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Ryan: GOP has deal on bill easing Dodd-Frank

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

Speaker Paul RyanPaul Davis RyanThe Memo: Saudi storm darkens for Trump The Hill's 12:30 Report — Mnuchin won't attend Saudi conference | Pompeo advises giving Saudis 'few more days' to investigate | Trump threatens military action over caravan The Hill's Morning Report — Presented by the Coalition for Affordable Prescription Drugs — Health care a top policy message in fall campaigns 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 McCarthyGOP targets likely Dem committee chairmen in midterm push The Hill's Morning Report — Presented by the Coalition for Affordable Prescription Drugs — GOP faces ‘green wave’ in final stretch to the midterms Conservatives fear Trump will cut immigration deal 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 CrapoLawmakers, Wall Street shrug off Trump's escalating Fed attacks GOP loads up lame-duck agenda as House control teeters Republicans shift course after outside counsel falters 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: Watt's accuser describes sexual harassment claims in stunning testimony | SEC sues Elon Musk for fraud | Mnuchin says GOP hasn’t lost messaging war on taxes Mel Watt's accuser describes sexual harassment claims in stunning testimony House panel invites Watt accuser to testify at Thursday hearing 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 LuetkemeyerOn The Money: Midterms to shake up House finance panel | Chamber chief says US not in trade war | Mulvaney moving CFPB unit out of DC | Conservatives frustrated over big spending bills Midterms to shake up top posts on House finance panel Record numbers of women nominated for governor, Congress 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 McConnellOvernight Health Care — Presented by Purdue Pharma — Trump says GOP will support pre-existing condition protections | McConnell defends ObamaCare lawsuit | Dems raise new questions for HHS on child separations Poll finds Dems prioritize health care, GOP picks lower taxes when it's time to vote The Hill's 12:30 Report — Mnuchin won't attend Saudi conference | Pompeo advises giving Saudis 'few more days' to investigate | Trump threatens military action over caravan 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 WarnerDems can use subpoena power to reclaim the mantle of populism Is there a difference between good and bad online election targeting? Collusion judgment looms for key Senate panel 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 WilliamsDems gain momentum 50 days before midterms GOP: The economy will shield us from blue wave Republicans have spent .5 million at Trump properties since he took office: report 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.