May 24

This week in MORE POWER:

Tales from the Crypt-o
Another Round on the Border
The Judiciary Race
Food Fight

Tales from the Crypt-o

The House passed the Financial Innovation and Technology for the 21st Century Act, a bill establishing a new legal framework for digital currencies, like crypto, with a bipartisan 279-136 vote despite warnings from the SEC about potential financial risks. The bill aims to provide regulatory clarity and promote industry growth. However, SEC Chair Gary Gensler criticized it for creating regulatory gaps and undermining established oversight, potentially leaving investors unprotected. The bill allows issuers of crypto investment contracts to self-certify as digital commodities, limiting the SEC's oversight capabilities. It remains unclear if the Senate will consider the measure. The White House expressed concerns over consumer protections but did not threaten a veto.

Another Round on the Border

Senate Democrats' attempt to advance a bipartisan border security bill failed, with nearly all Republicans and six Democrats voting to filibuster it. The vote, at 43-50, fell short of the required 60. This came after Republican leaders had initially supported a compromise bill but later opposed it following pressure from Donald Trump, who wants to use border chaos as a campaign issue against President Biden. The bill, designed to tighten asylum laws and empower the president to close the border if necessary, faced opposition as a political move by Republicans, while Democrats sought to demonstrate toughness on immigration. Despite negotiations and initial bipartisan support, the bill was unlikely to pass the House and faced significant political maneuvering from both parties. President Biden reportedly plans to issue executive actions addressing border issues, anticipated to include some measures from the failed bill, ahead of the November election.

The Judiciary Race

The Senate confirmed its 200th federal judge under President Biden's administration, reaching this milestone slightly earlier than when former President Donald Trump hit the same mark in his term. This achievement underscores the Biden administration's focus on judicial appointments, a priority shared by Senate Majority Leader Chuck Schumer. Despite having fewer vacancies to fill initially, Biden's team has maintained a steady pace of confirmations, emphasizing diversity. Of the 200 confirmed judges, 127 are women, 58 are Black, and 36 are Hispanic. This push is part of Biden's broader strategy to leave a lasting imprint on the judiciary, although it remains uncertain if he will surpass Trump's total of 234 confirmed judges by the end of the year. The process faces challenges, particularly with vacancies in states requiring Republican cooperation and the tradition of blue slips, which allows home-state senators to block district court nominations.

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Food Fight

The Republican-led House Agriculture Committee passed a $1.5 trillion farm spending bill with minimal Democratic support, exacerbating partisan disputes over nutrition, agriculture, and climate policies. The bill, which must be reconciled with a Democrat-led Senate version, faces slim chances of becoming law without bipartisan backing. After this bill makes it out of committee in the Senate, it has to pass a full vote in both chambers before the President can sign it into law. Delays in passing a new farm bill create uncertainty for farmers and food aid recipients, as current programs operate under a one-year extension of the 2018 farm bill. The House bill expands farm commodity supports, reduces SNAP funding, and reallocates $20 billion from climate initiatives. Democrats oppose cuts to food aid and climate fund reallocation, jeopardizing the bill's viability. During the House committee meeting, Democrats and Republicans clashed over proposed changes to food aid programs. Republicans aimed to freeze current Supplemental Nutrition Assistance Program (SNAP) levels, arguing it would prevent waste and fraud, while Democrats viewed this as a cut that would harm hungry families. The debate highlighted broader partisan tensions, with both sides accusing each other of abandoning bipartisanship.

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