HAPPENING NOW: The Hill is hosting an exclusive forum tonight at Art & Soul about the future of infrastructure policy. More details: http://bit.ly/1HVzUa2
TOMORROW STARTS TONIGHT: HILLARY CLINTON’S ECONOMIC PLATFORM VEERS LEFT. Ben Kamisar has the story: “Hillary Clinton on Monday called wage inequality the ‘defining economic challenge of our time’ as she unveiled a wide-reaching economic platform that veers toward the liberal policies championed by her main rival, Sen. Bernie Sanders (I-Vt.).” Kamisar’s recap: http://bit.ly/1O1hLWS
{mosads}– WHAT CLINTON SAID: “As the shadow of crisis recedes and longer-term challenges come into focus, I believe we have to build a growth and fairness economy… You can’t have one without the other. We can’t create enough jobs and new businesses without more growth… The measure of our success must be how much incomes rise for hard-working families — not just for successful CEOs and money managers and not just some arbitrary growth target untethered from people’s lives and livelihoods.”
— WHAT CLINTON MEANT: Clinton is clearly aware of liberal concerns’ about her being too close to Wall Street. Her husband ran as a new kind of Democrat who tried to govern from the center. But in 2015, veering to the left may be in Clinton’s best political interest to appease Sen. Elizabeth Warren (D-Mass.) and to undercut Sanders and former Gov. Martin O’Malley (D-Md.).
— WHAT CLINTON DIDN’T SAY: Glass-Steagall. Pete Schroeder for The Hill: “Hours after Hillary Clinton vowed to crack down on Wall Street, an adviser said she has no plans to push a bank break-up bill beloved by the left. Alan Blinder, a former Federal Reserve official now advising the Clinton campaign, told Reuters Monday that she has no plans to push for the return of a banking law that separates commercial and investment banks.” http://bit.ly/1TynK9e
VOX HEADLINE: “Hillary Clinton just embraced one of Elizabeth Warren’s main criticisms of Obama.”
THIS IS OVERNIGHT FINANCE, and Comedy Central is piloting a series about my hometown, Delaware County, Pa., called “Delco Proper.” Tweet: @kevcirilli; email: kcirilli@digital-release.thehill.com; and subscribe: http://digital-release.thehill.com/signup/48. Hope you had a great weekend.
EX-IM WATCH, via me: Former Rep. Dennis Kucinich (D-Ohio) is criticizing the Export-Import Bank, arguing that it only helps big corporations. In an op-ed for USA Today on Monday, Kucinich and Rep. Jim Jordan (R-Ohio) write that lawmakers should not extend the bank’s charter, which lapsed June 30 but is expected to be extended as part of a transportation funding bill later this month. http://bit.ly/1IWrRc5
— COMING TOMORROW: An exclusive look into how Sen. Ted Cruz (R-Texas) is looking to reshape the Ex-Im debate. How far is he willing to go to keep the bank’s charter from being resurrected?
DEAL: GREECE, via The Hill: Eurozone leaders have clinched a deal with Greece to negotiate a third bailout to keep the near-bankrupt country in the eurozone. http://bit.ly/1eXxXwK
QUOTABLE, Democratic presidential long-shot Martin O’Malley: “The real problem isn’t that the Republicans have such a hate-spewing character running for president. The problem is that it’s so hard to tell him apart from the other candidates they have in their field. Donald Trump attracted a crowd of thousands of people to listen to his hate speech rant against new American immigrants. There’s nothing to be divided about here.” Jesse Byrnes recaps: http://bit.ly/1O7T7Vg
NOTABLE: WALKER ENTERS RACE, via Jonathan Easley: “Gov. Scott Walker will become the final top-tier candidate to join the GOP battle for the White House when he announces his bid from Wisconsin on Monday. Walker enters the race as the favorite to win Iowa’s caucuses and with high polling numbers and plenty of grassroots enthusiasm.” http://bit.ly/1dX0X6T
— TUNE IN: I’ll be on Washington D.C.’s News Channel 8 tonight at 8 p.m. ET discussing Walker’s chances.
HENSARLING STEPS UP FED PROBE, via Kate Davidson for WSJ: “A House panel has lined up “a number” of interviews with Federal Reserve staffers related to the possible leak of confidential information from a 2012 Fed policy meeting, the panel’s chairman said in an interview.”
“House Financial Services Committee Chairman Jeb Hensarling (R., Texas) said the Fed has no legal basis for refusing to comply fully with a subpoena from the committee on the leak probe. He also argued the Fed has no grounds to invoke ‘executive privilege,’ the authority claimed by the president or other executive branch agencies to avoid releasing certain information.”http://on.wsj.com/1HqNzmb
— YELLEN’S GOP OUTREACH, more from Davidson: “Congress kept Federal Reserve Chairwoman Janet Yellen busy during the month of May, as Republicans demanded more details on a criminal leak investigation and introduced measures to revamp the central bank.” http://on.wsj.com/1UVIBoH
MORE HILLARY: CLINTON’S TOUGH TALK ON UBER, via MarketWatch: “Hillary Clinton risks alienating some in Silicon Valley, where she has already received campaign support, with her tough stance on the sharing economy and its workforce of contractors. In a major campaign speech Monday in New York, the leading Democratic presidential candidate called out the “on-demand or so-called gig economy” as exciting and innovating, but also fraught with issues, saying it is ‘raising hard questions about workplace protections and what a good job will look like in the future.'”
“Clinton did not mention any companies by name, but it was obvious she was referring to companies like Uber, Airbnb and hundreds of other on-demand startups. Providing services from an instant ride to a vacation rental to a personal grocery shopper, these startups are among the hottest, if most controversial, companies in the booming tech startup economy. Two of the highest valued private companies in The Wall Street Journal’s Billion Dollar Club are ride-booking app Uber, valued at about $41.2 billion, and home-rental service Airbnb, valued at about $25.5 billion.” http://on.mktw.net/1dX1BkJ
FIDUCIARY FIGHT UPDATE: Overnight Finance caught up with a few top folks working against President Obama’s proposed fiduciary proposals for financial advisers. You already know: the business community is against the regulations, arguing they’re useless and will limit low-income Americans’ access to financial advice. Meanwhile, liberals want the new regulations because they say it’ll disclose how financial advisers make money from financial institutions after they sell advice to Americans.
The comment period on this proposal from the Department of Labor ends later this month and a public hearing is scheduled for early August. And neither side is pulling punches.
One source in the business community working against the regulations claimed DOL officials are only posting comments that are favorable to the ruling.
“It looks like they’re playing favorites,” the source said.
“Not true,” said Labor spokesman Michael Trupo. “Public comments that are submitted through appropriate channels are reviewed by the agency and then posted online. We also have a separate section set up for petitions where we post one copy of a petition, and then note how many individuals signed onto it. As it stands, there are published comments supporting the rulemaking, as well as comments opposing it, requesting changes, or asking for extensions of the comment period.”
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