Two bank bosses will be on Capitol Hill in the week ahead. Both will be trying to save their jobs.
The first, Federal Reserve Chair Janet Yellen, is set to deliver an update on the American economy to the House Financial Services Committee. Her appearance will come just a week after the Fed's interest rate-setting group decided, again, to not increase rates.
Though in a statement the group acknowledged "the case for an increase ... has strengthened," seven of its members voted in favor of keeping rates where they've been. The three dissenting votes that were cast, however, represent a level of division the group hasn't seen since Yellen became boss in 2014. Those votes indicate a growing confidence in the economy and bolster the case for an interest rate increase after Election Day.
Speaking of which, GOP presidential candidate Donald Trump has accused the Fed of fueling a "false economy" by keeping rates at ultra-low levels. If he's elected, it's doubtful he'd reappoint Yellen after her term ends in 2018. Consequently, the central bank head's fate rests not with Congress but with America's voters.
Next up is Wells Fargo CEO John Stumpf, who will be in front of the same congressional committee a day later, marking his second trip to Capitol Hill in as many weeks. Last week, Sen. Elizabeth Warren, D-Mass., told him he should resign over the bank's massive misuse of customer information and opening of millions of phony accounts.
He hasn't, and shares of Wells Fargo stock have lost about 10 percent of their value since the beginning of the month and 15 percent this year.
That said, if Stumpf does get kicked to the curb, it will be shareholders _ not Congress _ doing the punting.
Both Yellen and Stumpf will defend their actions and lay out their visions of the future. They'll need to convince their stakeholders they're up to the difficult tasks ahead.
