Overnight Finance: House GOP preps tax bill for next year | Return of earmarks? | Bush cautions on trade

House panel readying tax bill for early next year: House Ways and Means Committee Chairman Kevin Brady (R-Texas) said Tuesday that his committee is preparing tax-reform legislation for early next year.

The exact timing of a committee vote and a House floor vote on a tax-reform bill has yet to be determined and will be based on discussions with President-elect Donald Trump’s transition team, Brady said at an event hosted by Bloomberg BNA and KPMG.

{mosads}But Trump has expressed an interest in reforming the tax code early in his first term, and Brady said House Republicans will be ready to meet that timetable.

“We’ll be ready to move this early in 2017,” the committee chairman said earlier in the day at the Wall Street Journal CEO Council annual meeting. The Hill’s Naomi Jagoda tells us what to expect: http://bit.ly/2fv8Tko.

Trump adviser huddles with House GOP on economy: An adviser to President-elect Donald Trump met with members of the House Republican whip team on Tuesday to discuss economic policies.

Stephen Moore, an economist with the Heritage Foundation, spoke before a packed room of lawmakers about policies including tax reform and infrastructure that are designed to improve the economy, an aide to House Republican Whip Steve Scalise (La.) said.

“Mr. Scalise is very excited to get to work passing the pro-growth policies that President Trump will sign into law so we can put America on the path to long-term economic growth and create opportunities for every American,” the aide said: http://bit.ly/2fWFfTV.

Chamber of Commerce overhauls lobbying operation: The U.S. Chamber of Commerce is overhauling its lobbying team in preparation for the departure of its top lobbyist, Bruce Josten, at the end of the year.

Josten has worked at the group for 42 years, with 22 years at the helm of its lobby shop. He has been described as “irreplaceable,” holding many roles within policy, fundraising and lobbying circles.

Suzanne Clark will succeed Josten in January as the Chamber’s second-highest-ranking officer, overseeing the government affairs division of the massive industry group.

“Suzanne is the ideal choice to lead this all-star team,” said Chamber CEO Tom Donohue in a statement. The Hill’s Megan R. Wilson tells us more: http://bit.ly/2fSrR2z.

Happy Tuesday and welcome to Overnight Finance, where we’re eagerly awaiting the return of the sun. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

Tonight’s highlights include the return of earmarks, a warning on trade from George W. Bush and advice for Trump from the IRS commissioner.

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.

 On tap tomorrow:

• House Financial Services Subcommittee on Housing and Insurance: Hearing entitled “Modernizing Appraisals: A Regulatory Review and the Future of the Industry,” 10 a.m.

Dem ‘appalled’ by Wall Street rally since Trump win: The top Democrat on the House Financial Service committee said she’s disgusted by Wall Street’s record-breaking week following Donald Trump’s victory in the presidential race.

Rep. Maxine Waters (Calif.) said Wall Street’s boom after Trump’s election, reacting to “a massive, destabilizing, lawless agenda,” was no replacement for broad economic growth.

“I’m appalled that the reaction to Tuesday’s election on Wall Street is record highs for bank stocks,” said Waters on Tuesday. “Short lived increases in the stock market are not the same as real, hard-earned economic growth, and the demise of the regulations Wall Street is cheering are the same regulations that have made our consumers, investors and economy safer and more resilient.”

The Dow Jones industrial index closed at a record high Monday, stretching its best week since 2011 into a six-day winning streak. Despite an initial plummet as votes were counted Tuesday night, stocks have soared since Trump’s election. I’ve got more here: http://bit.ly/2fSoWXM.

House GOP to vote on bringing back earmarks: Three GOP congressmen have issued an amendment to the House Republican Conference rules that would overturn the ban on earmarks.

The amendment is drawing swift opposition from conservative groups like Heritage Action for America, which called pet project spending “the lubricant that empowers politicians to cut bad deals.”

