Ryan: GOP has deal on bill easing Dodd-Frank

Speaker Paul RyanPaul Davis RyanMcCarthy, Scalise just stop short of calling for Sessions to be held in contempt House chaplain presides over first prayer since rescinding resignation The Hill’s 12:30 Report — Sponsored by Pfizer — Trump accuses Mueller team of secret ‘conflicts of interest’ 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 McCarthyMcCarthy, Scalise just stop short of calling for Sessions to be held in contempt McCarthy: Dems want to ‘capture’ Congress and impeach Trump The Hill’s Morning Report: Giuliani bombshell draws Trump into Cohen legal mess 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 CrapoThe incredible state of small business in America Overnight Cybersecurity: DHS chief eyes new ways to bolster cyber workforce | Dems grill Diamond and Silk | Senate panel approves bill to protect Mueller | Two-thirds of agencies using email fraud tool Why the House should pass the banking bill 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 add provisions from the House to it.

House Financial Services Committee Chairman Jeb HensarlingThomas (Jeb) Jeb HensarlingMay brings key primaries across nation Overnight Finance: Banks close in on Dodd-Frank relief | Inflation reaches threshold for Fed rate hikes | Rubio undercuts GOP tax message | Closing arguments in AT&T trial Banks poised to win Dodd-Frank changes 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 amend 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: 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 Overnight Finance: Stocks fall hard | Trump sending delegation to China for trade talks | SEC fines Yahoo M over breach | Dodd-Frank rollback dominates banking conference Overnight Finance: Treasury mulls sanctions relief for Russian aluminum firm | Trump floats tying NAFTA talks to border security | 14 states hit record-low unemployment 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 McConnellGOP nightmare looms in West Virginia Overnight Finance: Trump looks to rescind B in spending | SEC Republican commish to retire, risking deadlock | House to vote Tuesday on repealing car loan guidelines White House to request Congress rescind billion in spending 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 WarnerAdministration bears down in late push for CIA nominee Senate Dems urge Trump to remain in Iran deal ahead of announcement Overnight Defense: Trump to share Iran decision Tuesday | Inside the defense policy bill | Congress gets classified docs on CIA nominee 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 WilliamsMay brings key primaries across nation Harassment rules play into race for Speaker McCarthy and Scalise front-runners to replace Paul Ryan 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.