Many people are viewing Tuesday’s election results as a rejection of the administration’s policies, a view that’s hard to argue with. Still, whether the Republican Party quickly moves away—or moves at all—from the populist policies that appear to have brought electoral ruin remains an open question.
One small litmus test that’s quickly coming up is a ban on stock buybacks that a group of populist senators squeezed into the “must-pass” National Defense Authorization Act (NDAA). Members of the House were able to keep it out of their version of the NDAA, but the legislation is moving, and the two chambers will soon have to reconcile (possibly by Thanksgiving).