Michael D Crapo

Senate Banking Advances Powell Nomination for Fed Chairman
Sen. Elizabeth Warren only senator to vote against recommendation

Jerome Powell earned the support of all but one member of the Senate Banking Committee to advance his nomination for Fed chairman. (Photo By Tom Williams/CQ Roll Call)

The Senate Banking Committee voted 22-1 Tuesday to recommend confirmation of Jerome Powell as the next chairman of the Federal Reserve. Massachusetts Sen. Elizabeth Warren voted against the recommendation.

Powell received the support of Chairman Michael D. Crapo, who had voted against him during his renomination to the Fed board in 2014.

Opinion: Bipartisanship Still Exists and Financial Reform Is Proof
Senate bill isn’t perfect, but it can have a lasting effect

The Senate Banking, Housing and Urban Affairs Committee will mark up a bipartisan bill this week. From left, Chairman Michael D. Crapo, Republican Sen. Jerry Moran, ranking member Sherrod Brown and Democratic Sen. Brian Schatz prepare for a hearing in July. (Tom Williams/CQ Roll Call file photo)

As U.S. politics descends ever further into partisanship, there are still signs that old-fashioned legislating is not dead. This week, the Senate Banking Committee will mark up one of the first significant pieces of financial regulatory legislation in years with real bipartisan support. That means an opportunity for lasting, incremental progress that we should welcome.

The proposed bill, which has 10 Republican and 10 Democratic co-sponsors, would not revolutionize the U.S. financial regulatory system, and that’s a good thing. The Dodd-Frank Act and other post-financial crisis reforms have made the financial system and Americans safer overall, but like most major reforms, they have also created unintended consequences. The Senate bill would address some of these, while retaining the overall post-crisis framework that is generally working.

Governors’ Obamacare Waiver Power Would Broaden Under GOP Proposal
Discussion draft shows easier path to 1332 waiver

Senate Finance Chairman Orrin G. Hatch finds himself in a turf war with HELP Chairman Lamar Alexander over health care. (Al Drago/CQ Roll Call file photo)

Legislation from two Republican senators would allow governors to implement a waiver under the 2010 health care law without approval from state legislatures, a departure from current law, according to a discussion draft obtained by Roll Call.

The bill from Senate Finance Chairman Orrin G. Hatch and Idaho Sen. Michael D. Crapo would end the requirement for states to pass legislation to implement a so-called 1332 waiver. It would also let governors unilaterally end the program and would mandate that the Department of Health and Human Services secretary make a determination on a waiver application within 100 days.

Trump Picks Jerome Powell to Head Federal Reserve
President praises nominee as a “consensus builder”

Jerome Powell, who was nominated by President Donald Trump for chairman of the Federal Reserve, looks on as Trump speaks at the White House Rose Garden on Thursday. (Drew Angerer/Getty Images)

President Donald Trump announced Thursday he has selected Jerome H. Powell to be the next chairman of the Federal Reserve. Powell, a longtime Republican, has been a member of the Fed’s board of governors for five years.

“I hope the Senate will swiftly confirm him once again,” Trump said in an announcement Thursday at the White House Rose Garden. He also called the nominee a “consensus builder,” who understands what it will take to grow the economy.

Steny Hoyer Really Wants to Talk About Scott Garrett
Minority whip asks Banking Committee for chance to testify against former colleague

House Minority Leader Steny H. Hoyer, D-Md., really doesn’t want former Rep. Scott Garrett, R-N.J., to run the Export-Import Bank. (Tom Williams/CQ Roll Call file photo)

There is apparently no love lost between House Minority Whip Steny H. Hoyer, D-Md., and his former House colleague, Republican Scott Garrett of New Jersey.

On Wednesday, Hoyer told the Senate Banking Committee he wants to testify against Garrett’s nomination to head the Export-Import Bank, saying Garrett is “precisely the wrong pick to lead the” bank, writing in a letter to the panel that Garrett “led efforts to block its reauthorization and played a key role in causing a lapse in its charter.”

