Happy Thursday and welcome back to Overnight Finance, the newsletter that will never break your bracket. I'm Sylvan Lane, and here's your nightly guide to everything affecting your bills, bank account and bottom line. See something I missed? Let me know at slane@thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N. THE BIG DEAL: The just-passed Senate bill to roll back the Dodd-Frank Act won't see action in the House unless senators are willing to negotiate, a key GOP chairman said today. House Financial Services Chairman Jeb Hensarling (R-Texas) told reporters that Speaker Paul Ryan said the bipartisan Senate bill to rollback the Dodd-Frank Act will "stay on his desk" unless senators agree to negotiate with the House. "We're not rubber stamping the bill," said Hensarling, a close Ryan ally. "It's got to be bipartisan and bicameral." Moderate Senate Democrats behind the bipartisan bill say they're not willing to reopen the bill with the House and would disown major changes. They say excessive tinkering would break the fragile bipartisan balance behind their deal. But Hensarling insisted they were being "presumptuous and naive" to think the House wouldn't demand changes and assert its role as an equal chamber of Congress. "I would be happy to share with them a copy of the Constitution," Hensarling said. I've got more on what Republicans want, and how Democrats are reacting, right here. Reactions: - "Our bill is the way to reach that bipartisan result that can actually pass in both chambers and become law." -- Sen. Heidi Heitkamp (D-N.D.)
- "Why would we also not allow our members in the House -- Democrats and Republicans -- to add their ideas on the same basis?" -- Rep. French Hill (R-Ark.).
- "We're sending a message to the Senate that we stand ready to negotiate." -- Rep. Jeb Hensarling (R-Texas).
- "I think [Hensarling] wants something as opposed to nothing, but I also think he's going to tactically do the best he can to get the most he can." -- Rep. Dennis Ross (R-Fla.)
How we got here: While weakening Dodd-Frank has been a major Republican goal since the law passed in 2010, the House and Senate took different paths to attack the banking rules enacted by President Obama. House Republicans led by Hensarling sought to repeal or rewrite as much of Dodd-Frank as possible. Their plan, the CHOICE Act, would have transformed or eliminated major parts of Dodd-Frank. The bill would allow banks that reach certain cash thresholds an off-ramp from Dodd-Frank, reduce the frequency of federal stress tests and restrain oversight powers of several federal agencies that the 2010 law expanded. The CHOICE Act would have also placed strict limits on the Consumer Financial Protection Bureau (CFPB) and its funding. The bill passed the House in 2017 and was immediately dismissed by the Senate as too conservative to pass the upper chamber. The GOP's narrow Senate majority meant any bill to reel in Dodd-Frank would need Democratic support to avoid a filibuster. Senators instead released the bill from Senate Banking Committee Chairman Mike Crapo (R-Idaho) last November with a dozen Democrats sponsoring the measure. What comes next: There are two ways we move forward from here. Either the House caves and passes the Senate bill, or the Senate gives in and decides to broker a deal with the House. It's hard to imagine a situation where a Senate-passed bill to revise Dodd-Frank dies in a GOP-controlled government, but it's possible. It'll likely be weeks, if not months, before we know how this shakes out. Congress needs to pass another government funding bill by next Friday, and debate over the measure will dominate the week ahead. Lawmakers will then leave for a two-week break before returning to Washington. We will be in the heart of campaign season before long, which has historically prevented Congress from getting much done beyond the bare essentials. It's going to be a bumpy ride ahead. |
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