Idaho Sen. Crapo Destined For Banking Committee Chair
Republican Sen. Mike Crapo will likely assume the top Republican spot on the Senate Banking Committee next year. Despite being in the minority, Crapo has some lofty goals. First, he wants to reform the Dodd-Frank Act of 2010 that, in response to the recession, made massive changes in American financial regulation. Crapo believes it went too far. Crapo also wants home ownership, and a reform of Fannie May and Freddie Mac, to be a major focus of the committee. He knows he needs, and hopes that he will get, bipartisan support and cooperation to get any of that done. Meanwhile, cooperation is something he says he’s not seeing on the government’s most pressing financial issue, the fiscal cliff. Crapo says “The fiscal cliff is looming, and discouragingly, it appears increasingly like an agreement is not coming together.” He recommends an approach that combines reforming the tax code, entitlement programs, and Congress’s budgeting process. He says he’s already seen some agreement from both sides in the Senate, and thinks a deal will eventually get done. He says he’s optimistic that we will ultimately be able to get the kind of bipartisan support to move forward. Crapo has a history of bipartisan efforts on financial issues, working in the Gang of Six and the Bowles-Simpson Commission. Crapo believes he can help create a bipartisan solution in the Senate, and with the support of the American people, move that through the House and onto the President’s desk for a signature.