DRIVING THE WEEK:
Both the House and Senate are in session this week.
President Trump and North Korea's Kim are set to meet Tuesday in Singapore (9pm ET today).
The Senate will resume consideration of the National Defense Authorization Act (NDAA) with potential amendments on tariffs, CFIUS legislation and ZTE sanctions. The House is set to consider over 20 pieces of legislation that would address the opioid crisis.
Primary elections will be held tomorrow in Maine, Nevada, North Dakota, South Carolina and Virginia.
House Speaker Paul Ryan (R-Wis.) has pledged that House Republicans would draft immigration legislation for a floor vote in the coming weeks amid an effort by some centrist Republican lawmakers that is on the cusp of amassing enough support to force a series of immigration votes through a discharge petition.
The Director of the National Economic Council, Larry Kudlow, suggested that Trump is interested in negotiating standalone bilateral trade agreements with Mexico and Canada instead of wrapping up talks for a revised, trilateral North American Free Trade Agreement (NAFTA). Kudlow's remarks, which line up with Trump's previous endorsements of bilateral trade deals, are likely to make finishing the NAFTA talks even more difficult since Canada and Mexico have expressed opposition to pursuing bilateral deals. The weekend dustup with Canadian PM Trudeau is unlikely to improve the atmosphere surrounding the talks.
China offered to buy almost $70 billion worth of U.S. manufacturing, energy and agricultural goods in a one-year span in exchange for the U.S. scrapping its plans to impose new tariffs on Chinese imports, according to unnamed sources briefed on the talks. Liu He, the Chinese official who led the talks, reportedly told U.S. negotiators that the offer would expire if the U.S. moves forward with the $50 billion in duties, which are set to enter into force just after June 15.
The Treasury Department plans to release proposed rules before 2019 that will set out how the overseas earnings of multinational companies will be taxed under the 2017 tax law. Officials from Treasury have been meeting with firms to figure out what issues they might have with implementation, according to Treasury Deputy Assistant Secretary Chip Harter, who said the rules "will not make anyone completely happy."
Obama-era net neutrality rules will end today with FCC Chairman Ajit Pai declaring that new rules to be put in place “will protect consumers and promote better, faster internet access and more competition.”
U.S. District Court Judge Richard Leon will rule tomorrow on whether or not AT+T can buy Time Warner. See the latest from Hedgeye’s Telecom Analyst Paul Glenchur below and contact us if you’d like updates over the next 24 hours.
Trump said he is open to signing legislation that would make it easier for banks and credit unions to provide financial services to firms involved in the marijuana industry, in states where the drug is legal. Trump said he "probably will end up supporting" the bill, which is backed by Senators Cory Gardner (R-CO) and Elizabeth Warren (D-MA) but unlikely to clear Congress this year.
GENERAL DAN CHRISTMAN | IRAN: IS THERE A "PLAN B?": Read General Christman's latest and join us tomorrow June 12 at 10am ET for a conference call on mounting geopolitical risks. Find the call details here.
F-35 ENTERS CRITICAL PERIOD BUT SHOULD BE FINE: F35 program comes under attack but continues to prevail. Read General Gardner's piece here.
JUDGMENT DAY | AT+T / TIME WARNER SET FOR TUESDAY RULING (T, TWX, CMCSA, FOXA, DIS): AT+T likely prevails but legal clouds would hover over a possible Comcast bid over Fox assets. Read Paul Glenchur's latest here.
CALL INVITE | JUNE 13 at 10 AM ET: WHISTLING PAST THE GRAVEYARD | EVOLVING FEDERAL DRUG PRICE POLICY- REAL LONG-TERM RISKS: President Trump's drug price policy as announced on May 11th was shrugged off but long-term risks are real for PBMs, Part B manufacturers.
