IRS CHIEF WON’T SHOW FOR IMPEACHMENT HEARING: IRS Commissioner John Koskinen will not testify at a House Judiciary Committee hearing to examine his alleged misconduct as some Republicans make the case for his impeachment.
The IRS said in a statement Monday that Koskinen appreciates the request to speak at Tuesday’s hearing but did not have time to adequately prepare.
{mosads}”When the committee announced this hearing, he was returning from China after meeting with tax administrators of 43 nations. The committee’s quick timetable left him without the time to fully prepare for Tuesday’s hearing,” the agency said. “In addition, he also has been preparing for a previous commitment to appear before a House Ways and Means Committee hearing on Wednesday.”
“Koskinen believes there is an extensive record from the congressional investigations and previous hearings on the actions taken at the IRS,” the agency added. The Hill’s Naomi Jagoda reports: http://bit.ly/1TzB2TI.
5 THINGS TO LOOK FOR TOMORROW:
- How heated does it get? The IRS targeting controversy still generates strong feelings among lawmakers.
- Who defends Koskinen? Democrats have blamed much of the IRS’s problems not on Koskinen but on the budget cuts that congressional Republicans have imposed over the past several years.
- How divided are GOP lawmakers over impeachment? Republicans are united in their anger at Koskinen and his behavior, but not everyone thinks it rises to the level of impeachment.
- How will Koskinen’s absence change the hearing? The IRS said Monday that Koskinen would not testify at the hearing because he was not given enough time to prepare.
- What happens next? Naomi gives us a look ahead: http://bit.ly/22mterH.
BERNIE RAMPS UP PUERTO RICO BILL OPPOSITION: Democratic presidential candidate Bernie Sanders is calling on Senate Democrats to oppose a bipartisan bill aimed at defusing Puerto Rico’s debt crisis, breaking with the White House and his rival in the 2016 race, Hillary Clinton.
The Vermont senator said Monday the bill “would make a terrible situation even worse,” citing a control board that the legislation would establish for the territory.
“We must stop treating Puerto Rico like a colony and start treating the American citizens of Puerto Rico with the respect and dignity that they deserve,” Sanders wrote in a Monday letter to Senate Democrats. I’ll tell you why here: http://bit.ly/1Ts5DFO.
CALL IN THE ‘SWAT’ TEAM: A “SWAT team” of eight House GOP lawmakers has begun meeting to strike a last-ditch deal on a fiscal 2017 budget, Republican Study Committee Chairman Bill Flores (R-Texas) told The Hill on Monday.vIt’s just the latest attempt to jump-start a budget process that many on Capitol Hill have left for dead.
“Earlier this month, I recommended that Speaker Ryan put together a small team of interested individuals with disparate views to develop a path forward to get a budget on the floor,” Flores said during an interview in his Capitol Hill office. “That team has been formed and we are working on that.”
The creation of the SWAT team comes amid GOP infighting over a budget resolution that has gone on for months.
The Hill’s Scott Wong has the details: http://bit.ly/1qFHcHk
HAPPY MONDAY and welcome to Overnight Finance, where we’re in striking distance of the ceremonial start of summer. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.
Tonight’s highlights include a tough question for Hillary Clinton, a fight over data breaches and more Pacific trade deal optimism from the Department of Lame Duck Priorities.
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://bit.ly/1NxxW2N.
ON TAP TOMORROW:
- The Hill Event – “State of the Sharing Economy: A Discussion on the Future of Cross-Border Commerce” at the Newseum. http://bit.ly/1qzhR1U
- Senate Finance Committee: Hearing to examine debt versus equity, focusing on corporate integration considerations, 10 a.m. http://1.usa.gov/22iedY2.
- House Judiciary Committee: Hearing on allegations of misconduct against IRS Commissioner John Koskinen, Part I, 10 a.m. http://1.usa.gov/1ToUgco.
- House Commerce Committee: Hearing on 17 Federal Trade Commission bills, 10 a.m. http://1.usa.gov/1sGx2bo.
- House Financial Services Committee Task Force on Terrorism Financing: Hearing titled “Stopping Terror Finance: A Coordinated Government Effort,” 10 a.m. http://1.usa.gov/1RdBkLp.
- House Ways and Means Committee: Hearing on entitlement reform, 10 a.m., http://1.usa.gov/1OQAtpw.
- Senate Banking Committee: Hearing on the role of sanctions under the Iran nuclear deal, 10:30 a.m. http://1.usa.gov/22ieERW.
- House Small Business Committee: Hearing titled “The Sharing Economy: A Taxing Experience for New Entrepreneurs, Part I,” 11 a.m. http://1.usa.gov/1sGxsPb.
- House Natural Resources Committee: Markup of the Puerto Rico Oversight, Management and Economic Stability Act (PROMESA), Part I, 5 p.m. http://1.usa.gov/27IhnrT.
SHARE THIS: Join us 5/24 for State of the Sharing Economy: A Discussion on the Future of Cross-Border Commerce, featuring conversations with Rep. Darrell Issa (R-Calif.) and Navdeep Bains, Canadian Minister of Innovation, Science, and Economic Development. Topics of discussion include: New markets created by technological innovation, the global sharing economy, and policy & regulatory reforms to protect personal and proprietary data. Register here.
