The Washington Independent
The Washington Independent

FinReg Conference Committee Starting

The conference committee to reconcile the House and Senate versions of the financial regulatory reform bill is just minutes away from starting. Those who want

Adaline Fritz
News
Last updated: Jul 31, 2020 | Jun 10, 2010

The conference committee to reconcile the House and Senate versions of the financial regulatory reform bill is just minutes away from starting. Those who want to watch the televised portions can head here. I’ll turn to The American Prospect’s Tim Fernholz for a good explanation of how this will look and how the process will work:

When you tune into the conference, you’ll see a packed room — the committee is huge (members are listed after the jump) — with long tables seating members from the House on one side and the Senate on the opposite, in turn divided by party. Presuming all goes as planned, [Rep. Barney Frank (D-Mass.)] will chair the committee, since the Senate asked for this conference and also chaired the 1999 session. The committee will use the Senate bill, with a few House-bill substitutions, as the default working text, which gives an advantage to reformers, since the Senate bill — which includes the Volcker rule and tough derivatives-reform provisions — is stronger than the House bill. In broad strokes, you should expect the Senate to play defense while the House plays offense.

Conference works like this: Going title by title through the bill, House members will submit an offer to the Senate contingent. If any House member wants to change that offer, they can propose an amendment and it will be voted on — but only by the House members. When the offer is finalized, it goes across the table to the Senate’s conferees, who can elect to accept the offer, or amend it to make a counter-offer — again, voting just among Senate conferees. Conferees may leave the room to negotiate with their respective caucuses, and the offers go back and forth until there is consensus. At no time does the entire conference committee vote on one title or the whole bill; the final version — the conference report — is authorized with the signatures of a majority of conferees.*

Each side may propose an unlimited number of amendments, so to avoid a filibuster-type situation, Frank and Senate Banking Chairman Chris Dodd [(D-Conn.)], who leads the Senate delegation, plan to impose time limits on discussion. Nonetheless, it is expected that the meetings will go long into the night and into next weekend, and Republicans could try to force tough votes.

While each side’s conferees are supposed to be representing their respective chambers, partisan differences will likely ensure that a majority of Democrats from either chamber control the pace and content of the debate, though Dodd will have to ensure that the final report can muster sixty votes in the Senate. If** **[Sen. Blanche Lincoln (D-Ark.)] is still ready to fight for her derivatives-reform bill, and Frank is still smarting from losing some tough votes on financial reform last year while everyone was focused on health care, the conference is likely to strengthen the bill.

Find the base texts for the conference committee’s work here.

Adaline Fritz | Adaline's upbeat, can-do attitude and nurturing disposition make her perfect for understanding each client's wants and needs and skillfully directing them toward their real estate objectives. Adaline has experience in all facets of the real estate process, having started in the administrative sector and progressed to operations before achieving success in real estate sales. She earned a Bachelor of Science degree in Psychology from San Diego State University and Western Oregon University, and returned to the Portland area in 2011 to pursue a career in real estate. She also loves traveling, working out, and spending time on the water during Portland's beautiful summers.

Related

Giffords shooting leads nation to introspection and political finger wagging

In the wake of the shooting in Arizona this weekend that critically injured Rep.

EPA Administrator Addresses Concerns About Oil Spill Waste Management

At a hearing of the national oil spill commission today, Environmental Protection Agency Administrator Lisa Jackson addressed concerns about waste disposal from

E-Verify Mandate Begins Today

The Obama administration today begins implementation of a new mandate to require all federal contractors to check the legal status of their employees to confirm

EPA administrator defends allowing Florida to write its own water pollution rules

The EPA seal (Pic via sentryjournal.com) The Environmental Protection Agency has come under fire for its decision to allow the state of Florida to write its own water pollution rules (known as “numeric nutrient criteria”). EPA Regional Administrator Gwendolyn Keyes Fleming is now firing back, writing that the Agency commends the state Department of Environmental Protection for its draft of a proposed standard. A host of environmental groups filed suit in 2008, seeking to compel the EPA to implement a strict set of water pollution standards in Florida, arguing that the state was in violation of the Clean Water Act.

EPA administrator fires back at critics in op-ed

EPA Administrator Lisa Jackson (Pic by USACEpublicaffairs, via Flickr) EPA Administrator Lisa Jackson penned a new op-ed for the Los Angeles Times , criticizing House Republicans desperately seeking to undermine the authority of the agency they have dubbed a “job killer.” Arguing that the environment affects red states and blue states alike, Jackson writes that “it is time for House Republicans to stop politicizing our air and water.” As head of the Environmental Protection Agency, Jackson has faced harsh criticism from House Republicans and GOP presidential candidates who say the agency’s regulations are an undue burden on businesses that have to cut jobs simply to comply with clean water and air rules. Presidential hopeful Michele Bachmann  has pledged to end the EPA if she takes office. “Since the beginning of this year, Republicans in the House have averaged roughly a vote every day the chamber has been in session to undermine the Environmental Protection Agency and our nation’s environmental laws,” writes Jackson.

EPA administrator says federal nutrient criteria is a ‘myth’

In testimony given late last week, EPA Administrator Lisa Jackson said that false accusations about her agency’s numeric nutrient criteria to govern Florida waterways are proving to be a detriment to their implementation. # Testifying before the House Agriculture Committee, Jackson said her agency’s work was often “mischaracterized” and addressed several myths surrounding its work

EPA announces hold on nutrient standards if Florida can come up with own criteria

The EPA announced today that it is now prepared to withdraw a portion of its proposed numeric nutrient criteria (a set of standards governing water pollution in inland waters) and delay the portion related to estuarine waters, to allow the state Department of Environmental Protection to develop its own criteria. # From a statement released by the EPA earlier today: # EPA recognizes that states have the primary role in establishing and implementing water quality standards for their waters. Therefore, EPA is prepared to withdraw the federal inland standards and delay the estuarine standards if FDEP adopts, and EPA approves, their own protective and scientifically sound numeric standards

EPA Analysis Says Climate Bill’s Cost for Households Would Be ‘Modest’

All the attention on the energy front today is going to the BP spill, but the Environmental Protection Agency quietly released its long-anticipated analysis of

EPA and California Near Deal on Fuel Efficiency Standards

Two weeks ago, the Obama administration raised fuel efficiency standards by an average of two miles per gallon -- a modest change that disappointed some

© Copyright 2021 The Washington Independent All Rights Reserved

Terms & Privacy | twi.news@washingtonindependent.com