The Archive

IN THIS EDITION

An ambitious Senate agenda — if the GOP will help

Inside Neguse’s plans as assistant leader

HFC freshmen angle for open Judiciary spot

The Vault heads to CBA Live

THE TOP

An ambitious Senate agenda — if the GOP will help

Happy Wednesday morning.

Federal agencies are funded through September. The must-pass agenda is winnowing down. And Senate Majority Leader Chuck Schumer wants to pivot to a flurry of bipartisan legislation he first laid out last summer.

Schumer says he wants to take swings at Big Tech, enact banking reforms and shore up the nation’s railroad safety standards, among other ambitious projects.

Of course, success is far from certain. And it’ll be nothing like the first two years of Joe Biden’s presidency in a Democrat-run Washington. The 117th Congress saw a historically productive Senate craft and pass several landmark bipartisan bills that were signed into law — often with the help of GOP leaders. This time around, with an eye on the Senate majority, Republicans are much less likely to help Democrats deliver results they can tout in November.

So it’s unclear whether much of this agenda can garner 60 votes in the Senate, let alone clear a GOP-run House beset by infighting and dysfunction. In the months since Schumer first laid out those priorities, the House dumped two major cross-party bills on his plate — a tax package and a TikTok bill — that could make for a fascinating pre-election streak of bipartisan legislating.

Political benefits: Another important element of Schumer’s legislative calculus is the fact that some of these bipartisan bills could serve to boost Democratic incumbents in tough races this year. Looking at you, Sen. Sherrod Brown (D-Ohio)!

And, as is the case with pretty much anything in the Senate, the process will matter a whole lot. It takes a week to pass anything without unanimous consent, and Republicans could put up a fight on amendments. And leadership is already urging Republicans to stick together in opposition to things like the tax bill. That doesn’t mean Schumer won’t hold “show” votes, of course.

But while it’s rare to secure standalone votes — Sen. Roger Marshall (R-Kan.) has been trying to do this with his credit card competition bill — it’s not impossible. Sen. Josh Hawley (R-Mo.) just did it with a bill to reauthorize a compensation program for radiation victims, which passed the Senate easily.

Alternatively, some proposals could be attached to another legislative vehicle. Both chambers will need to address the April and May deadlines for FISA and the FAA reauthorization, respectively, at some point.

In addition, Congress is going to have to pass a bill to fund the rebuilding of the Francis Scott Key Bridge. We noted in the Midday edition Tuesday that, in 2007, Washington moved to approve $250 million to rebuild the I-35W bridge in Minnesota just days after its collapse. This will be something the Hill has to reckon with.

Let’s get into it.

Wyden-Smith tax bill: This measure passed the House in a massive bipartisan vote but is on the verge of collapse in the Senate. Republican leaders are vowing to stop the effort in its tracks, even privately encouraging members to filibuster it if Schumer brings it up.

Some Republicans believe they’ll have a better shot at addressing tax policy next year when the Trump tax cuts expire and they could have the Senate majority. Others have suggested quite openly that it wouldn’t make sense to give Biden a win this close to the election.

There is modest GOP support in the Senate, especially with the expansion of the child tax credit. This is something that could also help in-cycle Democrats. But if the bill lacks the requisite 60 votes, it’s hard to see Schumer holding a show vote on this one.

Rail safety: Legislation boosting railway safety standards after the East Palestine, Ohio, train derailment cleared the Senate Commerce Committee nearly a year ago.

Sen. J.D. Vance (R-Ohio) has been working to secure enough GOP support for the bill, but Republican leaders oppose it. Vance and his allies believe the votes are there. But whether this could pass the House is an open question.

Kids’ online safety: Sens. Richard Blumenthal (D-Conn.) and Marsha Blackburn (R-Tenn.) have been spearheading this effort, which has more than 60 co-sponsors. Schumer has said he wants to take action on it.

But cracking down on big tech hasn’t always been Congress’ strong suit. Speaking of…

TikTok: Like the tax bill, legislation forcing TikTok to divest from its Chinese parent company passed the House with a big bipartisan margin.

