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This week, the Senate has resumed consideration of S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. The bill – a bipartisan compromise between Banking Chairman Mike Crapo (R-ID) and moderate Committee Democrats – would raise the asset threshold for systemically important financial institutions (SIFI) designation from $50 billion to $250 billion, and immediately end stricter oversight for institutions with less than $100 billion - among other reforms.
State of Play
While the bill has garnered support from 13 moderate Democrats, the measure has been met with strong opposition from a significant cohort of progressive Democrats led by Senator Elizabeth Warren (D-MA).
The internal dynamics within the Democratic Caucus have complicated the schedule for the week, as Senators have been unable to reach an agreement on moving ahead with votes on some of more than 150 amendments filed to the bill. While the Senate neared an agreement last week to have four votes – two amendments per side – the agreement was ultimately objected to by some Democrats who wanted more amendments.
The Senate will continue discussions regarding amendment consideration this afternoon. The following amendments are being considered for a vote:
- Paul Amendment #2046 (Audit the Fed)
- Baldwin Amendment #2124 (Stock Buybacks)
- Enzi Amendment #2047 (Employee Pay at the CFPB)
- Brown Amendment #2080 (Foreign Banks)
- Reed Amendment #2133 (CFPB SCRA)
- Durbin Amendment #2179 (Student Loans)
- Sanders Amendment #2155 (Usury)
- Cortez Masto Amendment #2157 (HMDA)
- Warren Amendment #2056 (TARP)
- Menendez #2192 (Veterans' Rights)
A complete list of amendments filed as of 6pm yesterday may be viewed here. Importantly, the filing deadline was 5:30 last night, and further amendments filed will need unanimous consent. At this time, it appears unlikely an agreement will come together, suggesting the Senate will not consider amendments to the bill and will move ahead with a vote on final passage later this week.
Timeline
Last night, the Senate voted on a Crapo substitute amendment to S. 2155 by a vote of 66-30: including 13 original Democrats and Senators Maggie Hassan (D-NH), Jeanne Shaheen (D-NH), and Bill Nelson (D-FL). The substitute amendment is likely to be adopted sometime late today.
Another procedural vote on the underlying bill will take place sometime on Wednesday and a vote on final passage could take place as early as Thursday.
What’s Next?
While Chairman Crapo’s Manager’s Amendment incorporates a number of bipartisan House-passed measures, Financial Services Committee Chairman Jeb Hensarling (R-TX) has stated the Senate bill does not go far enough and must include more provisions to reflect “the will of the House.” Chairman Hensarling released a list of recommended House-passed bills for inclusion last week. We expect the House to press its case regarding the need to go to conference, though it remains to be seen how this will play out.
We will be hosting a conference call on Thursday, March 15 at 1:30 pm – find the call details here. Please let us know if you have any questions.
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