BATTLE FOR THE SENATE | WV-sen | FL-sen | MI-sen | IN-sen | ND-sen | OH-sen | PA-sen | MT-sen

Bipartisan Coalition Moves to Weaken Banking Rules

Casey, Brown, and Manchin lent Trump some support on tariffs.

Kimberly Railey and Nia Prater
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Kimberly Railey and Nia Prater
March 7, 2018, 10:43 a.m.

“A plan to scale back post-financial crisis banking rules cleared a key Senate hurdle Tuesday, with a bipartisan coalition voting to move the measure toward passage,” including Sens. Jon Tester (D-MT), Heidi Heitkamp (D-ND), and Joe Donnelly (D-IN).

“If passed, the measure would mark the most significant revision of banking rules since Congress passed a sweeping financial regulatory law in response to the 2008 economic crisis.” The trio “helped negotiate the banking legislation with its GOP sponsor, Banking Committee Chairman Mike Crapo.” (Washington Post)

Sens. Debbie Stabenow (D-MI) and Bill Nelson (D-FL) also voted to advance the bill. (Washington Examiner)

UNLIKELY SUPPORT. President Trump might have some support for his controversial trade tariffs from an unlikely place: Senate Democrats. Senators Bob Casey (D-PA), Sherrod Brown (D-OH), and Joe Manchin (D-WV) represent states with a heavy investment in metal industries that also voted for Trump in 2016. Trump’s tariffs on aluminum and steel offer the three senators “a chance to tout their bipartisan credentials and defend their home-state metals industries all at once.”

Casey, who has emerged as a strong critic of Trump, admitted that agreeing with the president on an issue “doesn’t happen that often” and said “I’m happy to see action being taken.”

Brown said he might’ve went about the issue a different way, but “I have urged him to move on this, and I did it publicly, and I’m glad he has moved on this.”

“Manchin described the issue as ‘one of the many’ things he and Trump agree on, adding that the tariffs push is “a chance to look at all these agreements we have, what they’ve done to our country and find out a way to correct it.” (Politico)

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