This week’s roundup looks at the progress of the Dodd-Frank regulatory relief bill that passed in the Senate, new trade discussions with China, and a debate within the GOP over how to address banks that cut ties with the gun industry.
Hensarling Blinks on the Senate Banking Bill
The Senate-passed Dodd-Frank regulatory relief legislation for community banks has been sitting in the House of Representatives for several weeks. House Financial Services Committee Chairman Jeb Hensarling was working to include a number of bills that passed the House on a bipartisan basis, but the moderate Senate Democrats who voted for the bill are highly unlikely to vote on it again (in part due to the high volume of angry phone calls their offices received).
Now it appears that Hensarling may be willing to pass the banking bill as it stands and pursue smaller, independent bills as one-offs, American Banker reports. The Senate Democrats who voted in favor of the community bank bill have indicated they would be open to working on these bills as well.
Trade Negotiations with China Begin
U.S. trade representative Robert Lighthizer and White House advisers Larry Kudlow, and Peter Navarro will join Treasury Secretary Steven Mnuchin in China to negotiate the trade tiff that has resulted in escalating threats of tariffs, Bloomberg reports. As of now, it’s unclear what a “win” would look like for the administration, though according to Trump, “we have a very good chance of making a deal.”
While none of the details have been finalized, the delegation will likely head to China late next week.
Banks, Guns and Lawmakers
In response to recent school shootings, large banks such as Citigroup and Bank of America have begun to cut off business with the gun industry, presenting a conundrum for Republicans who believe in both gun rights and free market principles, Politico reports.
Some GOP lawmakers believe that, given the role the government played in helping such banks stave off insolvency during the 2008 financial crisis, the federal government should cancel contracts with these banks and pause any banking deregulation bills.
“I have a pretty high bar before I’m going to go in and tell the private sector what they should and shouldn’t be doing.”
U.S. Rep. Bill Huizenga of Michigan
On the other hand, free market conservatives, such as Michigan Rep. Bill Huizenga, think that such interference in private enterprise is a cardinal sin.
“I have a pretty high bar before I’m going to go in and tell the private sector what they should and shouldn’t be doing,” he said, according to Politico.
Ben Marsico is ACG Global’s manager of legislative and regulatory affairs.