BREAKING: Legislation approving construction of the Keystone XL pipeline failed in the Senate, delivering what could be a fatal blow to Sen. Mary Landrieu’s (D-La.) reelection hopes.
TOMORROW STARTS TONIGHT: TALK OF THE TOWN – AVOIDING ANOTHER SHUTDOWN? Rebecca Shabad for The Hill: “House Republicans are considering two options to fund the government while limiting an executive action by President Obama on immigration.
{mosads}— PLAN A: “The GOP would fund the entire government except for agencies carrying out Obama’s order, which is expected to provide legal status to millions of immigrants who came to the U.S. illegally.”
— PLAN B: “A second option would fund the entire government, but have the new Congress look to rescind funding next year from agencies carrying out the order.” Read more: http://bit.ly/1Ae2K0h.
THIS IS OVERNIGHT FINANCE. Tweet:@kevcirilli; email: kcirilli@digital-stage.thehill.com; and subscribe: http://digital-stage.thehill.com/signup/48.
CHAFFETZ TO CHAIR OVERSIGHT, via Cristina Marcos: “Rep. Jason Chaffetz (R-Utah) on Tuesday won a competitive four-way race to become the House Oversight Committee chairman in the new Congress starting in January.
Chaffetz and Reps. Jim Jordan (R-Ohio), Mike Turner (R-Ohio) and John Mica (R-Fla.) vied to succeed current Oversight Chairman Darrell Issa (R-Calif.), who is term-limited, for the high-profile gavel.”
— RYAN NABS WAYS & MEANS: Rep. Paul Ryan (R-Wis.), the current Budget Committee chairman and 2012 vice presidential nominee, has taken the Ways and Means Committee chairmanship, besting Rep. Kevin Brady (R-Texas). http://bit.ly/1F0TJrs
— HENSARLING KEEPS HOUSE FINSERV GAVEL: Rep. Jeb Hensarling (R-Texas) will stay on as chairman of the House Financial Services Committee.
QUOTABLE, former-Sen. Chris Dodd (D-Conn.), speaking at Third Way earlier this morning about his namesake legislation Dodd-Frank: “Even though you hear grumbling, it’s not to the intensity of the healthcare law.”
What do you say, FinServ crowd, are you grumbling loud enough?…
ELIZABETH WARREN VS. WAL-MART. Sen. Warren (D-Mass.) hosted a briefing in the Senate today blasting Wal-Mart. The Hill’s Pete Schroeder was there: “Warren and others would like to see Congress pass legislation that raises the federal minimum wage to $10.10 an hour; ensures that companies cannot fire or punish workers for asking about wages; and protects employees from last-minute scheduling changes.”
— WHAT WARREN SAID: “It is good to hear workers’ voices in the halls of Congress. No one in this country should work full-time and still live in poverty, and that’s what raising the minimum wage is all about… We might not pass these three bills right away. But don’t kid yourself about the importance of these bills and the assurance that we’re eventually going to get them through.” Pete’s story: http://bit.ly/14GQwjU.
TERRORISM INSURANCE WATCH: SCHUMER, HENSARLING TO MEET TONIGHT. Sen. Charles Schumer (D-N.Y.) and Rep. Jeb Hensarling (R-Texas) will meet tonight to discuss TRIA, according to sources familiar with the meeting.
Meanwhile, the business community, organized by the Coalition to Insure Against Terrorism, was on the Hill today urging for a longer-term reauthorization of Congress’s terrorism insurance program (TRIA). House Financial Services Committee Chairman Jeb Hensarling (R-Texas) wants to reform TRIA so that taxpayers aren’t left on the hook after a large-scale terrorism attack.
But the business community — backed by the Chamber of Commerce — says that TRIA is needed to help small businesses be prepared in case of an attack. They want a long-term reauthorization. Congress must act in the lame duck or the program will expire. All signs are pointing to a short-term reauthorization, which would mean that Hensarling has more time to push for reforms.
SHERROD BROWN: LET’S START OVER ON HOUSING REFORM. My latest for the hometown paper: “Sen. Sherrod Brown (D-Ohio) said Tuesday that the Senate Banking Committee should start from scratch next Congress on housing finance reform. Banking Committee Chairman Tim Johnson (D-S.D.) and ranking member Mike Crapo (R-Idaho) were able to move a bipartisan housing reform package through committee in May on a 13-9 vote.
“Liberal members — including Sens. Charles Schumer (D-N.Y.), Elizabeth Warren (D-Mass.) and Jeff Merkley (D-Ore.) as well as Brown — opposed Johnson-Crapo because they said it didn’t do enough to address affordable housing for lower-income Americans.”
“The lack of liberal support tanked Johnson-Crapo’s chances of garnering a Senate floor vote this Congress and deprived Johnson of a key legislative victory before he retires at the end of this session. Sen. Richard Shelby (R-Ala.) is poised to become the next chairman of the Committee.
“But as for whether Johnson-Crapo should be the foundation for housing finance reform? ‘No,’ Brown said. ‘I think we start over… You don’t start with their bill. That legislation would have led to more bank concentration.’” http://bit.ly/1zAJ3Na.
Brown’s comments come just in time for Mel Watt’s hearing tomorrow before the Senate Banking Committee!…
WARNER TEAMS UP WITH WARREN? Fresh off his surprisingly close reelection win, Sen. Mark Warner (D-Va.) is teaming up with Warren on housing. The two were at odds on their support for Johnson-Crapo. Warner supported it. Warren did not. But they sent a joint letter to Federal Housing Finance Agency (FHFA) Director Mel Watt today, urging him to “build a housing finance infrastructure for the future.” Read the letter: http://1.usa.gov/11zUucQ
CASTRO’S HIGH-PROFILE WEEK CONTINUES. The Housing Secretary seems to be hitting his stride this week. He kicked it off with an interview to Peter Cook on Bloomberg TV. Next, the potential 2016 Democratic veep nominee will give a high-profile, key-note address Wednesday at 9 a.m. at the liberal Center for American Progress’s “Making Progress” conference.
CONNECT WITH THE HILL’s FINANCE TEAM — Write us with tips, suggestions and news: vneedham@digital-stage.thehill.com; pschroeder@digital-stage.thehill.com; bbecker@digital-stage.thehill.com;rshabad@digital-stage.thehill.com; kcirilli@digital-stage.thehill.com.
—Follow us on Twitter: @VickofTheHill; @PeteSchroeder; @BernieBecker3;@RebeccaShabad and @kevcirilli.