- GOP Eyes Dodd-Frank and EPA
- November 10, 2015
- Law Firm: McDonald Hopkins LLC - Cleveland Office
- Between now and December 11, Democrats and Republicans in both chambers are tasked with passing a massive year-end spending bill. While Democrats are taking the position that this spending bill should be a "clean bill," meaning one without policy riders, Republicans in both chambers are making it clear that they plan a very different approach.
Instead of focusing on issues the GOP knows President Barack Obama and Democrats will never accept, like defunding Planned Parenthood or rolling back the President's executive action on immigration, the Republican majority in both chambers are eyeing other issues they hope they can force Democrats to accept.
In particular, Republican legislators are eyeing the proposed Dodd-Frank fiduciary rule that would make brokers legally liable for the investment advice they give, the Waters of the United States regulations, and the Environmental Protection Agency's (EPA) clean power plan.
Republicans know that they won't get everything they want, but believe this approach could actually result in getting some of what they want.
And while Democrats insist they won't be rolled on any of these issues, they did accept loosened Dodd-Frank rules for financial trading, which was strongly opposed by progressives, in last year's omnibus spending package.
Negotiations have begun, though they are still in their infancy. This week, Senate Majority Leader Mitch McConnell (R-KY) met privately with Senate Minority Leader Harry Reid (D-NV) to discuss the massive spending bill.
Reaching a deal will be easier because of the recently passed budget deal that raised the spending caps by $80 billion over the next two years, something Democrats had wanted.