• Wednesday, May 25, 2016 - 16:41

    * This week, global investors have become more upbeat about world growth prospects, with the trend of risk friendly demand seen again Wednesday. U.S. stocks posted solid gains and crude prices rose to new seven-month highs. Other instruments saw more tempered moves and continued to trade in well-established ranges. The S&P 500 closed up 0.70% Wednesday at 2,090.54, after trading in a 2,078.93 to 2,094.73 range. The S&P gains were dwarfed by those seen in European stocks, where the French CAC 40 closed up 1.13% at 4,481.64 and the German DAX closed up 1.47% at 10,205.21. NYMEX July light sweet crude oil futures settled up $0.94 at $49.56 per barrel. In fixed income, 10-year U.S. Treasury yields were last at 1.873%, after trading in a 1.849% to 1.882% range.

  • Wednesday, May 25, 2016 - 15:05

    By Denny Gulino

    WASHINGTON (MNI) - Congressional enemies of the Puerto Rico restructuring and oversight legislation, saying they are defending the primacy of general obligation municipal bonds, Wednesday found themselves defeated again and again by other Republicans who successfully kept the measure alive to be voted on by the full House.

    House Natural Resources Committee Chairman Rob Bishop found himself voting against fellow Republicans intent on crippling the bill, even on some amendments with which he found merit, so the bill could make it out of his committee to the next step.

    The tense second day of the committee's work on the bill, which ended with a 29-10 vote to send it to the House, saw the Puerto Rico delegate Pedro Pierluisi visibly sweating as he defended th

  • Wednesday, May 25, 2016 - 14:11

    --House Speaker: Bill 'Protects Markets From Contagion'
    --Speaker Ryan: GOP To Unveil Tax Reform Paper In June
    --Ryan: Would Take 'Decades' To Pay Down National Debt

    WASHINGTON (MNI) - House Speaker Paul Ryan said Wednesday he's confident there is solid support in the House for legislation to ease the economic and financial crisis in Puerto Rico.

    Speaking to reporters in his conference room, Ryan said the bill drafted by the House Natural Resources Committee has strong bipartisan support.

    "I think we're in pretty good shape," on the Puerto Rico bill, Ryan said.

    He said the legislation will, among other things, "protect the markets from contagion."

    As Ryan was concluding his briefing on the House Republican policy agenda, the House Natural Resou

  • Wednesday, May 25, 2016 - 11:50

    --House Budget Chief Price Urges Rule Rewrite Effort
    --Budget Expert Collender Challenges Rule Focus

    WASHINGTON (MNI) - Few can dispute that House Budget Committee Chairman Tom Price has tried to persuade House Republicans to vote on his fiscal year 2017 budget resolution.

    Price has held hearings, consulted fellow Republicans, drafted a 10-year plan to balance the federal budget, won passage of it in the House Budget Committee earlier this spring, and explored various ways to link it with other fiscal measures to expand GOP support for the plan.

    Budget resolutions set broad multi-year fiscal goals on spending and revenues and make deficit or surplus estimates. They are non-binding congressional fiscal blueprints.

  • Tuesday, May 24, 2016 - 17:03

    * U.S. Senate Majority Leader Mitch McConnell said Tuesday he has "stayed in touch" with the negotiations between House leaders and the administration on legislation to address Puerto Rico's financial crisis and plans to bring whatever bill the House passes to the Senate. In comments to reporters after a Senate Republican policy luncheon, McConnell said the House has "taken the lead" on Puerto Rico legislation and the Senate will "take up what they pass." McConnell's comments are significant because they appear to signal that Senate leaders want to move quickly on Puerto Rico legislation after it passes the House. Speaker after McConnell, Senate Minority Leader Harry Reid declined to comment on the substance of the Puerto Rico bill now under consideration in a House committee.

  • Tuesday, May 24, 2016 - 15:12

    --'Stayed in Touch' In PR Talks
    --House Has 'Taken The Lead' On PR
    --Senate Minority Leader: House May Pass PR in Mid June


  • Tuesday, May 24, 2016 - 13:04

    --Senate Finance Chief: 'Art of Doable' Key For PR Bill


  • Tuesday, May 24, 2016 - 12:24

    --House Minority Whip: Imperfect PR Bill 'Best We Got'
    --Rep Hoyer: Treasury Is Telling Hill PR Bill Will Work
    --Rep Hoyer: Laments Absence of Fiscal Debate In Campaign

    WASHINGTON (MNI) - House Minority Whip Steny Hoyer said Tuesday the legislation under consideration this week by the House Natural Resources Committee to ease the financial crisis in Puerto Rico is "flawed" but deserves bipartisan support.

    "This is the best we got," Hoyer said at a briefing, adding that "conceptually, it's not what we (Democrats) would like."

    "We're not happy ...

  • Tuesday, May 24, 2016 - 09:17

    WASHINGTON (MNI) - The following is a statement Tuesday of Treasury Secretary Jack Lew, objecting to the effort of the House Judiciary Committee Republicans to impeach IRS Chief John Koskinen for alleged agency bias against conservative groups. Koskinen has opted not to appear at Tuesday's hearing of the committee intended to have him answer accusations that he failed to preserve documents Congress requested for its probe of charges the IRS disadvantaged conservative groups seeking tax exempt status:

    "John Koskinen is an outstanding public service of the highest integrity with decades of experience leading both public and private institutions. From the day he began his leadeership of the IRS, John and his staff have cooperated with Congress.

  • Monday, May 23, 2016 - 12:09

    --House Speaker, Democratic Leader Support Puerto Rico Bill
    --Key House Committee to Begin Puerto Rico Mark Up Tuesday Evening
    --Hill Panels to Discuss Budget, Tax Reforms

    WASHINGTON (MNI) - The House Natural Resources Committee has scheduled this week a two-day mark-up of bipartisan legislation to ease the financial crisis in Puerto Rico.

    The bill under consideration by the House Natural Resources Committee would create a powerful federal oversight board that would oversee Puerto Rico's fiscal affairs and guide the island through a court supervised process of debt reduction. The panel's mark-up session begins Tuesday evening at 5:00 p.m.