Overnight Finance: Brady to grab Ways and Means gavel

HAPPY HUMP DAY FROM OVERNIGHT FINANCE. I’m Vicki Needham and I’ve broken out my hiking poles so I can trek up the mountain of news including the new House Ways and Means chairman and the continuing slog on the House floor that is a three-year transportation bill …

Hold on tight … 

THERE’S A NEW SHERIFF IN TOWN: From Scott Wong, Vicki Needham with loads of help from Mike Lillis: “Rep. Kevin Brady (R-Texas) won a hotly contested race to be the next chairman of the powerful Ways and Means Committee on Wednesday, succeeding former Chairman Paul Ryan (R-Wis.), who stepped down last week after he was elected Speaker.

{mosads}”The influential Steering Committee, which has the power to award committee gavels, elected Brady over Rep. Pat Tiberi (R-Ohio), who had touted his strong fundraising abilities in his bid to leapfrog the more-senior Brady.

“Ryan wielded enormous clout in the meeting because he controls five votes in the process, and he sided with Brady.

“Rep. Lynn Westmoreland (R-Ga.) told reporters after the vote that the new Speaker told the Steering Committee that he thought ‘Kevin was the guy for it.'”  

Then panel got a new member, too — Rep. Tom Rice (R-S.C.) will fill a vacancy on the panel. http://bit.ly/1Nt0b0M

DRIVIN’ AND CRYIN’: Well, the House is steadily moving along on dozens of amendments to the $325 billion highway bill with the aim of possibly wrapping up work on Thursday — just in time to start a well-deserved week-long recess for Capitol Hill inhabitants. 

Much of the attention on the bill is on a non-transportation issue — a renewal of the Export-Import Bank, which saw its charter expire in June. 

But there are a slew of amendments aimed at derailing those efforts prompting House Democrats and business groups to band together and ensure that lawmakers support the bank and oppose any amendment against Ex-Im when they are considered on the floor.

House Democratic Whip Steny Hoyer (D-Md.) urged “every one of my colleagues who voted to reopen the Export-Import Bank last week to stand together in defeating every single amendment offered to the Export-Import Bank,” during remarks on the House floor.

Earlier in the day, House Financial Services Committee Chairman Jeb Hensarling (R-Texas), one of the main opponents of the reopening the Bank, said on CNBC that Ex-Im “is a four-letter word” but acknowledged that his view that the Bank is a form of corporate welfare, “did not carry the day.”

Those amendments could pop up later Wednesday night but may be put off until Thursday. 

Stay tuned …

INTERESTED IN THAT HIKE?: The Hill’s Peter Schroeder has the story on Janet Yellen’s day on The Hill: “Federal Reserve Chairwoman Janet Yellen said Wednesday that an interest rate hike in December is a ‘live possibility.’

“The Fed is engaged in an intense debate about whether it should raise rates before the end of the year. Yellen had previously indicated she would like to increase borrowing costs for the first time in nearly a decade before 2015 draws to a close. But a recent run of tepid economic data has heightened talk that the Fed’s move could slip into 2016.

“Yellen told lawmakers that she believes the economy is ‘performing well’ and that while nothing had been decided, a rate hike was definitely a possibility at the Fed’s final 2015 meeting in December.” http://bit.ly/1SpLATJ

PAUL’S AUDIT THE FED PLAN: By The Hill’s Jordain Carney: “Sen. Rand Paul (R-Ky.) is fast-tracking his controversial ‘Audit the Fed’ legislation as he pushes for a vote.

“The Kentucky Republican, who is running for president, reintroduced the legislation this week, with the proposal being fast-tracked on the Senate floor Wednesday.

“The procedural move allows the legislation to skip the committee process and be placed on the Senate calendar, where it could be brought up for a vote. No vote has currently been scheduled.

“Paul said that he is ‘seeking a vote soon.'” http://bit.ly/1kbL6Wb

SHOW US THE JOBS: From me: Private-sector employers added a modest 182,000 jobs in October as the slowdown in the energy and manufacturing sectors weighed on the labor market’s expansion.

Jobs growth fell from 190,000 in September, a less robust pace than earlier this year, and dropped below 200,000 for the fourth straight month, but there is still optimism amid the steady growth, the ADP National Employment Report showed on Wednesday.

Mark Zandi, chief economist of Moody’s Analytics that oversees the report, said that jobs growth “is not slowing meaningfully in contrast with the recent slowdown in the government’s data.” http://bit.ly/1MdtMXu

IRAN DEAL TAX PENALTIES: From The Hill’s Julian Hattem: “Republican lawmakers are sounding the alarm about the Obama administration’s plans for Iran, warning officials are on the verge of waiving tax penalties that make it harder for companies to do business in the country.

“The administration has not responded to an inquiry from the tax-writing House Ways and Means Committee about whether it will waive a pair of tax penalties related to Iran, lawmakers said during a subcommittee hearing on Wednesday.” http://bit.ly/1MAP155

SOCKING AWAY SAVINGS: Via me: The Obama administration on Wednesday launched a retirement savings program aimed at those who lack access to employer-based plans.

Treasury Secretary Jack Lew kicked off the myRA savings program offering a plan without fees, or minimum balance or contribution requirements, in an effort to spur more people to gradually begin the process of putting money away for their post-work years.

Lew said that the program “is designed to remove common barriers to saving, and give people an easy way to get started.” 

“When people start saving there is a good chance they will continue,” Lew told reporters on a call. http://bit.ly/1WAUezp

KEEP AN EYE OUT: On Thursday, Sen. Sherrod Brown (D-Ohio) is planning to introduce legislation to ensure that the Internal Revenue Service (IRS) can take action against employers that treat full-time workers as independent contractors. 

Brown’s bill would direct the IRS to issue guidance on what constitutes misclassification and to reclassify workers. 

He said worker misclassification is widespread across several sectors including maintenance, the building trades, agriculture and construction. 

“If employees are classified as independent contractors, then an employer doesn’t have to pay them overtime or contribute to their Social Security or Medicare benefits,” Brown said. 

“This is unfair to workers, unfair to businesses that play by the rules, and it must stop.”

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

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