CRAP LUCK: A planned merger deal between fertilizer distributors based in the United States and the Netherlands has been terminated because of the Treasury Department’s actions to curb offshore tax deals.
Illinois-based CF Industries and Netherlands-based OCI said in a news release Monday that they were calling off their planned merger because Treasury guidance announced in April “materially reduced the structural synergies of the combination.”
“Although the original deal created significant value for both parties, changes in the regulatory and commercial environments forced us to re-evaluate the combination and led us to the conclusion that terminating the agreement is in the best interests of CF Industries and its shareholders,” CF President and CEO Tony Will said: http://bit.ly/1OT5k4W.
TOUGH QUESTION FOR CLINTON ON ECONOMY: ARE YOU BETTER OFF? Is the country better off than it was eight years ago? For Democrats, the answer is tricky.
President Obama and likely Democratic presidential nominee Hillary Clinton have not always been on the same page when talking about the economy, at times sending a mixed message to voters ahead of the November elections.
Obama has emerged as an unabashed cheerleader of the economic recovery during his time in office, seeking to cement a legacy as the president who dug the country out of the Great Recession.
Clinton frequently praises Obama, but she’s more apt to mention that people are still hurting, bowing to the reality that nearly seven in 10 Americans believe the country is on the wrong track.
She has even made comments that are implicitly critical of the performance of the economy on the president’s watch.
The disparity indicates that Democrats face a tough task in presenting a united front on the economy, an issue that voters rank as their top priority. The Hill’s Jordan Fabian explains the struggle: http://bit.ly/1OT6tJN.
FINANCIAL INDUSTRY SPARS WITH RETAILERS OVER DATA BREACH BILL: The financial services industry is ratcheting up its support of legislation that would set nationwide data security standards and require businesses to notify customers following a breach.
The push coincides with an annual advocacy gathering of retailers, who oppose the bill. The National Retail Federation is hosting its annual Retail Advocates Summit in Washington, D.C., this week.
The bill, from Reps. Randy Neugebauer (R-Texas) and John Carney (D-Del.), would set requirements modeled after those governing the financial sector.
Seven financial services trade associations are making a “significant” ad buy targeting Capitol Hill this week.
But retailers have long argued that applying banking security rules on non-banking industries would create unnecessary regulation. The Hill’s Katie Bo Williams explains: http://bit.ly/1U7fBqb.
OBAMA PROJECTS CONFIDENCE FOR PACIFIC TRADE DEAL: President Obama said Monday he’s confident that Congress will overcome election-year gridlock and approve the Trans-Pacific Partnership (TPP) trade agreement.
Obama acknowledged during a news conference in Vietnam that passing trade deals is tough, especially during a political campaign when the issue is hotly debated.
“Having said that, I remain confident we’re going to get it done,” he told reporters. “It’s good for the country. It’s good for America. It’s good for the region. It’s good for the world.”
Obama is looking to reassure Asian nations that the deal is still on track for passage despite growing political opposition to it in the U.S. Jordan Fabian tells us more: http://bit.ly/1syga6b.
BUSINESSES BACKING TPP: More than 400 employers across 10 states are calling on Congress to support and pass an expansive Pacific Rim trade agreement.
In letters sent to Capitol Hill on Monday, companies and associations in California, Florida, Georgia, Illinois, New York, Oregon, South Carolina, Texas, Virginia and Washington urged their congressional delegations to pass the 12-nation Trans-Pacific Partnership (TPP) as soon as possible.
The more than 400 business organizations signing onto one or more of the letters represent companies of all sizes from diverse industries, including manufacturers and local Chambers of Commerce as well as retail groups, innovators, services providers, and farmers and ranchers.
“The Asia-Pacific will continue to be the most vibrant region in the global economy for the foreseeable future,” wrote the 180 California groups. The Hill’s Vicki Needham tells us why: http://bit.ly/25cw18J.
LABOR, GREEN GROUPS TOO: Labor unions and environmental groups are among the more than 1,500 organizations calling on Congress to reject a sweeping Pacific Rim trade deal.
The groups, which include faith and advocacy organizations, argued in a letter sent to Capitol Hill on Monday that the Trans-Pacific Partnership (TPP) would kill U.S. jobs, hurt the environment and endanger food safety.
“The TPP would make it even easier to ship American jobs overseas to wherever labor is the most exploited and environmental regulations are the weakest, so it’s little surprise that certain corporations support this pact,” said Arthur Stamoulis, executive director of Citizens Trade Campaign, which organized the letter. Here’s Vicki with more: http://bit.ly/25cvX93.
COAL CEO BACKS TRUMP: Coal-mining corporation CEO Bob Murray is backing Donald Trump after meeting the presumptive Republican presidential nominee last week and concluding he would be a good president for his industry.
Murray told a Virginia coal industry gathering Monday that Trump invited him to his New York City office a week ago to meet, SNL Financial reported.
Murray concluded from the meeting that, for the coal industry, Trump is “all we got” and “the horse to ride.”
“He’s got his head on right,” Murray said, according to SNL Financial: http://bit.ly/1TzCvJD.
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