Week ahead: Ryan to give 'major' tax reform speech | Panel takes up flood insurance bill | Trump trade rep heads before Congress

Week ahead: Ryan to give 'major' tax reform speech | Panel takes up flood insurance bill | Trump trade rep heads before Congress

It will be a big week for tax reform, with Speaker Paul RyanPaul Davis RyanTrump vows to stand with House GOP '1,000 percent' on immigration Heckler yells ‘Mr. President, f--- you’ as Trump arrives at Capitol Hoyer: GOP centrists 'sold out' Dreamers MORE (R-Wis.) slated to deliver what's being billed as a major speech on the GOP plan.

Ryan will speak Tuesday before the National Association of Manufacturers' (NAM) summit in Washington. The group's president and CEO, Jay Timmons, is expected to moderate a question-and-answer session with Ryan after the speech.

Ryan is not expected to describe the details of a tax bill during the speech. But he "will talk about what tax reform looks like, not just the benefits," the Speaker's office said.

The speech comes just ahead of the one-year anniversary of the release of House Republicans' tax-reform blueprint.

The blueprint, which was part of Ryan's "Better Way" agenda, has served as a starting point for the tax-reform discussions that heated up after President Trump won the 2016 election.

But the bill could face a tough road ahead, with key elements, such as a border-adjustment tax, receiving strong pushback from business leaders and some Republican lawmakers. Border adjustment would tax imports but exempt exports, a proposal opposed by retailers and many conservatives. Critics say it would hit consumers with higher prices.

In recent weeks, House leaders and White House officials have been pushing ahead, though, meeting with key stakeholders to develop a unified approach.

And the action isn't only in the House. Over in the Senate, Finance Committee Chairman Orrin HatchOrrin Grant HatchGOP senators introduce bill to prevent family separations at border Overnight Defense: States pull National Guard troops over family separation policy | Senators question pick for Afghan commander | US leaves UN Human Rights Council Senate GOP tries to defuse Trump border crisis MORE (R-Utah) is also asking stakeholders to weigh in with recommendations for tax reform.


Flood insurance: Also in the week ahead, the House Financial Services Committee will work on marking up legislation to reauthorize the National Flood Insurance Program (NFIP) as lawmakers strive to finish off a major bipartisan objective.

NFIP offers flood insurance for homeowners in coastal and other vulnerable areas. Established in 1968 in response to a lack of private insurance options, NFIP largely remained solvent until costs from covering Hurricane Katrina and Superstorm Sandy led to $23 billion in debt.

Funding for NFIP expires in September, and lawmakers in both houses and parties have teamed up on ways to renew and reform the program.

Deadly floods throughout the Midwest and South over the past two years spurred lawmakers to action in the previous session of Congress, but they failed to get a reform bill to then President Barack ObamaBarack Hussein ObamaAnother chance to seek the return of fiscal sanity to the halls of Congress Colombia’s new leader has a tough road ahead, and Obama holdovers aren't helping An alternative to Trump's family separation policy MORE's desk.

Republicans are looking toward a five-year extension of the program, along with various ways to get federally insured homes covered by private plans. Democrats are eyeing a ten-year reauthorization.

Both parties, though, are pursuing ways to modernize flood mapping and update the process to reduce rates.


Nominees: There will also be votes on three of President Trump's nominees in the Senate. The upper chamber will hold votes on Brock Long to be administrator of the Federal Emergency Management Agency (FEMA), Sigel Mandelker to be under secretary of Treasury for terrorism and financial crimes, and Marshall Billingslea to be assistant secretary of Treasury for terrorist financing.


Trade: Lawmakers are also looking to get more answers on the administration's trade policies in the coming week.

On Wednesday, the Senate Finance Committee will discuss Trump trade policy and the Office of the U.S. Trade Representative's fiscal 2018 budget request with U.S. Trade Representative Robert Lighthizer. The hearing could shed more light into the administration's thinking ahead of its planned renegotiation of NAFTA.




Your week ahead:


  • House Speaker Paul Ryan delivers speech on tax reform at the National Manufacturers Association summit
  • House Appropriations Subcommittee on Energy and Water Development: Department of Energy budget hearing with Energy Secretary Rick Perry, 1 p.m. http://bit.ly/2rEbuLv



  • Senate Finance Committee: Hearing on the White House proposed budget request for fiscal year 2018 and the trade policy agenda, 10 a.m. http://bit.ly/2s9dHls
  • House Financial Services Committee: Continuation of a markup up various flood insurance bills, 10 a.m. http://bit.ly/2rE8j6q.
  • House Appropriations Subcommittee on Financial Services: Budget hearing for the Office of Management and Budget, 2 p.m. http://bit.ly/2rE81N5.
  • House Financial Services Subcommittee on Monetary Policy and Trade: Hearing entitled "Monetary Policy v. Fiscal Policy: Risks to Price Stability and the Economy," 2 p.m., http://bit.ly/2s9nsQP.



  • Senate Banking Committee: Hearing entitled "Fostering Economic Growth: Regulator Perspective," 10 a.m. http://bit.ly/2s9jojy



  • House Financial Services Subcommittee on Terrorism and Illicit Finance: Hearing entitled "The Exploitation of Cultural Property: Examining Illicit Activity in the Antiquities and Art Trade," 9:15 a.m. http://bit.ly/2s9Bm5l.


Recap the week with Overnight Finance:

Monday: Appeals court won't reinstate travel ban | Maryland, DC seek Trump's tax returns in hotel lawsuit

Tuesday: GOP chair floats phasing in border tax | Treasury offers first proposal to roll back Dodd-Frank | Mnuchin's idea of a 'good shutdown'
Wednesday: Fed raises rates for second time in 2017 | GOP weighs keeping ObamaCare taxes | Tax reform becomes Wall Street obsession

Thursday: Senate passes Russian sanctions deal | White House divided on debt limit strategy | Budget office wages 'war on waste' | Trump expected to tighten Cuba rules


Recent stories:

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Unemployment hits record low in seven states

Amazon to purchase Whole Foods for $13.7B

Centrist Dems seek input on tax reform from K Street

US sugar industry announces support for trade deal with Mexico

Consumer Bureau asks for input on prepaid cards



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