WASHINGTON—Less than a week after the House of Representative indicated it would not “rubber stamp” the credit union-backed regulatory relief bill passed by the Senate, senators are calling on the lower house not to make any changes if they wish to see the legislation pass this year.
As CUToday.info reported here, House Financial Services Committee Chairman Jeb Hensarling (R-TX) called the Senate bill, S 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, an “important first step,” but indicated members of the House want to debate adding certain provisions. Some House lawmakers have expressed disappointment that the Senate bill doesn’t incorporate more bipartisan provisions already approved by the House.
But members of the Senate Banking Committee have indicated in private meetings there is little political appetite in the Senate to vote on a revised version of the legislation, according to the Wall Street Journal. Any additions to the bipartisan deal, which received support from 17 members of the Democratic caucus, would require the Senate to vote on it again, the Journal reported.
According to the Journal, Sen. Thom Tillis (R-NC) met on Thursday with House Whip Steve Scalise (R-LA) and other House lawmakers, telling them that adding House-favored provisions could scuttle support in the Senate, particularly among Democrats whose backing is crucial to them.
As CUToday.info reported, passage of the bill remains the credit union priority in Washington, even as Congress is mostly focused this week on passing a spending bill.
No action on the legislation is expected in the House until April at the earliest, according to the Journal.