No. 2 House Democrat Katherine Clark said Sunday that the House will vote for a new speaker on Tuesday at around 12 noon ET — two weeks after eight Republican members joined the Democratic minority in ousting the chamber’s previous leader, Kevin McCarthy.
The speaker of the United States House of Representatives holds a pivotal role in shaping economic policies and priorities. Their influence over the legislative agenda, budget, taxation, trade policies, and other economic matters makes their position essential in determining the economic direction of the world’s largest economy.
It erodes investor confidence, both domestically and internationally, meaning investors pull back from the U.S. financial markets, leading to a decrease in asset prices and potential capital flight.