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Financial Services Report (1/22)

Our Take

Yesterday our nation celebrated Dr. Martin Luther King Day.   Among his popular quotes is that “the arc of the moral universe is long, but it bends towards justice.”  As noted here there is a sense by some that this trajectory only occurs through the force of those seeking to bend it.   In thinking about this, I am reminded me of the perspective from Congressman Tom Lantos, who once told me the goal of our Democratic Congress should be to close the hypocrisy gap – which is what he called the difference between America’s ideals as laid out in the founding documents and the reality of the day.  The effort described in the former is necessary for achieving the later.  However, if history is any guide, these effort needs to be done pragmatically and at a pace that probably disappoints the more ardent supporters of the objectives trying to be achieved.  

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TRP’s Rosenstock Quoted in Vox Article on the New House Financial Services Committee

TRP’s Jason Rosenstock was recently quoted in an article for Vox that outlines how the new, more progressive, appointed members of the House Financial Services Committee may impact the agenda and tone of the Committee. While the attention has been primarily focused on new members of the committee such as Reps. Ocasio Cortez (D-NY), Katie Porter (D-CA), Ayanna Pressley (D-MA), and Rashida Tlaib (D-MI), Rosenstock astutely questions whether these new lawmakers are willing to go up against  Chairwoman Maxine Waters (D-CA) — who has proven herself as a “real dealmaker." “Chair Waters is a skilled legislator, and I think this committee structure will allow her to harness those talents to try to guide the committee to find consensus,” said Rosenstock. “She’s a real dealmaker. She’s done it in the past with Republicans, and she may have to do it now internally a bit. The question is whether the newer members will be willing to sacrifice the perfect for the good.”

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Today on the Hill: No End in Sight as Government Shutdown Enters Day 27

House Democrats are readying another attempt to reopen shuttered federal agencies today as both parties remain entrenched in their respective shutdown positions. Democratic leadership has queued up a continuing resolution (H.J.Res.28) that provides funding for closed Federal agencies through February 28 without additional funding for President Trump’s border wall priority. However, the attempts to reopen the government have proven to be futile as Senate Majority Leader Mitch McConnell (R-KY) refuses to allow a vote on spending legislation that isn’t supported by the President. At this point, there is no clear path toward an end to the 27-day shutdown as ratings agencies and economic forecasters raise red flags on the funding lapse’s impact on the economy. 

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Today on the Hill: House Begins Consideration of Disaster Relief Bill

House lawmakers are turning their attention toward disaster relief aid as the partial government shutdown enters its 26th day. The lower chamber will begin consideration of a $12 billion supplemental spending bill (H.R. 268) for relief and recovery aid to states impacted by recent hurricanes, typhoons, wildfires & other natural disasters. Lawmakers have also queued up 14 amendments to the underlying bill, suggesting that final passage may come later tonight or tomorrow.

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Today on the Hill: House Democrats Prepare New Push to Reopen Government

House Democrats disclosed the next phase of the majority’s plan to reopen the government yesterday as the partial government funding lapse drags on to its 25th day. House Appropriations Chairwoman Nita Lowey (D-NY) announced that the House will take up a pair of continuing resolutions (CR) this week that would temporarily reopen federal agencies without funding President Trump's border wall priority. The first short-term CR (H.J.Res.27) — which would fund closed government agencies until February 1 — will be called up for a vote under suspension of the rules today. The second CR (H.J.Res.28) would provide funding through February 28 and is expected to be taken up on Thursday.

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This Week on the Hill: Historic Shutdown Drags On As White House Weighs Options

While the federal government is closed today following a snow-filled weekend in D.C., lawmakers are still set to return to Washington amidst what has become the longest government shutdown in U.S. history. Facing increasing pressure to deliver a solution, the Trump administration is contemplating a plan to declare a national emergency to bypass Congress and fund the president’s border wall priority. The proposed plan would reportedly tap into unused funds in the Army Corps of Engineers budget — a move that would certainly face opposition in Congress and the courts, but could create a path to ending the 24-day partial government shutdown. However, President Trump seems intent on pursuing his border wall through the Congress despite his weekend rejection of a compromise floated by Senate Republicans.

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Health Policy Report

The Week in Review

After a week of failed negotiations and messaging exercises, the White House and lawmakers have yet to make meaningful progress towards a deal to end the partial government shutdown. In a move aimed at increasing pressure on GOP lawmakers, the House held votes on individual government funding bills last week. The lower chamber passed the Financial Services and General Government (FSGG) appropriations bill, as well as bills that would reopen the Agriculture Department and the Food and Drug Administration (FDA); the Interior Department and the Environmental Protection Agency (EPA); and the departments of Transportation and Housing and Urban Development. While the funding bills did attract marginal House GOP support, Senate Majority Leader Mitch McConnell (R-KY) does not plan on allowing a vote in the upper chamber absent support from President Trump — who reiterated his shutdown stance in a primetime address last week.

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Financial Services Report (1/14)

Looking Ahead

Near Term

  • DC digs out of a real snowstorm.
  • House Democrats may name new members to the remaining Committees, including the House Financial Services Committee.

Further Out

  • The State of the Union is scheduled for January 29th.
  • At some point in the future the rest of the Government will be funded (hopefully) 

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Today, Next Week in Congress: National Emergency Declaration Seen as Most Likely Endgame for Partial Shutdown

After a week of failed negotiations and messaging exercises, the White House and lawmakers have not made significant progress toward a deal to end the partial government shutdown. Facing increased pressure to deliver a solution, the Trump administration is considering a plan to declare a national emergency to bypass Congress and fund the president’s border wall priority. The proposed plan would tap unused funds in the Army Corps of Engineers budget — a move that would certainly face opposition in Congress and the courts but could create a path to end the 21-day partial government shutdown.

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Today on the Hill: No Progress on Funding Deal As Government Shutdown Enters 20th Day

Lawmakers on both sides of the aisle are remaining steadfast in their respective positions on the partial government shutdown as a deal to fund the shuttered departments and agencies remains elusive. After passing the Financial Services and General Government (FSGG) funding bill yesterday, House Democrats have queued up a pair of measures (H.R. 265; H.R. 267) that would fund the Departments of Agriculture, Housing and Urban Development, and Transportation as well as several independent agencies including the Food and Drug Administration (FDA). While it was rumored that dozens of House GOP lawmakers would join the majority’s effort to reopen the government, White House officials and GOP leadership appeared to stymie further defection as only eight Republican lawmakers joined Democrats in voting for the FSGG bill.

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