Senate to Reconsider Dodd-Frank Wall Street Reform Act
March 12, 2018
Right to Try bill up in the House Tuesday; Senate to vote Monday on Dodd-Frank rollback; Inflation expectations rise to highest levels in a year.
- Right to Try bill up in the House Tuesday. The US House of Representatives will vote Tuesday on a “Right to Try” bill aimed at allowing terminally ill patients access drugs that have yet to be approved by the Food and Drug administration. The bill passed with unanimous consent in the Senate over the summer, but members of the House Energy and Commerce Committee have been working on a number of changes to the legislation, which would send the bill back to the Senate for a second vote. Advocacy groups have expressed concerns that the existing bill’s language might cause patients who are not terminally ill to take unnecessary risks. President Trump and Vice President Pence are both supportive of Right to Try legislation, meaning that Congress would likely expect a finalized bill to be signed into law. [The Hill]
- Senate to vote Monday on Dodd-Frank rollback. The Senate will vote at 5:30 on Monday to end debate on a set of updates to a bipartisan bill that loosens strict banking rules that are part of the Dodd–Frank Wall Street Reform and Consumer Protection Act. The amendment and bill are expected to pass the Senate with broad bipartisan support. The bill, proposed by Senate Banking Committee Mike Crapo (R-ID), include the most sweeping changes to Dodd-Frank with bipartisan support, with thirteen Democrats supporting the bill, blocking a possible filibuster. More liberal Democrats have claimed that the bill is a gift to Wall Street hidden within relief claims to community banks. The bipartisan coalition backing the bill insist it’s a measured, targeted approach to help the most vulnerable financial institutions serve areas with lagging economies. [The Hill]
Economic Indicators & News
- Inflation expectations rise to highest levels in a year. The New York Federal Reserve Survey published Monday indicates inflation expectations have edged higher last month, with expected inflation at 2.83%. This was a higher figure than January’s estimate of 2.71%, with three year measures weighing in at 2.88%. The one year inflation figures were the highest estimates since February 2017, indicating that consumers expect overall price pressures to continue to increase. [Reuters]