Roy makes preemptive DeSantis 2024 endorsement
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Rep. Chip Roy (R-Texas) endorsed Florida Gov. Ron DeSantis (R) for president, before DeSantis has announced whether he's running. Roy said, "It's time for younger, but proven, leadership to offer America eight solid years of transformational change." He praised DeSantis for his faith, rejection of "woke corporate America and higher education" and record of electoral wins, among other things. From The Hill's Colin Meyn: "Roy appears to be DeSantis's first official Congressional endorsement for president. Several other Republicans have endorsed Trump, while Rep. Ralph Norman (R-S.C.) endorsed former U.N. Ambassador Nikki Haley, who officially launched her candidacy last month." Norman and Roy are both members of the Freedom Caucus and were both repeat voters against Speaker Kevin McCarthy (R-Calif.) during the Speaker election in January. As Colin noted, Roy was critical of former President Trump's efforts to push Republicans to reject the 2020 presidential election results. See more from Colin here. |
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Welcome to Evening Report! I'm Amee LaTour, catching you up from the afternoon and what's coming tomorrow. Not on the list? Subscribe here. |
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The banking sector as of Wednesday afternoon
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Much has happened in the banking sector since Silicon Valley Bank's failure last Friday. The Hill's Sylvan Lane and Tobias Burns help us get our bearings with a Wednesday afternoon wrap-up. Some excerpts: Credit Suisse raises contagion fears: "Along with being Europe's second-largest bank, Credit Suisse has a substantial presence in the U.S. and is subject to strict Federal Reserve oversight and stress-testing." Regional US banks are losing even more value: "'This crisis will end when consumers and companies no longer have any doubts about the solvency of their banking institutions,' Zachary Feinstein, an assistant professor at Stevens Institute of Technology and director of its financial technology program, told The Hill in an email." Markets are bouncing between relief and fear: "Financial markets have been all over the place this week." Regulators under fire for missing signs: "Deposits at SVB skyrocketed over the past two years[.] ... This is something, along with the bank's exposure to interest rate hikes, that should have caught the eye of regulators, Republicans are saying."
It's still not a 2008-style crisis — yet: "While it is far too soon to know how many more banks could face serious trouble, there are reasons to believe the world is still well off from a 2008-style crash that brings down the entire financial system." Read the full report here. |
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Biden admin lists 27 drugs facing rebate penalties
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The Department of Health and Human Services put out a list of 27 drugs that'll be subject to a rebate penalty due to a provision in the Inflation Reduction Act. The Hill's Joseph Choi explained: "Under the act, drug manufacturers are required to pay rebates to the federal government if the price of medications covered by Medicare Part B and Part D increase at a rate that exceeds inflation." The list release came the same day as President Biden's speech in Las Vegas, Nev. on lowering drug costs. |
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GOP senators confirm Garcetti nomination
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A bipartisan group of senators confirmed the nomination of former Los Angeles Mayor Eric Garcetti (D) for U.S. ambassador to India in a 52-42 vote. Seven Republicans supported and three Democrats opposed the advancement. Six senators didn't vote. From The Hill's Al Weaver: "The White House tapped Garcetti for the post in July 2021, but his nomination has been held up due to questions surrounding his handling of sexual harassment claims against an aide during his time as mayor. Garcetti has repeatedly denied that he had any knowledge of the allegations." Biden renominated Garcetti earlier this year. The initial nomination expired at the end of the previous session of Congress. White House press secretary Karine Jean-Pierre said last week that Garcetti is "well qualified to serve in this vital role." Read more here. |
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🗳️ Biden's Freedom Caucus foil
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The Hill's Amie Parnes and Emily Brooks break down how President Biden is seeking to cast the Freedom Caucus "as the face of the GOP in order to contrast their vision for the country with his own as he prepares to launch his reelection bid." |
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🛢️ Environmental groups sue Biden admin over drilling project
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Two coalitions of environmental organizations are suing the Biden administration over an Alaskan oil drilling project the Interior Department approved Monday. "The litigation accuses the administration of insufficiently assessing how the endeavor would affect the surrounding indigenous community and endangered species," The Hill's Zack Budryk wrote. |
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🐾 French bulldog most prevalent purebred
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"Budowsky: The Biden and Democratic Advantages in 2024 Elections" — Brent Budowsky, who was an aide to former Sen. Lloyd Bentsen (D-Texas) and former Rep. Bill Alexander (D-Ark.). (Read here) "No Labels is not a third party spoiler: It's ensuring a viable option for the American public" — Benjamin F. Chavis, co-chair of No Labels. (Read here) |
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601 days until the presidential election. |
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10:00 a.m.: The Senate Finance Committee holds a hearing on the president's 2024 budget request. The Senate Homeland Security and Governmental Affairs Committee holds a hearing on cybersecurity risks in the healthcare sector. |
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There a story you think should be getting more attention? Something people should be talking about? Drop me a line: alatour@thehill.com | |
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