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Names circulating for vacancy on Finance panel if Menendez leaves
Sen. Bob Menendez’s conviction on bribery charges has renewed interest in who might replace the New Jersey Democrat on the Finance Committee if he resigns or is expelled from the Senate.
Menendez has so far resisted calls for his resignation, including from Senate Majority Leader Charles E. Schumer, D-N.Y., after he was found guilty of accepting bribes in exchange for aid to foreign governments.
But if Menendez changes his mind or is expelled from the Senate, it would open up a coveted seat on the Finance Committee, which has taken on even greater importance with next year’s tax provisions set to expire and the likelihood of major action on tax policy.
“No matter which way the political winds blow in November, we know that tax policy will be front and center,” Jorge E. Castro, co-leader of tax policy at Miller & Chevalier, said in an interview. “There’s certainly an opportunity to be front and center and be able to showcase what a senator can do on behalf of their state.”
And among the top Democratic contenders for the job based on seniority, according to Castro and sources who spoke on condition of anonymity, are Sens. Amy Klobuchar of Minnesota and Cory Booker of New Jersey, if they choose.
Senate Democrats heavily weigh seniority in determining committee assignments. Senators are also typically limited to sitting on only one of the three most prestigious committees: Finance, Appropriations, and Armed Services. Democrats also generally limit membership on these committees to one senator from each state, although both provisions can be waived by the Steering and Outreach Committee.
That leaves a relatively small group of senators who could be in play to fill a Finance Ministry vacancy without seeking a waiver.
Those next in line for the position in order of seniority include Sens. Bernie Sanders of Vermont, Klobuchar, Booker and Tina Smith, also of Minnesota. Aides to those lawmakers either did not respond to requests for comment or declined to comment.
Sen. Edward J. Markey, D-Mass., outranks Booker and Smith in seniority, but he would need a waiver to join the committee because Sen. Elizabeth Warren, D-Mass., already sits on the panel.
The substitutions
Castro, who was a senior adviser and chief economic policy adviser to former Finance senior staffer John D. Rockefeller IV, D-W.Va., said Klobuchar is the likely front-runner. He and others noted that Sanders has had a shot at a Finance seat before and may want to prioritize his position as chairman of the Health, Education, Labor and Pensions Committee.
“Senator Klobuchar has seniority within the caucus. She’s in the leadership. She has a national profile,” Castro said. “She has had ambitions to run for the White House. She also has a track record on tax proposals. She’s also from the Midwest, which is always an area where Democrats want to represent.”
Booker is another attractive candidate, given the potential to swap one New Jersey senator for another. Booker would give a voice to Northeastern priorities on the panel, potentially including the deduction of state and local taxes. The expiring $10,000 SALT cap has been an exciting issue for lawmakers in high-tax states.
“A New Jersey-New Jersey swap might make sense, especially since we currently don’t have a Finance Committee member from New York,” Castro said.
Sen. Cory Booker, D-N.J., brings water to reporters outside a meeting with White House officials about President Joe Biden’s candidacy at the Democratic Senatorial Campaign Committee on July 11. (Tom Williams/CQ Roll Call)
Klobuchar and Booker, like Warren and Sanders, are former 2020 Democratic presidential candidates.
“Another factor that I think about often is that the Finance Committee allows for fundraising potential and has a national profile with respect to health care, economic issues and fiscal issues,” Castro said. “So it would certainly be a boost for Senator Booker as well.”
Smith is another possibility if more senior members, particularly Klobuchar, who hails from his home state, decline the position.
It’s also possible that a member of the Armed Services Committee could get a waiver to join Finance, as Warren did. Holding seats on Appropriations and Finance is less likely, however.
If the position were to open to someone from the military, Sen. Richard Blumenthal, D-Conn., would be another strong possibility, given his background in health policy and the regional interests of his home state, Castro said.
‘Personal preference’
With additional seats likely to open up on the Democratic side of the next Congress due to retirements and tough reelection races, senators will soon have a second chance to secure a Finance seat if they don’t win this year.
Democratic Finance members Debbie Stabenow of Michigan, Benjamin L. Cardin of Maryland and Thomas R. Carper of Delaware are retiring after this Congress. Senators Sherrod Brown and Bob Casey face tough races in Ohio and Pennsylvania, respectively. Brown’s race is rated a Toss-up by Inside Elections, while Casey’s is rated a Democratic Tilt.
Senators could also leave the seat aside if they want to keep their options open for next year and potential vacancies on the Appropriations Committee. Independent Sens. Joe Manchin III of West Virginia and Kyrsten Sinema of Arizona, both members of Appropriations, will not return to the next Congress, and one Democratic panel member, Sen. Jon Tester, faces a tough re-election in Montana. His race is rated a toss-up by Inside Elections.
“It’s really a personal preference and how the senator legislates and what he or she thinks is most beneficial to his or her home state,” Castro said. “Public earmarks are more prevalent now, so that’s certainly a positive for Approps.”
Castro noted that there is no guarantee Schumer will fill the vacancy immediately if Menendez resigns, especially with so many vacancies that will arise next year.
Waiting until the next Congress would give leadership the benefit of a more complete picture of Democrats’ post-election committee allocations, new members and desired turnovers of existing members. But keeping the seat vacant for the rest of this year would eliminate Democrats’ current 14-13 majority on the committee, he said.
“They’re benefiting from having, like, a complete picture of who’s eligible and who wants to go where. I think that’s the benefit of doing it all at once,” Castro said. “But you also kind of have to weigh that against the fact that, well, is it productive to have a committee where you don’t have a majority?”