- Kevin Dietsch-Pool/Getty Images
- Republicans unveil their long-awaited tax reform bill on Wednesday. Representatives of major technology companies are slated to testify on Capitol Hill. President Donald Trump will depart for a long trip across Asia. He is also expected to name the next chair of the Federal Reserve this week. Former Trump campaign aides were indicted on several criminal charges Monday morning.
This week’s news cycle will be packed to the brim as Republicans prepare to unveil their tax reform bill on Wednesday and President Donald Trump departs on a major foreign trip to visit with world leaders.
Axios noted that it could be “potentially the most consequential week since Trump was inaugurated.”
First thing Monday morning, a grand jury indicted former Trump campaign chairman Paul Manafort and his business associate Richard Gates on 12 counts related to financial dealings over the years. The White House has repeatedly attempted to downplay Manafort’s tenure with the 2016 campaign.
On Tuesday, representatives from Facebook, Twitter, and Google will testify in front of the Senate Judiciary Committee and the Senate Subcommittee on Crime and Terrorism. On Wednesday, the representatives will be back for two hearings with the intelligence committees of both the House and Senate.
The social media counsels are slated to be probed on how Russian operatives used their platforms to attempt to influence the 2016 election.
On Wednesday, Republicans are expected to release their tax reform bill, the first of its kind in more than three decades. Republicans released a framework for the bill in September, which some members have requested to tweak and alter given how certain provisions affect their constituents.
While last week’s budget vote cleared the way to begin the tax reform effort, 20 Republicans voted against it, citing issues with the elimination of state and local tax deductions and a massive expansion of the federal deficit.
Trump also said he’d name the next chair of the Federal Reserve this week. Current chair Janet Yellen’s term is set to expire in February. The list of Fed chair candidates has been whittled down, and over the past week two frontrunners have emerged: Fed governor Jerome Powell and Stanford economist John Taylor.
Trump is reportedly leaning toward picking Powell.
At the end of the week, Trump will head to Hawaii before venturing to Asia for state visits with South Korea, China, Vietnam, and the Philippines for an 11-day trip abroad. Trump will be joined by dozens of energy executives hoping to broker deals to bolster the US economy.
Trump’s trip will be the longest visit to Asia by a US president in about 25 years, according to Axios. And the trip comes amid escalating tensions with North Korea, which is ramping up its nuclear program despite warnings from the US and its allies.
It will be a long week in Washington with a lot of moving parts that could overshadow the tax reform effort, which Republicans hope will be the first major legislative win since Trump took office.