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Jeffries, Frontrunner for House Speaker, Says He'll End Trump Tariffs and Prevent War With Iran

Source
Korea Economic Daily

Summary

  • Hakeem Jeffries said he would ease Americans' cost-of-living burden by repealing Trump tariffs.
  • Jeffries said he would pursue legislation to block a war with Iran and reverse Medicaid budget cuts and Obamacare subsidies.
  • If Elizabeth Warren becomes chair of the Senate Banking Committee, tighter oversight of large financial firms and stricter cryptocurrency regulation would be likely.

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Democrats, after winning both chambers, begin forming new leadership

Pitches an 'Affordable America'

Signals policy shift including restoring Obamacare

On impeaching Trump: 'Focus will be on accountability'

Photo: Shutterstock
Photo: Shutterstock

Democrats, who captured both the House and Senate in the U.S. midterm elections on Nov. 3, have begun assembling their next leadership team. In the Senate, Chuck Schumer of New York stands to serve as Democratic leader. In the House, Hakeem Jeffries of New York, the chamber's top Democrat, is poised to succeed Speaker Mike Johnson.

Jeffries announced at a news conference at Democratic headquarters in Washington on Nov. 4 that he will run for speaker in the new Congress that convenes on Jan. 3. In a letter to colleagues released earlier, he laid out three priorities: addressing the cost-of-living crisis, establishing accountability for the Trump administration, and restoring American values. Jeffries, widely regarded as former Speaker Nancy Pelosi's political heir, is treated by Democrats as the presumptive next speaker.

Inflation put at the top of the agenda

Jeffries used the slogan "Affordable America" at the news conference, signaling Democrats do not want to repeat the Republicans' loss of public support over inflation.

He first pointed to repealing what he called "Trump tariffs." Calling them "foolish tariffs" that have added to Americans' cost burdens, Jeffries said they have saddled typical U.S. households with thousands of dollars in extra annual costs.

He also pledged to prevent a war with Iran. Jeffries said Democrats would pass legislation aimed at blocking such a conflict, describing it as a reckless and costly war of choice that had sent gasoline prices soaring nationwide. Still, it remains uncertain whether any new measure could pass the Senate, where it would require support from more than two-thirds of lawmakers.

Jeffries also said Democrats would pass legislation reversing cuts to Medicaid, the health insurance program for low-income Americans, and restore Affordable Care Act tax credits. That could add further strain to the U.S. federal budget, with government debt already above $40 trillion.

He drew a line, for now, on impeachment efforts against President Trump or Defense Secretary Pete Hegseth. Asked about impeaching Hegseth, Jeffries said no House Democrat had discussed the issue with him and that his focus would remain on lowering living costs and establishing accountability.

A first Black speaker, first woman leader, first Latino whip

Because a Democratic takeover of the House had long been expected, decisions on key posts are already nearing completion. Katherine Clark of Massachusetts, now the House Democratic whip, is set to succeed Jeffries as House Democratic leader. Jeffries said she would become the first woman to serve in that position in the country's 250-year history. Pete Aguilar of California is set to take over Clark's current role. The trio would mark a series of firsts: the first Black House speaker, the first woman majority leader and the first Latino majority whip.

Clark said easing economic pressure would be central to the Democratic agenda. The party's priorities, she said, include expanding health care without favoring billionaires and cutting costs for Americans, including housing expenses and utility bills.

Because the majority party in Congress controls committee chairmanships, the leadership change could also bring policy shifts. In the Senate, Elizabeth Warren of California has been mentioned as a possible chair of the Banking Committee. That would raise the prospect of tighter oversight of large financial firms and tougher regulation of cryptocurrencies.

In the House, Representative Robert Garcia of California is set to lead the Oversight Committee and directly target alleged corruption in the Trump administration. Garcia issued a statement on Nov. 4 telling Trump and others to "hire a lawyer."

Lee Sang-eun, Washington correspondent, Hankyung.com, selee@hankyung.com

#US Democratic Party
#Tariff
#US Midterm Elections
Korea Economic Daily

Korea Economic Daily

hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.

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