Senate Banking Committee Chair Sherrod Brown (D-Ohio) insists that the Senate still has time for two Biden banking nominees to receive a floor vote before senators leave town for the year.
“There’s no drop dead date that we have to leave on Thursday,” Brown told us Monday night. “People should stay and do their jobs.”
Right now, that would require the Senate to stay in town later than expected for a delayed CR vote.
But beyond the Banking Committee, there’s a growing sense that floor time isn’t the only problem. There may also be a shortage of Democratic support for the nominees, according to senior Senate Democrats and aides.
The main controversy here revolves around the crypto industry and Caroline Crenshaw, who was renominated to serve on the Securities and Exchange Commission this summer. Crenshaw was first approved for the position via unanimous consent in 2020, but the crypto industry has since launched a political campaign against her.
Democrats are now treating the Crenshaw nomination like it may be the last opportunity for the party to get representation on the SEC’s five-member commission during the upcoming Trump administration.
“This will be a commission with no Democrat on it if she’s not confirmed,” Brown said, referring to Crenshaw. “The Securities and Exchange Commission is too important to allow one party, particularly the one party that’s so captured by industry, to move forward on it.”
The outgoing Banking chair’s reelection bid was unsuccessful partly thanks to a deluge of crypto spending.
Staff and members say they’re watching three senators whose support could make or break the Crenshaw nomination — again, assuming the noms make it to the floor.
Sen. Adam Schiff (D-Calif.) is seen as a crypto ally and has yet to say how he’ll vote. Independent Sens. Kyrsten Sinema (Ariz.) and Joe Manchin (W.Va.) are also viewed as risks after killing a President Joe Biden nominee that would have maintained Democratic control of the National Labor Relations Board until 2026.
Sinema declined to say how she’d vote on Monday night. Sinema, though, indicated she was following the process closely. “I know the whole thing,” Sinema said.
Also, on Social Security: The Social Security Fairness Act is heading for a Senate vote this week. The legislation — which would allow higher Social Security benefits for public employees with government pensions — is riding a political wave following pressure from teachers, cops, firefighters and other public workers who would benefit from it becoming law.
Advocates are feeling good about getting the 60 votes needed for cloture. But there’s still wariness about resistance from senators concerned the bill is too costly and would drain Social Security’s trust funds faster.
Senate Finance Committee ranking member Mike Crapo (R-Idaho) pointed to those issues. “What I’m hearing is there are problems,” Crapo told reporters, adding there should be a chance to amend the bill.
