On The Money: Senate banking panel showcases 2020 Dems | Koch groups urge Congress not to renew tax breaks | Dow down nearly 400 | Cuomo defends Amazon HQ2 deal

Happy Monday and welcome back to On The Money. I’m Naomi Jagoda, here with a wrap up of the latest finance news. Sylvan Lane is off this week ahead of the Thanksgiving holiday.

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THE BIG DEAL– Banking panel showcases 2020 Dems: The Senate Banking Committee may play a key role in the next presidential campaign, with several 2020 Dems poised to use the panel as a venue for showcasing both their policies and personalities.

Sen. Sherrod Brown (Ohio), the panel’s top Democrat, announced this week he would consider a White House run. That announcement came just a few weeks after Sen. Elizabeth Warren (D-Mass.) said she would “take a hard look” at a presidential bid.

{mosads}And two vacant spots on the powerful Banking panel — with its lucrative connections to Wall Street — may be filled by other potential 2020 candidates.

Sylvan has more here about what to expect from the Banking Committee next year.

LEADING THE DAY — Koch groups say Congress shouldn’t renew expired tax breaks: Groups backed by wealthy GOP donor Charles Koch are urging Congress not to renew expired tax breaks, as lawmakers may consider reviving some or all of them during the lame-duck session.

The expired provisions “provide special interest tax breaks and unfairly pick winners and losers by propping up select industries and companies over others,” officials with Americans for Prosperity and Freedom Partners Chamber of Commerce said Monday in a letter to House Speaker Paul Ryan (R-Wis.) and Senate Majority Leader Mitch McConnell (R-Ky.).

What are the expired tax breaks? More than two-dozen tax provisions, known as “tax extenders,” expired at the end of 2017, including tax breaks that benefit the renewable energy, motorsports and horse racing industries. Congress often passes one- or two-year extensions of tax extenders during the final weeks of a year.

Why do the Koch groups dislike the tax breaks? They view the tax breaks as “corporate welfare,” similar to the incentives New York and Virginia are giving Amazon to locate its new offices in their jurisdictions.

Who wants the extenders renewed? A coalition of businesses and groups led by the Alliance to Save Energy sent a letter to lawmakers last week urging them to renew and update expired tax breaks that provide incentives for energy efficiency.

I’ve got more here about the state-of-play on tax extenders.

Dow plummets nearly 400 points as tech shares tumble: The Dow Jones Industrial average fell 396 point Monday, led by declines in major tech companies.

Nasdaq was down just over 219 points or 3 percent.

Facebook led the decline, with its stock dropping almost 6 percent after a recent string of negative media coverage.

The Wall Street Journal reported on Monday about the tension among the company’s executives as Facebook CEO Mark Zuckerberg adopts a more “aggressive” posture in response to the negative news reports.

Apple dropped 4 percent following reports that it was cutting production on some of its newest iPhone models by as much as a third.

Niv Ellis has more here on today’s stock market news.

Cuomo pushes back on claim that New York ‘gave’ Amazon $1B: New York Gov. Andrew Cuomo (D) is pushing back against claims that New York “gave” Amazon $1 billion to lure the retail giant’s second headquarters to a location in Queens.

“The New York Post, which is representative of extreme conservatives, says essentially that New York ‘gave Amazon $1 billion,’ ” Cuomo wrote in an op-ed published Monday. “Their argument is factually baseless.

“New York State and New York City gave Amazon nothing.”

He wrote that New York agreed to reduce the $1 billion Amazon was projected to pay the government by about $100 million.

“New York doesn’t give Amazon $100 million. Amazon gives New York $900 million.”

The Hill’s Megan Keller has more here about Cuomo’s response to criticisms of the Amazon deal.

GOOD TO KNOW

• The percentage of Americans who approve of President Trump’s handling of the economy has reached a new high, according to a Gallup poll released Monday.
• Another poll, commissioned by the left-leaning Progressive Policy Institute, found that Americans are anxious about economic issues despite the generally positive headline numbers.
• The United Arab Emirates is fully complying with the U.S. sanctions imposed on Iran earlier this month, despite what it costs the country in trade, a UAE economy ministry official said Monday.
• Builder confidence fell this month amid concerns over housing affordability issues.

FROM THE HILL’S OPINION PAGES

• “Global economic slowdown will expose Trump’s trade ignorance,” by Phil Levy, a senior fellow on the global economy at the Chicago Council on Global Affairs  
• “House Democratic agenda, led by $15 minimum wage, threatens economic prosperity,” by Alfredo Ortiz, president and CEO of the Job Creators Network

ODDS AND ENDS:

New Jersey Democratic Reps. Bill Pascrell and Josh Gottheimer engaged in some word play in their push to restore the full state and local tax (SALT) deduction, holding a press conference on the issue … in front of a salt depot.