THIS WEEK:
- Before Congress left for July fourth recess the Senate sent a revised bill on Russian sanctions to the House correcting a procedural hurdle. The House is likely to start moving it this week but with revisions - the Trump Administration and some corporations are pushing back against it. We hosted a call last week on this topic - listen to the full replay here.
- Senate Republicans will be working to come to an agreement on repealing and replacing Obamacare. Senate Majority Leader Mitch McConnell sent two bills to CBO before the recess for scoring.
MONDAY, JULY 10:
- Senate returns from July fourth recess.
TUESDAY, JULY 11:
- House returns from July fourth recess.
- Senate Republicans will sit down together for the first time since the health care vote was delayed. Health care, Russia, G-20 and debt ceiling will be at the top of the docket.
- The Federal Reserve Bank of New York is hosting a conference on Normalizing Central Banks’ Balance Sheet. Federal Reserve Board Governor Brainard is giving the keynote address. This comes a day before Fed Chair Janet Yellen will address Congress.
- At 2:30pm ET the Senate Committee on Veteran Affairs is holding a hearing on pending health care legislation.
WEDNESDAY, JULY 12:
- President Trump’s nominee to lead the FBI, Christopher Wray, is awaiting confirmation at the Senate Committee on the Judiciary’s hearing at 9:30am ET. Wray is a Bush Alum serving as the Assistant Attorney General at the DOJ, where he specialized in corporate fraud.
- Later that day the Senate Committee on the Judiciary has a hearing to examine the problem of visa overstays at 2:30pm ET. This is part of a broader crackdown on immigration; the amount of immigrants who overstay their visa has been steadily rising.
- Fed Chair Janet Yellen will be on the Hill to testify at the House Committee on Financial Services hearing for the semi-annual testimony on the Federal Reserve’s supervision and regulation of the financial system at 10am ET. She is expected to explain interest rate hikes, the state of inflation, and the health of our economy. The House Committee on Financial Services will also be examining legislative proposals to provide targeted regulatory relief to community financial institutions at 2pm ET.
- The House Committee on Natural Resources has a hearing on how they evaluate federal offshore oil and gas development on the outer continental shelf. President Trump has slowly been rolling back Obama era regulations on offshore drilling and production.
THURSDAY, JULY 13:
- The Senate Committee on Banking, Housing, and Urban Affairs will conduct a hearing on the semi-annual Monetary Policy Report to Congress. The witness will be Fed Chair Janet Yellen at 10am ET. Yellen is expected to cover similar ground as in the House the day prior.
- The first in a series of July meetings planned to get the ball rolling on tax reform; The House Committee on Ways and Means has a hearing on how tax reform will help America's small businesses grow and create new jobs at 10am ET.
- The House Committee on Financial Services has a hearing on the impact of the DOL fiduciary rule on capital markets at 10am ET. The fiduciary rule was passed under Obama and was surprisingly implemented under new DOL Secretary Alexander Acosta.
- The House Committee on Judiciary has a hearing on the impact of bad patents on American businesses.
FRIDAY, JULY 14:
- President Trump will be in France to celebrate Bastille Day with newly elected President Emmanuel Macron.
CALL REPLAY | LOADED FOR BEAR - RUSSIAN SANCTIONS AHEAD?: Hedgeye hosted a call on Russian sanctions with the Deputy Director of the Kennan Institute for Advanced Russian Studies of the Woodrow Wilson Center, William Pomeranz. Dr. Pomeranz discussed the sanctions timeline to passage, implications on businesses in the U.S. and globally, and what they mean for National Security, as well as President Trump's meeting with Russian President Vladimir Putin at G20 tomorrow. If you missed the call, listen to the full replay here.
BUDGET CONTROL ACT BE DAMNED: CONGRESS THROWING MONEY AT DOD IN FY 2018: Our Senior Defense Analyst Emo Gardner writes that Congress is 3/4 of the way to giving DoD $25B more than the president requested, but that’s at least $70B more than the BCA allows. To find out more, read the entire piece here.
#ACA2.0 | HEALTH CARE EMPLOYMENT +2.1% IN JUNE: Our Senior Health Care Policy Analyst Emily Evans writes that health care employment remains flat sequentially at +2.1% in June while slowing sequentially to +2.2% on a rolling three month basis. To find out more, read the entire piece here.
CALL INVITE | THE ART OF THE DEAL - TRUMP V. NAFTA: Mark your calendar for a conference call with John Murphy of the U.S. Chamber of Commerce on July 13th at 11:00am ET on the timeline for NAFTA renegotiations, the emerging contours of the Administration’s strategy, and the implications on trade and the the U.S. economy. Get the event details here.
