Ryan: GOP has deal on bill easing Dodd-Frank

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

Speaker Paul RyanPaul Davis RyanWary GOP eyes Meadows shift from brick-thrower to dealmaker Budowsky: Why I back Kennedy, praise Markey Democratic super PAC quotes Reagan in anti-Trump ad set to air on Fox News: 'Are you better off?' 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 McCarthySunday shows preview: White House, congressional Democrats unable to breach stalemate over coronavirus relief A trillion stimulus, but Kevin McCarthy for renewable energy — leading businesses want to change that When will telling the truth in politics matter again? 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 CrapoTop GOP senator urges agencies to protect renters, banks amid coronavirus aid negotiations Chamber of Commerce, banking industry groups call on Senate to pass corporate diversity bill Senate panel advances Trump Fed nominee who recently supported gold standard 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 HensarlingLawmakers battle over future of Ex-Im Bank House passes Ex-Im Bank reboot bill opposed by White House, McConnell Has Congress lost the ability or the will to pass a unanimous bipartisan small business bill? 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 LuetkemeyerWilliam (Blaine) Blaine LuetkemeyerMissouri Rep. Blaine Luetkemeyer wins GOP primary Five takeaways from Fauci's testimony Yellen, Bernanke urge Congress to extend unemployment benefit boost 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 McConnellTrump signs executive orders after coronavirus relief talks falter Coronavirus deal key to Republicans protecting Senate majority Coronavirus talks collapse as negotiators fail to reach deal 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 WarnerThe Hill's Campaign Report: US officials say Russia, China are looking to sow discord in election US intelligence says Russia seeking to 'denigrate' Biden GOP chairmen hit back at accusation they are spreading disinformation with Biden probe 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 WilliamsThe Hill's 12:30 Report - Presented by Facebook - Yoho apologizes for accosting AOC Ocasio-Cortez accosted by GOP lawmaker over remarks: 'That kind of confrontation hasn't ever happened to me' Cook shifts 20 House districts toward Democrats 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.