Congress stands adjourned for the spring district work period and will convene for votes during the week of April 12. Looking ahead to the April session, Senate Majority Leader Chuck Schumer (D-NY) outlined the upper chamber’s agenda when senators return in two weeks. The “Dear Colleague” letter notes that the Senate will focus on three main issue areas, including: (1) climate change, economic recovery, and jobs; (2) voting rights and civil rights; and (3) health and gun safety. The upcoming session is expected to include consideration of several House-passed bills that will likely be stonewalled due to the 50-50 split in the Senate. As such, the pressure will be on Democrats to modify or eliminate the filibuster as the Majority seeks to clinch legislative wins on key policy priorities.
Continue reading “Health Policy Report (3/29)”Month: March 2021
Financial Services Report (3/29)
The House and Senate are in a district work period (known as recess when many of us used to be staffers) for the next two weeks. There are no floor votes or committee hearings scheduled. Both chambers are scheduled to return the week of April 12th. During that week, it is expected that Gary Gensler’s nomination for SEC Chair will be voted on by the Senate.
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House lawmakers have completed their voting sessions for the month of March after passing a measure to ensure that the increase in deficit spending as a result of the American Rescue Plan (ARP) does not trigger statutorily-required across-the-board spending cuts. The bill would avert billions of dollars in automatic spending cuts — known as sequestration — to Social Security, Medicare, Medicaid, and other programs required under the 2010 pay-as-you-go (PAYGO) law. If the Senate does not act on the PAYGO sequester prior to the end of this year’s session, the Congressional Budget Office (CBO) estimates that the increase in spending would trigger roughly $381 billion in funding cuts annually over five years, beginning in fiscal year (FY) 2022. The House will convene for a Committee Work Week next week, and its next scheduled voting day is Tuesday, April 13.
Continue reading “Health Policy Report (3/22)”Financial Services Report (3/22)
With the House in a “Committee Work” period next week there is no expectation of votes on the Floor of the House. Meanwhile, the Senate is in session for Floor votes, and has teed up consideration of a bipartisan deal to extend the Paycheck Protection Program (PPP) loan application date to May 31, while also allowing the Small Business Administration (SBA) to continue processing pending applications for up to 30 days after the new expiration date. This bill, which has already passed the House is expected to pass prior to the March 31 expiration date.
Continue reading “Financial Services Report (3/22)”Health Policy Report (3/15)
After President Joe Biden signed the $1.9 trillion American Rescue Plan Act into law last Thursday, Congress will next look to ensure that the massive increase in deficit spending does not trigger statutorily-required across-the-board spending cuts. According to House Majority Leader Steny Hoyer (D-MD), lawmakers will take up a bill this week that seeks to avert billions of dollars in automatic spending cuts — known as sequestration — to Social Security, Medicare, Medicaid, and other programs required under the 2010 pay-as-you-go (PAYGO) law. If lawmakers do not act on the PAYGO sequester prior to the end of this year’s session, the Congressional Budget Office (CBO) estimated that the increase in spending would trigger roughly $381 billion in funding cuts annually over five years, beginning in fiscal year (FY) 2022. In the past, Members have typically coalesced behind a PAYGO waiver in a bipartisan manner, most recently in 2017 following passage of the GOP’s Tax Cuts and Jobs Act (TCJA).
Continue reading “Health Policy Report (3/15)”Financial Services Report (3/15)
The House is once again passing (or preparing to pass) legislation to address major issues in our country (gun control, voting rights, Violence Against Women, Immigration etc.) and the question is what is going to happen when it reaches the Senate. Progressive Democrats continue to push to end the filibuster claiming that the country has voted Democratic, and this anachronistic tool of segregationists is being used to thwart the progressive agenda that the country voted for.
Continue reading “Financial Services Report (3/15)”In InvestmentNews, TRP’s Rosenstock Discusses Dynamics of 50-50 Senate
In an article for InvestmentNews, TRP partner Jason Rosenstock offered his commentary on the filibuster’s impact on the Democratic policy agenda. While the House has passed several pieces of legislation that hone in on key Democratic policy priorities, Rostenstock sharply pointed out that the pileup of bills will increase pressure on Senate Democrats to eliminate the filibuster and clinch significant legislative wins. This dynamic is particularly relevant with the Protecting the Right to Organize (PRO) Act, a sweeping package of labor rights reforms that cleared the House on Tuesday, March 9. “As long as the legislative filibuster is intact, it’s going to be hard to find 10 Republicans to vote for the bill.” said Rosenstock.
Continue reading “In InvestmentNews, TRP’s Rosenstock Discusses Dynamics of 50-50 Senate”Health Policy Report (3/8)
Senators passed (50-49) President Joe Biden’s “American Rescue Plan” over the weekend following a marathon “vote-a-rama” debate on amendments. The process was delayed for nearly 12 hours on Saturday as Senators deliberated changes to the unemployment benefits portion. Ultimately, a compromise was reached that pared back the weekly boost to $300 per week until September 6, up to $10,200 of which is to be excluded from taxable income for unemployed workers. Given the changes to the underlying bill, the House now needs to vote on the virus relief package again before it gets placed on the President’s desk for signature.
Continue reading “Health Policy Report (3/8)”Financial Services Report (3/8)
With the Senate having completed a marathon voting session over the weekend to advance the COVID-19 relief bill, the House is expected to take it up this week and have it to the President’s desk in time to prevent the unemployed from seeing a break in benefits.
Continue reading “Financial Services Report (3/8)”In The Hill, TRP’s Rosenstock Offers Commentary on Biden Financial Regulatory Agenda
In a recent article from The Hill, TRP Partner Jason Rosenstock provided commentary on President Joe Biden’s financial services agenda as his key regulatory nominees move through the Senate confirmation process. With Biden SEC and CFPB nominees Gary Gensler and Rohit Chopra poised to take the helm at their respective posts, Rosenstock aptly noted that the more liberal financial policy priorities are likely to manifest through agency actions given the narrow Democratic majority in Congress. “The narrow margins in the Senate and the fact that — so far, at least — the filibuster seems like it’s in place, a lot of the progressive wish list is going to move to the agencies,” said Rosenstock.
Continue reading “In The Hill, TRP’s Rosenstock Offers Commentary on Biden Financial Regulatory Agenda”