The conviction of Sen. Bob Menendez on bribery charges has renewed interest in who might replace the New Jersey Democrat on the Finance Committee should he resign or be 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 being found guilty of accepting bribes in exchange for helping foreign governments.
But should Menendez change his mind or be expelled from the Senate, it would open up a coveted spot on the Finance Committee, which has taken on even greater significance with next year’s expiring tax provisions and the likelihood of major action on tax policy.
“Whichever way the political winds blow this November, we know that tax policy is going to be front and center,” Jorge E. Castro, co-lead of Tax Policy at Miller & Chevalier, said in an interview. “Absolutely, there’s 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 post 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, should they want it.
Senate Democrats heavily weigh seniority in determining committee assignments. Senators are also typically limited to sitting only on one of the three most prestigious committees: Finance, Appropriations and Armed Services. Democrats also usually limit membership of those committees to one senator from each state, though both those provisions can be waived by the Steering and Outreach Committee.
That leaves a relatively small pool of senators who could be in play to fill a slot on Finance 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 didn’t 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 replacements
Castro, who was senior counsel and lead economic policy adviser to former senior Finance member John D. Rockefeller IV, D-W.Va., said Klobuchar is the likely front-runner. He and others noted that Sanders has had the opportunity to snag a seat on Finance before and may wish to prioritize his position as chair of the Health, Education, Labor and Pensions Committee.
“Sen. Klobuchar has seniority within the caucus. She’s in leadership. She has a national profile,” Castro said. “She’s had ambitions to run for the White House. She also has a track record with regard to tax proposals. She also is 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 with another. Booker would provide a voice for Northeast priorities on the panel, including potentially the state and local tax deduction. The expiring $10,000 SALT cap has been an animating issue for lawmakers from high-tax states.
“New Jersey-New Jersey swap could make sense, especially since we currently don’t have a member of the Finance Committee from New York,” Castro said.
Klobuchar and Booker, like Warren and Sanders, are former 2020 Democratic presidential contenders.
“Another factor I often think about is the Finance Committee does allow the potential to raise funds and have a national profile with regard to health care, economic, tax issues,” Castro said. “So it would certainly be a boost to Sen. Booker as well.”
Smith is another possibility if more senior members, particularly Klobuchar, who hails from her state, turn down the position.
It’s also possible that a member of the Armed Services Committee secures a waiver to join Finance, as Warren has. Holding seats on both Appropriations and Finance is less likely though.
If the position were to open up to someone on Armed Services, Sen. Richard Blumenthal, D-Conn., is another strong possibility, given his track record on health care policy and his home state’s regional interests, Castro said.
‘Personal preference’
With additional spots likely to open up on the Democratic side of the dais next Congress, thanks to retirements and tough reelection races, senators will soon have a second chance to secure a spot on Finance, if they fall short 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. Sens. Sherrod Brown and Bob Casey face tough races in Ohio and Pennsylvania, respectively. Brown’s race is rated as a Toss-up by Inside Elections, while Casey’s is Tilt Democratic.
Senators could also pass on the seat if they want to keep options open for next year and possible openings on the Appropriations Committee. Independent Sens. Joe Manchin III of West Virginia and Kyrsten Sinema of Arizona, both Appropriations members, are not returning next Congress, and a Democratic panel member, Sen. Jon Tester, faces a tough reelection in Montana. His race is rated a Toss-up by Inside Elections.
“It really is a personal preference and how the senator legislates and which they think is most beneficial to their home state,” Castro said. “Earmarks are more prevalent now, so that’s certainly a positive for Approps.”
Castro noted that it’s not guaranteed that Schumer immediately fills the slot if Menendez resigns, especially with so many vacancies due to come up next year.
Waiting until next Congress would give leadership the benefit of a fuller picture of Democrats’ allocations on committees post-election, new members and desired switches from existing members. But keeping the seat vacant for the rest of this year would eliminate Democrats’ majority on the currently 14-13 committee, he said.
“They’re benefiting from having, like, a full 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 also you kind of have to weigh that with the fact that, well, is it productive to have a committee where you don’t have a majority?”
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