To be sure, the TikTok bill isn’t in as much danger as the tax bill is in the Senate. But as we’ve reported, there are differences of opinion among top Democrats that could ultimately prevent it from moving forward in its current form. Plus, the jury’s still out on whether this effort carries any political benefits.

Banking Committee action: The Senate Banking Committee has cleared two bipartisan bills that could potentially see floor action. The first is the SAFER Banking Act, which is intended to help state-legal cannabis businesses access the banking system. It cleared the panel on a 14-9 vote.

The other is the RECOUP Act, which deals with bank executive clawbacks and other accountability standards. This passed the committee on a 21-2 vote.

— Andrew Desiderio

Don’t miss: Our Vault quarterly edition comes out Thursday. We sat down with CFPB Director Rohit Chopra to discuss his upcoming agenda and what the agency is focused on most going forward. We’ll also take a look at who may serve in key economic and financial services positions in either the second Biden or Trump administrations. All this and more are coming your way on Thursday.

THE HOUSE MINORITY

Inside Neguse’s plans as assistant leader

When House Democrats last week unanimously elected Rep. Joe Neguse (D-Colo.) to replace Rep. Jim Clyburn (D-S.C.) as the newest member of leadership, the whole-cloth change of the Democratic guard officially became complete.

We sat down with the 39-year-old Neguse — seen by many as a rising star in the caucus — to hear about his vision for the assistant leader role.

What does the position actually do: Neguse likened his new job to the assistant speaker role that Rep. Katherine Clark (D-Mass.) and now-Sen. Ben Ray Luján (D-N.M.) served in under former Speaker Nancy Pelosi. And that’s probably what this job would translate to if Democrats win back the majority later this year.

The Colorado Democrat said his primary responsibilities are supporting House Minority Leader Hakeem Jeffries and providing resources, like training programs and constituent messaging advice, to members.

News on this front: Neguse arranged for FTC Chair Lina Khan to address House Democrats after votes on April 15. Check out the invite here.

Clark and Luján also worked closely with House freshmen in the majority. We’ll be watching to see if Neguse takes this job on as well.

On generational change: Under Clyburn, it was unclear where the role fell in the Democratic leadership ranks. Remember, Clyburn was the only one of the top three leaders — along with Pelosi and Rep. Steny Hoyer (D-Md.) — who maintained a position in leadership after Democrats lost the majority in 2022. This caused some internal strife at the time.

Neguse, the former chair of the House Democratic Policy and Communications Committee, is unsurprisingly always on message. Neguse praised Pelosi, Clyburn and Hoyer as “living legends.”

The Colorado Democrat then said Jeffries, Clark and Democratic Caucus Chair Pete Aguilar — known to House Dems as the “New Three” — represent the “visionary, new, forward-thinking positive face of the Democratic Party.”

This image, in Neguse’s eyes, provides a clear contrast with “the constant infighting and strife and dysfunction and chaos of Republican leadership.”

Will Democratic messaging break through: We asked Neguse if he was concerned about recent polling showing a plurality of voters felt President Joe Biden’s policies had personally hurt them. Of course, Hill Democrats passed a number of significant bills during the first two years of Biden’s presidency.

“I don’t know that the voters have fully tuned in quite yet, with respect to the November election,” Neguse said. “I’m confident that our message is resonating with the voters.”

Neguse also argued “that every special election of note in the last two years has been won by Democrats,” citing Rep. Tom Suozzi’s (D-N.Y.) recent victory.

What he learned from the Dean Phillips situation: One of Neguse’s toughest tests in the House to date was dealing with Rep. Dean Phillips (D-Minn.) — a former DPCC co-chair — and his presidential run. While Neguse helmed the DPCC, Phillips decided to challenge Biden while serving as a member of House Democratic leadership.

Neguse didn’t directly answer, instead pivoting to praising the work of the DPCC staff for continuing their work in the midst of the vacancy.

— Max Cohen

JOIN JIM JORDAN

HFC freshmen angle for open Judiciary spot

News: Freshmen hardliners are jumping at the chance to fill the open seat on the House Judiciary Committee, where they could directly go after the Biden administration and be a part of the impeachment inquiry into the president.

