Policy Watch

• All 24 majority members of the House Ways and Means Committee have sent a letter to the recently confirmed Attorney General Loretta Lynch asking for an investigation and possible indictment of former Internal Revenue Service official Lois Lerner. This request stems from the 2013 IRS Targeting Controversy in which Republicans say the IRS was used as a political tool to impede conservative, mainly tea party, groups applying for tax-exempt status. In 2014, Lerner refused to testify at a congressional hearing, leading the majority side to ask for her to be held accountable for obstruction of justice. The letter, put forth by committee chairman Paul Ryan (R-Wis), was supported by Speaker Boehner and House Majority Leader Kevin McCarthy (R-Calif.). Notably, former Attorney General Eric Holder turned down a similar 2014 request for indictment. [The Hill]

Economic Indicators & News

• A revised estimate of GDP shows that the U.S. economy contracted at a 0.7% seasonally adjusted rate in first quarter. Cold winter weather, a strong U.S. dollar and cautious consumers contributed to the weak quarter. Other factors included a larger trade deficit and smaller accumulation of inventories by businesses. Experts predict that the economy will expand as the year progresses. [WSJ]

• U.S. green energy use reached its highest level since the 1930s. Renewable energy use has grown 5% since 2001, today meeting 9.8% of total energy needs. [CNN]

• Greek bank deposits fell 3.9% last month to their lowest level in 10 years. Banks have struggled to hold on to deposits during debt negotiations. Ongoing deals with the Greek government, EU, and IMF point to a possible exit from the euro.[BBC]

• India’s economy grew by 7.5% in the first quarter. With even larger growth than the previous quarter, the country has outpaced China’s economic expansion for two out of the last three quarters. However, economists warn that India’s new method of calculating GDP should be treated with caution. [BBC]