Financial Services Report

Much to the delight of Senate staff, a deal was reached last week for the Senate to stand in recess until November 13th.  With the House of Representatives already out of town to campaign this means that this is the last newsletter until after the mid-term elections.

Speaking of the mid-terms we are now three weeks out.   With both the House and Senate out of town, the DC stage has been ceded to the President – and it is likely that he will make active use of it.  How that impacts the elections will be determined on November 6th. 

The current conventional wisdom holds that the House is likely to go Democratic, while the Senate is expected to remain in Republican control.   That will likely change multiple times  – especially because the media has a strong incentive to sell the horse race narrative.    

Whatever the results, rest assured that our bipartisan team at Thorn Run is prepared to help you navigate the next Congress.  

 

Health Policy Report

The Week in Review

Senators returned to Washington for what proved to be their last legislative work period before next month’s midterm elections. The Senate began their week by clearing the legislative vehicle (S. 3021) for reauthorization of the Water Resources Development Act (WRDA). Additionally, Senate leadership struck a deal late Thursday afternoon that allowed lawmakers to head home and campaign ahead of next month’s midterm elections. Under the deal, Senators voted to confirm a bloc of 15 judges nominated by President Trump prior to leaving Washington for the campaign trail. Senate Democrats also forced a vote on Resolution of Disapproval (S.J.Res.63) that would override the Trump administration’s rule expanding short-term health insurance plans. The resolution — which failed on an even 50-to-50 vote — was largely seen as a political messaging exercise for Democrats who are set on making health care a key messaging pillar for the 2018 election. 

 

Today on the Hill: Senate Set to Chip Away at Presidential Nominations

Following passage of the legislative vehicle (S. 3021) for reauthorization of the Water Resources Development Act (WRDA), the Senate will reconvene today and turn its attention to the presidential nominations queue. For the balance of the week, Majority Leader Mitch McConnell (R-KY) has filed cloture on three nominations including: (1) Jeffrey Bossert Clark to be an Assistant Attorney General; (2) Eric S. Dreiband to be an Assistant Attorney General; and (3) James N. Stewart to be an Assistant Secretary of Defense. As of now, the upper chamber is slated to hold a final confirmation vote on the Clark nomination. However, Senate leadership has indicated that additional roll call votes are expected for today’s session.

 

This Week on the Hill: Senate Queues Up WRDA Reauthorization, Presidential Nominations

The Senate is due back in Washington today for legislative business. When the chamber reconvenes later this afternoon, Senators are expected resume consideration of the legislative vehicle (S. 3021) for reauthorization of the Water Resources Development Act (WRDA). The Senate is also expected to chip away at the presidential nominations queue, as Majority Leader Mitch McConnell (R-KY) has filed cloture on three nominations including: (1) Jeffrey Bossert Clark to be an Assistant Attorney General; (2) Eric S. Dreiband to be an Assistant Attorney General; and (3) James N. Stewart to be an Assistant Secretary of Defense.

 

Health Policy Report

The Week in Review

The Senate convened last week to clear an array of high-profile legislative items — headlined by a contentious debate over the nomination of Brett Kavanaugh to be an Associate Justice of the Supreme Court. Prior to consideration of the Kavanaugh nomination, Senators passed a $90 billion funding bill (H.R.302) that reauthorizes the Federal Aviation Administration (FAA) for five years. The Senate also held a final roll call vote on the opioid crisis response legislation, sending the bill to President Trump’s desk for signature into law.

 

Financial Services Report

Welcome to the Columbus Day edition of Thorn Run Partners' financial services report, where we provide you the insight and analysis that is ahead of the curve and driving the narrative in Washington, DC.    

While Washington and the nation were gripped by the Kavanaugh nomination last week, there was also numerous events and activities taking place last week of note for the financial services industry. In case you missed any of it, we hope this newsletter is helpful in catching you up.

 

Today on the Hill: Senate Resumes Consideration of Kavanaugh Nomination

Following passage of both the opioids bill and Federal Aviation Administration (FAA) reauthorization, the Senate will now turn its attention to the FBI’s report regarding allegations of misconduct against Supreme Court nominee Brett Kavanaugh. Senators will have all of today to review the report before holding a procedural vote to end debate on the nomination tomorrow. Should lawmakers vote to end debate, a final up-or-down vote on the nomination would likely come Saturday.

 

Today on the Hill: Senate Resumes Consideration of FAA Reauthorization Measure

The Senate will reconvene this morning as lawmakers continue work on a reauthorization measure for the Federal Aviation Administration (FAA). The bill (H.R.302) would provide roughly $90 billion in funding for the FAA over the next five years and would prevent an agency shutdown next week. Final passage of the FAA reauthorization bill could come as early as today, but is expected to be taken up tomorrow.

 

This Week on the Hill: Senate Looks to Check Off Long-Term FAA Reauthorization, Opioids Bill

The Senate returns to action today as lawmakers seek to clear an array of high-profile legislative items. When the chamber returns later this afternoon, Senators will immediately proceed to consideration of a bill (H.R.302) that would reauthorize the Federal Aviation Administration (FAA) for five years. The Senate passed a short-term extension of the current funding levels last Friday in an effort to provide additional time for consideration of the House-passed bill. Additional floor action in the Senate for the balance of the week includes a final vote on the opioid crisis response legislation, which would send the bill to President Trump’s desk for signature into law.

 

Health Policy Report

The Week in Review

The House convened for their last week of legislative business prior to the midterm elections. Prior to leaving for the campaign trail, lawmakers passed key legislative priorities including: (1) a “minibus” package containing funding bills for Defense-Labor, Health and Human Services (HHS) , Education (bill text; conference report; summary), (2) a sweeping opioid crisis response bill (H.R. 6); and (3) legislation (H.R. 302) that reauthorizes the Federal Aviation Administration (FAA) for five years. The Defense-Labor-HHS package — which was signed into law by President Trump on Friday — also included a continuing resolution (CR) through December 7th allowing Congress to avert a shutdown and punt decisions on unresolved issues until after the mid-term elections.