OVERNIGHT MONEY: Lerner gets another look

Republicans on the House Ways and Means Committee slammed Danny Werfel, the IRS’s principal deputy commissioner, for what they called an inadequate review of the agency’s targeting.

GOP lawmakers were particularly confused about how he could conclude that there was no evidence any individuals outside the agency were involved in the targeting, or that there was no political motivation behind the targeting.

On another battle front, J. Russell George, Treasury’s inspector general for tax administration, told Rep. Sandy Levin (D-Mich.) in a letter dated Wednesday that the IRS did not use inappropriate criteria to scrutinize groups with “progressives” in their name seeking tax-exempt status.

{mosads}But Levin said Thursday he is confused about why it was explained that treatment of progressive groups was outside the scope of the audit requested by Issa. 

That revelation led Ways and Means Democrats to send a letter on Thursday to panel Chairman Dave Camp (R-Mich.), asking him bring George back to discuss that specific issue. 

So, we’ll see what happens pretty soon across all of these fronts. 

WHAT ELSE WE’RE WATCHING

Housing reform chat: House Financial Services ranking member Maxine Waters (D-Calif.) will discuss on Friday ways to overhaul the nation’s mortgage finance market with credit union, real estate, community and mortgage bankers and housing experts. 

In April, Waters held a talk to look at ways to provide safe and affordable rental and homeownership options to families, while taking steps to prevent another crisis that led to the government takeover of the Fannie Mae and Freddie Mac in 2008.

IMMIGRATION ROUNDUP

One thumbs up: So the Senate passed comprehensive immigration legislation, 68-32, on Thursday, just short of the 70-vote goal but still advancing President Obama’s top second-term priority and setting up what is expected to be a protracted battle with the House.

Senators took the rare step of voting from their desks to mark the occasion while Vice President Biden (D-Del.) presided from the dais. The Senate used the same formal procedure to pass the healthcare law three years ago.

Now we’ll see what road the House takes toward trying to get a bill out of Congress some time this year. 

Reflecting the importance of the vote ahead of the July 4 holiday recess, the U.S. Chamber of Commerce issued a key vote letter. 

“The Chamber believes this bill is a strong, positive step toward transforming America’s broken immigration system into one that drives job creation and economic growth by both better meeting the needs of employers, and better utilizing the unique talents of people here and abroad,” the letter said.

“The bill would improve U.S. competitiveness, help attract and retain the best talent and workers, secure the nation’s borders and reaffirm America’s legacy as an open and welcoming society.”

— More than half of GOP senators vote no

— 14 Republicans back immigration bill

— Obama calls for House to act on immigration

— Boehner: Immigration bill will require majority of both parties in the House

— Reid chokes up before final passage

— Vulnerable Dems risk defeat with yes votes on immigration bill

— Potential 2016 GOP candidates split

LOOSE CHANGE

Nearing the finish line: U.S. Trade Representative Michael Froman sat down with top negotiators from the 10 other partner countries in the Trans-Pacific Partnership (TPP) on Thursday and “reaffirmed their desire to conclude the TPP negotiations as soon as possible this year.”

Froman urged all participants to identify their countries’ core interests on outstanding issues so that “they can focus the negotiations and chart a course to conclude an agreement.”

He said the United States is continuing intensive preparations for the upcoming 18th round of TPP negotiations in Malaysia next month and is looking forward to Japan’s entry into the talks during the latter part of that round. Japan will be the 12th nation in the negotiations. 

In recent months, President Obama has spoken directly with the leaders of the other countries involved including Brunei, Canada, Chile, Malaysia, Mexico, Peru, Singapore and Japan to address major outstanding issues. 

In his first full week in his new job, Froman has met with Canadian Minister of Trade and Industry Edward Fast. He also has talked to ministers from Peru and Chile in recent weeks. Additional minister-level meetings with TPP partner nations will be scheduled in the coming weeks.

ECONOMIC INDICATORS

Michigan Sentiment: Thomson Reuters/University of Michigan will release its final measure of consumer sentiment for June.

WHAT YOU MIGHT HAVE MISSED

— Senators begin drive for tax reform by wiping the slate clean

— Corzine will face civil charges over collapse of financial firm in 2011

— White House set to suspend trade privileges for Bangladesh

— Senate GOP fight breaks open over spending bills

— Pelosi tries to jumpstart budget conference

— Watchdog groups charge lenders with deceiving service members, vets

— House GOP mulls splitting farm bill

— Watt’s bid to head housing regulator an uphill climb

— Collins joins Dems in blasting House transportation, housing bill

— GOP to make EPA a climate ‘battleground’

— Bipartisan bill aims to reduce redundancy, pay down deficit

— Ecuador nixes trade deal, offers US cash for ‘education about human rights’

— Pending home sales hit highest level since late 2006

— Jobless claims fall; wages, spending rise

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