House of Representatives Schedule
Monday, June 11, 2018
Hearing: Full Committee Field Hearing in Alpena, Michigan
2:00 PM | Alpena Community College
Host: Committee on Natural Resources
Tuesday, June 12, 2018
Hearing: Oversight of the ATF National Canine Division
9:30 AM | Warren County Government Center, Front Royal, VA
Host: Committee on the Judiciary
5:00 PM | H-313 CAPITOL
Host: Committee on Rules
Wednesday, June 13, 2018
10:00 AM | 2128 Rayburn HOB
Host: Committee on Financial Services | Full Committee
Hearing: The Middle East and North Africa: Ensuring Resources Match Objectives
10:00 AM | 2172 Rayburn HOB
Host: Committee on Foreign Affairs | Subcommittee on the Middle East and North Africa
Markup: Subcommittee Markup - FY 2019 State, Foreign Operations Appropriations Bill
10:00 AM | H-140 The Capitol
Host: Committee on Appropriations | Subcommittee on State, Foreign Operations, and Related Programs
Hearing: Department of Defense Aviation Safety Mishap Review and Oversight Process
10:00 AM | 2118 Rayburn HOB
Host: Committee on Armed Services | Subcommittee on Tactical Air and Land Forces
Hearing: "The Power of Charter Schools: Promoting Opportunity for America’s Students”
10:00 AM
Host: Committee on Education and the Workforce | Full Committee
10:15 AM | 1324 Longworth House Office Building
Host: Committee on Natural Resources | Full Committee
Hearing: The Impact of Category Management on the Small Business Industrial Base
11:00 AM
Host: Committee on Small Business
Hearing: Full Committee Markup - FY 2019 Defense and Financial Services Appropriations Bills
12:00 PM | TBD
Host: Committee on Appropriations | Multiple Subcommittees
2:00 PM | 2128 Rayburn HOB
Host: Committee on Financial Services | Capital Markets, Securities, and Investment
Thursday, June 14, 2018
Hearing: Navy and Air Force Depot Policy Issues and Infrastructure Concerns
9:00 AM | 2212 Rayburn HOB
Host: Committee on Armed Services | Subcommittee on Readiness
Hearing: The Chemical Facilities Anti-Terrorism Standards Program CFATS A Progress Report
10:00 AM | 2123 Rayburn HOB
Host: Committee on Energy and Commerce | Subcommittee on Environment
Hearing: NASA Cost and Schedule Overruns: Acquisition and Program Management Challenges
10:00 AM | 2318 Rayburn HOB
Host: Committee on Science, Space, and Technology | Subcommittee on Space
Hearing: Shrinking the Skills Gap: Solutions to the Small Business Workforce Shortage
10:00 AM
Host: Committee on Small Business
Hearing: Democracy Promotion in a Challenging World
10:00 AM | 2172 Rayburn HOB
Host: Committee on Foreign Affairs
Hearing: Understanding the Digital Advertising Ecosystem
10:15 AM | 2322 Rayburn HOB
Host: Committee on Energy and Commerce | Subcommittee on Digital Commerce and Consumer Protection
Friday, June 15, 2018
9:00 AM | 2123 Rayburn HOB
Host: Committee on Energy and Commerce | Subcommittee on Oversight and Investigations
U.S. SENATE:
Tuesday, June 12, 2018
Appropriations: Subcommittee on Department of the Interior, Environment, and Related Agencies
9:30 AM — SD-124
Business meeting to markup an original bill making appropriations for the Department of the Interior, Environmental Protection Agency, and related agencies for the fiscal year ending September 30, 2019.
Banking, Housing, and Urban Affairs
10:00 AM — SD-538
Hearings to examine the nominations of Richard Clarida, of Connecticut, to be a Member of the Board of Governors, and to be Vice Chairman of the Board of Governors, and Michelle Bowman, of Kansas, to be a Member of the Board of Governors, both of the Federal Reserve System.
10:00 AM — SD-366
An oversight hearing to examine the Federal Energy Regulatory Commission.
10:00 AM — SD-215
Business meeting to consider an original bill entitled, "Helping to End Addiction and Lessen (HEAL) Substance Use Disorders Act of 2018"; to be immediately followed by a hearing to examine the nominations of Jeffrey Kessler, of Virginia, to be an Assistant Secretary of Commerce, Elizabeth Ann Copeland, of Texas, and Patrick J. Urda, of Indiana, both to be a Judge of the United States Tax Court, and Amy Karpel, of Washington, and Randolph J. Stayin, of Virginia, both to be a Member of the United States International Trade Commission.
Health, Education, Labor, and Pensions
10:00 AM — SD-430
Hearings to examine the cost of prescription drugs, focusing on examining the President's blueprint 'American Patients First' to lower drug prices.
10:00 AM — SD-226
Hearings to examine election interference, focusing on ensuring law enforcement is equipped to target those seeking to do harm.
Homeland Security and Governmental Affairs
10:30 AM — SD-106
Hearings to examine the Chemical Facility Anti-Terrorism Standards program.
Appropriations: Subcommittee on Commerce, Justice, Science, and Related Agencies
2:30 PM — SD-192
Business meeting to markup an original bill making appropriations for the Department of Commerce, Department of Justice, Science, and related agencies for the fiscal year ending September 30, 2019.
Wednesday, June 13, 2018
Agriculture, Nutrition, and Forestry
9:30 AM — SR-328A
Business meeting to consider an original bill entitled, "2018 Farm Bill".
