Overnight Finance: Trump’s Labor pick withdraws | Ryan tries to save tax plan | Trump pushes tax reform with retailers

Puzder withdraws nomination for Labor secretary: Andy Puzder on Wednesday withdrew his nomination to be President Trump’s Labor secretary, avoiding what would have been a rocky confirmation battle.

“After careful consideration and discussions with my family, I am withdrawing my nomination for secretary of Labor. I am honored to have been considered by President Donald Trump to lead the Department of Labor and put America’s workers and businesses back on a path to sustainable prosperity,” he said in a statement.

{mosads}Puzder thanked his family and backers who voiced support for “the policies and new thinking I would have brought to America as secretary of Labor.” Top GOP members reportedly urged the White House to withdraw Puzder’s nomination, according to CNN.

Puzder, the CEO of the fast-food conglomerate that owns the burger chains Hardee’s and Carl’s Jr., has been under attack by Democrats and outside groups for weeks for admitting he hired an illegal immigrant as a housekeeper and past allegations that he abused his ex-wife and treated employees poorly. The Hill’s Lydia Wheeler tells us more on the fallout: http://bit.ly/2liSjaU.

Dems claim a victory:  Democrats are quickly claiming victory after Andy Puzder withdrew his nomination to be President Trump’s Labor secretary.

Senate Democrats cheered Puzder’s announcement arguing they had finally been able to pressure Republicans into blocking one of Trump’s Cabinet nominees.

“Andrew Puzder’s withdrawal as Labor Secretary is a victory for the American worker,” Senate Minority Leader Chuck Schumer (D-N.Y.) said in a statement. “Puzder should never have even been nominated to lead the Labor Department and Senate Republicans clearly recognized this too.” The Hill’s Jordain Carney has the Dem reaction: http://bit.ly/2lMjA6e

Senate advances Trump’s budget chief: The Senate on Wednesday voted to move forward with Rep. Mick Mulvaney’s (R-S.C.) nomination to lead the Office of Management and Budget.

The chamber voted 52-48 in favor of ending debate on his confirmation. Mulvaney needed a simple majority to overcome Wednesday’s procedural hurdle.

The move paves the way for a final vote on President Trump’s budget chief as late as Thursday morning if Democrats drag out the nomination.

Republicans face no room for error to get the conservative lawmaker through the upper chamber. The Hill’s Jordain Carney tells us where things stand: http://bit.ly/2liSenP.

Collins to back Trump’s pick for budget chief: Mulvaney got some breathing room on Wednesday when Sen. Susan Collins (R-Maine) said she will support Trump’s pick for budget chief, helping solidify support for his confirmation.

A spokeswoman for Collins confirmed that she will vote for Mulvaney. Collins told reporters that Mulvaney said during a closed-door meeting that he understood serving as OMB director was “very different than his role as a congressman from a conservative district in South Carolina.

“I talked to him about his positions on defense spending, the fact that he has never voted for a budget or debt limit increase,” she said: http://bit.ly/2liJaz4.

Happy Wednesday and welcome to Overnight Finance. 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 new GOP attempt to rein in the CFPB, Trump huddling with retail leaders on taxes, and the latest on Trump’s budget pick.

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.

Ryan tries to save tax plan: Speaker Paul Ryan (R-Wis.) met with Republican senators Tuesday afternoon to quell growing opposition to a core element of the House GOP tax plan, a 20 percent across-the-board tax on imports, also known as border adjustment.

Ryan beseeched the senators to “keep your powder dry” while House tax writers hammer out the details of their plan and prepare to move it to a vote later this year, according to a GOP source ­familiar with the meeting.

Senate Republicans say political momentum has begun to shift against the House’s border adjustment tax in recent days.

Walking into the meeting with the Speaker, Sen. Tim Scott (R-S.C.) said of the border tax proposal: It’s “going to be very difficult to get it through the Senate.” The Hill’s Alexander Bolton reports: http://bit.ly/2liWdAt.

Motion picture group backs House GOP tax plan: The Motion Picture Association of America (MPAA) is backing the House Republicans’ tax plan, saying it would encourage development of intellectual property in the United States.

“We support the House Blueprint’s efforts to modernize our tax code in order to promote domestic job growth, enhance the global competitiveness of U.S. businesses, and ensure that IP development (and the resultant revenue base) remains at home,” the group said this week in a letter obtained by The Hill.

