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Congress: Yellen in the spotlight

The New York Times: “Janet L. Yellen, President Obama’s choice to lead the Federal Reserve for the next four years, plans to tell senators at her confirmation hearing on Thursday that continuing the Fed’s enormous stimulus campaign is the best way to revive the economy and hasten the program’s end.” More: “Republicans plan to press her on those policies. They view the persistence of slow growth and high unemployment as evidence that the stimulus campaign is having little effect, and they are concerned about potential consequences, including higher inflation and financial instability. Some Democrats, in turn, plan to press Ms. Yellen on financial regulation, seeking assurances the Fed will take stronger measures to rein in big banks.”

USA Today calls the Yellen hearing “Must-see TV for Wall Street.”

AP: “By 221-199, the House approved a measure requiring asbestos trusts that pay damages to current and future asbestos victims to publish detailed quarterly reports with bankruptcy courts. The information must include names of new claimants and how much money the trust has paid out, under the legislation. House Republicans say the bill — backed by the business community and the Chamber of Commerce — would provide oversight to asbestos trusts and ensure funds are available for future victims. Most House Democrats opposed the measure, citing privacy concerns. … The Democratic controlled Senate has no plans to take up the bill and the White House on Tuesday said President Barack Obama would veto it.”