Election May Upend Committee Rosters: What to Know in Washington

Elizabeth Warren leading Senate Banking is just one of the major post-election committee shuffles that could come out of tight November election results. But first, you should know:

• Novo Nordisk’s CEO will feel the Bern when he testifies on drug prices today before Sen. Bernie Sanders’ committee.
• Donald Trump threatened to hit farm machinery maker Deere with steep tariffs if the company moves production to Mexico.
• Secretary of State Antony Blinken, who’s in New York this week for the UN General Assembly, could face contempt charges from Congress over failing to comply with subpoena to testify before a House panel today.

Election Could Put Warren Atop Senate Banking

Elizabeth Warren could lead her party on financial issues if election results shuffle her to the top of the Senate Banking Committee.

Warren (D-Mass.) would step up if Chair Sherrod Brown (D-Ohio) loses his race in a tight election against Republican Bernie Moreno, the former owner of a car dealer empire. The move would likely strike fear in the banking industry. She was the top driver for creating the CFPB in the 2010 Dodd-Frank financial overhaul, conducting oversight of financial industries including mortgages, credit cards and student loans.

Sen. Richard Blumenthal (Conn.) — another corporate antagonist — is also positioned to be the top Democrat on the Veterans’ Affairs Committee if Sen. Jon Tester (D-Mont.) loses in November to former government contractor Tim Sheehy (R) in a race regarded as one of the best chances for a Republican pick-up.

The election could spark a number of other changes at the top of committees that reflect growing populist sentiment in both parties. Even if Democrats lose control of the Senate, they’ll still wield considerable authority to shape and block legislation thanks to the Senate’s 60-vote threshold to advance most legislation.

Changes in chief negotiators on committees next year could also affect debate over the Trump-era tax code overhaul and confirmation of the next president’s advisers. Read More

Read BGOV’s Congress Tracker for the complete breakdown of lawmaker’s daily legislative agenda and the politics driving it.

Editor’s Picks

Biden’s Final UN Speech to Tout Alliances Even as Conflicts Brew

President Joe Biden will use his final address before world leaders gathered at the United Nations General Assembly to once again champion the value of alliance-building, even as collective efforts have been strained by the grinding war in Ukraine and a Middle East conflict threatening to envelop the region.

Trump Vows to Hit John Deere With Tariffs to Keep Jobs in US

Former President Donald Trump threatened to hit US farm machinery maker Deere & Co. with steep tariffs if the company moves production to Mexico during an event on American farmers and trade.

Harris Should Keep Biden’s Cabinet, Ally Lujan Grisham Says

Democratic nominee Kamala Harris should keep much of Joe Biden’s cabinet in place if she defeats Donald Trump in November, said New Mexico Governor Michelle Lujan Grisham.

Trump Dangles So Many Tax Breaks Even Some Advisers Are Confused

Donald Trump’s ever-growing litany of tax proposals includes something for almost every American family: tipped workers, hourly employees, senior citizens — and now even the higher-income residents of Democratic-led states whose tax breaks he took away while president.

GOP Moves to Hold Blinken in Contempt of Congress on Afghanistan

The Republican chairman of the House Foreign Affairs Committee will move Tuesday to hold Secretary of State Antony Blinken in contempt of Congress over his failure to comply with a subpoena to testify on the withdrawal of US troops from Afghanistan in 2021.

Novo CEO Blames Ozempic Cost on Drug Middlemen

Novo Nordisk CEO Lars Fruergaard Jorgensen plans to tell Sen. Bernie Sanders that pharmacy middlemen are driving up the prices of blockbuster drugs Ozempic and Wegovy.

Jorgensen will testify today in the Senate Health, Education, Labor and Pensions Committee that Novo retains only a fraction of its drugs’ list prices, with the rest paid to companies that manage pharmacy benefits for insurers and employers, according to his written testimony viewed by Bloomberg. While patients may not see it at the pharmacy counter, the drugs’ prices decreased, according to the comments, while Novo spent decades and billions of dollars to develop them.

“The ‘net’ price Novo Nordisk ultimately receives for the medicines it sells is far below the published ‘list’ price,” Jorgensen said in his testimony. Cutting the list price “may in fact create harmful unintended consequences,” he said, including preventing some people from getting the medications.

The company faces increasing pressure to make its medicines more affordable as demand skyrockets. Many patients pay out-of-pocket to use them for weight loss, which some insurers don’t cover. Sanders (I-Vt.) repeatedly assailed Novo for charging more for its drugs in the US than other countries after a study found Ozempic could be profitably produced for less than $5 a month. Read More

What Else We’re Reading

Boeing Crisis Sparks US Regulator to Revamp Safety Programs

The US Federal Aviation Administration is working to overhaul its internal processes for identifying and addressing aviation safety risks in the wake of a mid-air blowout on a Boeing Co. jet, the agency’s top official plans to tell lawmakers on Tuesday.

Medicare Drug Plan Changes Risk Complicating Treatment Access

Patient organizations and charitable groups are urging the Biden administration to take additional steps to contain a potential uptick in utilization management tactics by Medicare prescription drug plans next year.

SEC Drops Auditor Misconduct Cases After In-House Judges Ruling

The SEC has dropped misconduct charges against at least eight auditors in the wake of a recent Supreme Court ruling that limited the regulator’s use of its in-house courts.

Senate Confirms Biden’s Third US Tax Court Nominee to Bench

Senate lawmakers voted Monday to confirm Rose Jenkins to a seat on the US Tax Court bench, further whittling away at the busy court’s vacancies.

Trump to Offer Foreign Companies New Incentives, With a Warning

Donald Trump will pledge to personally recruit foreign companies and outline new incentives — including an offer of federal land — designed to lure operations to the US during an economic address on Tuesday in Savannah, Georgia.

Trump Says He’d Handle Ukraine ‘Differently’ Ahead of UN Meeting

Republican presidential candidate Donald Trump said he would approach Ukraine policy “differently” and marveled at Ukrainian President Volodymyr Zelenskiy’s requests for security assistance.

US Plans to Send Troops to Mideast to Evacuate US Citizens: NBC

The Pentagon plans to send a few dozen US troops to the Middle East in the coming days to be ready to help Americans leave the region, NBC reports, citing three unidentified defense officials.

Upcoming Webinar: Elections Q&A

Elections Q&A with Greg Giroux: Join us for a webinar with BGOV elections expert Greg Giroux at 11 a.m. on Sept. 25. The event will provide an in-depth analysis of how the presidential race is affecting congressional races, ballot measures, and other key aspects of the electoral landscape. Register Here

• Miss our Tax Webinar? Catch up on how tax policy will likely shake out, including key players, major areas of dispute, and how the election could shape the outcome. Read a Recap and Watch the Recording Here

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To contact the reporters on this story: Giuseppe Macri in Washington at gmacri@bgov.com; Jeannie Baumann in Washington at jbaumann@bloombergindustry.com

To contact the editor responsible for this story: Kayla Sharpe at ksharpe@bloombergindustry.com