Congressional Calendar May 11, 2010

The Gulf Coast oil spill spreads to Washington, DC Tuesday as two Senate committees hold hearings on the accident. At 10:00 a.m. ET, the Senate Energy and Natural Resources Committee hears testimony from BP America, Transocean, and Halliburton representatives.

Later that afternoon, the oil company officials meet with the Senate Environment and Public Works Committee. This hearing should be the more contentious of the two, as Chairman Barbara Boxer, D-Calif., has invited all interested senators to question the witnesses. We expect some Gulf Coast senators to come down and press the company reps hard to get answers to why the spill occurred and how quickly they will be able to stop it.

Fannie Mae and Freddie Mac have received billions of bailout dollars and some even accuse the two government-sponsored enterprises of causing the current financial crisis. However, the financial regulatory bill in the Senate does not currently provide any changes to their operational policies and procedures. Senators Richard Shelby, R-Ala., John McCain, R-Ariz., and Judd Gregg, R-N.H., have introduced an amendment to change that. They’ll be taking questions from the press at 12:30 p.m. ET on their efforts.

Why did the Dow Jones Industrial Average tumble almost 1000 points during the trading day last Thursday? Securities and Exchange Chairman Commission Chairwoman Mary Schapiro and Gary Gensler, Chairman of the Commodity Futures Trading Commission will try to explain it to a House Financial Services Subcommittee at 3:00 p.m. ET.

The Senate Intelligence Committee will receive a briefing on the Times Square bomber late Tuesday afternoon. The meeting is closed press, but we will be there to see if we can get an update from committee members.

These stories will develop quickly during the day, so stay with Fox News for the latest...