Palmer Schoening, Chairman of the Family Business Coalition, has updated tED magazine on two key issues from Washington D.C. Schoening sees some significant votes ahead, and potentially some major changes to the healthcare bill passed by the House on Thursday, May 4. He also believes the key part of the Dodd-Frank Act, conflict minerals reporting, will be removed.
Here is the latest update Schoening sent to tED on Friday morning, May 5.
The House is on recess until Tuesday, May 16, and the Senate is on recess until 2 PM, Monday, May 8, when it will consider nominations.
Revised American Health Care Act passed the House, 217-213. Twenty Republicans joined all 193 Democrats in opposition to the revised version of H.R.1628, but it passed at 2:18 PM yesterday afternoon with a vote to spare.
Senate consideration will take several weeks. Senate may write their own bill. Yesterday, Senate Majority Whip John Cornyn (R-TX) said, “We are not under any deadlines, so we are going to take our time. When we get 51 senators, we’ll vote.” On MSNBC, Senator Bob Corker (R-TN) said, “There’s a working group over here of Republicans with, you know, with a range of ideology that are working to see where we go with the bill when it comes across. And I think you’re going to see very responsible, deliberate action on it. People are going to want to improve it. I don’t see any way that it goes back in the form that it comes. And it’s not because I have any specific criticism. I just know that, over here, people want to make sure that it’s something that’s going to work for the American people.” Senator Lindsey Graham (R-SC) said, “Any bill that has been posted less than 24 hours, going to be debated three or four hours, and not scored needs to be viewed with suspicion.”
Enactment depends on the Senate and then a conference between the House and Senate. House passage provided a much needed win for President Trump and House Republicans, especially Speaker Paul Ryan who struggled to unite the moderate Tuesday group and right wing freedom caucus 6 weeks ago. The pressure is now on Senate Majority Leader Mitch McConnell to foster an agreement amongst his members.
Consolidated Appropriations Act passed the Senate, 79-18. At 1:46 PM yesterday afternoon, the Senate easily passed H.R.244, funding the government through September 30. President Trump will sign it today. This just kicks the controversies on funding Planned Parenthood, EPA, Puerto Rico, and etc. down the road until September. Somehow they will get resolved as they were this week. Despite President Trump’s Tweet, I don’t expect a government shutdown this year.
Dodd-Frank overhaul passed the House Financial Services Committee. After three days of contentious mark-up which turned back Democratic attempts to cut back the bill, Chair Jeb Hensarling’s Financial CHOICE Act (detailed 147-page summary) passed his committee yesterday morning on a party-line 34-26 vote. It would:
- Repeal the Durbin amendment limit on debit card swipe fees;
- Neuter the Consumer Financial Protection Bureau;
- Repeal the Volcker Rule against proprietary trading;
- Repeal the Labor Department’s Fiduciary Rule;
- Increase oversight of the Fed, including a GAO audit, and restrict Fed authority to unwind banks;
- Repeal Title II of Dodd-Frank on orderly liquidation and replace it with a new Bankruptcy Code chapter;
- Repeal FSOC SIFI designation authority;
- Limit SEC enforcement authority;
- Curtail shareholder proposals; and
- Repeal section 1502 conflict minerals reporting requirements.
The bill is likely to pass the House later this month.Tagged with tED