Overnight Finance: Stock market woes | IRS drops controversial rule | More work for Dodd-Frank

MARKET KEEPS TANKING: The Standard & Poor’s 500 Index has dropped almost 5 percent since the start of 2016, its worst-ever four-day beginning of a year, and the Dow Jones Industrial Average has fallen by more than 900 points in the same span. Things are looking bleak for the global economy, and Bloomberg lays out what’s going wrong: http://bloom.bg/1K0jIAx.

IRS PULLS CONTROVERSIAL RULE: The Internal Revenue Service backed away from a proposed, reviled regulation that would have pressured non-profits to share their donors’ Social Security numbers. It was floated as a way to expedite verifying donations, but more than 38,000 comments and a letter signed by 215 charitable organizations highlighted security risks. The Hill’s Tim Devaney breaks down how deep the backlash was: http://bit.ly/1kQaeBi.

{mosads}HAPPY THURSDAY and welcome to Overnight Finance, where we’re getting back in the swing of things just in time for the weekend. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

Tonight’s include some unfinished Dodd-Frank business for the Obama administration, terror sanctions from the Treasury and a game of chicken between the United States and South Africa.

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://www.digital-staging.thehill.com/signup/48.

MORE TO DO FOR DODD-FRANK: Just about 70 percent of the 390 rulemaking mandates in the major 2010 financial reform bill are completed, and time is running out for the Obama administration to finish the job. The Hill’s Lydia Wheeler highlights what’s left to do and what’s at stake: http://bit.ly/1O7uDMI.

“Proponents are quick to list the law’s accomplishments so far, including the so-called Volcker Rule, which requires big banks to sell-off financial investments known as collateralized loan obligations, the creation of the Consumer Financial Protection Bureau (CFPB), capital requirements for the largest financial institutions and new rules for mortgage loans…

“But plenty of rules remain in the pipeline. Among them are rules for payday lenders from the CFPB, new rules for derivatives from the SEC, a joint rule from financial regulators on incentive-based compensation and a final rule from the CFTC to cap the amount any trader can hold in the market are topping the president’s list of priorities as he works to finish what he started when he signed Dodd-Frank into law in 2010.”

TREASURY SANCTIONS HEZBOLLAH FINANCIER: The Treasury Department is targeting Ali Yousseff Charara and his telecommunications company, Spectrum Investment Group Holding SAL, for providing millions of dollars to the Lebanese terror group Hezbollah through material and financial contributions, it announced Thursday. Charara and his company’s U.S. based assets have been frozen, and Americans are now barred from doing business with either party. Here’s more from yours truly: http://bit.ly/1JxfQw2.

U.S., SOUTH AFRICA ‘MEAT’ IN AGREEMENT: The two countries struck a deal Thursday that allows American beef, poultry and pork into the African nation. The Hill’s Vicki Needham explains the accord: http://bit.ly/1JxfQw2.

“U.S. Trade Representative Michael Froman said trade teams from both countries reached a deal addressing technical issues nearly seven months after the United States and South Africa agreed to break down long-standing tariff barriers that essentially blocked American exports.

“‘This agreement is a positive outcome for both our countries, helping to deepen our trade and investment relationship and to lay the foundation on which we can build that relationship further,’ Froman said.”

NIGHTCAP: Since no one won it last night, the Powerball jackpot is now $700 million. There have been 18 drawings without a winner since Nov. 7, according to CNBC, but your odds in matching all the numbers are 1 in 292.2 million. That’s slightly worse than the odds of me paying my student loans off before I retire.

Write us with tips, suggestions and news: slane@digital-staging.thehill.com, vneedham@digital-staging.thehill.com; pschroeder@digital-staging.thehill.com, and njagoda@digital-staging.thehill.com. Follow us on Twitter: @SylvanLane,  @VickofTheHill; @PeteSchroeder; and @NJagoda.