Calls to empower Patrick McHenry get louder as Republicans again fail to pick a speaker

Rep. Jim Jordan (R-Ohio) fell short for a second time in his quest for the speaker’s gavel Wednesday, with more of his GOP colleagues voting against him today than yesterday. The resilient opposition to his hardline candidacy is fueling new calls for a stopgap maneuver to get the House operational again.

The idea that has been put forth by both Democrats and Republicans in recent days would empower Rep. Patrick McHenry (R-N.C.) with new powers. He currently oversees the chamber as speaker pro tempore but operates with restricted powers.

For now, McHenry only has the authority to convene a vote for the next full speaker but growing his powers could at least temporarily allay some fears on Wall Street and in the business world about the seemingly endless dysfunction on Capitol Hill.

McHenry was a key architect of this spring’s debt-ceiling deal that averted a financial catastrophe and he would be faced with similar challenges in the weeks ahead, with government spending fights looming between now and the end of the year between House Republicans and the Senate and the White House.

Depending on the scope of his power, McHenry could also theoretically push forward business world priorities, notably two ongoing cryptocurrency efforts — one bill focused on crypto’s market structure and another focused on stablecoins — that he has championed as chair of the House Financial Services Committee.

Boldfaced names behind the idea

While McHenry himself has repeatedly batted down the idea, a growing number of prominent conservative figures and organizations have warmed up to it.

Three former GOP House speakers — Newt Gingrich, John Boehner, and Paul Ryan — have openly highlighted the idea.

In comments at Harvard on Tuesday, Ryan called it a "break the glass, last resort" option but quickly added "that’s probably where they're going to end up if Jim Jordan can’t put it together."

The idea has also been espoused in various influential conservative forums like the Wall Street Journal editorial page as well as by Jordan opponents like Reps. Mario Díaz-Balart (R.-Fla.) and Mike Kelly (R-Penn.).

The surge in GOP support for the idea comes after the idea has been touted by Democrats over the last week.

"We strongly support an immediate vote to expand the Speaker Pro Tempore's authorities to allow for the consideration of a legislative agenda limited to the most pressing issues," wrote four moderate Democratic lawmakers in a letter last week.

House Minority Leader Hakeem Jeffries added Tuesday that there are "ongoing informal conversations" around bipartisan compromises.

Many challenges ahead

Of course the idea of empowering McHenry faces significant challenges ahead, notably from Jordan and his allies who appear poised to keep fighting even after losing two rounds of voting.

Any measure to empower McHenry would almost surely require both Democrats' and Republicans' votes and could gain the intense ire of some on the far right. For example, Rep. Matt Gaetz (R-Fla.) has already been criticizing McHenry for how he’s exercised his limited powers.

The extent and duration of McHenry’s possible powers could also be a point of contention if the idea advances further.

The various comments in support of the idea differ on significant details, such as whether McHenry should be empowered until a certain date or indefinitely.

Also up for debate is whether he would be able to address any issue that arises or focus only on certain circumscribed ideas like a government shutdown and foreign aid. There is also an open question about whether an empowered speaker pro tempore would be in the presidential line of succession.

Finally, McHenry himself is also a wild card. He has repeatedly downplayed the idea in comments to reporters on Capitol Hill.

McHenry is also a close ally of Kevin McCarthy, who selected him for his current position atop the House, but has avoided calls to join the House leadership on a permanent basis for years, preferring instead to serve as chair of the Financial Services Committee.

Ben Werschkul is Washington correspondent for Yahoo Finance.

Click here for politics news related to business and money

Read the latest financial and business news from Yahoo Finance