LEADING THE DAY Trump pick sets up fight over World Bank: President Trump's pick to lead the World Bank could spark an unprecedented battle over the future of the multinational lender. Trump is set to nominate Treasury Undersecretary David Malpass--a fierce critic of the World Bank--to serve as its next president, spurring concern within the development finance world. Malpass has been a key figure in the Trump administration's push to scale down U.S. foreign aid and he has blasted lenders like the World Bank as "inefficient" and "often corrupt." He would replace Jim Yong Kim, who announced last month he'd leave the bank to take a position in the private sector. The move comes at a critical time for the international institution which faces new challenges and with new rising threats to the global economy. You can read all about it tomorrow morning at TheHill.com and in our print edition. Treasury plans steps to stymie Dem requests for Trump tax returns: Officials at the White House and Treasury Department are reportedly working to stymie any requests from Democratic lawmakers for President Trump's tax returns even before they occur. Four Trump administration sources told Politico that Treasury Secretary Steven Mnuchin plans to hinge his arguments against providing the president's past tax returns to Democrats based on the assertion that Democrats would be unable to prevent the leak of Trump's returns -- a felony -- from occurring. Publicly, the administration plans to cast requests for Trump's returns as a blatant partisan attack against the president in the hopes of turning public opinion against the newly elected House Democratic majority. Trump dines with Fed chief Powell after months of tension: President Trump hosted Federal Reserve Chairman Jerome Powell for an "informal dinner" at the White House on Monday night, according to a statement from the central bank. Trump dined with Powell, Fed Vice Chairman Richard Clarida and Treasury Secretary Steven Mnuchin in the White House residence Monday night, according to the Fed, where the four discussed "recent economic developments and the outlook for growth, employment and inflation." While the central bank is an independent agency, it is historically common for presidents and Fed chairmen to meet throughout their terms. Trump has criticized Powell, a Republican, since July of last year as the Fed has gradually raised interest rates. The president publicly griped that the Fed had gone "crazy" and reportedly considered trying to fire Powell, whom he appointed to lead the bank in 2017. - The Fed said Monday that Powell "did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook."
- "Chair Powell said that he and his colleagues on the FOMC will set monetary policy in order to support maximum employment and stable prices and will make those decisions based solely on careful, objective and non-political analysis," the Fed said.
- Powell said at a press conference last week that the Fed is "patiently awaiting greater clarity" before hiking rates again as the economy's continued strength faces threats from waning global growth and geopolitical tensions.
GOOD TO KNOW ODDS AND ENDS - Four of President Trump's trips to his Mar-a-Lago resort in Palm Beach, Fla., during the first three months of his presidency cost the federal government nearly $14 million, according to a report from the Government Accountability Office (GAO).
- Far-right activist Laura Loomer has been kicked off of PayPal, she announced via Instagram on Tuesday.
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