Week ahead: Puerto Rico bill, take two

House Republicans plan to try a second time to move legislation to help Puerto Rico deal with its debt crisis.

The House Natural Resources Committee was expected to release a new draft of a bill to address the island territory’s multibillion-dollar debt on Friday, but lawmakers were unable to reach a deal. Speaker Paul Ryan (R-Wis.) said work was continuing and a bill would be ready in days.

{mosads}Legislation to give Puerto Rico debt restructuring authority and create a fiscal oversight board has been stalled for weeks.

An initial bill received pushback from both the Obama administration and conservative lawmakers, leading the Natural Resources Committee to cancel a previous markup.

Lawmakers already missed one deadline, allowing Puerto Rico to default on a $422 million repayment on May 2. But the territory is heading toward an even bigger problem: a $2 billion payment due July 1.

Puerto Rico’s debt woes aren’t the only big item on the agenda for lawmakers in the coming week.

After months of preparation and talks between Senate and House leaders, the Senate Finance Committee is scheduled to take a preliminary step toward corporate tax reform with a Tuesday hearing on the so-called dividends paid deduction.

The House Financial Services Committee plans to also hold a series of hearings on banking regulation reform. The Ways and Means Committee, meanwhile, is scheduled to hold several hearings on tax and entitlement reform.

Also on the agenda for Congress is an emergency funding package to address the Zika virus.

The Senate is expected to approve a $1.1. billion package, less than the almost $2 billion requested by President Obama.

House Republican leaders also say they are planning a vote in the coming week on Zika funding, but that package is smaller.

Your week ahead:

Tuesday:

• Senate Finance Committee: Hearing to examine integrating the corporate and individual tax systems, focusing on the dividends paid deduction, 10 a.m. http://1.usa.gov/1TdZ5an
• House Financial Services subcommittee on monetary policy: hearing titled “Interest on Reserves and the Fed’s Balance Sheet,” 10 a.m.http://1.usa.gov/1TBFpe3
• House Ways and Means subcommittee on health: Members Day hearing on “Tax-Related Proposals to Improve Healthcare,” 10 a.m.http://1.usa.gov/1sj5ubp
• House Financial Services subcommittee on capital markets: hearing titled “Legislative Proposals to Enhance Capital Formation, Transparency, and Regulatory Accountability,” 2 p.m.http://1.usa.gov/1s46waU

Wednesday:

• House Ways and Means subcommittee on Social Security: hearing titled “Protecting Social Security from Waste, Fraud, and Abuse”http://1.usa.gov/1sj5GYS
• House Financial Services subcommittee on financial institutions: hearing on the Consumer Financial Protection Bureau titled “Examining the CFPB’s Proposed Rulemaking on Arbitration: Is it in the Public Interest and for the Protection of Consumers?” 2 p.m. http://1.usa.gov/24Ukzlv

Thursday:

• House Financial Services subcommittee on oversight: hearing titled “Settling the Question: Did Bank Settlement Agreements Subvert Congressional Appropriations Powers?” 9:15 a.m. http://1.usa.gov/1ZLk0Dt
• Senate Banking subcommittee on securities: Hearings to examine improving communities and businesses access to capital and economic development, 10 a.m. http://1.usa.gov/1T9nP4N

Recap the week with Overnight Finance:

Monday: Puerto Rico bill coming Wednesday; Trump tax talk

Tuesday: Dem seeks info on Panama Papers companies

Wednesday: Puerto Rico bill delayed again; Trump to release tax returns after audit

Thursday: Senate approves first spending bill; Fed under fire on diversity

Today’s stories:

• Trump: My tax rate is ‘none of your business,’ by Harper Neidig
• Spokeswoman: Trump’s tax plan isn’t changing, by Naomi Jagoda
• Lew: Treasury, Congress still working toward solution on Puerto Rico, by Vicki Needham

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