The letter was sent to House Speaker Paul Ryan (R-Wis.) and Ways and Means Committee Chairman Kevin Brady (R-Texas): http://bit.ly/2liG3Hy.

On tap tomorrow:

• House Financial Services Subcommittee on Housing and Insurance: Hearing entitled “Assessing the U.S.-EU Covered Agreement,” 10 a.m. http://bit.ly/2l2haPK.
• House Small Business Committee: Hearing entitled “State of the Small Business Economy,” 11 a.m. http://bit.ly/2l2eS34.

GOP senators unveil bill to give Congress control of consumer agency budget: More than a dozen Republican senators are backing a bill to give Congress greater control and oversight of the Consumer Financial Protection Bureau (CFPB).

Sen. David Perdue (R-Ga.) is introducing a bill that would let Congress control the CFPB’s budget. Called the Consumer Financial Protection Bureau Accountability Act of 2017, the bill would place the CFPB under the congressional appropriations process. That would give Congress the ability to drastically limit the scope and size of the bureau, regardless of who controls it.

The CFPB, which opened in 2011, was created by the Dodd-Frank financial reform law. It’s currently independently funded by the Federal Reserve. I’ve got more here: http://bit.ly/2liNYoh.

Trump pushes tax reform with retail executives: President Trump on Wednesday touted his forthcoming tax plan to retail executives who represent an industry with major concerns over House Republicans’ tax plan.

“Tax reform is one of the best opportunities to really impact our economy,” Trump said. “So we’re doing a massive tax plan that’s coming along really well.”

Trump said his tax plan would be submitted in the “not too distant future.” He said it would benefit middle-income families and businesses, lower rates and simplify the tax code.

“H&R Block probably won’t be too happy,” Trump joked. “People are going to love it.”

Trump’s opening remarks did not provide any indication about whether his tax plan would include “border adjustability,” a provision in the House Republicans’ tax plan that would tax imports and exempt exports. The Hill’s Naomi Jagoda has more: http://bit.ly/2liPt5K.

Dem senator: Trump tax returns could explain his Russia position: Sen. Chris Murphy (D-Conn.) says an investigation that would produce President Trump’s tax returns could shed light on Trump’s “bizarre positioning” towards Russia.

“Legislation establishing a special Senate committee could theoretically give it the power to get these tax returns. That is fully within the power of the United States Congress,” Murphy told MSNBC’s “Morning Joe.” 

Trump did not release his tax returns during his bid for the presidency, breaking with modern-day American electoral tradition.

Murphy’s remarks come a day after a New York Times report alleging that Trump associates had “repeated contacts” with Russian intelligence agents during the campaign: http://bit.ly/2liQaMr.

House bill would prevent Trump from lifting Russian sanctions: Democratic leaders on Wednesday introduced bipartisan legislation in the House designed to prevent the Trump administration from lifting sanctions on Russia without congressional approval.

A number of lawmakers in both parties have been alarmed by President Trump’s friendly approach to the Kremlin and his seeming openness to removing sanctions put in place by President Obama in response to Russian aggression in Ukraine and Crimea, and the Kremlin’s interference in November’s U.S. presidential election.

The legislation is designed “to ensure that Russia receives no sanctions relief until it earns it,” in the words of Minority Whip Steny Hoyer (D-Md.), a sponsor of the bill.

“Clearly, there has been some confusion as to exactly the status of sanctions that exist,” Hoyer said. http://bit.ly/2kU4zgQ

Under Armour CEO walks back support of Trump in full-page newspaper ad: Under Armour CEO Kevin Plank on Wednesday published a full-page ad in his hometown newspaper, The Baltimore Sun, that walked back his previous comments praising President Trump.

The ad, which states the company is “publicly opposing the travel ban,” appeared to be in response to comments Plank made earlier this month on CNBC, calling Trump “an asset to the country” and a “pro-business president.”

“To have such a pro-business president is something that is a real asset for the country. People can really grab that opportunity. He wants to build things. He wants to make bold decisions and be really decisive,” Plank said in the interview.

The comments sparked a boycott by some against Under Armour, including criticism from celebrities such as Dwayne “The Rock” Johnson.  The Hill’s Brooke Seipel tells us more about the latest American CEO struggling with politics in the Trump era. http://bit.ly/2kU6aUf

 

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