, Shareholder Protection Act of 2010; H.R. 5823, United States Covered Bond Act of 2010.  Location: 2128 Rayburn.

10 a.m. TRANSPORTATION AND INFRASTRUCTURE — Full Committee hearing on “Recovery Act: Progress Report for Transportation Infrastructure Investments.”  Location: Room 2167, Rayburn.

10:15 a.m. BUDGET — Hearing on the current status of the Yucca Mountain nuclear waste repository. The hearing seeks to determine how much money has been directed towards the project so far, how much will be needed for the future, and what happens if the project is stopped. Witnesses: Kristina Johnson, Ph.D., Under Secretary, Department of Energy accompanied by Scott Blake Harris, General Counsel, Department of Energy; Michael F. Hertz, Deputy Assistant Attorney General, Department of Justice, Civil Division.  Location: 210 Cannon.

1:30 p.m. WAYS AND MEANS — Subcommittee on Trade Hearing on Enhancing the U.S.-EU Trade Relationship.  Location: Room 1100, Longworth.

CFA – CONSUMER COMPLAINTS — 12 p.m. The National Association of Consumer Agency Administrators (NACAA), the North American Consumer Protection Investigators (NACPI) and the Consumer Federation of America (CFA) will release their fifteenth Consumer Complaint Survey Report detailing the nations top consumer complaints in 2009. The survey is based on data collected from state and local consumer protection agencies. Participants: Susan Grant, Director of Consumer Protection, CFA; Anna Huddleston-Aycock, NACPI President and Justice Programs Analyst, Pinellas County Florida Department of Justice and Consumer Services; Elizabeth Owen, Executive Director, NACAA.  Notes: DIAL-IN: 888-262-0101 and ask for the CFAs Report Press Conference.

FEINBERG – PUBLIC CITIZEN — 12:30 p.m. Kenneth Feinberg, the Administration’s “pay czar” and now overseer of BP relief money, will discuss his latest review, scheduled for release on July 23, of compensation at more than 400 banks that received emergency government bailout funds. He also will touch on his work with BP’s $20 billion escrow fund.  Location: Public Citizen, 1600 20th St. NW.