House To Vote Again On Repealing ‘Obamacare’ Next Week

The House will vote again next week to repeal the 2010 health-care reform law, a decision by top Republican leaders designed in part to appease GOP freshmen lawmakers who have not had an opportunity to take a vote on the issue.

House Majority Leader Eric Cantor (R-Va.). (Jacquelyn Martin/AP)

House Majority Leader Eric I. Cantor (R-Va.), who sets the House schedule, announced on Twitter on Wednesday that the vote will occur next week: “It just keeps getting worse. I am scheduling a vote for next week on the full repeal of #Obamacare.”

Cantor’s decision to schedule the vote comes as he’s devoted most of the House calendar in recent months to a series of bills that fit within his “making life work” agenda that emphasizes kitchen-table issues over slashing federal spending. Among such bills is the “Working Families Flexibility Act,” which would give private employers the option of offering workers additional time off in lieu of overtime pay and is set for a vote Wednesday.

Cantor had to pull another bill, called the “Helping Sick Americans Now Act,” two weeks ago amid opposition from conservatives who didn’t like that the measure would redistribute millions of dollars in funding established by the health-care law, but not repeal the entire law.

Several Republican aides say that Cantor’s decision to hold a vote on repealing the law will serve two mutually beneficial purposes for House Republicans: It will give about 30 House GOP freshmen who’ve never voted on such a bill the opportunity to do so — and then likely secure Cantor enough support to finally pass the “Helping Sick Americans Now Act.” In turn, those freshmen will be able to go home and tell constituents that they’ve voted to repeal the unpopular law, and Cantor will have succeeded in advancing his agenda.

Depending on which congressional aides are asked, next week’s vote will be anywhere between the 33rd or 37th attempt to repeal all or part of the law since its passage in 2010. The count is disputed because Republican House and Senate lawmakers have tried in vain to use a series of legislative gimmicks — procedural moves, budgeting provisions and outright legislation — to undo the law.

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GOP Rep. To Introduce Bill Repealing New Rule Against Risky Bank Trading

Rep. Dan Campbell (R-CA), in a smart move, wants to require the biggest banks to hold more capital against potential losses (meaning they have a bigger cushion, and thus less potential need for a bailout, if the economy goes south). However, he plans to pair his legislative push for higher capital requirements with the repeal of two other important parts of the Dodd-Frank financial reform law:

U.S. Representative John Campbell plans to offer legislation aimed at reducing the size of “too- big-to-fail” banks by requiring them to hold more capital including long-term debt. [...]

His legislation would also repeal Dodd-Frank’s heightened standards for systemic institutions and its ban on proprietary trading, known as the Volcker rule. Campbell said that with additional capital requirements, a ban on proprietary trading would be unnecessary.

The first measure Campbell wants to repeal allows regulators to place more stringent regulations on the biggest banks, making them adhere to even stricter requirements than their competitors that are small enough to be allowed to fail. The GOP has wanted to do away with this provision for years, which amounts to ignoring the problem of too-big-to-fail, not mitigating it.

Campbell’s bill would also repeal the Volcker Rule, which is meant to prevent the biggest banks from engaging in trading for their own benefit taxpayer-backed dollars. Congressional Republicans have done the bidding of the financial services industry by watering this rule down to a shell of its former self, but it still would help reduce some of the risky practices that contributed to the financial crisis.

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