Speechless in the House
Well, that was a most interesting opening number. The ongoing rollcalls for Rep. Kevin McCarthy (R-CA) spawned much press coverage about chaos and incapacity in what some like to call the “people’s chamber.” This is surely true for high-profile questions such as the debt ceiling, Ukraine, and the federal budget. However, as FedFin’s forthcoming forecast for the new year will show, we don’t think this will prove the case for most financial-services legislation. Incoming HFSC Chairman McHenry (R-NC) is determined to show that he can govern – a key criterion for ascension in the House or beyond as matters are likely to evolve. As a result, you’ll see that 2023 will prove a consequential year for several high-priority financial-policy initiatives – see, for example, our assessment of the prospects for Fed reform, crypto rewrites, and even an ILC restraint.