Big day in wonk world…
TOMORROW STARTS TONIGHT: FIDUCIARY FALLOUT. My take for The Hill: “The Obama administration is moving to crack down on financial advisers with a set of regulations that the financial industry warns would make it more difficult for less affluent Americans to get retirement advice.
“The Labor Department’s highly anticipated ‘fiduciary rule,’ proposed Tuesday, would impose new disclosure requirements designed to help consumers understand that their financial advisers might receive commissions from selling them certain retirement plans.” My story: http://bit.ly/1Oy2n5m
{mosads}– PRESIDENT OBAMA: “Current loopholes allow Wall Street brokers and other financial advisers to benefit from backdoor payments and hidden fees if they talk responsible Americans into buying bad retirement investments.”
— REP. ANN WAGNER (R-Mo.) told The Hill: “This ill-advised, top-down assault on local financial advisers and broker-dealers is typical of President Obama and Sen. Elizabeth Warren (D-Mass.). Instead of allowing hard-working Americans access to affordable, sound financial advice to prepare for the future, they have created a solution in search of a problem to further hurt the middle class.”
— THE BOTTOM LINE: The business community is heavily criticizing how fast OMB moved on this proposal, arguing that the 50 days it took is a heck of a lot shorter than the average 117 days it normally takes. Meanwhile, the clock on the 75-day comment period has official started ticking.
–– OVERNIGHT FINANCE BOOK CLUB, because everybody should be an author: Read the official rule here: http://1.usa.gov/1FGmTdq and read the administration’s fact sheet here: http://bit.ly/1CGJiq9
THIS IS OVERNIGHT FINANCE, and it’s only Tuesday. So keep on keepin’ on… Tweet: @kevcirilli; email: kcirilli@digital-staging.thehill.com; and subscribe: http://digital-staging.thehill.com/signup/48.
FIRST ON THE HILL – – > EX-IM PREZ BRACES FOR HILL HOT SEAT. And we’ve got the story. Export-Import Bank President Fred Hochberg will fight for the bank’s survival tomorrow during a hearing before members of the House Financial Services Committee. Read his testimony here: http://bit.ly/1ctJe6T
1.) GOVS RALLY BEHIND BANK: Meanwhile, 30 governors — eleven of them Republican — sent a letter to congressional leaders on Tuesday, urging them to breathe new life into the bank, which backs loans for certain overseas companies that do business with American firms. My exclusive story on that here: http://bit.ly/1FF822S
2.) FIRST LOOK: Aerospace Industries Association is out with an aggressive pro-Ex-Im ad buy. The print ad campaign shows foreign leaders like Russia President Vladimir Putin applauding because Congress might shut down the bank. Chip Sheller, VP of communications for AIA tells me: “Our industry is taking the gloves off and focusing attention on the very real consequences of not reauthorizing the Bank… Do they want aerospace jobs in South Carolina to be replaced by jobs in the south of France?” SEE THE FIERY AD: http://bit.ly/1DFx1q4
FWIW: What I would give to be in the south of France right now…
SPORTS BLINK: NFL PLAYERS GO BROKE. Ben Leubsdorf for WSJ: “Despite big paydays, many National Football League players run into financial trouble after they retire and nearly one in six files for bankruptcy within a dozen years of hanging up their cleats, according to a new analysis.” http://on.wsj.com/1ynNaQz
TRADE WATCH: BILL COMING TOMORROW. Vicki Needham: “Leaders on the Senate Finance Committee could introduce fast-track trade legislation as early as Wednesday. Senate Finance Committee Chairman Orrin Hatch (R-Utah) said Tuesday that he is planning a hearing on a so-called fast-track measure, a signal that the long-awaited bill could be ready ahead of time.” http://bit.ly/1IaSM0A
— VAN HOLLEN TURNS LEFT. Vicki Needham: “A top House Democrat who is running for the Senate is opposing President Obama’s request for expanded trade powers. Rep. Chris Van Hollen (D-Md.), who is running to succeed retiring Democratic Sen. Barbara Mikulski, said Tuesday he won’t support trade promotion authority (TPA) legislation in the House.” http://bit.ly/1CL8GKd
BUDGET WATCH, via Cristina Marcos: “The House approved a motion by voice vote on Tuesday to establish conference negotiations with the Senate for a fiscal 2016 budget resolution.” http://bit.ly/1PJllrb
HAPPY TAX DAY EVE! Bernie Becker: “The average, unmarried U.S. worker without children paid an average tax rate of 31.5 percent in 2014, according to new data released on Tuesday.” Read the depressing story here: http://bit.ly/1Hpow43
FOR YOUR RADAR – – > ELIZABETH WARREN will speak tomorrow at the Unfinished Business of Financial Reform tomorrow at the 2015 Levy Institute Minsky Conference in Washington.
FAST FACTS, via The Wall Street Journal: “Nearly one in three Americans who are now having to pay down their student debt–or a staggering 31.5%–are at least a month behind on their payments, new research from the Federal Reserve Bank of St. Louis suggests.” http://on.wsj.com/1IaDN6T
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