• Wednesday, October 16, 2024

House Republicans recently voted for Rep. Mike Johnson to become the latest nominee for Speaker of the U.S. House of Representatives. This decision follows a tumultuous day in which Rep. Tom Emmer briefly held the nomination. Johnson, who currently serves as the vice chair of the House Republican Conference, gained support through multiple rounds of voting and ultimately secured a majority of votes in the third ballot. This effectively surpassed the number of votes received by Rep. Byron Donalds of Florida, according to Rep. Elise Stefanik of New York, the Chair of the conference and No. 4 among House Republicans.

While a floor vote on the speaker position was not initially scheduled for Tuesday, it remains a possibility that it could take place on Wednesday.

The selection process for a new speaker has been an extended one, with analysts expressing concern over the delay in addressing important matters, such as supporting Israel and passing a budget to prevent a government shutdown next month, which could have repercussions in the market.

It has been three weeks since the historic removal of former Speaker Kevin McCarthy, a California Republican.

Rep. Mike Johnson's nomination marks the fourth time House GOP lawmakers have chosen a speaker nominee this month. Tom Emmer, the No. 3 House Republican, was nominated and later withdrew after lacking support from some colleagues and former President Donald Trump.

Previously, Rep. Jim Jordan of Ohio secured the nomination on October 13th but was subsequently dropped due to growing opposition within the GOP following three rounds of voting on the House floor. Additionally, House Majority Leader Steve Scalise from Louisiana was initially selected for the post on October 11th but withdrew his bid just one day later due to opposition within his own party.

Reports suggest that Kevin McCarthy has floated a plan that would see him return as speaker while having Jim Jordan serve as assistant speaker, although these claims remain anonymous.

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