House lawmakers are expected to unveil the Puerto Rico Oversight, Management, and Economic Stability Act on Monday. It follows a discussion draft released two weeks ago by the House Natural Resources Committee. That panel is scheduled to hold a hearing on the bill Wednesday at 10 a.m.
Lawmakers are scrambling over how to help the island deal with its $72 billion in debt. Democrats want to allow the territory to be able to declare bankruptcy. But the island's creditors have lobbied hard against that idea. Republicans have floated aid for the island in exchange for new oversight.
Puerto Rico isn't the only big issue waiting for lawmakers. The House is also barreling toward a deadline for rolling out its fiscal 2017 budget. Leadership will have until the middle of the week to resolve a split between fiscal hawks who want spending under the levels set in last year's budget deal and defense hawks who want increased military spending.
The Senate is scheduled to be busy holding hearings on cybersecurity and protecting taxpayer information. Lawmakers are also slated to hold hearings on the controversial EB-5 investment visa program. The upper chamber is also beginning its appropriations process, with committees holding hearings on budgets for the Securities and Exchange Commission and Commodities Futures Trading Commission.
Your week ahead:
Tuesday:
- Senate Finance Committee: Hearing on examining cybersecurity and protecting taxpayer information, 10 a.m
- Senate Appropriations subcommittee on financial services: Hearings to examine proposed budget estimates and justification for fiscal 2017 for the Securities and Exchange Commission and Commodity Futures Trading Commission., 10:30 a.m.
- House Rules Committee: Business Meeting: H.R. 2666: No Rate Regulation of Broadband Internet Access Act. The bill would bar the FCC from setting rates for monthly Internet service. H.R. 3340: Financial Stability Oversight Council Reform Act; H.R. 3791: The bill would raise the consolidated assets threshold under the small bank holding company policy statement and for other purposes.
Wednesday:
- Senate Environment and Public Works Committee: Hearing to examine the role of environmental policies on access to energy and economic opportunity, 9:30 a.m.
- Senate Judiciary Committee: Hearing to examine EB-5 targeted employment areas, 10 a.m.
- Senate Budget Committee: Hearing to examine budgeting for outcomes to maximize taxpayer value, 10:30 a.m.
- Senate Agriculture Committee: Hearing on "Energy and the Rural Economy: The Impacts of Oil and Gas Production," 10 a.m.
- House Natural Resources Committee: Legislative Hearing on a Discussion Draft of the "Puerto Rico Oversight, Management, and Economic Stability Act, 10 a.m.
- House Small Business Committee: Hearing entitled "Keep It Simple: Small Business Tax Simplification and Reform, Main Street Speaks," 11 a.m. The panel has another hearing entitled "Keep It Simple: Small Business Tax Simplification and Reform, the Commissioner Responds," at 2:30 p.m.
Thursday:
- Senate Banking subcommittee on investment and subcommittee on economic policy: Joint hearings to examine current trends and changes in the fixed-income markets, 10 a.m.
- House Science Committee hearing entitled "Can the IRS Protect Taxpayers Personal Information?" 10 a.m.
- House Small Business Committee: Hearing entitled "Regulation: The Hidden Small Business Tax," 10 a.m.
Recap the week with Overnight Finance:
Monday: New limits on offshore tax deals; Panama Papers fallout
Tuesday: Obama takes on offshore tax deals
Wednesday: Fight over financial adviser rule; New tax rules sink drug merger
Thursday: Sanders, Clinton take the gloves off in Wall Street fight
By Sylvan Lane
Week ahead: Puerto Rico, budget top House agenda
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