Lawmakers are close to unveiling new legislation to help Puerto Rico restructure its debt after missing a crucial deadline.
Congress failed to pass a bill before the island defaulted on $422 million in payments on May 1.
{mosads}Republicans balked at earlier legislation, worrying taxpayers would be on the hook for a “bailout.” But Speaker Paul Ryan (R-Wis.) has been pressing his caucus to back a Puerto Rico measure while negotiating with the Treasury Department.
Natural Resources Committee Chairman Rob Bishop (R-Utah), whose panel is handling the bill, has said he hopes to have a revised version of the Puerto Rico Oversight, Management and Stability Act soon. Lawmakers return to the Capitol Monday after a one-week recess.
The administration is also pushing for Congress to act quickly. Treasury Secretary Jack Law is heading to Puerto Rico on Monday.
An even bigger deadline looms, with the island facing a $2 billion payment on July 1.
Also on Capitol Hill, the Senate will spend the week working on the National Defense Authorization Act. Keep an eye out for senators to also quickly clear legislation that would provide tariff relief for U.S. manufacturers.
The House easily passed the bipartisan Miscellaneous Tariff Bill measure before the weeklong recess, and there was talk that the upper chamber would hotline the bill and quickly send it to President Obama’s desk for his signature.
But that move was delayed, raising expectations the Senate could take up the bill when lawmakers return Monday.
The Senate vetted the issue last year, and there is still strong support in the chamber.
Your week ahead:
Monday:
- American Enterprise Institute event titled, “Has the Federal Reserve gone too far? A discussion of the Fed’s evolution since 1913.” http://bit.ly/21EWmtU
Tuesday:
- Senate Finance Committee: Hearing titled “Can Evidence Based Practices Improve Outcomes for Vulnerable Individuals and Families?” 10 a.m. http://1.usa.gov/1q408PP
- Senate Banking Committee: Hearing titled “Evaluating the Financial Risks of China,” 10 a.m. http://1.usa.gov/1O3AohO
- Investment Company Institute event titled “Assessing the New DOL Fiduciary Rule: Policy and Practical Challenges.” http://bit.ly/1TMJHBQ
Wednesday:
- Securities Industry and Financial Markets Association seminar on implementation of the administration’s new fiduciary rule for retirement advisers, 8 a.m. http://bit.ly/1T51J5r
- House Energy and Commerce Health Subcommittee: Hearing titled “Health Care Solutions: Increasing Patient Choice and Plan Innovation,” 10 a.m. http://1.usa.gov/1TvNEbF
- House Energy and Commerce Subcommittee: Hearing titled “Daily Fantasy Sports: Issues and Perspectives,” 10:15 a.m. http://1.usa.gov/1Znhof0
- House Small Business Committee: Hearing titled “Inspiring Entrepreneurs: Learning from the Experts,” 11 a.m. http://1.usa.gov/1TvO29S
- Information Technology and Innovation Foundation event titled, “The Role of Payment Networks in Enabling Fintech Innovation and What Policymakers Can Do to Support It,” 12 p.m. http://bit.ly/270CyVG
- House Ways and Means Health Subcommittee: Hearing on the Implementation of Medicare Access & CHIP Reauthorization Act of 2015, 2 p.m. http://1.usa.gov/1WetBoA
- House Appropriations Defense Subcommittee: Subcommittee Markup — FY 2017 Defense Appropriations Bill, 5:30 p.m. http://1.usa.gov/1Znklfk
Thursday:
- House Ways and Means Tax Subcommittee: Member Day Hearing on Tax Legislation, 10 a.m. http://1.usa.gov/23vb32d
- House Financial Services Housing and Insurance Subcommittee: Hearing titled “The Future of Housing in America: A Comparison of the United Kingdom and United States Models for Affordable Housing,” 10 a.m. http://1.usa.gov/1O3nctf
- House Foreign Affairs Committee: Hearing titled “Terrorism Missiles and Corruption: The Risks of Economic Engagement with Iran,” 10 a.m. http://1.usa.gov/1Wdc4wA
- House Agriculture Committee: Hearing titled “The Past Present and Future of SNAP: The Retailer Perspective,” 10 a.m. http://1.usa.gov/1WeANB2
- House Small Business Committee: Hearing titled “The New Faces of American Manufacturing,” 11 a.m. http://1.usa.gov/1q3XfOS
Recap the week with Overnight Finance:
Monday: Puerto Rico defaults on $422M
Tuesday: IRS hiring hundreds of new tax enforcers
Wednesday: Trump now open to raising minimum wage
Thursday: Goldman Sachs alums in both Clinton, Trump camps
Today’s stories:
- Trump: I’d drive hard bargain with US creditors, by Peter Schroeder
- Obama calls for Congress to combat tax evasion and money laundering, by Naomi Jagoda and Jordan Fabian
- Lew to head to Puerto Rico, by Peter Schroeder
- Treasury poised to announce decision on pension cuts for Teamsters, by Naomi Jagoda
- Economy adds only 160K jobs in April, by Vicki Needham
Write us with tips, suggestions and news: slane@digital-stage.thehill.com, vneedham@digital-stage.thehill.com, pschroeder@digital-stage.thehill.com and njagoda@digital-stage.thehill.com. Follow us on Twitter: @SylvanLane, @VickofTheHill, @PeteSchroeder and @NJagoda.