Principals

1. Patel before Senate
2. Bank lobby shakeups
3. Spending bill slips
4. Trump’s TikTok deal
5. Second Venezuela strike
6. Bipartisan housing bill
7. DNC’s NJ spend

PDB: Trump sues The New York Times for $15B

Fed meeting kicks off … Israel launches ground offensive into Gaza City … Trump departs for UK

Republicans rush to quell Patel criticism

FBI Director Kash Patel may face tough questions today from the Senate Judiciary Committee, but they probably won’t be from Republicans, Semafor’s Burgess Everett and Shelby Talcott report. As Patel comes under scrutiny over his handling of the investigation into the assassination of Charlie Kirk, he’s getting some backup from Republican senators — despite conservative criticism of Patel’s leadership at the bureau. It seems like today’s hearing will play out very differently than Health and Human Services Secretary Robert F. Kennedy Jr.’s rough reception before the Senate a couple weeks ago. “I don’t know who’s got the long knives out after him, but I thought: He’s doing fine,” Sen. John Cornyn, R-Texas, told Semafor of Patel. “I still have confidence in him. I think he’s done a good job.” President Donald Trump has backed Patel, which helps, but he also backed Kennedy.

Wall Street losing DC lobbying battle

Big banks are losing the Washington lobbying battle — and they know it, Semafor’s Rachel Witkowski, Liz Hoffman, and Eleanor Mueller write. The ascendant crypto sector is eclipsing what was once a powerhouse industry: Digital-assets companies, which poured millions into Trump’s political apparatus just this year, got their own White House czar; notched a major legislative win; and have the support of the president’s family. The competition helped spur Citigroup CEO Jane Fraser to replace the head of the Financial Services Forum, which represents the eight largest US banks, eight months after she became the lobbying group’s chair. Amanda Eversole, a longtime communications executive at JPMorgan Chase, took over for Kevin Fromer as FSF president and CEO earlier this month, and is viewed as a more aggressive personality. Other industry groups like the Bank Policy Institute are making changes, too.

House release of spending bill slips

House Republicans stalled the release of a short-term spending bill that would keep the government open through most of November, as lawmakers weighed how to protect themselves following Charlie Kirk’s assassination. House Appropriations Chair Tom Cole told reporters Monday night that leaders would finalize text as soon as “they figure out what to do on member security,” and said they plan to include money the Trump administration requested for executive and judicial branch security. Senate Majority Leader John Thune wants the Senate to move the continuing resolution this week if possible, though he indicated he would not attach a popular Russia sanctions bill. Democrats continued to revolt, with Senate Minority Leader Chuck Schumer declaring Thune and Johnson won’t meet with Democrats and calling Johnson’s bill a “total partisan proposal.” The stopgap will need at least seven Democrats to get through the Senate.

— Eleanor Mueller and Burgess Everett

Trump nears TikTok deal (again)

The US is once again nearing a TikTok deal with China. Treasury Secretary Scott Bessent said the two countries reached a “framework” deal to change ownership of the hugely popular social media platform, after Trump repeatedly delayed the enforcement of a US national security law that would have banned the Chinese-owned app. Some details still need to be worked out — Trump told reporters they “haven’t decided” on China’s continuing stake in the company — and there are still questions about whether the deal will comply with the law. Trump is expected to finalize the deal with Chinese leader Xi Jinping during a call Friday, and it will help pave the way for a meeting between the two leaders this fall. Trump may still extend the deadline one last time on Wednesday while the deal is ironed out.

— Shelby Talcott

Second US strike ups pressure on Venezuela

The US is ramping up pressure on Venezuela with another deadly strike on what the administration described as a drug boat, killing three. It is the administration’s second strike on an alleged drug boat in recent weeks — and Trump also hinted at possibly striking drug cartels on land. “We’re going to be stopping them the same way we stop the boats,” he told reporters. The White House quickly faced congressional pressure for more details on the strikes. Sen. Jack Reed, the top Democrat on the Armed Services Committee, said he wants a briefing for senators. And Sen. Rand Paul, R-Ky., called the latest strike a “big mistake,” warning it would create confusion: “Y’all need to ask the White House. Is this the policy? Are you going to blow up ships off of Miami?”

