Overnight Finance: Trump promises millions of jobs | Obama taps Kasich to sell trade deal | Fed makes monetary policy video game | Trump vs. Ford

Trump promises millions of jobs:  Donald Trump made ambitious promises for his economic plan Thursday, saying his vision would create millions of new jobs and drive economic growth not seen in decades.

{mosads}Speaking before the Economic Club of New York, Trump largely rehashed his plan for the economy if elected president, vowing a series of broad tax cuts, trimmed regulations and stricter trade policy to boost the U.S. economy.

But this time, he set specific targets for his policies. According to Trump, if his plan is enacted, the economy would grow on average 3.5 percent a year over the next decade and would create 25 million new jobs. The Hill’s Peter Schroeder explains how this is even remotely possible: http://bit.ly/2cYG0Oz.

The catch: The U.S. economy has not grown at a comparable rate since the early 2000s.

Food for thought: In a fact sheet posted online Thursday, the campaign highlighted a number of “specific regulations to be eliminated” under the GOP nominee’s economic plan, including what they called the “FDA Food Police.” But a later version of the fact sheet removed those references to the FDA. Here’s more from The Hill’s Lydia Wheeler: http://bit.ly/2cRTszh.

Heads up: We’ll have more on Trump’s economic plan later in the newsletter.

Pelosi: House should go first on stopgap spending bill: House Minority Leader Nancy Pelosi (D-Calif.) says it’s a mistake for House GOP leaders to cede the first move in this month’s spending fight to the Senate. 

“I don’t ever like to give up the prerogative of [being] the first,” Pelosi told reporters Thursday in the Capitol. 

Pelosi acknowledged the political minefield facing Speaker Paul Ryan (R-Wis.), who has struggled to rally his restive conference around a continuing resolution (CR) and prevent an Oct. 1 government shutdown. 

But the GOP’s infighting has undermined the power of House lawmakers to dictate the content of the package, she charged. The Hill’s Mike Lillis breaks down the battle: http://bit.ly/2d1JawZ.

Dems run on cautious optimism over economy: Hillary Clinton and Democrats have a new opening to tout the party’s record on the economy as they seek to regain their footing for the fall campaign.

A new report out Tuesday from the Census Bureau showed that incomes grew in 2015 for the first time since 2007, rebutting one of the biggest criticisms of the economic recovery under President Obama — namely, that pay has remained stagnant.

The census numbers astonished economists and gave a boost to Democrats, who face the difficult task of convincing voters that they should hold on to the White House for a third term.

But Democrats risk overreaching if they portray the economy as thriving. Peter Schroder tells us why: http://bit.ly/2cYHBnf.

Obama enlists Kasich to sell TPP: President Obama has enlisted Ohio Gov. John Kasich (R), a prominent political rival, to help him make a final push for his stalled Asia-Pacific trade agreement. 

Kasich, a former Republican presidential candidate, will attend a bipartisan meeting on Friday at the White House meant to tout the benefits of the Trans-Pacific Partnership, the 12-nation agreement that is one of Obama’s top remaining priorities. 

The Ohio governor will also appear alongside White House press secretary Josh Earnest at his daily briefing. 

Former New York City Mayor Michael Bloomberg (I), former Treasury Secretary under George W. Bush Hank Paulson, Louisiana Gov. John Bel Edwards (D) and former NATO commander Adm. James Stavridis are among the officials attending, the White House said. Here’s more from The Hill’s Jordan Fabian: http://bit.ly/2cbvoWt.

IRS impeachment vote could happen next week: Rep. Tim Huelskamp (R-Kan.) says he still intends to hold a vote on impeaching IRS Commissioner John Koskinen for next week.

“It only takes one,” Huelskamp, a member of the House Freedom Caucus, told reporters Thursday. “We’re going to have a vote next week.”

Freedom Caucus Chairman Jim Jordan (R-Ohio) and House Judiciary Committee Chairman Bob Goodlatte (R-Va.) reached a deal late Wednesday to delay the expected vote on an impeachment resolution. Under the agreement, the Judiciary Committee will hold a hearing next week that Koskinen was invited to attend.

But while there has been some suggestion that a vote on impeachment was going to be delayed until after the November elections, Huelskamp said that that’s not his intention. The Hill’s Naomi Jagoda tells us why: http://bit.ly/2cYIr3t.

Happy Thursday and welcome to Overnight Finance, where we’ve been left in a cloud of jet fumes by your representatives. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

Tonight’s highlights include Trump’s new take on trade and taxes, more heat on Trump for his tax returns and financial sanctions against ISIS.

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://bit.ly/1NxxW2N.

Trump vows sweeping changes to US trade policy: Donald Trump on Thursday ripped into U.S. trade policy, saying an overhaul of the nation’s global agreements is needed to boost economic and jobs growth.

