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Frontrunners Quickly Emerge to Replace McCarthy

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Frontrunners Quickly Emerge to Replace McCarthy

Author: Greg Valliere

October 4, 2023

IT DIDN’T TAKE LONG for candidates to emerge for the House Speakership, with several veteran right wingers sending signals that they may run. The early frontrunner is Rep. Steve Scalise, the House Majority Leader; the Louisiana conservative has proclaimed in recent weeks that he’s recovering well from a rare blood cancer.

IF SCALISE GETS A CLEAN BILL OF HEALTH, he would be the logical pick to replace Kevin McCarthy. Scalise has solid support from all factions in the party (even pariah Matt Gaetz likes him). Scalise has an interesting biography — he was shot and nearly killed while practicing with the House baseball team in 2017, and won bipartisan sympathy as he slowly recovered after numerous surgeries.

OTHER REPUBLICANS ARE SENDING SIGNALS that they may run, including the fiercely combative Jim Jordan of Ohio, Rep. Kevin Hern (R-Oklahoma), the head of the Republican Study Committee, Rep. Elise Stefanik (R-N.Y.), chair of the House Republican Conference, and Rep. Tom Emmer (R-Minn.) the House majority whip.

IN THE MEANTIME, Rep. Patrick McHenry (R-NC) will be the temporary Speaker. McHenry hardly began the post-McCarthy era on a bipartisan note; he sent a nasty letter yesterday to former Speaker Nancy Pelosi, demanding that she vacate her Capitol hideaway office by today, with a threat that the lock and keys will be changed. Previous House leaders had been granted a small office in the Capitol.

SOME BREATHING ROOM: The House will be out of town for the next week, with two very big issues looming: first, whether the House will continue an impeachment inquiry aimed at President Biden (probably yes), and whether the House will speed up consideration of spending bills ahead of the Nov. 17 deadline (probably yes). For the reeling financial markets, any sign of progress on the budget would be welcome.
* * * * *
EDITOR’S NOTE: We’ll take a little time off after this week’s chaos; we’re not publishing tomorrow, Friday or Monday. Best wishes to our great friends in Canada, who will celebrate Thanksgiving on Monday.


The views expressed in this blog are those of the author and do not necessarily represent the opinions of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies.

The views expressed in this blog are provided as a general source of information based on information available as of the date of publication and should not be considered as personal investment advice or an offer or solicitation to buy and/or sell securities. Speculation or stated believes about future events, such as market or economic conditions, company or security performance, or other projections represent the beliefs of the author and do not necessarily represent the view of AGF, its subsidiaries or any of its affiliated companies, funds or investment strategies. Every effort has been made to ensure accuracy in these commentaries at the time of publication; however, accuracy cannot be guaranteed. Market conditions may change and AGF accepts no responsibility for individual investment decisions arising from the use of or reliance on the information contained herein. Any financial projections are based on the opinions of the author and should not be considered as a forecast. The forward looking statements and opinions may be affected by changing economic circumstances and are subject to a number of uncertainties that may cause actual results to differ materially from those contemplated in the forward looking statements. The information contained in this commentary is designed to provide you with general information related to the political and economic environment in the United States. It is not intended to be comprehensive investment advice applicable to the circumstances of the individual.

AGF Investments is a group of wholly owned subsidiaries of AGF Management Limited, a Canadian reporting issuer. The subsidiaries included in AGF Investments are AGF Investments Inc. (AGFI), AGF Investments America Inc. (AGFA), AGF Investments LLC (AGFUS) and AGF International Advisors Company Limited (AGFIA). AGFA and AGFUS are registered advisors in the U.S. AGFI is a registered as a portfolio manager across Canadian securities commissions. AGFIA is regulated by the Central Bank of Ireland and registered with the Australian Securities & Investments Commission. The subsidiaries that form AGF Investments manage a variety of mandates comprised of equity, fixed income and balanced assets.

About AGF Management Limited

Founded in 1957, AGF Management Limited (AGF) is an independent and globally diverse asset management firm. Our companies deliver excellence in investing in the public and private markets through three business lines: AGF Investments, AGF Capital Partners and AGF Private Wealth.

AGF brings a disciplined approach, focused on incorporating sound, responsible and sustainable corporate practices. The firm’s collective investment expertise, driven by its fundamental, quantitative and private investing capabilities, extends globally to a wide range of clients, from financial advisors and their clients to high-net worth and institutional investors including pension plans, corporate plans, sovereign wealth funds, endowments and foundations.

Headquartered in Toronto, Canada, AGF has investment operations and client servicing teams on the ground in North America and Europe. AGF serves more than 800,000 investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.

For further information, please visit AGF.com.

©2025 AGF Management Limited. All rights reserved.

Written by

Greg Valliere

Greg Valliere

Chief U.S. Policy Strategist

AGF Investments

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