Republican Reps. John Culberson of Texas, Mike Rogers of Alabama and Tom Rooney of Florida filed the amendment, which will be voted on through a secret ballot during the GOP leadership elections.

The amendment chips away at the earmark ban instituted by House Republicans in 2011 — later adopted by the full chamber — and would “restore Congress’s constitutional duty and allow the more effective use of the power of the purse in a way that is transparent and responsible,” according to a copy of the amendment obtained by The Hill. Megan R. Wilson reports: http://bit.ly/2fTJw98.

Bush: Anger shouldn’t drive trade policy: Former President George W. Bush says politicians shouldn’t base U.S. trade policy on anger.

A week after President-elect Donald Trump’s victory, Bush urged a focus on trade policy that helps citizens at an event at his presidential library in Dallas on Tuesday. 

“Anger shouldn’t drive policy. What needs to drive policy is what’s best for the people who are angry and how does that benefit people in our country and the countries in the neighborhood,” Bush said.

Trump frequently argued against trade deals during his presidential campaign, promising to renegotiate the North American Free Trade Agreement (NAFTA) and to kill the Trans-Pacific Partnership. The Hill’s Mallory Shelbourne has it all here: http://bit.ly/2eXLcNZ.

Chinese paper warns Trump against trade war: China will retaliate “tit-for-tat” if President-elect Donald Trump seeks to start a trade war, according to the Chinese Communist party-controlled newspaper, The Global Times.

In an op-ed reported on by The Guardian, the paper called Trump’s promise to impose a 45 percent tariff on Chinese imports “campaign rhetoric,” but said that if the president-elect were to impose significant tariffs on Chinese goods, that China would fight back.

“A batch of Boeing orders will be replaced by Airbus,” the Global Times wrote. “US auto and iPhone sales in China will suffer a setback, and US soybean and maize imports will be halted.”

The editorial was published shortly after Trump’s Sunday night phone call with Chinese President Xi Jinping. The Hill’s Ali Breland reports: http://bit.ly/2f1Si7q.

Snapchat files for IPO: Snapchat parent company Snap Inc. has confidentially filed for an initial public offering, according to multiple reports.

The Wall Street Journal reports that an IPO could value the company between $20 and $25 billion. The filing would be one of the biggest since Alibaba’s $25 billion IPO in 2014.

A Snap spokesperson to declined to comment on the reported filing.

Snap is able to file confidentially because its annual revenue generated this year is expected to be under $1 billion.

The 2012 Jumpstart Our Business Startups Act allows companies with revenue under that threshold to privately file an IPO draft and make redactions with regulators before publicly announcing the offering. The intention is to make it easier for emerging companies to become public: http://bit.ly/2f1Si7q.

IRS chief urges Trump team to consider replacement options: The head of the IRS said Tuesday it’s in the best interest of Donald Trump’s presidential transition team to act early when mulling options for his potential replacement.

“One of my concerns for a little while has been, whoever won, they need to understand that, no matter what happens, my term runs out next November,” IRS Commissioner John Koskinen told reporters after an American Institute of CPA’s conference Tuesday.

He said Trump’s team would be best served by making sure they have someone to put through the confirmation process by mid-spring in order to prevent a leadership drop off next November. Here’s more from The Hill Extra’s Jill Ornitz: http://bit.ly/2fWFUVh.

Use of investment ‘robo advisers’ to skyrocket: experts: Assets under the management of so-called robo advisers are expected to eclipse $2.2 trillion by 2020 as more firms and investors turn to the computerized portfolio managers to reduce costs and increase efficiency, experts say. 

Bo Lu, chief executive officer of BlackRock’s automated wealth guide FutureAdvisor, said the high fees charged by human managers have created a space for algorithm-based firms to grow. 

“There are many more people in the U.S. who would benefit from advice than who receive it today or have ready access to it today,” Lu said during a Securities and Exchange Commission panel discussion at its Fintech Forum on Monday: http://bit.ly/2gexYBv.

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