DRIVING THE WEEK:
Both the House and Senate are in session this week.
The House is set to take up immigration legislation this week with the release of a House Republican draft immigration bill that is being pitched as a compromise between the conservative and moderate wings of the caucus. A conservative bill authored by Judiciary Chairman Bob Goodlatte will also be considered. President Trump will attend a meeting of the House Republican Conference tomorrow evening where the measures will be the main topics of discussion. After issuing confusing statements headed into last weekend, the White House indicated that Trump would sign either bill. The Goodlatte measure is not expected to garner enough support while the compromise leadership bill has the best chance for passage.
The Senate is set to resume consideration of the National Defense Authorization Act (NDAA) for FY19 today with votes scheduled this evening on the measure which includes language blocking Trump's ZTE deal. The NDAA is currently expected to pass the Senate against a backdrop of fierce opposition by the Trump Administration. The Senate version will have to be merged with the House-passed version in a conference committee – where a final battle will take place to strip the language from the legislation before hitting Trump’s desk.
Trump is expected to announce the surprise pick of OMB official Kathy Kraninger as soon as this week his nominee to direct the Consumer Financial Protection Bureau (CFPB) on a permanent basis. Kraninger is an ally of OMB Director/Acting CFPB Director Mick Mulvaney and is almost guaranteed to face a bruising battle for Senate confirmation and Mulvaney could remain as Acting Director through the end of the year. We mentioned that Rep. Darrell Issa (R-CA) was a leading contender last week.
Trump is pushing his team to arrange a one-on-one summit meeting with Russian President Vladimir Putin as soon as this summer. Negotiations with the Kremlin have been underway for weeks, and Trump has dismissed warnings by his advisers about the political dangers of a meeting with the recently re-elected Russian leader.
The following states will hold primary elections on June 26: Colorado, Maryland, Mississippi, South Carolina, New York, Oklahoma, and Utah.
OPEC MEETING RESET | MARKET EXPECTATIONS HIGHER THAN OPEC CAN DELIVER: Russia pushing proposal for 1M+ in new production but getting cold response & Trump looms large; We forecast smaller 300-500 kbd increase. Read Joe McMonigle's latest from Vienna here.
RECAP OF LAST WEEK'S KEY POLICY CALLS:
GENERAL DAN CHRISTMAN | GEOPOLITICAL RECAP: Listen to the replay of General Christman top geopolitical concerns here.
FORMER OPEC PRESIDENT AND ALGERIAN OIL MINISTER DISCUSSES NEXT OPEC MOVES AT HEDGEYE LUNCH | LIKELIHOOD OF MORE PRODUCTION: Hear the replay and recap here.
CALL REPLAY | WHISTLING PAST THE GRAVEYARD | EVOLVING FEDERAL DRUG PRICE CVS, MCK, UNH, AET, LLY, REG: 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.
CLEAN VICTORY FOR AT+T/TIME WARNER (T, TWX, CMCSA, FOXA and DIS): Our Telecom Analyst Paul Glenchur was spot on with his call. Read his piece 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.
GENERAL DAN CHRISTMAN | IRAN: IS THERE A "PLAN B?": Read General Christman's latest on Iran here.
House of Representatives Schedule
Monday, June 18, 2018
Hearing: Exploring the State of Western Kentucky’s Small Businesses
10:00 AM
Host: Committee on Small Business
Hearing: The Perspective of Rural Small Businesses in North Mississippi
2:00 PM
Host: Committee on Small Business
Tuesday, June 19, 2018
Hearing: Oversight of the FBI and DOJ Actions in Advance of the 2016 Election
10:00 AM | HVC-210 CAPITOL
Host: Committee on Oversight and Government Reform
Hearing: Oversight of the FBI and DOJ Actions in Advance of the 2016 Election
10:00 AM | HVC-210 CAPITOL
Host: Committee on the Judiciary
10:00 AM | HVC-210 CAPITOL
Host: Committee on the Judiciary
12:30 PM | Room 205, Ryan Building, Pennsylvania Capitol Complex, Harrisburg, PA
Host: Committee on Homeland Security | Subcommittee on Oversight and Management Efficiency
5:00 PM | H-313 CAPITOL
Host: Committee on Rules
Wednesday, June 20, 2018
Hearing: The Benefits of Tax Reform on the Energy Sector and Consumers
10:00 AM | 2123 Rayburn HOB
Host: Committee on Energy and Commerce | Subcommittee on Energy
Hearing: “Occupational Licensing: Reducing Barriers to Economic Mobility and Growth”
10:00 AM
Host: Committee on Education and the Workforce | Subcommittee on Higher Education and Workforce Development
Hearing: Hearing entitled “Empowering a Pro-Growth Economy by Cutting Taxes and Regulatory Red Tape”
10:00 AM | 2128 Rayburn HOB
