Financial Services

House GOP Renews ‘Holman Rule’ Targeting Federal Pay
Provision allows cuts to individual employee salaries

Rep. Morgan Griffith of Virginia, shown here in 2015, proposed a Holman rule amendment in July that aimed to slash a section of the Congressional Budget Office. (Bill Clark/CQ Roll Call file photo)

House Republican leaders on Tuesday re-upped a rule that lets lawmakers slash the salaries of individual federal employees, in a move that some Democrats condemned as an attempt to dismantle the federal workforce.

Tucked into a floor rule that teed up consideration of two unrelated bills on financial services and health policy is a provision that extends the “Holman rule,” a standing order whose revival has sparked controversy in recent years. 

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.

House Committee Leadership Is Becoming a Game of Musical Chairs
Term limits, fundraising pressure and reduced clout are taking a toll on GOP chairmen

Reps. Lamar Smith and Robert W. Goodlatte, shown here in 2014, are two of at least eight committee chairmen who are leaving Congress. (Bill Clark/CQ Roll Call file photo)

No matter what happens in the November elections, the House of Representatives will be a body transformed.

At least eight of the chamber’s sitting committee chairmen are quitting Congress — and two additional chiefs have already given up their gavels. These exits come at a cost to the institution, as House Republicans will lose policy expertise, political savvy and procedural prowess.

Opinion: The Attack on the CFPB Threatens Consumers and Ignites a Race to the Bottom
Mulvaney’s zealous pursuit of deregulation also hurts our economy

Comedian Jon Stewart, center, flanked by New York Reps. Carolyn B. Maloney and Jerrold Nadler, speaks during a press conference on March 5, calling on OMB Director Mick Mulvaney to withdraw his proposal to separate the World Trade Center Health Program from the direction of the National Institute of Occupational Safety and Health direction. (Bill Clark/CQ Roll Call)

As a congressman, Mick Mulvaney once co-sponsored a bill to abolish the Consumer Financial Protection Bureau. And since being appointed by President Donald Trump to temporarily lead the agency, he has worked to cripple it from the inside.

What he is doing will hurt consumers not once but twice — first, by letting off the hook financial institutions that take advantage of their customers, and second, by giving other companies large incentives to do the same.

Opinion: Under Mulvaney’s Leadership, the CFPB Can Finally Live Up to Its Name
Acting director is steering agency away from unlawful legislating and toward protecting consumers

OMB Director Mick Mulvaney testifies before a Senate Budget hearing on the administration’s fiscal 2019 budget in the Dirksen Building on Feb. 13. (Tom Williams/CQ Roll Call file photo)

Mick Mulvaney and I served on the House Financial Services Committee together for nearly four years before President Donald Trump selected him to run the Office of Management and Budget. In that time, we worked together to ensure transparency and accountability across the financial sector.

The Consumer Financial Protection Bureau was created by the Obama administration and Sen. Elizabeth Warren, D-Mass., with the promise of being a “strong, independent agency that levels the playing field and protects American families, seniors, students and veterans.” But in practice, the CFPB has been an unaccountable, unconstitutional, politically driven agency that has punished consumers and pushed them to riskier, unregulated financial products.

Congress Could Split Payments to Broadcasters Over Two Years
Thune, Walden explore compensating spectrum moves over longer period of time

Sen. John Thune, R-S.D., says members are exploring spreading out payments to broadcasters for spectrum moves from one year to two. (Bill Clark/CQ Roll Call)

Senate Commerce, Science and Transportation Chairman John Thune says authorizers and appropriators are exploring whether to compensate broadcasters for giving up spectrum over two years rather than one, a change that could make it a more palatable item in spending bills.

The South Dakota Republican, who is also chairman of the Senate Republican Conference, and House Energy and Commerce Chairman Greg Walden, R-Ore., are trying to secure about $1 billion to compensate broadcasters for giving up one part of the spectrum and move to another. But appropriators are balking at the sum.

Shelby Expected to Assume Appropriations Panel at Prime Time
Budget deal in place as veteran lawmaker expected to slot into big roles

Alabama Sen. Richard C. Shelby is likely slotting into the Appropriations chairmanship at a good time, with budget figures already agreed upon. (Bill Clark/CQ Roll Call)

Sen. Richard C. Shelby, the expected next chairman of the Appropriations Committee, will slide into the role with much of the grunt work already done.

With a slimmed-down legislative agenda, no major policy initiatives on the horizon and spending levels for fiscal 2019 already agreed to, the timing is good to focus on the elusive goal of clearing the 12 yearly appropriations bills.

Mississippi’s Thad Cochran Resigning From Senate in April
Longtime Republican senator cites his health as “ongoing challenge”

Mississippi Sen. Thad Cochran will not complete his seventh term due to health reasons. (Bill Clark/CQ Roll Call file photo)

Updated 6:28 p.m. | Senate Appropriations Chairman Thad Cochran announced Monday he will resign from the chamber effective April 1, giving way to a special election in November. 

“I regret my health has become an ongoing challenge,” the Mississippi Republican said in a statement. 

10 Policy Issues to Watch in Omnibus Spending Bill
Policy debates could complicate process

Immigration rights demonstrators hold signs in front of the Trump International Hotel in Washington in September to oppose the president’s decision to end the DACA program for “Dreamers.” The omnibus is the next opportunity for lawmakers to extend protections.(Bill Clark/CQ Roll Call file photo)

A swath of sticky policy debates could entangle an upcoming final spending package for fiscal 2018, as lawmakers aim to attach their pet policy “riders” to the must-pass bill.

Negotiators are aiming to complete work on the massive $1.2 trillion bill and pass it before March 23, when the fifth stopgap funding measure of the fiscal year, which began Oct. 1, expires. Before they do, they’ll need a deal on which policy issues, from guns and immigration to Russia’s election meddling, will ride alongside the spending package.

Budget Watchdog Sees $2 Trillion Deficits Within 10 Years

Federal Reserve Chairman Jerome Powell testifies before a House Financial Services Committee hearing titled “Monetary Policy and the State of the Economy” in Rayburn Building on February 27, 2018. Behind him is a debt clock, which each federal deficit cycle adds to. (Tom Williams/CQ Roll Call file photo)

The federal deficit could hit $1.1 trillion next year and $1.7 trillion in fiscal 2028, piling on debt that exceeds the size of the economy by the end of the decade, according to a Committee for a Responsible Federal Budget report released Friday.

If Congress extends individual tax cuts beyond their scheduled expiration and continues to raise discretionary spending levels above statutory caps, the debt will grow even faster, reaching $33 trillion or 113 percent of gross domestic product by fiscal 2028, the CRFB analysis said. Under that scenario, annual deficits would top $2 trillion within 10 years.