Ryan: GOP has deal on bill easing Dodd-Frank

Ryan: GOP has deal on bill easing Dodd-Frank
© Greg Nash

Speaker Paul RyanPaul Davis RyanPolitical figures pay tribute to Charles Krauthammer House approves five-year farm bill House postpones vote on compromise immigration bill MORE (R-Wis.) said Tuesday that the House and Senate have struck a deal to pass the upper chamber’s bipartisan bill to roll back strict financial rules enacted by former President Obama.

Ryan told reporters at the Capitol that the House will hold a vote on the Senate bill targeting the Dodd-Frank Act in exchange for the Senate taking up a package of bills from the House Financial Services Committee.

“We've got an agreement on moving different pieces of legislation, so we will be moving the Dodd-Frank bill,” Ryan said.

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Ryan didn’t say when a vote would take place, if it would happen before Memorial Day or what House bills the Senate would take up. House Majority Leader Kevin McCarthyKevin Owen McCarthyTrump mocks 'elites' at campaign rally Rally crowd chants 'CNN sucks' after Trump rips media Trump's America fights back MORE (R-Calif.), who controls the House floor schedule, said he would announce when the lower chamber will vote on the Senate bill "soon."

The Senate in March passed a bipartisan bill to exempt dozens of banks from the stricter Federal Reserve oversight under Dodd-Frank and scores more from lending restrictions and reporting requirements. The deal, sponsored by Senate Banking Committee Chairman Mike CrapoMichael (Mike) Dean CrapoGOP senators introduce bill to prevent family separations at border All the times Horowitz contradicted Wray — but nobody seemed to notice Senate Dems want watchdog to probe if SEC official tried to pressure bank on gun policies MORE (R-Idaho), passed by a 67-31 vote with support from more than a dozen Democrats.

A deal between the House and Senate would clear the way for Congress to pass the biggest changes to the Dodd-Frank financial rules since the law was enacted in 2010. The House and Senate have squabbled over the Senate bill, which Ryan vowed to freeze unless the Senate agreed to take up provisions from the House.

House Financial Services Committee Chairman Jeb HensarlingThomas (Jeb) Jeb HensarlingOn The Money — Sponsored by Prudential — Trump nominates budget official Kraninger for consumer chief | Senate votes to block Trump ZTE deal | Stocks fall on trade tensions | House panel moves to markup budget Bank regulator: Review after Wells Fargo scandal failed to find industry-wide fraud Five ways Mulvaney is cracking down on his own agency MORE (R-Texas) said he was "excited that our negotiations over the last few weeks have culminated in the Senate agreeing to vote on our House bills."

Spokespeople for Crapo and Democratic senators who sponsored the bill declined to comment on Ryan’s remarks. 

House Republicans who passed a sweeping rewrite of Dodd-Frank last year initially said the Senate’s bill didn’t go far enough. Hensarling, the architect of that effort, in March said that the Senate bill would stay on Ryan’s desk unless the Senate agreed to consider amending it.

Hensarling had pushed to add to the Senate bill several dozen Financial Services Committee measures meant to boost small business lending and investment. Those bills passed with little to no Democratic opposition. 

But he eased off from his pledge to block the bill last month, voicing support for putting the Senate bill on the House floor if the Senate agreed to take up bills from his committee.

There are still several steps congressional leaders must take before the House and Senate could put the deal in action.

House Republicans told The Hill that House and Senate leaders are still working on which House bills the Senate will take up, but were confident that the deal would be finalized.

"The Senate is working in good faith on this and they're trying to find a way for us to be able to get some more of our noncontroversial bills through," Rep. Blaine LuetkemeyerWayne (Blaine) Blaine LuetkemeyerOvernight Finance: Deal on Dodd-Frank rollback | Trump pulls US out of Iran nuke deal | House votes to repeal auto-loan guidance, setting new precedent Ryan: GOP has deal on bill easing Dodd-Frank Overnight Finance: Unemployment rate lowest since 2000 | Trump asks China to slash trade deficit 0B by 2020 | NJ gov signs bill to skirt GOP tax law provision MORE (R-Mo.), a senior Financial Services panel member, told The Hill. "They are still working on that — trying to work with a couple of senators to see what kind of bills, how many bills they'd be willing to take in a package."

Another Financial Services Committee Republican told The Hill that the House had been given "a firm commitment" from Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellPolitical figures pay tribute to Charles Krauthammer Charles Krauthammer dies at the age of 68 Overnight Energy: EPA declines to write new rule for toxic spills | Senate blocks move to stop Obama water rule | EPA bought 'tactical' pants and polos MORE (R-Ky.), who's "working to get Democratic support."

McConnell said in a statement that he's been "working closely" with Ryan and Hensarling to get the Senate bill to the Trump’s desk and looks forward to an "additional reform package coming together that can pass the House and Senate this year.”
 
"I’m glad this will be happening soon," McConnell said.

The tentative deal is welcome news for Republicans eager to scale back Dodd-Frank, and for the bank and credit union groups who've pressured the House to pass the Senate bill. 

Senate Democrats who sponsored the deal said further changes could fracture the fragile bipartisan coalition behind their bill. Sen. Mark WarnerMark Robert WarnerWray defends FBI after 'sobering' watchdog report Top Dems: IG report shows Comey's actions helped Trump win election Dem senator: Trump at G-7 made me ‘embarrassed for our country’ MORE (D-Va.) said his fellow Democrats agreed to tank the Dodd-Frank legislation if it came back to the Senate with changes.

Senate Republican leadership has also been wary of spending more floor time on the bill with dozens of presidential appointees still waiting for confirmation.

"It's as good as we can do," Rep. Roger WilliamsJohn (Roger) Roger WilliamsScalise on shooting: 'I closed that chapter a long time ago' Trump tightens grip on GOP GOP baseball team coach asked Trump to attend game on anniversary of shooting MORE (R-Texas) told The Hill. "I mean, I was originally saying, if you don't blow up the [Consumer Financial Protection Bureau], I'm out of here. But we have to see the big picture, and Main Street and the community banks are just ready for this to happen."

Updated at 3:24 p.m. Melanie Zanona contributed.