| Happy Friday and welcome back to Overnight Finance, where we'd love to hang out in Quebec for as long as possible. 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. 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. THE BIG DEAL: President Trump on Friday said that Russia should be reinstated into the Group of Seven major economies, a comment that could further anger U.S. allies during what is already expected to be a tense set of meetings. Speaking to reporters on the South Lawn before leaving for Canada to attend the G-7 summit, Trump said he has been "Russia's worst nightmare" but argued the country should be a part of the economic talks. "With that being said, Russia should be in this meeting," he said. "Why are we having a meeting without Russia being in the meeting?" Russia was ousted from the then-Group of Eight in 2014 in order to punish Moscow for annexing Crimea and supporting pro-Kremlin separatists in eastern Ukraine. "Whether you like it or not, and it may not be politically correct, but we have a world to run," Trump said. "And in the G-7, which used be the G-8, they threw Russia out. They should let Russia come back in because we should have Russia at the negotiating table." The president's remarks stoked even more drama surrounding the G-7, where he was already expected to face a barrage of criticism over his decision to impose steep tariffs on goods produced by U.S. allies. The Hill's Jordan Fabian reports on the fallout here. UK pushes back: The United Kingdom is rebuffing President Trump's suggestion that Russia rejoin the G-7 group of the world's top industrialized economies. "We should remind ourselves why the G8 became the G7 -- it was after Russia illegally annexed Crimea," a senior government source from the United Kingdom said. "Since then we have seen malign activity from Russia in a whole variety of ways, including on the streets of Salisbury in the UK. Before any conversations can take place about Russia rejoining, it needs to change its approach," the source added. The summit promises to be tense. Leaders from the other six countries in attendance --Canada, the UK, France, Italy, Germany and Japan -- have harshly condemned Trump for imposing aluminum and steel tariffs on their countries, and threatening others. "We disagree with these, we think they're unjustified," British Prime Minister Theresa May said Friday morning en route to the summit. The Hill's Niv Elis has more here. Allies fire warning shots ahead of G7: Trump maintained his calls to crack down on what he deemed unfair trade practices by key U.S. allies on Friday, as he prepared to head to Quebec for the Group of Seven Summit. In a pair of tweets, Trump railed against Canadian tariffs on dairy products, and said that even if he's unable to balance out "unfair Trade Deals" with G7 members, the U.S. would "come out even better." The tweets were the latest in a war of words between the president and key U.S. allies, particularly Canada and France, that escalated on Thursday. The Hill's Max Greenwood tells us more about that here. Background: "Trump blasts Macron, Trudeau ahead of G-7 summit"
Reactions: - "This is weak. Putin is not our friend and he is not the president's buddy. He is a thug using Soviet-style aggression to wage a shadow war against America, and our leaders should act like it." -- Sen. Ben Sasse (R-Neb.).
- "The president has inexplicably shown our adversaries the deference and esteem that should be reserved for our closest allies." -- Sen. John McCain (R-Ariz.).
What comes next: Trump plans to cut short his visit at the Group of Seven summit in Canada on Saturday and fly directly to Singapore for his planned meeting with North Korean leader Kim Jong Un. The White House did not say whether the dispute between Trump and his fellow G-7 leaders had anything to do with the decision to depart for Singapore days before his summit with Kim.
LEADING THE DAY House approves first 2019 spending bills: The House on Friday approved its first three 2019 spending bills, packaged together in a "minibus." The bills passed on a mostly party-line vote of 235-179. The three bills, Energy and Water, Legislative Branch, and Military Construction and Veterans Affairs, add up to $144.5 billion of the total $1.2 trillion in discretionary spending allowed by budget caps for 2019. An additional $921 million was set aside in off-budget spending in the Military Construction bill. While the minibus covers items that tend to be less controversial than those dealing with border security, health and labor, Democrats were upset by provisions in the bills they say cut funding from clean energy initiatives and expand gun rights on public land. The Hill's Niv Elis breaks it down here. House passes Trump's plan to claw back $15 billion in spending: The House voted along party lines late Thursday to pass a White House proposal that would claw back nearly $15 billion in previously approved government funding. The House approved the measure in a vote of 210-206, with conservatives calling it a step in the right direction after they ripped into the price tag of the $1.3 trillion spending bill President Trump signed earlier this year. Trump had pushed lawmakers earlier this week to vote in favor of the clawback plan, known as the Spending Cuts to Expired and Unnecessary Programs Act, which GOP leaders have been working on for two months. Here's more on what the cuts entail from Niv and Juliegrace Brufke.
