Week InAdvance: January 5, 2014

TUESDAY | The President hosts Mexican President Enrique Pena Nieto at the White House. The two leaders plan to discuss U.S.-Mexico cooperation on economic and security issues. The 114th Congress convenes in which Republicans have a larger House majority and Senate control for the first time since 2007. House meets at noon with a quorum call. Senate meets at noon and will proceed to the presentation of the certificates of election, the swearing-in of elected members and the required live quorum. The House holds elections on who will be speaker; John Boehner is expected to remain in post. Senate Republicans are set to formally elect their committee chairmen. New Senate Majority Leader Mitch McConnell says his chamber will vote first on approving the Keystone XL pipeline project, long a priority of Republicans, who say it will create jobs. The Senate also will consider confirming U.S. attorney general nominee Loretta Lynch and defense secretary nominee Ashton Carter.

WEDNESDAY | SEC guidance for proxy advisory firms will be the focus of a "corporate governance focused" forum sponsored by the U.S. Chamber of Commerce's Center for Capital Markets Competitiveness. Senate Energy Committee holds hearing on Keystone approval. Andrew Bowden, director of the SEC's Office of Compliance Inspections and Examinations, will speak at a Practicing Law Institute event in New York. The Fed releases minutes of the Federal Open Market Committee ("FOMC") meeting on Dec. 16-17. They may shed light on policy makers' views on the appropriate timing of the first interest-rate increase since 2006 and the conditions that would prompt them to tighten policy. In December, the committee said it would be "patient" on the timing of an increase, replacing an earlier pledge to keep borrowing costs low for a "considerable time."

THURSDAY | Senate Energy Committee holds markup on Keystone bill.

FRIDAY | The IRS holds a hearing on amendments to hybrid defined retirement benefit plans. The Brookings Institution holds a forum on "Asset Management, Financial Stability and Economic Growth" in Washington.

At the Agencies

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM | On Wednesday at 2pm ET the Fed releases minutes from its Dec. 16-17 Federal Open Market Committee ("FOMC") policy meeting. Read more.

DEPARTMENT OF THE TREASURY | On Friday, Jan. 9, Treasury Department, Internal Revenue Service (IRS) holds a hearing on amendments to hybrid defined retirement benefit plans. Read more.

Around the World

Wednesday, Jan. 7

FRANKFURT - ECB Governing Council meeting. No interest rate announcements scheduled.

Wednesday & Thursday, Jan. 7-8

LONDON - Bank of England holds Monetary Policy Committee meeting.

Thursday, Jan. 8

LONDON - Bank of England announces interest rate decision.

Other Events

Wednesday, Jan. 7

WASHINGTON DC | The U.S. Chamber of Commerce ("USCC") Center for Capital Markets Competitiveness ("CCMC") holds a discussion on "2015 Proxy Season and SEC (Securities and Exchange Commission) Guidance on Proxy Advisory Firms." Former SEC Chairman Harvey Pitt will present the chamber's white paper on the agency guidance released last June, and SEC member Daniel Gallagher will speak at the event, which will look at the role of advisory firms in the coming proxy season. The SEC guidance says proxy advisers, companies that recommend to investors how to vote in corporate elections, must disclose conflicts of interest that could be viewed as affecting their advice. Read more.

NEW YORK CITY | Andrew Bowden, Director, Office of Compliance Inspections and Examinations, will be a featured speaker at Practicing Law Institute's Hedge Fund Compliance and Regulatory Challenges 2015 Conference. Read more.

Friday, Jan. 9

WASHINGTON DC | Brookings Institution holds forum on "Asset Management, Financial Stability and Economic Growth" with remarks from Investment Company Institute Chief Economist Brian Reid, Deputy Assistant Treasury Secretary for the Financial Stability Oversight Council ("FSOC") Patrick Pinschmidt, and Nellie Liang, director of the Program Direction Section of the Federal Reserve Board of Governors' Office of Financial Stability Policy and Research. Read more.