Host: Committee on Financial Services | Full Committee
Hearing: U.S. Policy Toward Afghanistan
10:00 AM | 2172 Rayburn HOB
Host: Committee on Foreign Affairs
10:00 AM | 2154 Rayburn
Host: Committee on Appropriations | Multiple Subcommittees
10:15 AM | 1324 Longworth House Office Building
Host: Committee on Natural Resources | Full Committee
Hearing: Communities That Think Small and Win Big
11:00 AM
Host: Committee on Small Business
Hearing: Examination of the GAO Audit Series of HHS Cybersecurity
1:00 PM | 2123 Select one
Host: Committee on Energy and Commerce | Subcommittee on Oversight and Investigations
Hearing: The Trump-Kim Summit: Outcomes and Oversight
2:00 PM | 2172R Select one
Host: Committee on Foreign Affairs | Subcommittee on Asia and the Pacific
Hearing: Hearing entitled “Illicit Use of Virtual Currency and the Law Enforcement Response”
2:00 PM | 2128 Rayburn HOB
Host: Committee on Financial Services | Subcommittee on Terrorism and Illicit Finance
Hearing: Holding Cuban Leaders Accountable
2:00 PM | 2154 Rayburn HOB
Host: Committee on Oversight and Government Reform | Subcommittee on National Security
Hearing: Human Rights Concerns in Sri Lanka
2:30 PM | 2200 Rayburn HOB
Host: Committee on Foreign Affairs | Subcommittee on Africa, Global Health, Global Human Rights, and International Organizations
3:30 PM | 2212 Rayburn HOB
Host: Committee on Armed Services | Subcommittee on Military Personnel
Thursday, June 21, 2018
Hearing: Full Committee Hearing: DIA Roles Mission Closed
9:00 AM | HVC-304 CAPITOL
Host: House Permanent Select Committee on Intelligence
Hearing: PIPES Act of 2016 Implementation: Oversight of Pipeline Safety Programs
10:00 AM
Host: Committee on Transportation and Infrastructure | Washington, DC
Hearing: State Perspectives on Regulating Background Ozone
10:00 AM | 2318 Rayburn HOB
Host: Committee on Science, Space, and Technology | Subcommittee on Environment
Hearing: Examining The Need for New Federal Judges
10:00 AM | 2141 Rayburn HOB
Host: Committee on the Judiciary | Subcommittee on Courts, Intellectual Property, and the Internet
Hearing: Legislative Hearing on Federal Land Management Bills
10:00 AM | 1324 Longworth House Office Building
Host: Committee on Natural Resources
Hearing: Hearing entitled “Oversight of the U.S. Securities and Exchange Commission”
10:00 AM | 2128 Rayburn HOB
Host: Committee on Financial Services | Full Committee
10:00 AM
Host: Committee on Education and the Workforce | Subcommittee on Health, Employment, Labor, and Pensions
Hearing: Accelerating Agriculture: How Federal Regulations Impact America’s Small Farmers
10:30 AM
Host: Committee on Small Business
Hearing: H.R. 3553 the Bankruptcy Administration Improvement Act of 2017
11:30 AM | 2237 Rayburn HOB
Host: Committee on the Judiciary | Subcommittee on Regulatory Reform, Commercial, and Antitrust Law
Hearing: Russian and Chinese Nuclear Arsenals: Posture Proliferation and the Future of Arms Control
2:00 PM | 2172 Rayburn HOB
Host: Committee on Foreign Affairs | Subcommittee on Terrorism, Nonproliferation, and Trade
Hearing: The State of Intellectual Freedom in America
2:00 PM | 2141 Rayburn HOB
Host: Committee on the Judiciary | Subcommittee on the Constitution and Civil Justice
Hearing: Legislative Hearing on Mineral Leasing Bills
2:00 PM | 1324 Longworth House Office Building
Host: Committee on Natural Resources
Hearing: Aviation Mishap Preventiona Progress Report
3:30 PM | 2212 Rayburn HOB
Host: Committee on Armed Services | Subcommittee on Readiness
Friday, June 22, 2018
Hearing: H.R. 2651 The Horseracing Integrity Act of 2017
9:00 AM | 2123 Rayburn HOB
Host: Committee on Energy and Commerce | Subcommittee on Digital Commerce and Consumer Protection
Hearing: Space Situational Awareness: Whole of Government Perspectives on Roles and Responsibilities
9:00 AM | 2118 Rayburn HOB
Host: Committee on Armed Services | Subcommittee on Strategic Forces
Hearing: Space Situational Awareness: Whole of Government Perspectives on Roles and Responsibilities
9:00 AM | 2118 Rayburn HOB
Host: Committee on Science, Space, and Technology | Subcommittee on Space
Hearing: Advanced Biofuels Under the Renewable Fuel Standard: Current Status and Future Prospects
9:15 AM | 2322 Rayburn HOB
Host: Committee on Energy and Commerce | Subcommittee on Environment
SENATE
Monday, June 18, 2018
2:00 PM — SH-216
Hearings to examine the Inspector General's first report on Department of Justice and Federal Bureau of Investigation actions in advance of the 2016 presidential election.
Commission on Security and Cooperation in Europe
3:30 PM — SD-G11
To receive a briefing on corruption in Ukraine's energy sector.