Garrett’s Jabs at Export-Import Bank May Stop His Bid to Lead It
The former N.J. congressman once voted against reauthorizing the bank

Former New Jersey Rep. Scott Garrett, center — shown here at a 2015 House Financial Services hearing — has been nominated to head the Export-Import Bank, an organization he once said “embodies the corruption of the free enterprise system.” (Chip Somodevilla/Getty Images)

Former New Jersey Rep. Scott Garrett faces an unusual combination of Democrats and business groups opposing his nomination to lead the Export-Import Bank as the Senate hearing on his confirmation approaches.

Garrett, who lost his bid for re-election in 2016, is part of the wing of the Republican Party that sees the Ex-Im Bank’s loan, insurance and guarantee programs as corporate welfare that mainly benefits large companies. He was a founding member of the hard-line conservative House Freedom Caucus. 

What Happens When Corker Lays Down His Foreign Relations Gavel?
Tennessee Republican leaves a committee far from what it used to be

Tennessee Sen. Bob Corker is the first senator to announce his retirement this Congress. (Tom Williams/CQ Roll Call)

Neither Peyton Manning nor Reese Witherspoon is going to become chairman of the Senate Foreign Relations Committee next year. Not Charlie Daniels, Dolly Parton or Samuel L. Jackson, either.

The most clear-cut reason is that none of those celebrity Tennesseans is likely to end up running to become a senator, much to the disappointment of Beltway insiders starved for glitzy, if harmless, political distractions in the Trump era and already enthralled by Kid Rock’s flirtation with a Senate run in Michigan.

At Equifax Hearings, Senators Complain of Deja Vu
It’s ‘long past time’ Congress set standards for data security, Grassley says

Richard Smith, CEO of Equifax, center, prepares to testify during a Senate Banking, Housing and Urban Affairs Committee hearing on Tuesday. Smith will testify Thursday before the House Financial Services Committee. (Tom Williams/CQ Roll Call)

Senate Judiciary Committee members voiced exasperation about holding another hearing on whether consumers’ personal information is secure as Richard Smith, the former CEO of Equifax, made his third congressional appearance in two days to explain a security breach that allowed hackers to gain access to personal data — names, Social Security numbers, birth dates, addresses and some driver’s license information — on more than 145 million consumers. 

Judiciary Chairman Charles E. Grassley of Iowa said Wednesday that it is “long past time” that Congress set standards for data security, adding that he was “committed to getting a good bill ... over the finish line.”

Lawmakers Push Broad Review of Equifax Security
Democrats cite precedence of reaction to OPM data breach

Ohio Sen. Sherrod Brown wants Equifax to offer 10 years of free credit monitoring to those affected by the breach. (Tom Williams/CQ Roll Call file photo)

Lawmakers are responding to credit-reporting company Equifax’s loss of data on up to 143 million customers with a flurry of proposed legislation, demands for explanations, hearings and calls for regulators to investigate.

Democrats are leading the charge on legislation and investigations while Republicans join in with demands for an explanation from the company and with plans to hold hearings. Members of both parties are seeking details of Equifax’s work for government agencies. Democrats are also trying to pressure Republicans to be at least as tough on Equifax as they were with a government agency that suffered its own breach.

Crapo Not Committed to Banking Hearing on Equifax Breach
Chairman says staff is studying topic

Senate Banking Chairman Michael D. Crapo, left, seen here with ranking member Sherrod Brown, says he is undecided about holding a hearing on the Equifax data breach. (Tom Williams/CQ Roll Call file photo)

Senate Banking Chairman Michael D. Crapo said Tuesday his staff was studying the data breach at Equifax, but he hasn’t decided whether to hold a hearing on the issue and he wasn’t sure if the breach would affect the Republican effort to repeal the Consumer Financial Protection Bureau’s arbitration rule.

The Idaho Republican led a committee hearing Tuesday on a separate issue — the promise and the dangers of the burgeoning financial technology industries, like blockchain and mobile lending — but the event was overshadowed by the breach that Equifax has said may have resulted in the theft of personal information of up to 143 million Americans.