House Financial Services votes on a data privacy revamp and other bills at 10 a.m. … Senate Banking holds a hearing on sanctions and export controls at 10 a.m. … CFTC’s Energy and Environmental Markets Advisory Committee will meet in Nashville at 10:30 a.m. … The House Select Strategic Competition Between the United States and the Chinese Communist Party Committee holds a hearing at 7 p.m. BIDEN IN THE 757 — President Joe Biden’s remarks in Virginia Beach later today will hit Republicans for trying to force cuts to Affordable Care Act subsidies and Medicaid as part of the battle over the debt ceiling. While House GOP leaders have yet to identify where they’d like to see cuts in exchange for a vote on the debt limit — and Biden is more than a week away from releasing his own budget – the president’s speech will highlight how program cuts would drive up health care costs and reduce access to care. “The best guide to what's going to be on the chopping block is what has been on the chopping block in virtually every single Republican budget and fiscal plan over the last decade,” said Deputy Director of the National Economic Council Aviva Aron-Dine during a briefing with reporters on Monday evening. “None of what we're talking about was on the fringes.” STUDENT LOAN DEBT — The Supreme Court will hear oral arguments in two cases starting at 10 a.m. today that will determine if Biden can move forward with plans to cancel roughly $400 billion of student loan debt. Setting aside the legal arguments over the proposal, certain economists — including some Biden administration allies — blasted the plan for being inflationary shortly after it was announced last year. Of course, the benefit to borrowers could also be considerable. Student loans had higher delinquency rates than credit cards in the years leading up to the pandemic. Those rates plummeted when student loan payments and interest were paused at the height of Covid-19, according to the New York Fed’s Consumer Credit Panel. MOST OF OUTBOUND IS OUT — Our Gavin Bade: “Despite fraying relations with Beijing, President Joe Biden is expected to forego expansive new restrictions on American investment in China, denying a push by some hawks in his administration and in Congress.” ESG HOT SEAT — Nancy Vu reports that the House will take a procedural vote later today on Rep. Andy Barr's (R-Ky.) resolution to roll back a Labor Department rule that allows fiduciaries to take ESG factors into consideration when choosing retirement investments. While the final vote is still TBD, the resolution is expected to pass with Republicans’ slim majority. Across the Capitol: The Senate aims to vote on Sen.Mike Braun’s identical resolution on Wednesday, the Indiana Republican told reporters yesterday. Even if the House doesn’t have a final vote on the measure Tuesday, the Senate could fast track Braun’s resolution to speed up committee and floor consideration under the Congressional Review Act. Possible attendance issues: Sen. John Fetterman (D-Pa.) is out to continue inpatient treatment for depression. His absence ― combined with Sen. Joe Manchin’s (D-W.Va.) support for the resolution ― gives the measure a real shot of passing the Senate. But Braun mentioned that there could be a Republican missing for Wednesday’s vote, which would neutralize Fetterman’s absence. However, Braun further hinted that there could be “two or three votes that won’t reveal themselves until they get on the floor.” Who to look out for: Keep your eyes on moderate Democrats and Independents on the 2024 ballot vote. That includes Sens. Jon Tester (D-Mont.) and Kyrsten Sinema (I-Ariz.) ― who both face tough reelection bids ― along with Sen. Angus King (I-Maine). Reality check: Eleanor Mueller reports that the White House said Monday that President Joe Biden will veto the Republican-led repeal of the rule if it makes it to his desk. ROBINHOOD — Our Declan Harty: “Robinhood Markets received an investigative subpoena from the SEC in December about its cryptocurrency business, according to a new filing from the California-based brokerage.” SURPRISE — Our Victoria Guida: “Treasury Secretary Janet Yellen made an unannounced visit to Kyiv on Monday where she told Ukrainian President Volodymyr Zelenskyy that the U.S. would stand with his country ‘for as long as it takes.’”
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