— Shelby Talcott and Burgess Everett

Real Estate Caucus rolls out housing plan

The House Republican and Democratic chairs of the Congressional Real Estate Caucus will today release a new proposal, shared first with Semafor, to make housing more affordable. The legislation from Reps. Mark Alford, R-Mo., Lou Correa, D-Calif., Tracey Mann, R-Kan., and Brittany Pettersen, D-Colo., would ask the Housing and Urban Development, Agriculture, Veterans Affairs and Treasury secretaries as well as the Federal Housing Finance Agency director for joint recommendations to Congress on topics like housing programs and mortgage costs. The goal is “to unlock a whole-of-government approach,” Alford said, as supply increasingly fails to meet demand. With support from groups like the National Association of Realtors, backers hope to attach their proposal to the House’s version of a recently approved Senate package of bipartisan housing measures. Rep. Mike Flood, R-Neb., told Semafor housing would be “a priority” for the Financial Services Committee this month.

— Eleanor Mueller

DNC puts another $1.5M into New Jersey

The Democratic National Committee will spend another $1.5 million to help candidates in New Jersey’s election, doubling its investment in the state as polling shows a single-digit race for governor between Democrat Mikie Sherrill and Republican Jack Ciattarelli. “The stakes couldn’t be higher and we’re leaving nothing to chance,” DNC chair Ken Martin told Semafor. Republicans viewed the DNC’s July investment in New Jersey as a sign that the state is trending red, and reacted the same way to the new spending. “It’s more evidence that Mikie Sherrill is a terrible candidate who needs to get bailed out by national Democrats, and it’s not going to work,” said Ciattarelli strategist Chris Russell. Both parties increasingly see the New Jersey race as more competitive than the same-day statewide elections in Virginia, where Trump has yet to endorse the GOP nominee for governor, three years after she suggested that he shouldn’t run again.

— David Weigel

Blindspot: Library and vaccines

Stories that are being largely ignored by either left-leaning or right-leaning outlets, curated with help from our partners at Ground News.

What the Left isn’t reading: Joe Biden’s presidential library is struggling to raise funds, NBC reported.

What the Right isn’t reading: One in six parents have either skipped or put off vaccines for their children, according to a Washington Post/KFF poll.

Beltway Newsletters

Punchbowl News: Senate Majority Leader John Thune is hopeful senators can pass their version of the annual defense policy bill soon, saying “I’d like to get it done here in the next few days if possible” — but privately, Republican aides say this timeline may not be realistic.

Playbook: Pennsylvania Gov. Josh Shapiro will give a major speech on political violence in the US this morning.

WaPo: Megafire Action, a group seeking action on the megafires crisis, has released an ad campaign pressing senators to address the issue through the Fix Our Forests Act bill, currently stalled in the Senate.

Axios: President Trump pushed for visceral TV ads illustrating the dangers of fentanyl, now saturating the airwaves in multiple US cities.

White House

• Vice President JD Vance called on Americans to report those celebrating Charlie Kirk’s death to their employers, as the White House compiles a list of “left-wing” groups with ties to violence. — WaPo
• President Trump plans to establish anti-crime task forces for Memphis and Chicago, ahead of expected crackdowns there.

Congress

• GOP Reps. Nancy Mace and Buddy Carter are trying to kick Rep. Ilhan Omar, D-Minn., off her committees after she criticized Charlie Kirk.
• The Digital Chamber is holding a fly-in at the Capitol today to advocate for legislation from Sen. Cynthia Lummis, R-Wyo., that would enable the government to purchase additional Bitcoin.

Inside the Beltway