OVERNIGHT FINANCE: Deal reached on ‘fast-track’ trade

TOMORROW STARTS TONIGHT: IT’S ALL ABOUT TRADE. Vicki Needham has the story: “Congressional leaders announced Thursday they had reached a deal on legislation that, if approved, would speed consideration of President Obama’s trade agenda. The fast-track legislation, formally known as trade promotion authority, would make it easier for the administration to negotiate trade deals by preventing Congress from amending them. 

“It could ease negotiations on an agreement with 11 Latin American and Asian countries known as the Trans-Pacific Partnership (TPP) that would be the largest trade deal for the United States since the North American Free Trade Agreement with Mexico and Canada. Finishing the deal, a top priority for the White House, would almost be impossible, however, if the other trading partners thought a final pact would be changed by Congress.

{mosads}”The new legislation was announced on Thursday afternoon by Senate Finance Committee Chairman Orrin Hatch (R-Utah), Ways and Means Committee Chairman Paul Ryan (R-Wis.) and Sen. Ron Wyden (D-Ore.), the ranking member on the Finance Committee who has been negotiating closely with Hatch.

— THE BACKSTORY, via Needham: “To win Wyden over, Republicans are agreeing to also approve a new Trade Adjustment Assistance program, a government effort designed to help workers who lose their jobs because of trade. The program has been paired in the past with votes on fast track.” http://bit.ly/1HxZSOs

THIS IS OVERNIGHT FINANCE, and tomorrow is finally Friday. Tweet: @kevcirilli; email: kcirilli@digital-staging.thehill.com; and subscribe: http://digital-staging.thehill.com/signup/48. 

EX-IM WATCH: MCCONNELL GIVES BANK HUGE WIN, via me: Senate Majority Leader Mitch McConnell (R-Ky.) said Thursday that he will not block a vote to reauthorize the Export-Import Bank, despite his opposition to the bank. McConnell told USA Today that he expects its reauthorization to pass, though he didn’t offer a timeline for when he will bring it to a vote. Lawmakers must vote on to extend its charter by June 30 or it shuts down.

“I’m not a supporter of it. It’s become much more controversial in recent years,” McConnell added. “I think it probably enjoys a majority in the Senate, and I don’t think we should deny it the opportunity to be voted on.”

Sens. Heidi Heitkamp (D-N.D.) and Mark Kirk (R-Ill.) introduced legislation that would reauthorize the bank through September, 2019.

“This is good news from Leader McConnell and I hope we can get a vote on our bipartisan bill as soon as possible – I’ll keep pushing to make that happen,” Heitkamp told The Hill.http://bit.ly/1Hyq1wJ

TAX WATCH: HOUSE HOUSE VOTES TO REPEAL ESTATE TAX. Bernie Becker and Cristina Marcos: “The House voted Thursday to repeal the estate tax, a longtime priority of Republicans that also spurred Democratic charges that the GOP is in the pockets of the rich.

The 240-179 vote broke down largely on partisan lines, with seven Democrats voting to repeal the estate tax and three Republicans voting against it. The White House has threatened to veto the measure, and the bill does not appear to have the 60 votes necessary to break a Democratic filibuster and get through the Senate.” http://bit.ly/1JN0O0T

CARLY FIORINA TALKS HILLARY AND WARREN, via me: Likely GOP presidential candidate Carly Fiorina said Thursday that Hillary Clinton is channeling Sen. Elizabeth Warren (D-Mass.), as she sought to portray the former secretary of State as catering to the liberal wing of the Democratic Party.

“Hillary Clinton, of course, is channeling the populist fervor of Elizabeth Warren,” Fiorina said at a forum hosted by The Christian Science Monitor in Washington. “Her policies are crushing the middle class.”

Clinton, who announced her presidential campaign on Sunday, penned Warren’s feature in Time magazine’s list of 100 leaders released earlier Thursday, lauding the big bank critic as a “progressive champion.”

Fiorina also suggested she could serve as a foil to Hillary’s appeal as a female candidate, arguing that if Clinton “were to face a female nominee, there are a whole set of things that she won’t be able to talk about.”

“She won’t be able to talk about being the first woman president. She won’t be able to talk about a war on women without being challenged. She won’t be able to play the gender card,” Fiorina said. http://bit.ly/1b1UuXh

BUDGET WATCH, via Rebecca Shabad: “The House-Senate budget conference committee will hold a public meeting Monday afternoon, the chambers’ Budget committees announced Thursday.” http://bit.ly/1b1UDtO

BERNANKE TO HEDGE FUND, via NYT’s Andrew Ross Sorkin: “For eight years, Ben S. Bernanke, the former Federal Reserve chairman, was steward of the world’s largest economy. Now he has signed on to advise one of Wall Street’s biggest hedge funds.

“Mr. Bernanke will become a senior adviser to Citadel, the $25 billion hedge fund founded by the billionaire Kenneth C. Griffin. He will offer his analysis of global economic and financial issues to Citadel’s investment committees. He will also meet with Citadel’s investors around the globe.” http://nyti.ms/1yyv4vs

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