TOMORROW STARTS TONIGHT: JEB HENSARLING TAKES ON WASHINGTON. The chairman of the House Financial Services Committee spoke exclusively to The Hill in a wide-ranging interview about the key issues before his committee, his tactics, and how Republicans should make their case heading into 2016.
Some tidbits from my story running in The Hill tomorrow morning:
— ON EX-IM: “We’ll continue to listen to our members and we’ll continue to debate, but right now I think the momentum is on [our] side… I don’t see where the votes are for that… My question is, ‘Are we still transferring credit risk from Fortune 50 balance sheets to hardworking taxpayers’ balance sheets?… As the chairman, I have to represent the entire committee and I have to count votes — but my position is clear: It’s time to exit Ex-Im on behalf of the hardworking American taxpayers.” Story with video on Hensarling and Ex-Im: http://bit.ly/1QY5JQg
{mosads}– ON DODD-FRANK: “It’s the Democrats who decided to help Wall Street with an official government stamp that says, ‘You are too big to fail. We will back you up.’ … [Dodd-Frank is] the working man’s worst enemy — along with ObamaCare.”
— ON FED TRANSPARENCY: “It’s time to look under the hood and take a good close look at it because this is not your father’s Fed.”
THIS IS OVERNIGHT FINANCE, and it’s a hot and humid day in Washington with a storm brewing. You know what’s worse? Winter. Be thankful. Tweet: @kevcirilli; email: kcirilli@digital-staging.thehill.com; and subscribe: http://digital-staging.thehill.com/signup/48 Back to work…
TRADE TIMELINE, from The Hill’s Jordain Carney: “Majority Leader Mitch McConnell (R-Ky.) warned senators on Monday that they will finish ‘fast track’ trade legislation this week, no matter how long that makes the week run.
“‘The Senate will finish its work on trade this week, and we will remain in session as long as it takes to do so,’ the Kentucky Republican said Monday. ‘I would advise against making any sort of travel arrangements until the path forward becomes clear.'”
McConnell wants to pass the ‘fast-track’ bill, which would allow the president to get his trade deals passed through Congress by a simple majority vote, before senators leave at the end of the week for the Memorial Day recess. McConnell has pledged an open amendment process for the trade fight, but he’s under a tight deadline to pass the legislation, as well as surveillance and highway measures, before the Senate leaves.” http://bit.ly/1QYd6Y1
WARREN STANDS STRONG: HER LATEST BATTLE IN THE GREAT TRADE DEBATE, via Pete Schroeder and Vicki Needham for The Hill: “Sen. Elizabeth Warren (D-Mass.) is taking another swing at President Obama on trade, this time arguing the president’s promises to protect workers are mostly talk.
“The liberal lawmaker issued a staff report on Monday morning contending that while policymakers frequently argue that trade agreements come packed with robust worker protections, the reality does not live up to the rhetoric.
“The criticism comes amid an aggressive push by the president and his Cabinet to sell congressional lawmakers, especially wary liberal Democrats, on the far-reaching importance of a sweeping Pacific Rim trade deal.
“The president has been touting the 12-nation Trans-Pacific Partnership (TPP) as the ‘most progressive trade deal in history,’ while Warren argues that, despite similar claims from Democratic and Republican administrations over the years, enforcement of labor standards has been lax, driving down working conditions across the globe and dragging American workers down as well.”
— WHAT WARREN SAID: “Again and again, proponents of free trade agreements claim that this time, a new trade agreement has strong and meaningful protections,” the Warren report states. “Again and again, those protections prove unable to stop the worst abuses.” STORY: http://bit.ly/1PRT1QI
JUST IN TIME FOR THE HOLIDAYS – – ANOTHER DEBT CEILING FIGHT! Pete Schroeder: “A stronger than expected tax season will give policymakers more time to haggle over an increase to the debt limit, according to new analysis. An unexpected influx of revenue means that the nation is not expected to be at risk of a catastrophic default until November of December of 2015, after the Bipartisan Policy Center had previously pegged the deadline as sometime in the late summer or early fall.” STORY: http://bit.ly/1HdabDK
SANDERS’ COLLEGE GIVEAWAY, via Rebecca Shabad: “Sen. Bernie Sanders (I-Vt.) is set to unveil legislation that would provide free tuition at four-year public colleges and universities on Tuesday.” http://bit.ly/1IM2fxr
MODERATES FORCE EXTENSION ON RETIREMENT REGS PROPOSAL, via me: “The Labor Department is allowing additional time for comment on the agency’s controversial proposed regulations aimed at self-serving financial advisers. After facing bipartisan congressional backlash on the proposal, the agency is extending the public comment period for the so-called fiduciary rule by 15 days.”
