President Biden has returned from his trip to the Middle East as a long-awaited semiconductor bill is up for a vote and the January 6 Committee is set for its final prime-time hearing.

Here are three things to watch this week on the political front:

CHIPS bill

The Senate is expected to vote Tuesday on a $52 billion chip investment bill. Reuters reported that chip makers now support the slimmed-down legislation after being peeved that the legislation might benefit Intel more than other companies.

In an interview with Yahoo Finance's Julie Hyman last week, Commerce Secretary Gina Raimondo said she expects the stalled bill to move forward this week.

“It's going to get to the president's desk this summer,” Raimondo said. “There'll be a lot of ups and downs between now and when it does.”

Meanwhile, Senate Intelligence Committee Chairman Mark Warner (D-VA) told Yahoo Finance last week he’s concerned that if the legislation is not passed, companies like Intel will move their chip plants overseas.

Intel CEO Pat Gelsinger seemed to echo Warner's concerns last week when he tweeted a picture of construction workers at the chip maker's planned Ohio site with the comment: "but... we are still waiting on Congress to act."

U.S.-Saudi relations

President Biden continued to draw criticism from his Middle East trip this week after a fist bump with Saudi Crown Prince Mohammed bin Salman garnered widespread disdain, including from Washington Post publisher Fred Ryan.

In an op-ed, Ryan wrote that the gesture “erodes our moral authority” given the Saudis' role in the murder of Washington Post contributing columnist Jamal Khashoggi in 2018.