Commerce, Science, and Transportation
10:00 AM — SR-253
An oversight hearing to examine the National Telecommunications and Information Administration.
Energy and Natural Resources: Subcommittee on Water and Power
10:00 AM — SD-366
Hearings to examine S.3001, to authorize the Secretary of the Interior to convey certain land and facilities of the Central Valley Project, H.R.132, to authorize the Secretary of the Interior to convey certain land and appurtenances of the Arbuckle Project, Oklahoma, to the Arbuckle Master Conservancy District, and H.R.1967, to amend the Reclamation Project Act of 1939 to authorize pumped storage hydropower development utilizing multiple Bureau of Reclamation reservoirs.
10:00 AM — SD-406
Hearings to examine innovation and America's infrastructure, focusing on the effects of emerging autonomous technologies on America's roads and bridges.
10:00 AM — SD-419
Hearings to examine the nominations of Kimberly Breier, of Virginia, to be an Assistant Secretary (Western Hemisphere Affairs), Kenneth S. George, of Texas, to be Ambassador to the Oriental Republic of Uruguay, and Joseph N. Mondello, of New York, to be Ambassador to the Republic of Trinidad and Tobago, all of the Department of State.
Homeland Security and Governmental Affairs
10:00 AM — SD-342
Business meeting to consider S.2836, to assist the Department of Homeland Security in preventing emerging threats from unmanned aircraft and vehicles, S.2392, to amend the Homeland Security Act of 2002 to authorize the Secretary of Homeland Security to designate cybersecurity technologies that qualify for protection under systems of risk and litigation management, S.2948, to improve efforts to identify and reduce Government-wide improper payments, S.1204.
10:00 AM — SD-226
Hearings to examine confronting sexual harassment and other workplace misconduct in the Federal judiciary.
Solvency of Multiemployer Pension Plans
10:00 AM — SD-215
Hearings to examine employer perspectives on multiemployer pension plans.
2:30 PM — SD-628
An oversight hearing to examine the Government Accountability Office high risk list, focusing on turning around vulnerable Indian programs.
Environment and Public Works: Subcommittee on Superfund, Waste Management, and Regulatory Oversight
2:30 PM — SD-406
An oversight hearing to examine the Army Corps' regulation of surplus water and the role of states' rights.
2:30 PM — SR-418
Hearings to examine the nomination of John Lowry III, of Illinois, to be Assistant Secretary of Labor for Veterans' Employment and Training.
Thursday, June 14, 2018
9:30 AM — SD-226
Business meeting to consider S.2837, to improve the systems for identifying the diversion of controlled substances, S.974, to promote competition in the market for drugs and biological products by facilitating the timely entry of lower-cost generic and biosimilar versions of those drugs and biological products, S.2245, to include New Zealand in the list of foreign states whose nationals are eligible for admission into the United States as E-1 and E-2 nonimmigrants if United States nationals are treated similarly by the Government of New Zealand, and the nominations of Britt Cagle Grant, of Georgia, to be United States Circuit Judge for the Eleventh Circuit, Allen Cothrel Winsor, to be United States District Judge for the Northern District of Florida, Patrick R. Wyrick, to be United States District Judge for the Western District of Oklahoma, Edward W. Felten, of New Jersey, and Jane Nitze, of the District of Columbia, both to be a Member of the Privacy and Civil Liberties Oversight Board, and Susan Llewellyn Pamerleau, to be United States Marshal for the Western District of Texas, Gadyaces S. Serralta, to be United States Marshal for the Southern District of Florida, and R. Don Ladner, Jr., to be United States Marshal for the Northern District of Florida, all of the Department of Justice.
Banking, Housing, and Urban Affairs
10:00 AM — SD-538
Hearings to examine an update from the Comptroller of the Currency.
10:00 AM — SD-419
Hearings to examine the nominations of Harry B. Harris, Jr., of Florida, to be Ambassador to the Republic of Korea, Tibor Peter Nagy, Jr., of Texas, to be an Assistant Secretary (African Affairs), and David Schenker, of New Jersey, to be an Assistant Secretary (Near Eastern Affairs), all of the Department of State.
10:30 AM — SD-106
Business meeting to markup an original bill making appropriations for the Department of the Interior, Environmental Protection Agency, and related agencies for the fiscal year ending September 30, 2019, an original bill making appropriations for the Department of Commerce, Department of Justice, science, and related agencies for the fiscal year ending September 30, 2019, and an original bill making appropriations for the legislative branch for the fiscal year ending September 30, 2019.
