Overnight Finance: Senate GOP delays budget action; Bloomberg won’t run

SENATE GOP POSTPONES BUDGET: Senate Budget Committee Chairman Mike Enzi (R-Wyo.) is postponing action on the budget amidst disagreements in the House over spending cuts.

Enzi announced Monday that his committee will postpone possible action this month but will continue to discuss their options.

{mosads}He argued that the Senate can pass appropriations bills even without a budget resolution because the top-line spending numbers were set in last year’s budget deal. Vulnerable GOP incumbents who are not eager to take politically charged votes this spring have made the same argument. The Hill’s Alexander Bolton has more: http://bit.ly/1LMR9ww.

DEMS TELL MCCONNELL TO STICK TO BUDGET DEAL: Senate Democrats are urging Majority Leader Mitch McConnell (R-Ky.) to stick to a two-year budget agreement and avoid any partisan landmines that could grind the Senate to a halt.

Minority Leader Harry Reid (D-Nev.) and leading Democratic Sens. Dick Durbin (Ill.), Chuck Schumer (N.Y.), Patty Murray (Wash.) and Barbara Mikulski (Md.) sent a letter to McConnell saying that he should urge committees to stick with spending levels outlined in last year’s Bipartisan Budget Act. The Hill’s Jordain Carney explains why: http://bit.ly/21hHP5y.

OBAMA DEFENDS WALL STREET POLICIES: President Obama took on critics of his Wall Street policies Monday, arguing the laws he pushed “have worked.”

At a meeting with top financial regulators, Obama noted that his efforts to overhaul the financial system have been met by criticism from both the right and the left. And he dismissed both sides’ arguments as misguided.

“It is popular in the media, and political discourse both on the left and on the right to suggest that the crisis happened and nothing changed. That is not true,” he said. Here’s his explanation: http://bit.ly/24MIfpj.

SEC FILES FRAUD CHARGES AGAINST EX-MLB STAR’S COMPANY: The Securities and Exchange Commission (SEC) has filed charges against Wells Fargo and a Rhode Island state agency for defrauding investors when it came to investing in a video game company.

The regulator announced Monday that it was filing civil charges, arguing that the entities failed to inform investors about the financial situation of 38 Studios, a video game company started up by former Boston Red Sox pitcher Curt Schilling. The Hill’s Peter Schroeder breaks it down: http://bit.ly/1QywZpd.

HAPPY MONDAY and welcome to Overnight Finance, where we’re super excited about spring’s unofficial arrival. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

Tonight’s highlights include fights against the financial adviser rule and the Trans-Pacific Partnership, an international tax showdown and a credit for caring.

See something I missed? Let me know at slane@digital-staging.thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://www.digital-staging.thehill.com/signup/48.

ON TAP TOMORROW:

• Senate Appropriations Subcommittee on Financial Services and General Government:
  Hearings to examine proposed budget estimates and justification for fiscal 2017 for the Department of the Treasury, 10 a.m.
• Senate Foreign Relations Committee: Hearings to examine State Department reauthorization, focusing on an opportunity to strengthen and streamline United States diplomacy, 10 a.m.
• Senate Homeland Security and Governmental Affairs Committee: Hearings to examine the President’s proposed budget request for fiscal year 2017 for the Department of Homeland Security, 10 a.m.
• Senate Commerce, Science, and Transportation Subcommittee on Surface Transportation and Merchant Marine Infrastructure, Safety and Security: Hearings to examine the state of the United States maritime industry, focusing on the federal role, 2:30 p.m.

ON TAP THIS WEEK: Senate Banking Committee Chairman Richard Shelby (R-Ala.) is expected to announce action on two nominees to the Securities and Exchange Commission. For months, Democrats have railed against Shelby for refusing to move on 16 nominees before the committee until he won his March 1 primary.

Congress will also soon have to tackle two major fiscal issues with impending deadlines: writing a budget and finding a fix for cash-strapped Puerto Rico, which House Speaker Paul Ryan (R-Wis.) asked for by the end of March: http://bit.ly/1RPaYmb.

CHAMBER WAGES LOBBYING BATTLE OVER RETIREMENT RULE: The U.S. Chamber of Commerce is waging a fierce lobbying battle over the Obama administration’s new rules for retirement advisers.

The Department of Labor’s so-called fiduciary rule would require retirement advisers disclose more information on any conflicts as well compensation they receive. But the business lobby warns this would raise the cost of investment advice and lead many people to invest on their own, without guidance from a professional.

The chamber met with White House officials on two occasions last month in an attempt to curb the retirement rule. The business lobby’s chief, Tom Donohue, took part in one of those meetings, along with a team of lobbyists. The Hill’s Tim Devaney takes us there: http://bit.ly/1QCv1p2.

TREASURY LOOKS TO PRESSURE EU ON TAX PROBES: The Treasury Department says it is considering “all modes of engagement” to make it clear that the European Union should reconsider its approach to investigating tax breaks provided to U.S. companies.

The European Commission, the EU’s executive body, has been investigating whether tax breaks that European countries have provided to American companies are illegal “state aid.”

Treasury officials and members of the Senate Finance Committee have expressed concern that the commission is causing uncertainty by applying a new interpretation of the state aid rules, and is disproportionately targeting U.S. multinational companies. They alwo worry the commission may impose penalties that could result in U.S. companies paying retroactive taxes on earnings that EU countries don’t have the right to tax. The Hill’s Naomi Jagoda explains: http://bit.ly/1pbzl4u.

INTERNATIONAL LABOR UNION FIGHTS TPP: The International Union of Operating Engineers (IUOE), which represents 400,000 building and construction trades workers in the United States and Canada, is urging Trudeau to oppose the 12-nation Trans-Pacific Partnership (TPP), which it describes as a “secret, job-killing trade deal.”

President Obama and Canadian Prime Minister Justin Trudeau are expected to discuss the path for the TPP’s passage during meetings at the White House later this week.

The president is calling on Congress to ratify the deal before he leaves office. Trudeau’s administration has indicated that they will shop the trade deal around Canada and ensure the Parliament holds a robust debate before agreeing to approve the TPP agreement. The Hill’s Vicki Needham explains what’s at stake: http://bit.ly/21X25f6.

HOUSE DUO PROPOSES TAX CREDIT FOR FAMILY CAREGIVERS: A bipartisan pair of House members is offering legislation that would provide a tax credit for those who care for aging and disabled relatives.

The legislation is sponsored by Reps. Tom Reed (R-N.Y.) and Linda Sanchez (D-Calif.) and is supported by groups including the AARP and the American Heart Association, according to a news release issued Monday.

“It’s a win-win. Families will stay together and those in need of assistance have access to better care,” Reed said: http://bit.ly/1SvgGfp.

NIGHTCAP: A New York multi-billionaire just suspended his presidential hopes… his name is Michael Bloomberg: http://bv.ms/1QH0GC6. The Hill’s Jonathan Easley has the full story: http://bit.ly/1UOdxYv.

Write us with tips, suggestions and news: slane@digital-staging.thehill.com, vneedham@digital-staging.thehill.com; pschroeder@digital-staging.thehill.com, and njagoda@digital-staging.thehill.com. Follow us on Twitter: @SylvanLane,  @VickofTheHill; @PeteSchroeder; and @NJagoda.