John Boehner backlash? Don’t bet on it. More soon, but first…
TOMORROW STARTS TONIGHT: HOUSE TEES UP TERROR INSURANCE BILL. That’s right. Just more than an hour ago, House leadership announced it will be fast-tracking its bill to reauthorize the federal terrorism insurance program (TRIA) with a vote expected as soon as Wednesday or Thursday. The program expired on Dec. 31 after lawmakers failed to reach a deal for the program, which allows the federal government to bail out businesses after a catastrophic terror attack. My story for the hometown paper: http://bit.ly/1weW3Fg.
Just in time for NFL play-offs! …
Reaction:
{mosads}– INCOMING SENATE MAJORITY LEADER MITCH MCCONNELL’s (R-Ky.): Spokesman Don Stewart tells Overnight: “We’re working to pass this unfinished business from the last session, but I don’t have a timeframe just yet.”
— REP. JEB HENSARLING (R-Texas), chairman of the Financial Services Committee: “The only reason TRIA expired is because the then Democrat-controlled Senate failed to even bring that bipartisan bill up for a vote… Just as before, this bill will also bring greater certainty and stability to Main Street businesses, farmers and ranchers by clarifying that they will no longer be subject to a misinterpretation of the language of Dodd-Frank.”
— SEN. CHUCK SCHUMER (D-N.Y.), tells Overnight: “I am optimistic that we can renew TRIA quickly. There is a short grace period before coverage from many insurance companies will be unavailable, making moving quickly all the more important. We’re confident there is broad support for getting the program renewed and I’m going to do all I can to make sure that happens, but adding controversial provisions that are unrelated to TRIA only serves to add further uncertainty to the market and TRIA’s reauthorization in the short term.”
— TIM PAWLENTY, president of the Financial Services Roundtable and former GOP presidential candidate: “Reauthorizing TRIA is critical to protecting our economy and we are pleased to see the House acting quickly to move on this important legislation. We urge the Senate to move this issue forward without delay.”
THIS IS OVERNIGHT FINANCE, and we hope you had an awesome holiday season. Welcome back to wonk world. Tweet: @kevcirilli; email: kcirilli@digital-stage.thehill.com; and subscribe: http://digital-stage.thehill.com/signup/48. I’ll be on News Channel 8’s “Capital Insider” tonight at 8 p.m. for those in the D.C. viewing world.
BOEHNER IN THE CLEAR FOR LEADER? Scott Wong for The Hill: Rep. John Boehner (R-Ohio) is slated to win another two years as Speaker on Tuesday when House lawmakers cast their first vote of a new Congress entirely controlled by Republicans. But don’t expect the public roll call on the House floor to be drama-free. Like two years ago, a disorganized but vocal band of conservatives has vowed to oppose Boehner, either by calling out someone else’s name during the vote or simply abstaining or voting ‘present.'” Full story: http://bit.ly/1xKwjUa.
WORTH READING – – > THIS IS THE MOST DIVERSE CONGRESS EVER. Our Peter Sullivan dove deep into the new Congress. Read this story: http://bit.ly/1ApvOQz.
THE MARKET’S MANIC MONDAY, via me: “Stocks declined on Monday as the price of oil continued to fall, with the Dow Jones Industrial Average plunging more than 300 points — 1.86 percent — on the first full week of trading in 2015… Oil prices, meanwhile, have dropped below $50 per barrel for the first time since 2009.
White House press secretary Josh Earnest told reporters that he was ‘hesitant’ to say whether the stock market decline was because of the oil prices. ‘We’re always monitoring the impact that any sort of policy area would have on the economy. So it’s certainly something that we’re watching,’ Earnest said.” Story: http://bit.ly/1HBr3GQ
Meanwhile…
OBAMA WILL TOUT ECONOMIC GROWTH THIS WEEK. My report for The Hill: “President Obama will push progressive economic policies when he returns from his holiday vacation in Hawaii on Sunday and vowed to defend against Republican efforts to repeal parts of his healthcare law. It’s all leading up to his State of the Union Address that’s scheduled for Jan. 20, his first prime-time speech during a GOP-controlled Congress.
In a series of speeches across the country next week, Obama will argue that the economy is continuing to recover, highlighting the administration’s efforts to improve the auto, manufacturing and housing industries.” Story: http://bit.ly/1DrepYu
— NO RATE INCREASE UNTIL THIRD QUARTER? via me: “San Francisco Federal Reserve President John Williams says Federal Reserve officials are in no rush to raise interest rates this year. Most economists expect the central bank to raise rates sometime this year, and Fed Chairwoman Janet Yellen has said that an increase is unlikely before March.” http://bit.ly/1ytzaUe
— FED-WATCHERS PREP FOR MEETING MINUTES, which will be released tomorrow. We check in with Digital Look via Yahoo Finance: “The Federal Reserve releases its economic projections and announces its latest policy decision on Wednesday, amid speculation surrounding the timing of the central bank’s first interest rate hike. Analysts expect the Federal Open Market Committee will maintain interest rates at 0.25%, holding off on any increase until mid- 2015…
‘[Chair Janet] Yellen may still be wringing her hands in concern over the long-term unemployed and low average wages but she seems as determined as her colleagues to start normalising monetary policy,’ said Alastair Winter, economist at Daniel Stewarts & Co.” Full story: http://yhoo.it/1DbTxqS
WONK WARS: BUDGET SCORING EDITION. Bernie Becker for The Hill: “House Republicans are expected on Monday to approve the new budget rules, which will then likely get ratified by the full chamber on Tuesday. GOP lawmakers say dynamic scoring, which estimates that cutting taxes can spur economic growth, is more accurate than the current projections used by the Congressional Budget Office and the Joint Committee on Taxation. Democratic lawmakers have already slammed Republicans for the proposed changes, saying the new rules would pave the way for more policies that aid the wealthy.” http://bit.ly/1zPcM3f
That meeting is happening now…
EX-IM WATCH: TEA PARTY MAKES ‘MORAL’ CASE TO KILL THE BANK, via me: One of the Tea Party’s top leaders says killing the Export-Import Bank is a moral imperative for conservatives this Congress.
In a more than 7,200 word essay for National Affairs journal, Heritage Action CEO Michael Needham urged the new Republican members of Congress to stand firm in their conservative ideals ahead of the 2016 presidential election cycle.” My story: http://bit.ly/1IhLdnx
— NEEDHAM’s MONEY QUOTE for National Affairs: “The Tea Party is pro-market, not pro-business, and its primary contribution to the Republican platform has been a recognition of the distinction between the two concepts – a distinction that its donors would prefer to obscure. This is the starkest contrast between the grassroots and the party establishment, and it is best exemplified by the divide over reauthorization of the Export-Import Bank.”
FOR YOUR RADAR – – > HOUSE KEYSTONE VOTE ON FRIDAY. Laura Barron-Lopez reports for The Hill: “The House will vote on legislation to approve construction of the Keystone XL oil pipeline on Friday, setting up a vote in the Senate for next week. The bill is expected to pass the lower chamber easily as the House has approved legislation authorizing the $8 billion oil sands project a number of times.” http://bit.ly/1tKlwez.
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