The heir apparent of Trumpism hasn’t been on Capitol Hill for long. But Sen. J.D. Vance (R-Ohio) has already carved out a profile in economic policy that’s far afield from many of his Senate colleagues — in both parties.
As Trump’s VP, it’s not immediately clear what kind of influence Vance would have on policy. But since it’s safe to assume the answer isn’t zero, let’s take a moment to unpack the Ohio Republican’s economic focus.
Economy: On the Senate Banking Committee, the junior senator from Ohio has frequently come into hearings with questions or interests that — for better and worse — can feel out of sync with other GOP lawmakers.
Last week — as Republican after Republican asked about the status of Basel III capital reform — Vance used his hearing time with Federal Reserve Chair Jay Powell to ask whether illegal immigration was fueling housing inflation.
Vance has questioned far more basic and consequential assumptions about global finance, including the benefits of having a strong U.S. dollar. In March 2023, with Powell testifying again, Vance said the following:
A furrow-browed Powell replied in part by saying that was a “big question to try to answer.”
Banking and crypto: Vance has an unusual profile in banking policy too. He’s one of a handful of populist Republicans to support the Credit Card Competition Act — reviled by banks — along with fellow backers Sens. Roger Marshall (R-Kan.) and Josh Hawley (R-Mo.).
And more than once, Trump’s now-VP pick has allied himself with Sen. Elizabeth Warren (D-Mass.). Warren and Vance introduced bank executive clawback legislation together in 2023, and the pair also pressed the FDIC for details about JPMorgan’s purchase of First Republic Bank in December.
On crypto, though, Vance is about as close to the center of Republican politics these days as it gets. A person familiar with the planning told us that Vance is workshopping crypto legislation even more industry friendly than what passed the House in May.
Taxes: When the Smith-Wyden tax bill was up for debate earlier this year, Vance drew interest among some supporters of the package because they felt his brand of populism could mesh with backing a child tax credit expansion. In February, Vance praised the bill’s expansion of the aid for low-income families, although he called some colleagues’ concerns about maintaining work requirements “reasonable complaints.”
Still, Vance said this about why Republicans should support the child credit:
Vance doesn’t sit on the tax-writing Finance Committee, though, so it’s not surprising he hasn’t led the introduction of too many tax bills. But Vance’s couple of forays into tax legislation — here and here — certainly align with the brand of GOP messaging he typically touts.