“The 75-day comment period now brings the total to 90 days after moderate Democrats and Republicans in both chambers criticized the original comment period window, according to a DOL letter sent to congressional staff first obtained by The Hill.” http://bit.ly/1JlOCFP
HILLARY CLINTON: I’M THE ONE ASKING QUESTIONS! Adrienne Watson per an American Bridge release: “Hillary Clinton has asked more than 100 questions to everyday Americans while on the campaign trail. Secretary Clinton is using the early days of her campaign to meet with voters face-to-face to learn about the issues that affect them every day, all to figure out how she can help make their lives better. While other candidates are using the media to further their own agendas and attack each other, Hillary Clinton is displaying the qualities of a true leader by meeting with the people she hopes to champion as the next President of the United States.”
— Las Vegas Review-Journal editorial board: “Her strategy raises an obvious question: If she can’t handle a tough question from a journalist, how can she handle the duties of the highest office in the land? Mrs. Clinton’s actions illustrate just how scripted and cynical presidential politics has become. And she is far from alone when it comes to controlling access and avoiding tough questioning. President Barack Obama, for example, has little interest in taking live questions from reporters, either… America desperately needs leaders who are articulate, thoughtful and studied on today’s issues and willing to discuss them — leaders — not people who are afraid to answer questions.” http://bit.ly/1HpAZWO
— David Axelrod, former Obama adviser, on Sunday’s MTP: “She has to get out there and answer questions. She has to do it routinely so it’s not a major news event when she takes a few questions. She has to get into the rhythm of a campaign, where she’s out there, she’s answering questions, she’s making speeches. It would be a terrible mistake to not do that.”
SLUGGISH SUMMER, via Barbara Kollmeyer for MarketWatch: “Investors might want to add a little cash and some gold to their portfolio’s summer outfit. So say analysts at Bank of America Merrill Lynch, who are forecasting a grim summer for stocks this year. In other words, it might be wise to apply ample dollops of market-correction block in addition to any sunscreen you might wear.
While falling short of calling for an outright bear market, which needs a rise in interest rates and a decline in earnings per share, Bank of America is painting a pretty ugly picture for investors over the next several months. The Wall Street firm warns that the market will see a scary summer because investors are trapped in this “Twilight Zone”–the transition period between the end of quantitative easing and the first rate hike by the fed, as it tries to normalize its fiscal policy.” http://on.mktw.net/1QY8t03
SHERROD BROWN V. RICHARD SHELBY, Bloomberg’s Silla Brush with the scoop: “Democrats on the Senate Banking Committee are drafting financial legislation as an alternative to a Republican bill they see as an effort to dismantle the Dodd-Frank Act, a committee aide said Monday.
“Ten Democrats, led by Senator Sherrod Brown of Ohio, are signing onto the proposal ahead of a Thursday meeting of the committee, according to the Democratic aide. The lawmakers have signaled support for measures to help community banks and credit unions, while criticizing Republicans for pushing plans that would help banks with as much as $500 billion in assets and relax some mortgage regulations.” http://bloom.bg/1AblijI
DAYS UNTIL EX-IM SHUTS DOWN: 43. Happening tomorrow: Sen. Mike Lee (R-Utah) joined Hensarling and other Tea Partiers at a presser on Capitol Hill to discuss closing the bank. Also, ICYMI, my interview with Export-Import Bank Chairman Fred Hochberg from Friday: http://bit.ly/1LeGxlr
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