Business

Week ahead: Reg rollback gets underway | Senate presses ahead on Cabinet nominees | Fed meeting on interest rates

by Sylvan Lane - 01/30/17 6:00 AM ET

Republicans are getting to work repealing many of the Obama administration’s last-minute regulations.

GOP lawmakers have identified a slew of Obama-era rules they intend to roll back under the Congressional Review Act (CRA) and the House is expected to vote on the first slate in the week ahead.

Under the CRA, Congress can undo regulations within 60 days with a simple majority. Republicans have tried to use the law before, but then-President Obama vetoed those efforts. Now, with President Trump in the White House, the GOP Congress is ready to strike again.

The regs being targeted in the coming week include a Securities and Exchange Commission rule requiring oil and gas companies to reveal payments made to foreign government. Also, on the hit list are two Interior Department rules on water pollution from coal mining and methane pollution from oil and natural gas wells on federal land.

Lawmakers will also be busy moving forward on Trump’s Cabinet nominees.

{mosads}The Senate Small Business Committee will vote Monday on whether to recommend Linda McMahon to lead the Small Business Administration. The former World Wrestling Entertainment (WWE) head sailed through her confirmation hearing on Tuesday and is likely to be easily confirmed.

Expect a more contentious atmosphere when the Senate’s Health, Education, Labor and Pensions Committee meets next Tuesday on whether to recommend Betsy DeVos for Education secretary.

Democrats have criticized DeVos for her lack of educational experience and for stumbling over some questions during her confirmation hearing. Sen. Al Franken (D-Minn.) said she wouldn’t get the support of any Democrats, who are working to sway Republicans.

Democrats had sought a second hearing to further question DeVos, but the Senate education committee’s chairman rejected that request.

Liberal groups also see an easy target, and have been jamming up Republican lawmakers’ phone lines to urge them to reject DeVos.

Also on the docket, the full Senate will vote on Elaine Chao’s nomination for Transportation secretary Tuesday and hold a procedural vote for secretary of State nominee Rex Tillerson. Chao is likely to get unanimous support, while Tillerson is likely to split the upper chamber along party lines.

The Federal Open Markets Committee will meet Tuesday and Wednesday to consider interest rates hikes. The Friday report on slow GDP growth, though, could hold off action.

All eyes will also be on the stock market, after the Dow cracked 20,000 for the first time. The Trump administration has taken a gamble by touting the market surge. But how long that rally continues is anyone’s guess.

Finally, expect more debate over the price tag for President Trump’s border wall. Trump on Wednesday signed an order directing agencies to direct resources to building a wall along the U.S.-Mexico border.

But how to pay for that wall is a question mark. White House spokesman Sean Spicer floated a 20 percent tax on Mexican imports on Thursday, before quickly backtracking and saying it was just one idea of many under consideration.

Trump insists Mexico will pay for the wall. But congressional Republicans are already making plans to provide funding. Speaker Paul Ryan (R-Wis.) said Thursday that he would likely move a supplemental bill later this year.

Estimates for the wall’s price tag range from $15 billion to as much as $25 billion.

Your week ahead:

Monday:

Senate Small Business Committee: Vote on the nomination of Linda McMahon to be Administrator of the Small Business Administration, time to be announced.
Senate: Procedural vote on the nomination of Rex Tillerson to be Secretary of State, 5:30 p.m.

Tuesday:

Senate Health, Education, Labor and Pensions Committee: Vote on the nomination of Betsy DeVos to be Secretary of Education, 10 a.m. http://bit.ly/2kb4CVF.
Senate: Vote on the nomination of Elaine Chao to be Secretary of Transportation, 12 p.m.

Wednesday:

House Foreign Affairs Committee: Hearing entitled “Next Steps in the ‘Special Relationship’–Impact of a U.S.-U.K. Free Trade Agreement,” 10 a.m. http://bit.ly/2jFurKx.
Senate Special Committee on Aging: Hearing entitled “Stopping Senior Scams: Developments in Financial Fraud Affecting Seniors,” 2:30 p.m. http://bit.ly/2kaYGvY.

Thursday:

House Budget Committee: Hearing on the Congressional Budget Office’s Budget and Economic Outlook, 10 a.m. http://bit.ly/2kaH43e.

Recap the week with Overnight Finance:

Monday: Trump takes US out of Pacific trade deal | WH says Trump has left his businesses | Lobbyists expect boom times

Tuesday: Trump budget pick on the hot seat | Dems’ $1T infrastructure plan | Deficit to hit $601B in 2019 | Trump meets automakers | Pipelines back on

Wednesday: Ryan lays out timeline for ObamaCare, tax reform | Dow hits 20K | GOP weighs how to pay for border wall

Thursday: WH floats Mexican import tax | Exporters move to back GOP tax proposal | Dems rip Trump adviser’s Goldman Sachs payout

Today’s stories:

British prime minister makes push for US-UK trade deal, by Vicki Needham
Schumer: Middle class will pay for Trump’s ‘pointless’ border wall, by Jordain Carney
Warren: Why did the Labor Department kill resource for Wells Fargo workers?, by Peter Schroeder
Economy grew just 1.9 percent in fourth quarter, by Peter Schroeder
In gamble, Trump team embraces stock market surge, by Peter Schroeder
RSC chairman urges Trump to dismiss IRS chief, by Naomi Jagoda