Congressional Roundup

It's a busy day on Capitol Hill today with three Congressional hearings which may be of interest to markets.

• 09:30 ET 14:30 BST: SENATE Armed Services: "To receive a closed briefing on Ukraine"
• 10:00 ET 15:00 BST: HOUSE Natural Resources: "Energy and Mining Subcommittee: Legislative Hearing"
  • The committee is examining four bills, including H.R.5522, which addresses resource development on federal land.
  • Livestream here: https://naturalresources.house.gov/hearings/emr-le...
• 10:00 ET 15:00 BST: HOUSE Foreign Affairs Hearing: "Assessing the U.S. Economic Policy Response to Russia’s Invasion of Ukraine"
  • Testimony from Alan Estevez, Under Secretary Industry and Security at the Department of Commerce.
  • Estevez will say that the measures against Russia are amongst "the most aggressive and robust uses of export controls against another country."
  • He will also say: "There have been reports that Russia will have to ground between half and two thirds of its commercial fleet by 2025 in order to cannibalize them for parts due to the export controls and enforcement actions we have implemented."
  • Estevez: "...we remain focused on aggressively and appropriately using our tools to contend with the long-term strategic competition with the People’s Republic of China (PRC)."
  • The thrust of Estevez's testimony, "that the PRC is determined to advance its military capabilities by illicitly acquiring U.S. technology," may have implication for the CHIPS Act which Senate Majority Leader Chuck Schumer (D-NY) plans to bring to the Senate floor today. A number of US semiconductor manufacturers are lobbying Congress to have items of the bill which constrain business in China removed from the bill, a concession which may undermine the national security foundations of the bill.
  • Livestream: https://foreignaffairs.house.gov/hearings?ContentR...