McConnell eyes short-term funding deal through Dec. 9: It’s everyone’s favorite time of year in Washington: government funding season.
Senate Majority Leader Mitch McConnell (R-Ky.) said Wednesday that the Senate is eyeing a short-term spending measure that would last through early December.
{mosads}”We’re going to work toward the Dec. 9 date at last year’s levels,” he told reporters. “We’re looking for a way forward.”
“I hope to be able to turn to it next week,” he added.
The Republican leader’s comments mark the first time he’s laid out his plan for funding the government past Oct. 1 and avoiding a shutdown. The Hill’s Jordain Carney tells us where things stand: http://bit.ly/2bYQ5YM.
Bank lobbyists counting down to Shelby’s exit: Sen. Richard Shelby (R-Ala.) is entering his final months as chairman of the Banking Committee — and the financial services industry is eager to see him go.
Shelby is expected to easily win reelection in November but won’t be allowed to keep the Banking gavel in the next Congress due to Republican term limit rules.
That’s welcome news for Democrats and financial services lobbyists. They say Shelby has failed to move important legislation and nominations out of committee, ignored several potential bipartisan deals and failed to prioritize policy and oversight issues.
“The Richard Shelby chairmanship has been a huge disappointment,” said one senior financial services lobbyist who requested anonymity to speak freely. I’ve got the details for you here: http://bit.ly/2bYUI80.
Debate on Iran sanctions reignites: Lawmakers are plunging into another fight over Iran sanctions with economic restrictions on the country set to expire at the end of the year.
Both parties acknowledge that there are enough votes in the House and Senate to renew the sanctions — but the agreement ends there.
Outraged by President Obama’s nuclear deal, Republicans are seeking to put new restrictions on Iran. And a few moderate Democrats appear willing to go along.
But the White House is in no mood to negotiate. It has said strengthening the sanctions law could be interpreted as going back on the nuclear deal, meaning the president would likely veto tougher legislation. The Hill’s Julian Hattem and Katie Bo Williams explain: http://bit.ly/2c5ASE0.
Starbucks CEO endorses Hillary: Starbucks CEO Howard Schultz on Wednesday endorsed Hillary Clinton for president.
“I think we’re all rightfully concerned about the promise of the country and the American dream. I think this election cycle has unfortunately created such divisiveness and vitriolic behavior, the likes of which we probably have never seen before,” Schultz said in an interview with CNN’s Poppy Harlow.
“I’m hopeful that after the election, and hopefully Hillary Clinton will be elected president, that we will begin to see a level of unity and people coming together.” The Hill’s Rebecca Savransky has more: http://bit.ly/2cl6rfr
Happy Wednesday, and welcome to Overnight Finance, a newsletter you can trust to hold your vice presidential slot. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.
See something I missed? Let me know at slane@digital-release.thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.
On tap tomorrow:
- Joint Economic Committee: Hearings to examine Federal debt, focusing on direction, drivers, and dangers, 9 a.m.
Join The Hill on Wednesday, September 14 for “Preparing for the Next Disaster: A Policy Discussion on Community Resilience,” featuring Sen. Joe Manchin (D-W.Va.), Rep. Blaine Luetkemeyer (R-Mo.), and Timothy W. Manning, Deputy Administrator for Protection and National Preparedness at FEMA. Topics of discussion include preparedness efforts to increase community resilience and the role of federal, state & local government in pre-disaster mitigation. RSVP here.
Banks take credit union regulator to court: A community-banking group has filed a lawsuit against the nation’s top regulator for credit unions, arguing one of its new rules creates massive loopholes that violate the will of Congress.
The Independent Community Bankers of America (ICBA) announced Wednesday that it had filed a legal challenge against regulations issued by the National Credit Union Administration (NCUA). In it, the group warned that rules completed in February that make it easier for credit unions to engage in business lending threaten to unfairly cut into community banking business, while circumventing statutory language governing credit unions.
“The NCUA is attempting to unilaterally expand loopholes for tax-exempt credit unions by sidestepping Congress and putting consumers at risk,” said ICBA President and CEO Camden Fine. “This unlawful rule from the NCUA is the latest example of the agency stretching the law beyond its breaking point to serve as the tax-exempt credit union industry’s regulatory rubber stamp.”
This new lawsuit marks the latest development in a long-running feud between banks and credit unions. The two have constantly jockeyed for business across the country and for influence in Washington. The Hill’s Peter Schroeder breaks it down: http://bit.ly/2bUzJ58.
Visa deadlock threatens billions in investments: Billions of investment dollars are on the line as members of Congress seek to bridge their differences and save a visa program that is set to expire in October.
Riddled with controversy and fraud, the rapidly expanding EB-5 investor visa program attracts money from foreign investors by giving them a path to American citizenship.
But the program’s future is uncertain. Power players in the Senate are at loggerheads over how to determine where the money goes, with less than a month to go until the program expires.
Congressional and businesses sources say lawmakers are nowhere close to a deal.
“There’s probably a deal out there somewhere to be made,” said a lobbyist representing businesses that support the visas. “I just don’t have any idea where this is going to end up.” I try to make sense of it all here: http://bit.ly/2cl4QpD.
IRS chief makes his case to GOP lawmakers:
IRS Commissioner John Koskinen on Wednesday made his case against impeachment to two groups of House Republicans.
Koskinen met with members of the moderate Tuesday Group as well as with members of the conservative Republican Study Committee, where some lawmakers support his impeachment.
“He just wanted to state his case,” said Tuesday group co-chair Charlie Dent (R-Pa.).
The argument to impeach Koskinen is that he did not comply with a subpoena and made false statements under oath while Congress was investigating the IRS’s scrutiny of conservative groups’ applications for tax-exempt status. The controversy over the IRS’s actions took place before Koskinen became IRS Commissioner. The Hill’s Naomi Jagoda has the full story: http://bit.ly/2cH1qPS
GOP lawmaker campaigning on efforts to impeach IRS chief: Rep. John Fleming (R-La.) is fundraising for his Louisiana Senate campaign off his efforts to impeach IRS Commissioner John Koskinen.
Fleming’s campaign sent an email to supporters on Tuesday, asking them to sign a petition to “stop IRS abuse” and donate to his bid for the open seat.
“For too long the IRS has been abusing American Taxpayers. Illegally targeting conservatives. AND getting away with it. Well, that’s about to end,” Fleming said in the email. “Friend, I’m fighting back with an impeachment vote against the head of the IRS.” The Hill’s Naomi Jagoda explains the strategy: http://bit.ly/2bYSl56.
Energy groups push for renewal of tax credits: Trade groups for biomass, hydropower and other energy sources are pushing Congress to renew expiring tax credits for their industries before the end of the year.
Saying the lack of a credit hurts their competitiveness against wind and solar power, the groups asked Congress to reauthorize their tax breaks before they expire at the end of the year.
“The end result,” the groups wrote in a letter to congressional leaders, is “less reliable renewable baseload power will be deployed, which we believe is not the intent or desire of Congress and not in line with an all-of-the-above energy strategy.”
The National Hydropower Association, American Biogas Council, Biomass Power Association and Energy Recovery Council, a waste-to-energy group, all signed the letter. The Hill’s Devin Henry fills us in: http://bit.ly/2cl2abV.
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