The Republican presidential nominee continued his streak of bold promises on trade that include renegotiating the North American Free Trade Agreement (NAFTA) and pulling the United States out of a expansive Pacific deal. 

Trump has made a habit of promising sweeping changes to the trade agenda if he is elected, including claiming that “predatory trade practices, product dumping, currency manipulation and intellectual property theft have taken millions of jobs and trillions in wealth from our country,” which he said during remarks at the Economic Club of New York.

A fact sheet released by the Trump campaign said that he will kill the Trans-Pacific Partnership (TPP) even if President Obama and Congress are “reckless enough to pass it in a lame-duck session.” The Hill’s Vicki Needham tells us what’s new and what’s not: http://bit.ly/2cRORga.

Fight over presidential race hits Senate floor: The battle for the presidential race spilled over onto the Senate floor Thursday, as senators of both parties pushed for legislation targeting the other party’s nominee. 

Sen. John Cornyn (R-Texas) blocked an effort to pass legislation that would require presidential candidates to release their tax returns. The push comes as Democrats are pressuring GOP presidential nominee Donald Trump to release his taxes. 

Sen. Ron Wyden (D-Ore.) initially tried to get unanimous consent to pass the Presidential Tax Transparency Act, arguing that Trump is breaking decades of political tradition by refusing to release his returns. The Hill’s Jordain Carney takes us there: http://bit.ly/2d1Gr6r.

Trump releases new details of his tax plan: Republican presidential nominee Donald Trump on Thursday released new details about his revised tax plan, building on the changes he has described in recent weeks.

The release of plan, which is described on a web page unveiled Thursday, came as Trump delivered a speech on jobs at the Economic Club of New York.

“By lowering rates, streamlining deductions, and simplifying the process, we will add millions of new jobs,” he said in the speech. “In addition, because we have strongly capped deductions for the wealthy and closed special interest loopholes, the tax relief will be concentrated on the working and middle class taxpayer.” Naomi Jagoda walks us through the numbers: http://bit.ly/2cRMcmW.

Trump proposes 35 percent tax on foreign-produced cars: Donald Trump on Thursday said he would impose a 35 percent tax on any cars that are produced by U.S. companies overseas and then sent to the United States. 

“Basically, when they make their car and they think they’re going to get away with this, and they fire all their employees in the United States, [and] they move to Mexico, when that car comes back across the border into our country that now comes in free, we’re going to charge them a 35 percent tax,” he said on “Fox and Friends.”

“They’re never going to leave. They’ll never leave in a million years. And if they want to leave, we’re going to make a lot of money, because they’ll have to pay the tax.”

The Republican presidential nominee’s vow comes a day after he repeated his criticism of Ford, which plans to move its small-car production operations to Mexico: http://bit.ly/2cuEtgb.

Ford fires back: The CEO of Ford Motor Company on Thursday responded to Republican presidential nominee Donald Trump’s criticism of the company by insisting that Ford’s commitment to U.S. markets “has never been stronger.”

“It’s really unfortunate when politics get in the way of the facts, and the facts are Ford’s investment in the U.S. and commitment to American jobs has never been stronger,” Mark Fields said in an interview with CNN. 

The response came after Trump publicly slammed Ford for planning to open new factories in Mexico and laying off American workers. However, Fields said those claims are unsubstantiated. Here’s why: http://bit.ly/2cYIoVj.

Warren demands answers on lack of big-bank prosecutions: Sen. Elizabeth Warren (D-Mass.) is demanding an independent probe into why no top bankers were jailed following the financial crisis.

The outspoken Wall Street critic called on the Justice Department’s inspector general to examine why the government never brought charges against top figures in the financial crisis.

She also called on the FBI to release any documents tied to the decision not to prosecute, citing the precedent set by FBI Director James Comey to release documents tied to the decision not to file charges against Hillary Clinton over her use of a private email server while secretary of State. Peter Schroder explains: http://bit.ly/2czfVl7.

Hatch: TPP deal can get done in lame-duck session: Senate Finance Committee Chairman Orrin Hatch said Wednesday that Congress will pass a sweeping Asia-Pacific trade agreement before the end of the year.

The Utah Republican said he is working with the Obama administration to resolve several lingering issues that could ultimately pave the way for a vote on the Trans-Pacific Partnership (TPP) in the lame-duck session after the November elections.  

“I think we’re going to get it done in lame-duck,” Hatch told The Hill. Vicki Needham tells us what needs to happen before it passes: http://bit.ly/2cdsm8O.

Trump’s son: Public can’t handle my dad’s tax returns Donald Trump Jr. on Wednesday defended his father’s decision not to release his tax returns, saying scrutiny of the documents would distract from Donald Trump’s campaign message.

