Author: Thornrun

Lawmakers will begin work on the House version of the fiscal year (FY) 2020 National Defense Authorization Act (NDAA), starting with the rule to govern debate on the measure. The rule would make in order 439 amendments for floor consideration, suggesting that work on the $733 billion measure could extend late into the week. With House Republicans expected to reject the bill over concerns about its lower price tag, Democratic leadership has a slim margin of error to work with as progressives could split with the party if their priorities — such as reining in the Trump Administration’s war powers, cutting the bill to $700 billion, and blocking arms sales to Saudi Arabia — aren’t tacked on to the lower chamber’s bill.

Continue reading “Today on the Hill: House Begins Work on NDAA”

The House will return to action later this afternoon as lawmakers will look to clear seven Financial Services bills under suspension of the rules. This includes a resolution that encourages the Securities and Exchange Commission (SEC) to collaborate with state securities regulators in efforts to protect investors, as well as a legislation requiring the Department of Housing and Urban Development to discount Federal Housing Administration (FHA) single-family mortgage insurance premium payments for first-time homebuyers who complete a financial literacy counseling program. Other notable bills set to hit the House floor include: (1) a bill amending the Securities Exchange Act to expand access to capital for rural-area small businesses; (2) a measure requiring the Securities and Exchange Commission (SEC) to study ways to improve investment research for small and emerging issuers; and (3) an act mandating an SEC study into the ten percent threshold limitation applicable to the definition of a diversified company under the Investment Company Act.

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Congress returns to action this week to begin a three-week legislative session prior to leaving for the August recess. The limited floor time in July is stirring up angst among lawmakers as both chambers remain far apart on addressing key fiscal deadlines pertaining to budgetary spending caps, appropriations, and the debt ceiling. Negotiations between top Congressional leaders and the White House are expected to continue in the coming weeks in hopes of striking a deal ahead of the upcoming fall deadlines.  

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The Senate reconvened early this morning following passage (86-8) of its version of the National Defense Authorization Act (NDAA). The upper chamber used an unusual procedure to pass the $750 billion bill, allowing for a vote on a Democratic amendment that would restrict military authorization against Iran that would be retroactively added to the measure if it passes today. However, the provision is subject to a 60-vote threshold and is likely to fail.

Continue reading “Today on the Hill: Senate Wraps Up June With NDAA Amendment Vote”

House lawmakers are set to pick up amendment debate on the fiscal year (FY) 2020 spending bill for Financial Services and General Government (FSGG) this afternoon. Thus far, the House has debated 10 out of the 46 amendments that have been made in order, approving a measure that would prevent the relocation of two U.S. Department of Agriculture (USDA) agencies to the Kansas City metropolitan area. Additional amendments up for consideration today includes a host of measures from House Financial Services Chairwoman Maxine Waters (D-CA) that would: (1) block the Securities and Exchange Commission (SEC) from implementing its Regulation Best Interest (Reg BI); (2) block registration of companies that force shareholders to accept mandatory arbitration clauses; and (3) prevent the SEC from changing rules around shareholder proposals.

Continue reading “Today on the Hill: House to Clear FSGG Spending Bill”

Congressional leaders are facing headwinds within their respective parties on a bill that would seek to fulfill President Donald Trump’s priorities on the U.S.-Mexico border. House Democrats are considering pulling their $4.5 billion measure — which includes less money for Immigration and Customs Enforcement (ICE) and extra oversight demands — amid resistance from the Progressive and Hispanic Caucuses over the President’s recent actions pertaining to deportation. Senate Majority Leader Mitch McConnell (R-KY) could bring his bipartisan $4.6 billion supplemental appropriations bill to the floor for a vote as soon as today, yet fellow Kentucky Sen. Rand Paul (R-KY) could hold up the upper chamber’s bill over objections to the lack of offsets. The intraparty divisions could push consideration of the border supplemental past the Independence Day district work period.

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The House and Senate stand will return to action later this afternoon to kick off a busy week of floor activity. In the House, lawmakers will look to pass the second appropriations “minibus” early this week prior to moving onto consideration of the spending bill for Financial Services and General Government (FSGG). House Majority Leader Steny Hoyer (D-MD) stated last week that it’s possible that the spending bills for the Legislative Branch and Homeland Security could get tacked onto the FSGG bill, as Democratic leadership has stressed that they want to clear all 12 appropriations measures prior to the Independence Day district work period. In addition to its work on appropriations, the lower chamber will also consider a bill that seeks to bolster election security through authorization of new funding for Election Assistance Commission Grants to states for securing their voting systems. 

Continue reading “This Week on the Hill: Congress Wraps up June Session with Key Legislative Items”