#McCarthy

Eliza Allen2023-01-13T16:42:19-05:00January 13th, 2023|3- This Week|

Tumult in the House

As is patently clear from all the discourse following Kevin McCarthy’s fifteenth ballot win for the House gavel, the “lower body” has taken a few shots across its institutional knee-cap. However, we think experienced House Members with ambitions for higher office along with affinity for strongly-conservative policies will find a way to move legislation on the GOP side of the aisle. Less clear is what Democrats will do given the Speaker’s pledge to bring every bill to the floor on an open rule – a procedure allowing them considerable scope both for substantive legislative change and political theater. If the Minority Leader, Hakeem Jeffries (D-NY) thinks his party’s bread is buttered on the side of showing it can govern, some bills will move forward without toxic Democratic change; if not, not. All is, thus, a muddle in which there may well be a middle.

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Eliza Allen2023-01-06T16:52:12-05:00January 6th, 2023|3- This Week|

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.

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