Overnight Finance: Trump looks to rescind $15B in spending | SEC Republican commish to retire, risking deadlock | House to vote Tuesday on repealing car loan guidelines

View in your browser     Happy Monday and welcome back to Overnight Finance, the coolest thing about Washington, D.C. 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@thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.   THE BIG DEAL: The White House will ask Congress to revoke $15 billion in spending -- more than the $11 billion it had initially been expected to request. The formal request to rescind $15 billion in spending is now expected on Tuesday, a day later than previously expected, according to a White House official. The request will start a 45-day period for Congress to take action. The change from $11 billion to $15 billion is an attempt to find a compromise among competing factions of Republicans. Conservatives want the rescinded figure to be as high as possible, while other Republicans said seeking to claw back recently approved money that was part of a bipartisan deal would hurt the appropriations process. But a rescission package is likely to face a difficult road to passage in the House and would appear to be dead on arrival in the Senate, where Majority Leader Mitch McConnell (R-Ky.) has not shown interest.  The Hill's Niv Elis and Juliegrace Brufke take us inside the fight.   How we got here: The White House floated the idea of clawing back spending shortly after President Trump signed a $1.3 trillion bipartisan spending bill into law in late March. The spending bill was strongly criticized by conservatives for busting the nation's budget. Critics of the claw-back maneuver said proposals to rescind as much as $60 billion would fly in the face of bipartisan negotiations that led to the spending bill, which was approved in the GOP-controlled House and Senate with Democratic votes.   What comes next: McConnell had made it clear that he does not want to take up the recission bill. Despite his insistence on sticking to the bipartisan agreement, the more pressing factor is the severe shortage of Senate floor time. McConnell is rushing to confirm as many Trump nominees as possible before Congress recesses for the midterm elections. Democrats have waged a desperate war against the slew of conservative judges Republicans have cranked through the Senate, and there are dozens of critical federal vacancies yet to be filled under Trump. The Senate will also need to clear a massive defense spending bill before the recess, giving McConnell little time to wage yesterday's battles. All told, the spending clawback package could die almost as soon as it hits the Senate.     ON TAP TOMORROW House expected to vote on repeal of the Consumer Financial Protection Bureau's 2013 auto-lending guidance. Brookings Institution hosts an event on the future of the middle class featuring a speech from former Vice President Joe Biden, 9 a.m. The Heritage Foundation hosts an event on "the case for reforming farm subsidies," 12 p.m. LEADING THE DAY S-E-C-ya later: The longest-tenured Republican on the Securities and Exchange Commission (SEC) announced Monday that he will retire in July, creating a potential deadlock at the agency. SEC Commissioner Michael Piwowar wrote in a Monday letter to President Trump that he will step down from the agency on July 7, which would leave two Republicans and two Democrats in control of the commission.  Piwowar said it was "an honor to serve the American people at such a respected agency and work with such dedicated and talented staff." A former SEC economist, Piwowar was a staunch critic of the Dodd-Frank Act financial rules enacted after the 2007-8 financial crisis.    So what? Piwowar's departure could hinder the SEC's efforts under Chairman Jay Clayton (R) to loosen rules on financial advisers and companies seeking to go to public. The SEC currently has a slight majority of Republican commissioners with Clayton, Piwowar and Hester Peirce. The empty Republican seat would give Democratic commissioners Kara Stein and Robert Jackson power to block proposals that would roll back key Dodd-Frank rules or ease disclosure requirements for firms. Peirce thanked Piwowar in a tweet "for serving America's investors so well for so long," but alluded to the potential deadlock his departure would create. "Notwithstanding your announcement, maybe you could redo the cost-benefit analysis and consider staying at the SEC a bit longer?," Peirce tweeted. The White House will be forced to consider a replacement for Piwowar amid other vacancies at federal financial agencies. Trump has not yet nominated a full-time director for the Consumer Financial Protection Bureau, vice chairman of the Federal Deposit Insurance Corporation or president of the Export-Import Bank. House to vote Tuesday on CFPB auto-lending guidance repeal: The House is on track to vote Tuesday to repeal the Consumer Financial Protection Bureau's controversial 2013 auto-lending guidance. The vote would repeal the CFPB's policy against "dealer markups" the interest a dealer adds to a customer's third-party loan as extra compensation. The repeal effort, which passed the Senate last month, is almost certain to clear the House and be signed by President Trump. Republicans have dismissed accusations of discrimination and panned the CFPB policy as an unjustified crusade against a standard financing tool. Advocates for auto dealers and their congressional allies said lenders were committed to fairness and that the CFPB had exploited a loophole. Defenders of the CFPB guidance insist that repeal could lead to widespread discrimination against minorities. Liberal lawmakers and financial sector critics insist that the CFPB policy is a crucial check against subconscious racial biases that could cost vulnerable customers thousands of dollars.   Further reading: April 18: Senate repeals auto-loan guidance in precedent-shattering vote April 20: House plans May vote to repeal auto-lending guidance   MARKET CHECK: Stocks rose at first on Monday but turned downward after President Trump tweeted that he'd announce his decision on the Iran nuclear deal Tuesday. The markets closed with slight gains. The Dow Jones Industrial Average gained 94 points on the day (0.39 percent), while the S&P 500 and Nasdaq increased 0.35 percent and 0.77 percent each.   GOOD TO KNOW Wells Fargo said Friday it will pay $480 million to settle a lawsuit filed by investors related to the bank's 2016 sales scandal involving the opening of unauthorized accounts. A House Republican tax-writer in an op-ed in The Wall Street Journal is taking issue with Sen. Marco Rubio (R-Fla.)'s recent criticisms of the GOP's corporate tax cut. Republicans hope that touting the new tax law will help them in the midterm elections. Many Republicans saw Rubio's recent remarks as undercutting that message. But there are also questions about whether that message is resonating with voters. GOP incumbents in competitive reelection races are spending less time talking about the new tax law than they were at the beginning of the year, according to an analysis Reuters published Monday. Geopolitical tensions are pushing oil prices higher, according to Bloomberg. The IRS has started sending penalty notices to businesses that failed to comply with the Affordable Care Act's employer mandate, angering Republicans and business groups, according to The New York Times. The CFPB payday lending rule seems to be safe from repeal efforts--for now, according to Bloomberg BNA. Apple is on track to become the first trillion dollar company in the world, with a $920 billion market cap and a cash pile of $167 billion after $100 billion in expected stock buybacks, according to Axios. Bank of America Corp is preparing to provide critical financing to Remington Outdoor Co., which makes assault-type rifles, just weeks after the U.S. bank said it would stop financing "military-style" firearms for civilians, according to Reuters. Trump officials rejected a request from Kansas to place lifetime limits on Medicaid benefits, drawing a line on conservative changes to the program.   ODDS AND ENDS Bitcoin prices slumped below $9,200 after nearing $10,000 over the weekend following criticism from some notable billionaires, according to CNBC.     Write us with tips, suggestions and news: slane@thehill.com, vneedham@thehill.com, njagoda@thehill.com, and nelis@thehill.com. Follow us on Twitter: @SylvanLane,  @VickofTheHill, @NJagoda, and @NivElis.         Did a friend forward you this email? Sign up for Finance Newsletters     Forward Finance Newsletters       Privacy Policy  |  Manage Subscriptions  |  Unsubscribe  |  Email to a friend  |  Sign Up for Other Newsletters   The Hill 1625 K Street, NW 9th Floor, Washington DC 20006 ©2016 Capitol Hill Publishing Corp., a subsidiary of News Communications, Inc.