Dems want insider trading probe after Trump jobs report tweet: Three Senate Democrats on Friday called for a broad probe into whether President Trump broke federal trading laws and executive branch protocol before the release of the May jobs report last week Democratic Sens. Elizabeth Warren (Mass.), Ron Wyden (Ore.) and Michael Bennet (Colo.) sent letters to the chiefs of three federal agencies and the White House Council of Economic Advisers (CEA) regarding Trump's knowledge of the May jobs report released on June 1. The senators also asked the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), to investigate whether Trump or any White House staffer revealed information that led to insider trading. I explain why here. ON TAP NEXT WEEK Monday: - The Heritage Foundation hosts an event on farm subsidy reforms featuring Sen. Chuck Grassley (R-Iowa), 12 p.m.
Tuesday: - Senate Banking Committee: Vote on the nominations of Richard Clarida to be vice chairman of the Federal Reserve Board and Michelle Bowman to be the Federal Reserve Board governor with community bank experience, 10 a.m.
- The Heritage Foundation hosts an event entitled "Blockchain: What It Is and How It Will Change Lives," 10:30 a.m.
Wednesday: - House Financial Services Committee: Comptroller of the Currency Joseph Otting testifies on financial industry regulation, 10 a.m
- Brookings Institution hosts an event entitled "Building a More Dynamic and Competitive Economy," 1:30
- House Financial Services Committee: Hearing entitled "Ensuring Effectiveness, Fairness, and Transparency in Securities Law Enforcement," 2 p.m.
- Senate Select Committee on Pension Solvency: Hearing entitled "Employer Perspectives on Multiemployer Pension Plans," 2 p.m.
Thursday: - Senate Banking Committee: Comptroller of the Currency Joseph Otting testifies on the agency's work, 10 a.m.
- House Small Business Committee: Hearing entitled "Shrinking the Skills Gap: Solutions to the Small Business Workforce Shortage," 10 a.m.
NEXT WEEK'S NEWS, NOW - President Trump's long-awaited summit with North Korean leader Kim Jong-Un is on track to happen next Tuesday. It's hard to predict what will happen when the two sit face to face, but it could obviously profound implications for the global economy and, more specifically, the U.S. sanctions regime. Check in at The Hill this weekend as we preview the big meet.
- The Senate Banking Committee will vote Tuesday on the nominations of Trump's two latest Fed nominees, Richard Clarida for vice chairman and Michelle Bowman for the Fed governor spot reserved for a community banker. Both should be approved by the panel near unanimously. Read more here about their testimony before the committee and what they would bring to the Fed.
- Comptroller of the Currency Joseph Otting is scheduled to testify before the House Financial Services Committee and Senate Banking Committee next week. Republicans have praised his efforts to ease Obama-era bank rules, while Democrats are likely to rip him for those efforts.
GOOD TO KNOW - Senate Republicans are pressing President Trump to end talks on renegotiating the North American Free Trade Agreement (NAFTA) by Labor Day, fearing the trade dispute will cast a shadow on the midterm elections.
- The House on Friday approved a measure to require financial oversight of special counsel Robert Mueller's investigation.
- Former Vice President Joe Biden on Friday criticized President Trump for suggesting that Russia be reinstated into the G7.
- Half of U.S. voters, 50 percent, oppose the Trump administration's recently implemented tariffs on steel and aluminum imports, according to the Quinnipiac University poll released Friday.
- The Treasury Department's assistant secretary for legislative affairs is expected take a job leading the top trade association for private equity, according to Politico.
ODDS AND ENDS | 
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