Tuesday, June 19, 2018
Time to be announced. — TBA
Business meeting to consider the nomination of John Lowry III, of Illinois, to be Assistant Secretary of Labor for Veterans' Employment and Training.
9:30 AM — SD-G50
Hearings to examine the nomination of Lieutenant General Austin S. Miller, USA, to be general and Commander, Resolute Support Mission, North Atlantic Treaty Organization/Commander, United States Forces-Afghanistan, Department of Defense.
Appropriations: Subcommittee on Department of Homeland Security
10:00 AM — SD-124
Business meeting to markup an original bill making appropriations for the Department of Homeland Security for the fiscal year ending September 30, 2019.
Health, Education, Labor, and Pensions
10:00 AM — SD-430
Hearings to examine effective administration of the 340B Drug Pricing Program.
10:00 AM — SD-226
An oversight hearing to examine the EB-5 investor visa program.
Appropriations: Subcommittee on Financial Services and General Government
11:00 AM — SD-138
Business meeting to markup an original bill making appropriations for financial services and general government for the fiscal year ending September 30, 2019.
2:30 PM — SR-253
Hearings to examine Cambridge Analytica and other Facebook partners, focusing on data privacy risks.
2:30 PM — SH-219
Closed hearings to examine certain intelligence matters.
2:30 PM — SD-106
Hearings to examine changing the trajectory of Alzheimer's, focusing on reducing risk, detecting early symptoms, and improving data.
Appropriations: Subcommittee on State, Foreign Operations, and Related Programs
3:00 PM — SD-138
Business meeting to markup an original bill making appropriations for the Department of State, foreign operations, and related programs for the fiscal year ending September 30, 2019.
Wednesday, June 20, 2018
9:00 AM — SD-215
Hearings to examine current and proposed tariff actions administered by the Department of Commerce.
Commerce, Science, and Transportation
10:00 AM — SR-253
Hearings to examine the nominations of Geoffrey Adam Starks, of Kansas, to be a Member of the Federal Communications Commission, and Peter A. Feldman, of the District of Columbia, to be a Commissioner of the Consumer Product Safety Commission.
10:00 AM — SD-406
Hearings to examine the nominations of William Charles McIntosh, of Michigan, to be an Assistant Administrator, and Peter C. Wright, of Michigan, to be Assistant Administrator, Office of Solid Waste, both of the Environmental Protection Agency.
Homeland Security and Governmental Affairs
10:00 AM — SD-342
Hearings to examine Medicaid fraud and overpayments, focusing on problems and solutions.
10:00 AM — SD-226
Hearings to examine pending nominations.
10:00 AM — SH-216
Hearings to examine the policy response to Russian interference in the 2016 United States elections; to be immediately followed by a closed session in SH-219.
10:15 AM — SD-419
Hearings to examine United States Agency for International Development resources and redesign.
Health, Education, Labor, and Pensions
10:30 AM — SD-430
Business meeting to consider S.3029, to revise and extend the Prematurity Research Expansion and Education for Mothers who deliver Infants Early Act (PREEMIE Act), S.1112, to support States in their work to save and sustain the health of mothers during pregnancy, childbirth, and in the postpartum period, to eliminate disparities in maternal health outcomes for pregnancy-related and pregnancy-associated deaths, to identify solutions to improve health care quality and health outcomes for mothers, S.808, to provide protections for certain sports medicine professionals who provide certain medical services in a secondary State, S.3039, to provide funding for the development of a predictive analytics pilot program to help children and families who come to the attention of the child welfare system, an original bill to reauthorize the Carl D. Perkins Career and Technical Education Act, and the nominations of Scott Stump, of Colorado, to be Assistant Secretary for Career, Technical, and Adult Education, Department of Education, John Lowry III, of Illinois, to be Assistant Secretary of Labor for Veterans' Employment and Training, and other pending nominations.
10:30 AM — SR-301
Hearings to examine election security preparations, focusing on a state and local perspective.
2:30 PM — SD-628
An oversight hearing to examine promoting traditional subsistence activities in Native communities.
2:30 PM — SD-538
Hearings to examine combating money laundering and other forms of illicit finance, focusing on how criminal organizations launder money and innovative techniques for fighting them.
Finance: Subcommittee on International Trade, Customs, and Global Competitiveness
2:30 PM — SD-215
Hearings to examine trade and commerce at United States ports of entry.
Thursday, June 21, 2018
10:00 AM — SD-226
Business meeting to consider 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, 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 John D. Jordan, to be United States Marshal for the Eastern District of Missouri, Department of Justice.
10:30 AM — SD-106
Business meeting to markup an original bill making appropriations for the Department of State, Foreign Operations, and Related Programs for the fiscal year ending September 30, 2019, an original bill making appropriations for the Department of Homeland Security for the fiscal year ending September 30, 2019, and an original bill making appropriations for Financial Services and General Government for the fiscal year ending September 30, 2019.
Commission on Security and Cooperation in Europe
1:00 PM — SR-485
To receive a briefing on illicit trade.
2:30 PM — RHOB-2318
Hearings to examine the need for United States leadership on digital trade.
