Congress Set to Return, Yellen in China

Key Takeaways
  • Congress returns next week, and the House will send a bill of impeachment against Homeland Secretary Alejandro Mayorkas to the Senate.
  • House Speaker Johnson will also need to address opposition from both parties to an aid package that includes assistance to Ukraine, Israel, and Taiwan.
  • Treasury Secretary Janet Yellen is in China, meeting with Chinese government officials as well as representatives from U.S. companies operating in China.

Next week Congress returns, with political agendas taking center stage.  House Speaker Johnson has said that the House will formally send the Senate its bill of impeachment against Homeland Security Secretary Alejandro Mayorkas.  It has been over 100 years since a cabinet member has been impeached by the House, and under Senate rules, the House impeachment is a privileged motion that they must take up. While Leader Schumer has not shown his hand, the general expectation is that it will be quickly dismissed as there is no Democratic support for the move, and even some Republicans will be glad to see it tabled or just disappear. 

In addition to the formal action to send the impeachment to the Senate, the Speaker will also need to deal with the foreign aid package approved by the Senate several weeks ago.  The package contains money for Ukraine, Israel, and Taiwan, though most of the money is spent in the US for the manufacture of arms. 

The aid package faces resistance from some Republicans who oppose the Ukraine portion of the package, and now it faces opposition from some Democrats who do not back aid to Israel to support the war in Gaza.  It will be a tough week ahead for the Speaker.

Yellen in China

Treasury Secretary Janet Yellen is in China over the weekend for meetings with officials and consulting with US companies on commercial relations between the two countries. In a statement, Yellen said: “One of my key priorities has been to establish durable communication channels between US and China.”  Her initial meetings were in Guangzhou. Next, she’s off to Beijing for further talks with government officials.

Disclosures (show)

Get invaluable analysis of the market and stocks. Cancel at any time. Start Free Trial

Articles Read 2/2

🎁 Unlock 1 extra article by joining our Community!

You are reading the last free article for this month.

Already have an account? Sign In

Want to receive Regular Market Updates to your Inbox?

I am your default error :)
Trending tickers in our research
Ticker Price Chg%
$122.27
-1.63%
$486.58
+0.97%
$201.50
+0.15%
$227.95
-2.32%
$22.20
-1.60%
$32.75
-2.93%
$121.22
+0.55%
$41.68
+1.17%
$164.08
+4.05%
$316.78
+1.88%