Michael D Crapo

Senate Passes Bank Deregulation Bill, House May Seek Additions
More than a dozen Democratic senators joined all Republicans

Senate Banking Chairman Michael D. Crapo sponsored the measure that would ease regulations on all but the biggest banks. (Tom Williams/CQ Roll Call file photo)

The Senate voted Wednesday to pass a bill that would be the biggest bank deregulation since 1999 and would roll back parts of the 2010 Dodd-Frank financial overhaul.

More than a dozen Democrats joined the Republicans to pass the bill, sending it to the House, where conservative Republicans may seek to attach further provisions to roll back the 2010 law. Republicans will be trying to straddle the line between the extensive reversal of bank regulation that they seek and keeping on board the Senate Democrats who will be needed to clear the measure.

Senators Will Vote on Pulling Troops Out of Yemen, But When
Resolution could reach the floor this week, if there’s time

Sen. Mike Lee is said to be eager to get a vote on the Yemen resolution this week. (Bill Clark/CQ Roll Call file photo)

A resolution that would direct the withdrawal of U.S. forces from ongoing hostilities in Yemen is ripe for Senate action, but the clogged calendar means supporters might not immediately get it to the floor.

The question may be how to shoehorn the measure on to the schedule before the next recess.

Congress, Waiting for an Omnibus to Arrive
Senate staying on banking legislation, House looks at votes on guns

Lawmakers could get their first look at an omnibus spending bill this week.. (Bill Clark/CQ Roll Call)

Keep an eye out for the release of a $1.3 trillion omnibus spending bill this week. Negotiators are aiming to complete work on the sprawling bill and pass it before March 23, when the fifth stopgap funding measure of the fiscal year expires.

The bipartisan budget deal enacted last month freed up an additional $143 billion for discretionary programs in fiscal 2018 — $80 billion for defense and $63 billion for nondefense accounts.

Banking Debate Splits Democrats, but They Might All Win
Friends or foes hope to capitalize on the topic

Sen. Heidi Heitkamp of North Dakota is one of several Democrats who helped negotiate the bipartisan banking bill. (Bill Clark/CQ Roll Call)

Senate Democrats might all be winners in the chamber’s debate this week on curtailing some provisions of the Dodd-Frank regulatory overhaul.

On the one hand, progressives can again prove their bona fides as voices against big financial institutions, while more conservative Democrats on the ballot in 2018 from largely rural states can boast they are making the Senate work to support their community banks.

Fed Chairman Weighs in on Financial Deregulation Bill Set for Senate Debate
Senate set to consider measure on the floor next week

Federal Reserve Chairman Jerome Powell made his first appearances as head of the central bank before Congress this week.(Tom Williams/CQ Roll Call)

Federal Reserve Chairman Jerome Powell used his first appearance before the Senate Banking Committee to endorse the main features of a financial deregulation bill that the Senate is set to debate on the floor next week. 

Powell told the panel Thursday that the “most significant” provision in the bill is the replacement of the Dodd-Frank threshold for stringent Fed regulation of banks. The 2010 Dodd-Frank law put the threshold at $50 billion in assets. The bill would raise that to $250 billion, and reduce the number of banks effected from 44 to 13.

Congressional Offices Announced as Democracy Award Finalists to Help Establish Trust in Congress
Congressional Management Foundation picks finalists in four categories

Arizona Rep. David Schweikert and Washington Rep. Cathy McMorris Rodgers, right, are among the finalists. (Tom Williams/CQ Roll Call file photo)

To try to “restore a little faith” in Congress, the Congressional Management Foundation on Friday announced the finalists for its first Democracy Awards.

The organization chose its finalists for their focus on constituent services, their workplace environment, innovation, and transparency.

Senate Banking Panel Advances Fed, Two Other Financial Nominees
Economics professor Marvin Goodfriend endorsed for Federal Reserve Board

The Senate Banking Committee has narrowly endorsed the nomination of Marvin Goodfriend to the Federal Reserve Board of Governors. (Tom Williams/CQ Roll Call file photo)

The Senate Banking Committee narrowly endorsed Thursday the nomination of Marvin Goodfriend to the Federal Reserve Board as Democrats complained that the economics professor is more focused on fighting inflation than creating jobs.

Goodfriend faced opposition from Democrats because of what they described as a lack of commitment to the Fed’s goal of supporting maximum employment. His nomination advanced on a party-line vote of 13-12.

Shutdown Begins After Midnight Deadline Passes
Senate has a vote on funding scheduled for 1 a.m. Friday

The latest government shutdown is the second in less than a month. (Bill Clark/CQ Roll Call file photo)

It’s official: The federal government has entered yet another partial shutdown. 

The Senate reopened at 12:01 a.m. Friday after recessing just before 11 p.m. Thursday, as Sen. Rand Paul continued his objections to moving up the timetable for a procedural vote on legislation that would extend government funding past the midnight deadline. That vote is currently set for 1 a.m.

Budget Deal Facing Senate Slowdown, House Objections
Second shutdown in as many months looms larger

Congress continued to lurch toward another government shutdown on Thursday. (Bill Clark/CQ Roll Call)

Updated at 6:47 p.m.Confidence quickly waned Thursday afternoon that a massive $320 billion budget package with stopgap funding needed to avert a government shutdown at midnight would pass quickly as senators lodged procedural objections.

And if House Democratic leaders move from a passive vote-counting effort against the package to an aggressive one — neither chamber may have the time or the votes to pass the package before the current funding bill expires.

Senate Leaders Announce New Committee Rosters
Ratio change gives GOP a one-seat advantage at all committtees

Sen. Doug Jones, D-Ala., received his committee assignments on Tuesday. (Bill Clark/CQ Roll Call)

The full Senate is set to ratify revised committee rosters and ratios before adjourning Tuesday evening.

The changes add a Democrat to the Finance and Judiciary Committees, because each needed new Democrats to provide an across-the-board one-seat advantage for the GOP with their diminished majority.