“He’s got a 12,000-page tax return that would create … financial auditors out of every person in the country, asking questions that would detract from [Trump’s] main message,” Trump Jr. said during a meeting with Tribune-Review editors and reporters.

Trump, the Republican presidential nominee, has faced criticism in the past for not releasing his tax returns. He has repeatedly pushed back against calls to release the documents, saying he is under audit by the Internal Revenue Service (IRS).

The IRS has said that nothing prevents Trump from releasing his tax returns: http://bit.ly/2cJ7sht.

Audit the audit: A House Democrat has unveiled legislation aimed at forcing Donald Trump to prove he’s declining to release his tax returns because of an ongoing IRS audit.

Rep. Jared Huffman’s (D-Calif.) bill would require presidential and vice presidential candidates to include a statement from the Treasury secretary confirming whether or not the IRS is auditing their federal income tax returns as part of financial disclosure reports. The Hill’s Cristina Marcos explains: http://bit.ly/2d3GaTC.

Warren: Trump ‘too chicken’ to release tax returns: Sen. Elizabeth Warren (D-Mass.) on Thursday accused Donald Trump of being “too chicken” to release his tax returns as Democrats ramped up pressure on the GOP presidential nominee.

“Donald Trump makes a big show of strutting around pretending to be tough, but he’s too chicken to show his tax returns to the American people,” Warren said on the Senate floor.

“He’s had a million excuses, but we all know why Donald Trump isn’t releasing his taxes: He’s hiding something,” Warren said. 

Warren said media coverage of Trump’s candidacy has revealed “some clues” about what Trump is allegedly hiding, speaking to three “tax scams” involving Trump: http://bit.ly/2cqN4Oy.

US issues sanctions against two Turkey-based ISIS supporters: The Treasury Department on Thursday announced sanctions against two men based in Turkey with ties to ISIS.

Mohamad Alsaied Alhmidan and Hussam Jamous were targeted for performing financial transactions for the Islamic State in Iraq and Syria. The sanctions freeze any of their United States-based assets and block U.S. citizens from engaging in financial interactions with either man.

“These designations isolate [Alhmidan] and [Jamous] from the global financial system and expose their activities to the world,” said Adam Szubin, acting Treasury undersecretary for terrorism and financial Intelligence. I’ve got more here: http://bit.ly/2cRLx4R.

Club for Growth opposes Ex-Im provision on the spending bill: The conservative Club for Growth on Thursday opposed adding a lifeline to the continuing resolution (CR) that would give the Export-Import Bank the ability to make larger loans again.

Club for Growth President David McIntosh said the move to temporarily reduce the number of Ex-Im board members needed for a quorum, which would provide the agency with the ability to make loans above $10 million, would relinquish more power to the Obama administration. 

“This is cronyism working behind the backs of the American people to protect more cronyism,” McIntosh said in a statement.

“Congress should not be a party to any effort to use the insider game of attaching language to a continuing resolution funding bill in order to create those new rules that give more power to the Obama administration,” he said. Vicki Needham breaks it down: http://bit.ly/2cMOlS2.

Goldman lobbying chief joins new firm: Amy Overton Hunt, Vice President of Federal Government Affairs at Goldman Sachs, has joined The Sternhell Group, a lobbying firm whose clients include Citigroup Inc., Fidelity and PricewaterhouseCooper, as principal.

“Amy is a true professional and will be a tremendous partner as we move the Sternhell Group to the next level,” said Alex Sternhell, founder of the Sternhell Group. “Her deep experience in the private sector and her tenure in the United States Senate will be a tremendous asset for our clients. Her substantive expertise in financial services, as well as her background in Congressional investigations and deep relationships on Capitol Hill will only serve to strengthen our capabilities as we continue to expand our practice.”

Hunt served as counsel for Sen. Tom Carper (D-Del.), covering financial services, housing and trade Issues. Hunt also served as the chief of staff for Fannie Mae’s government affairs team and was an attorney at Akin Gump Strauss Hauer & Feld.

‘Chair the Fed’ makes monetary policy a video game: Think you can do a better job leading the nation’s monetary policy than Federal Reserve Board Chairwoman Janet Yellen? Here’s your chance.

The Federal Reserve Bank of San Francisco released “Chair the Fed” on Thursday, a web-based game that lets players take the reins of the nation’s central bank.

Players can raise or cut interest rates each quarter to maintain full employment and low inflation over a four-year term as chairman. Market booms and crises complicate the task, and players who can’t maintain strong economic conditions aren’t tapped for another term.

“The main underlying motivation for the ‘Chair the Fed’ game was to give some sense, some inkling of what monetary policy makers face in the real world,” said Glenn Rudebusch, executive vice president at the San Francisco Fed, in a video explaining the game. Check it out here, and let me know how did: http://bit.ly/2cbnhZZ.

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