In his “Stories I’d like to see” column, journalist and entrepreneur Steven Brill spotlights topics that, in his opinion, have received insufficient media attention. This article was originally published on Reuters.com.
1. How Boehner can save his speakership:
Conventional wisdom is that House Speaker John Boehner has been afraid to defy the Ted Cruz-inspired House members who have insisted on closing the government and holding the debt ceiling hostage unless President Obama agrees to delay or defund Obamacare. The assumption is that Boehner fears that the most zealous Republicans in his caucus would turn on him and remove him as speaker. With that in mind, there’s one story I’ve been waiting for and still haven’t seen: Why haven’t the Democrats offered to protect Boehner if he runs into trouble by allowing the full House to vote to reopen the government and extend the debt ceiling?
If you think the speaker of the House is chosen only by the majority Republicans, you’re wrong. Under the Constitution, the speaker is elected by a majority of all the members of the House. Traditionally, the majority party will caucus and choose one of their own as the speaker, for whom all, or most, of the majority party will then vote, assuring that he or she gets a majority of the full House and becomes speaker. (The minority party all votes for their favorite, who of course loses, but becomes the Minority Leader, a post chosen by the party, not the full House.)
But it doesn’t have to be that way. So here’s a scenario Politico, the Washington Post, The New York Times, Roll Call, or other news organizations that swarm Capitol Hill ought to explore: To get Boehner to take a more moderate stance, House Minority Leader Nancy Pelosi, with President Obama’s encouragement, could offer Boehner enough Democratic votes to keep him in power through the 2014 Congressional elections, even if members of his own caucus rebel and introduce a motion that he be removed.
Under the House’s rules, if a member proposes the removal of the speaker, it would require a majority vote to pass. So even if more than half of the Republicans wanted to remove Boehner, the Democrats could provide the votes to keep him — which would not be much of a sacrifice for them because they don’t have the votes to put one of their own in the speakership and the alternative would be, by definition, a Republican more to the far right’s liking than Boehner.
Imagine what a sea change this admittedly unlikely development would bring. The leadership of the House would suddenly be less extreme and, in fact, based on a bipartisan coalition.
It would be great if some enterprising reporter could get Pelosi and others to talk about this — asking them why it hasn’t happened, and whether it could.
2. Auditing JPMorgan’s lawyers:
Last week, I saw that JPMorgan Chase had recorded its first quarterly loss under chief executive officer Jamie Dimon because it had reserved a whopping $9.2 billion for legal expenses due to its ongoing regulatory and litigation battles. So, I was all set to suggest a story examining how it could be that legal expenses — even for a giant bank fighting so many battles — are so high. $9.2 billion is about the same as the total gross revenues recorded by the world’s four highest-grossing law firms for all of last year, according to The American Lawyer magazine.
But then on Saturday morning I saw this front page story in The New York Times, headlined, “JPMorgan’s Loss is Corporate Law Firms’ Gain.” So I figured the Times, which assigned not one but two reporters from its DealBook section to the story, had beaten me to the punch.