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Author: Thornrun

Health Policy Report

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The Week in Review

The showdown over government funding fizzled last week as Speaker John Boehner’s (R-OH) decision to step down cleared the way for a continuing resolution (CR) to pass through Congress and extend government funding through December 11, 2015. A “clean” CR—one devoid of a provision defunding Planned Parenthood—passed the Senate last Tuesday night by a vote  of 78-20 before passing the House by a vote of 277-151 on Wednesday afternoon, leaving the President just hours to sign the measure before funding expired at midnight. The House vote brought together a coalition of moderate Republicans and Democrats as many conservative lawmakers in the House voted against the bill due to the maintenance of funding for Planned Parenthood. While the passage of the CR avoids an embarrassing misstep for Congress, it may have just postponed the shutdown fight until mid-December when the stopgap measure expires.

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Financial Services Report

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Our Take
 
Looking Ahead
Near Term

  • Republican Conference elections on Thursday (though maybe just for Speaker)
  • House will take up a series of Financial Services related bills on the suspension calendar on Tuesday including:

    • H.R. 2091 – Child Support Assistance Act of 2015
    • H.R. 1553 – Small Bank Exam Cycle Reform Act of 2015
    • H.R. 1525 – Disclosure Modernization and Simplification Act of 2015
    • H.R. 3032 – Securities and Exchange Commission Reporting Modernization Act of 2015
    • H.R. 1839 – Reforming Access for Investments in Startup Enterprises Act of 2015
  • House will also consider the Homebuyers Assistance Act under a rule on Wednesday.  This bill would statutorily create a safe harbor during the implementation of the new TRID rules.
  • The Senate is scheduled to take up National Defense Authorization Act (NDAA) over vociferous Democratic objects potentially teeing up a Presidential veto of the NDAA.

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Health Policy Report

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The Week in Review
 
Speaker John Boehner’s (R-OH) shocking announcement on Friday that he will step down at the end of October capped off an incredible week in Washington that also witnessed the excitement of a papal visit and a state visit from the Chinese President, Xi Jinping. Pope Francis’ visit to Washington was highlighted by the first-ever papal speech to a joint session of Congress, where the Catholic leader urged Members to set aside their partisan differences to address income inequality, climate change, and family issues. While the Pope’s message may not drive any specific legislative activity or a new era of partisan comity, the media attention and political conversations generated by his visit demonstrated the enduring power of the Vatican in American politics.  

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Financial Services Report

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Our Take
Speaker Boehner’s announcement on Friday that he would resign from Congress on October 30th may have been one of the ultimate profiles in political courage.  Whether or not he could have ultimately prevailed in the vote to vacate the chair we will never know.  But by stepping down at the end of the month he not only gave the conservatives the scalp they were looking for, he was also able to protect those Republicans who would have voted for him from a bruising primary battle.  Additionally, by waiting till the end of the month – which perhaps coincidentally coincides with the expiration of the surface transportation bill – he left himself one last chance to make a big, “drop the mike” type of deal on his way out the day.  Could it include an Ex-Im reauthorization, the transportation bill and raising the debt ceiling?  That remains to be seen.  However, that he may need to utilize Democratic votes to get it done, in part a reason for his resignation, also proves how his announcement further exemplifies the breakdown of Congress and our democratic system.  On the other hand, the fact that he can resign the Speakership is also an ultimate example of the strength of our democracy.

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Rosenstock: McConnell Wants Concessions on Clean CR

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In a new article published in Investment News, Thorn Run's Jason Rosenstock provides an analysis of Senate Majority Leader Mitch McConnell's (R-KY) efforts to avoid a government shutdown on September 30.  According to Rosenstock, Leader McConnell will not allow government funding to expire, but he wants to extract concessions for that decision. "McConnell and the White House are on a path to a game of chicken," Rosenstock says in the article. "It's likely to be a bumpy ride to the edge again." 

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Health Policy Report

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The Week in Review
 
In a week shortened by the Jewish New Year holiday, Congress attacked the Iran deal and inched closer to a possible continuing resolution to fund the government beyond September 30, the end of the current fiscal year. On the Iran deal, Senate Majority Leader Mitch McConnell (R-KY) lost two cloture votes on the resolution disapproving the Administration’s nuclear agreement with Iran (H.J. Res. 61) as the 42 Democrats who support the deal held firm in denying the measure from advancing. The agreement is set to be implemented as last Thursday marked the deadline for a disapproval of the deal to reach the President’s desk.

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Financial Services Report

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Looking Ahead

Near Term

  • This is a short, but critically important week if the Government is not going to shut down when the current funding bill expires on September 30th.  Both Houses will postpone votes until Thursday and Friday because of the Yom Kippur holiday and the visit from the Pope, but we may see the public release of a CR by the end of the week.   

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Health Policy Report

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The Week in Review
 
The week in Congress was dominated by debate on the Obama administration’s nuclear agreement with Iran. Under the deal, Iran will maintain the ability to enrich uranium for peaceful purposes, but be subject to intensive inspections from the International Atomic Energy Agency (IAEA). Republicans have vehemently opposed the deal and have been joined by a handful of moderate Democrats. Both the House and Senate considered disapprovals of the deal last week, but they diverged on the exact mechanisms for conveying their disapproval. The Senate took up a legislative vehicle (H.J. Res. 61) to serve as their disapproval, but it failed a cloture vote on Thursday as the 42 Democrats in favor of the deal held firm. Meanwhile, the House introduced a series of three measures; one approving the deal (H.R. 3641), one demanding the President to release the details of “side deals” between the IAEA and Iran (H. Res.  411), and a third preventing the President from lifting sanctions on Iran until January, 2017 (H.R. 3460). The approval failed by a vote of 162-269, the side deal bill passed 245-186, and the sanctions bill passed 247-186; but both of the passed measures are likely to founder in the Senate.

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Financial Services Report

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Looking Ahead

Near Term

  • The House is expected to take up two bills related to abortion before possibly considering a continuing resolution that may likely include language eliminating federal funding for Planned Parenthood.
  • The Senate is expected to spend the majority of the week continuing to debate the Iran Nuclear Agreement.
  • The House Financial Services Committee will hold two hearings this week.  One full committee hearing continuing the look-back on the 5th Anniversary of Dodd-Frank and another to examine the variety of issues threating the global economy.
  • The FOMC meets on Wednesday and Thursday.  Analysts appear divided on whether the Fed will raise interest rates at this meeting.

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Financial Services Report

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Our Take
Since the first session of the 114th Congress convened back in January we’ve made it clear that this year’s Congressional agenda would be dictated by deadlines. While the Congress and the Administration were able to successfully deal with a few of these, most were punted until the end of September and October, leaving Congress with a full plate and little time in the short term.
 
On the menu are; funding the federal government, extending the debt limit, reauthorizing the transportation bill, considering the Iran Nuclear Deal, dealing with the annual list of tax extenders that need to be renewed, reauthorizing the Federal Aviation Act, extending child nutrition programs, and potentially renewing the expired Export-Import Bank Charter.

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