At least two freshmen members of the House Freedom Caucus have expressed interest in filling former Rep. Ken Buck’s (R-Colo.) seat on the panel. Speaker Mike Johnson and the Steering Committee will ultimately get the say in who will succeed Buck.

“I’d happily serve there if needed,” Rep. Eli Crane (R-Ariz.) told us, before adding, “I don’t think I’m high on anyone in leadership’s list to fill coveted spots like that.”

Crane, of course, was one of eight Republicans who voted to oust former Speaker Kevin McCarthy.

Rep. Andy Ogles (R-Tenn.) also said he would be interested in the spot, noting that he currently serves on the House Financial Services Committee.

People close to Johnson said the speaker will have a definite interest in filling the open spot given his longtime experience serving on Judiciary.

Judiciary Committee Chair Jim Jordan (R-Ohio) will also have heavy input here. Jordan told us he’s still in the process of consulting with members and staff about who wants to join.

“We’ll see who wants to come on, but we’ll get a new member I’m sure,” Jordan said. “I thought he was going to stay, but Mr. Buck has had different positions from me and most of the Republicans in the conference for a while.”

Buck stops here: Buck, who resigned earlier this month, has long been a thorn in leadership’s side, particularly on the Judiciary panel.

Buck openly criticized much of the House GOP’s political agenda. He was one of the biggest impeachment skeptics in Congress, casting doubt that there is enough evidence to impeach President Joe Biden.

And let’s not forget that the Colorado Republican also helped tank Jordan’s bid for speaker last fall, disagreeing with Jordan’s decision not to certify the 2020 election for Biden.

Judiciary Republicans said they want Buck’s replacement to be someone who agrees with the work they’re doing on the panel.

“I hope it will be a conservative who will be part of the team that contributes to the work that we’re doing,” Rep. Ben Cline (R-Va.) told us.

Rep. Barry Moore (R-Ala.) said he wanted someone who would prioritize working on border security measures and “the weaponization of the federal government.”

“I certainly hope it’s a true conservative fighter,” Moore told us.

Meanwhile, Judiciary Democrats said that Buck’s absence will be a loss for a more nuanced view on the panel. Here’s Rep. Becca Balint (D-Vt.):

Buck’s departure will also leave an absence on the House Foreign Affairs Committee. There’s no timeline to fill these positions for now.

To wit, the House Intelligence Committee has had an opening for more than five months. And Johnson can simply place someone on that panel. The House Republican Steering Committee needs to approve the next member of the Judiciary Committee.

— Mica Soellner

PUNCHBOWL NEWS EVENTS

The Vault heads to CBA Live

As part of The Vault coverage, Punchbowl News partnered with the Consumer Bankers Association at its annual policy conference this week. Financial services reporter Brendan Pedersen interviewed CBA CEO Lindsey Johnson on Tuesday, talking about everything from the regulatory crackdown on bank fees to the industry’s litigation strategy and more.

Their interview followed remarks by Rohit Chopra, head of the Consumer Financial Protection Bureau, who talked up the bureau’s “open banking” proposal and credit card fee rules as being good for competition. Johnson argued that credit card markets are plenty competitive already.

Punchbowl News CEO Anna Palmer helped kick off the day on a panel with Atlantic Union Bank President Maria Tedesco, moderated by TJ Mortensen of Salesforce on women’s leadership.

Interested in Premium Policy? The Vault community gets Washington x Wall Street intel every day with deep analysis integrated into our Midday and PM newsletters, the Sunday Vault, exclusive interviews and breaking news alerts. Join today!

THE CAMPAIGN

News: In the latest example of abortion rights dominating the 2024 election, former Rep. Debbie Mucarsel-Powell’s (D-Fla.) campaign is unveiling a website that hits Sen. Rick Scott (R-Fla.) on the issue.

“Rick Scott has made a career of pushing abortion bans and rolling back Floridians’ freedoms,” the website — titled Roe Over Rick — argues.

Democrats face an uphill battle to unseat Scott in a state that’s trending to the right. But the DSCC is encouraged by what the group sees as Scott’s electoral deficiencies due to a history of close wins.

— Max Cohen

MOMENTS

CLIPS