OVERNIGHT FINANCE: Second House fast-track vote coming Thursday

TOMORROW STARTS TONIGHT: YELLEN STAYS THE COURSE ON RATE HIKE. Pete Schroeder: “The Federal Reserve agreed to keep rates near zero Wednesday, but is eyeing a hike likely later this year if the economy continues to grow. The central bank largely shrugged off some recent disappointing economic data, saying in a policy statement it expects the economy to continue expanding moderately in the coming months. But Fed Chairwoman Janet Yellen sought to emphasize Wednesday that if and when the Fed decides to raise rates, it is just the beginning of a lengthy process of bringing rates back to normal levels.”

— WHAT YELLEN SAID: “The importance of the timing of the first decision to raise rates is not something that should be overblown,” she told reporters. “What matters is the entire path of rates and as I’ve said, the committee anticipates economic conditions that would call for a gradual evolution.” Pete’s story: http://bit.ly/1G4Ksxn

{mosads}– HOW IT PLAYED: Business Insider, “Yellen: It’s not about the first rate hike, it’s about what happens next.” … MarketWatch, “Yellen’s message today? Rate hikes coming.” … USA Today, “Fed signals it’s on track for September rate hike.” … Reuters, “Fed says U.S. economy still strong enough to handle rate hike.” … WSJ, “Fed signals rate hike at gradual pace.”

THIS IS OVERNIGHT FINANCE, and tomorrow is Thursday. Tweet: @kevcirilli; email: kcirilli@digital-release.thehill.com; and subscribe: http://digital-release.thehill.com/signup/48 I still haven’t seen Jurassic World — but when I do… you’re gonna hear me roar. Back to work…

NOT THE ONION: BARNEY FRANK JOINS A BANK, via me: Former Rep. Barney Frank (D-Mass.) announced Wednesday he is joining Signature Bank’s board of directors. http://bit.ly/1Ce7CzK

TRADE TALK: ANOTHER VOTE TOMORROW, via Jordan Fabian: “The House will vote Thursday on a stand-alone measure to grant President Obama fast-track trade authority. The decision follows a flurry of activity at both ends of Pennsylvania Avenue, as the White House and congressional Republicans rally around a strategy for moving forward with the trade package.

“Under the plan, the House and Senate would vote for a second time on passing fast-track, which would make it easier for Obama to negotiate a sweeping Pacific trade deal. Separately, Congress would approve legislation granting aid to workers displaced by trade, a program known as Trade Adjustment Assistance (TAA).

“The problem for Obama and Republicans is that they must first convince Senate Democrats to vote for fast-track on the promise the TAA bill would be finished later. Obama met at the White House on Wednesday with a group pro-trade Democrats from the House and Senate as he sought to make the case. White House spokesman Josh Earnest on Wednesday signaled Obama is open to Congress sending him the two measures separately.” http://bit.ly/1IlkdTR

LEGISLATIVE DAYS UNTIL EX-IM’s CHARTER ENDS: 5.

QUOTABLE, General Electric CEO Jeffrey Immelt in a Washington speech, pleading for Ex-Im reauthorization: “In two weeks — in two weeks — the U.S. will have neither trade deals, nor an export bank. At that point, we will be in full retreat on the global economic stage… The Ex-Im debate has not been rooted in reality… We are fighting in an economic war for exports, not a debate club… And sometimes, what you can prove on a chalkboard in an econ class just doesn’t survive in the world as it is.” My recap: http://bit.ly/1Fnm6gT

FIDUCIARY FIGHT: GOP LOOKS TO YANK FUNDING FOR ADVISER REGS, via me: “Republicans on Wednesday moved to block the Obama administration’s new rules for financial advisers. Members of a House Appropriations subcommittee included a provision in the Department of Labor funding bill that mandates that none of the money can be used to craft or implement the pending regulations, known as fiduciary standards. The subcommittee approved the measure on a party-line voice vote. A Democratic-backed amendment to strip the provision failed.”

— DOL SECRETARY THOMAS PEREZ, testifying on the Hill earlier Wednesday: “Too often advice is generated by the fees it creates, instead of what’s best for the investor.” My story: http://bit.ly/1IPA0wY

— WHY AREN’T WONKS DOING SOMETHING ON FINANCIAL LITERACY? Chris Carosa in Benefits Pro: “File this one under “Teaching a man to fish vs. giving man a fish.” We’ve all read plenty of stories about the need to improve financial literacy. Indeed, the lack of financial literacy has been fingered as one of the primary culprits behind savings and investing woes. Here’s an idea, though, that hasn’t got nearly as much press–what if the two issues–financial literacy and the fiduciary standard–are linked.” http://bit.ly/1MMlPtl

HILLARY’S PITCH TO MILLENIALS AND BIZ, via Bernie Becker: “Hillary Clinton, the frontrunner for the Democratic nomination, rolled out a plan Wednesday to give businesses tax breaks for hiring apprentices. The new tax credit would offer businesses a $1,500 credit per apprentice, and is similar to bipartisan proposals from the Senate in recent years.” http://bit.ly/1QEQzTs

Write us with tips, suggestions and news:  vneedham@digital-release.thehill.com; pschroeder@digital-release.thehill.com; bbecker@digital-release.thehill.com; rshabad@digital-release.thehill.com; kcirilli@digital-release.thehill.com.

–Follow us on Twitter: @VickofTheHill; @PeteSchroeder; @BernieBecker3; @RebeccaShabad and @kevcirilli.