This week: Dodd-Frank turns 1

By Peter Schroeder - 07/18/11 06:06 AM ET

The Dodd-Frank financial reform law reaches its first birthday Thursday, and in recognition of that milestone, a number of economic events this week will focus on the Wall Street overhaul.

The Financial Stability Oversight Council, created by Dodd-Frank and charged with monitoring the overall health of the financial system, will start the week with a meeting Monday. The group, which gathers the top financial regulators from across the government, will follow up a private meeting with a public one where the one-year anniversary of the law will be the primary topic of discussion.

On Tuesday, a different take on Dodd-Frank will be offered by the U.S. Chamber of Commerce, which will host an event that dissects the law and discusses ways to improve it. The business lobby has frequently criticized excessive regulations brought on by new laws, including Dodd-Frank, arguing they inhibit the private sector. Rep. Frank Lucas (R-Okla.), the chairman of the House Agriculture Committee that oversees derivatives, will be on hand to offer his thoughts.

The Senate Banking Committee will check up on Dodd-Frank on Thursday; the heads of all major regulators implementing the law, including Federal Reserve Chairman Ben Bernanke, will be on deck to update lawmakers.

The Banking Committee will precede that event with a related hearing Tuesday, when it examines how consumers are better protected in the financial sector following 2008’s financial fallout.

The House Agriculture Committee will dive into Dodd-Frank Thursday as Republicans continue their critique of provisions of the law that affect financial derivatives, which they argue could harm end-users of the financial product simply looking to hedge their risks from fluctuating prices.

Also of note on Thursday: the brand-new Consumer Financial Protection Bureau will open its doors and begin regulating financial institutions’ compliance with consumer laws. However, the House is set to vote on a trio of bills aimed at limiting the new bureau's power. The measures will likely be approved by Republicans in the House, but the Democrat-controlled Senate has shown no interest in companion bills.

The Senate Agriculture Committee has its own bit of business Thursday, as members of the panel weigh the nomination of Mark Wetjen to join the Commodity Futures Trading Commission (CFTC) as one of its five commissioners. The CFTC is working to implement a number of Dodd-Frank rules, and there is an additional wrinkle to this hearing — prior to being nominated for the position in May, Wetjen served as counsel and senior policy adviser to Senate Majority Leader Harry Reid (D-Nev.).

Some fresh housing data will be at hand this week. The Census Bureau will release numbers on new home construction on Tuesday, while the National Association of Realtors and the Mortgage Bankers Association will update data on existing home sales and mortgage applications, respectively. The Federal Housing Finance Agency will release its monthly data on home prices Thursday.