Biden’s Middle East visit, chips bill, Jan. 6 hearings: 3 things to watch in D.C. this week
It’s a busy week in domestic and global politics as Congress returns with a packed schedule ahead of the August recess and President Biden travels to the Middle East.
Here are three things to watch at the intersection of business and politics:
Semiconductor bill blockade
Congress returns this week, and Senate Minority Leader Mitch McConnell (R-KY) is threatening to hold up a bipartisan investment in U.S. semiconductor infrastructure so long as House Speaker Nancy Pelosi (D-CA) and the House Democrats continue to advance their budget reconciliation bill.
McConnell’s tactic now puts the future of the legislation, known in the Senate as the U.S. Innovation and Competition Act, in jeopardy at a time when ongoing chip shortages have put pressure on technology and auto companies.
The high-tech manufacturing sector has been looking to invest in semiconductor chip research and manufacturing in the United States. Rising tensions between the U.S. and China have only added to the dynamic as half of the global supply of semiconductors comes from Taiwan.
Biden's Middle East visit
President Biden is headed to the Middle East this week, where he will spotlight oil prices and shifting geopolitical tensions in the region.
Biden will travel to Israel, Palestine, and Saudi Arabia during his visit. He's expected to meet with Saudi officials including Crown Prince Mohammed bin Salman in an effort to lower energy prices, which have skyrocketed in the aftermath of Russia’s war with Ukraine.
America is facing gas prices that are on average $4.65 per gallon as of July 12, according to AAA. Biden’s visit is a stark reminder of the critical role the Saudis play in the group of oil-producing countries known as OPEC+, which influences the global oil supply. Biden will likely urge Saudi officials to increase oil production even as global warming dominates the geopolitical landscape.
Jan. 6 hearings
The January 6 committee will reconvene this week with another high-profile hearing on Tuesday.
Rep. Jamie Raskin (D-MD) told CBS News that the hearing will focus on Trump’s White House meeting on December 18 with advisers who sought to overturn the results of the 2020 election.
Last week, former White House counsel Pat Cipollone testified behind closed doors before the committee after he was subpoenaed, according to reports. Rep. Stephanie Murphy (D-FL) told NBC’s Meet The Press on Sunday that parts of Cipollone’s testimony could be made public when the committee meets publicly later this week.
“He claimed privilege on conversations that related to the advice he provided directly to the president or conversations with the president,” Murphy said. “But I think we still got a lot of relevant information from him, and it provides us another perspective on what was happening in the White House in those weeks running up to January 6 that were so critically important.”
Trump strategist Steve Bannon has also said that he is willing to testify before the committee, though it’s unclear if he will in fact be called to do so.
Click here for politics news related to business and money
Read the latest financial and business news from Yahoo Finance
Download the Yahoo Finance app for Apple or Android
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube
