Last week, in a lengthy post on LinkedIn, investor Ray Dalio put forth his ideas on “Why and How Capitalism needs to be reformed.” Refraining from questioning how certain Republican Congressmen would quantify Mr. Dalio’s position, his essay raises significant questions about whether or current structure of government is able to take on the very serious challenge he sees on the horizon. Dalio, of course, is not the first to call attention to these issues, nor even the first billionaire, and I am confident he will not be the last. And while there is much to dissect in Dalio’s post, let us focus on one part, his call for strong political leadership to right this ship. It is worth noting that while it has been popular of late to blast the moderates, the fact is that reforms outlined by Dalio, and others require a strong center, because Democracy demands the ability to compromise, and unfortunately the leadership from the fringes of both parties’ views compromise as capitulation. This mindset easily leads at worst to an authoritarian position, trampling minority rights, or at best, in a closely divided electorate such as America, a frequent flip-flopping between ideological extremes. In many ways the capitalist society of our country has been predicated on a strong rule of law – overly politicizing our government threatens to undermine that stability. If you believe in Dalio’s thesis then it seems you should support the moderates in both parties.
Month: April 2019
Next Week on the Hill: House Tees Up Bill to Restore Net Neutrality
Both chambers of Congress have wrapped up their legislative work for this week and will reconvene next Monday. In the House, Democratic leadership has teed up a bill (H.R. 1644) that would undo the Federal Communications Commission’s (FCC) repeal of the 2015 Open Internet Order. The bill — which cleared the Energy and Commerce Committee on a party-line vote following a contentious markup — is expected to pass the lower chamber but is considered dead-on-arrival in the GOP-controlled Senate.
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Today on the Hill: Showdown over Senate Rules Change Looms
Yesterday evening, Senators failed to advance (51-48) a change to the Senate rules that would speed up the presidential nominee confirmation process due to opposition from Senate Democrats. The resolution (S.Res. 50) — approved by the Senate Rules Committee in February — would limit the post-cloture debate time from 30 hours to two for executive branch nominees and District Court judges, but would not apply to Cabinet or Supreme Court nominees. In response to the failed vote, Senate Republicans appear likely invoke another rule change at some point this week, known as the “nuclear option,” that would allow the resolution to pass with a simple majority rather than a 60 vote threshold.
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This Week on the Hill: Senate GOP Moves to Speed Up Judicial Confirmations
Both chambers of Congress are set to begin another legislative work week this afternoon. In the Senate, Majority Leader Mitch McConnell (R-KY) has queued up a change to the Senate rules that would speed up the presidential nominee confirmation process. The resolution — approved by the Senate Rules Committee in February — would limit the post-cloture debate time from 30 hours to two for executive branch nominees and District Court judges, but would not apply to Cabinet or Supreme Court nominees. Democrats are not expected to support the measure, which could lead Republicans to invoke another rule change, known as the “nuclear option,” that would allow the Senate to pass the resolution with a simple majority.
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Financial Services Report
The major action this week in the Senate will be the completion of the supplemental disaster aid bill (text; summary) while in the House, House, lawmakers are scheduled to reauthorize the Violence Against Women Act (VAWA), as well as vote on another rebuke of the Trump Administration's recent decision to argue against the legality of the Affordable Care Act.
In the Committees, the Banking, Housing and Urban Affairs Committee will examine the role of asset managers and proxy advisers in investing, while the Senate Judiciary Committee will hold a hearing on arbitration. Over in the House, the Financial Services Committee will continue its work on Housing issues, while the Ways and Means Committee will mark up a Retirement Security measure.
Health Policy Report
The Week in Review
Last week, House Democrats failed in their attempt to override President Donald Trump's veto of a measure that would prevent him from circumventing Congressional appropriation authority to allocate funding for border security. Despite the Democratic resolution of disapproval’s passage in both chambers last month, the effort to overturn the President's veto did not earn the required two-thirds majority in the lower chamber. Regardless of the outcome, Congressional Democrats will likely explore additional legislative and legal maneuvers to block President Trump’s national emergency declaration.