Overnight Finance: Wells Fargo could pay $1B fine | Dems seek info on loans to Kushner | House to vote on IRS reform bills | Fed vice chair heading before Congress

View in your browser     Happy Friday and welcome back to Overnight Finance, where we're basking in spring weather. 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.   LEADING THE DAY Wells Fargo could pay up to $1 billion in fines to two federal regulators to settle claims they inappropriately charged customers for unnecessary or unwanted banking and insurance products, the bank revealed Friday. The San Francisco-based bank said in its first quarter earnings report that it's preparing to pay a fine to the Consumer Financial Protection Bureau (CFPB) and Office of the Comptroller of the Currency (OCC). The CFPB and OCC have been investigating Wells Fargo over reports that the bank charged customers for auto insurance products they did not need, along with unnecessary fees to lock in mortgage interest rates. Wells Fargo cautioned that the bank is "unable to predict final resolution of the CFPB/OCC matter and cannot reasonably estimate our related loss contingency." Both the OCC and CFPB declined to comment. Here's more from me on the potential fine.   You can also add Citigroup to the list of banks under federal scrutiny. Top Democrats are reportedly pushing for answers on $500 million in loans granted to Kushner Companies last year by a pair of Wall Street firms after representatives for the two firms took part in White House meetings. ABC News reports that lawmakers, including Sens. Elizabeth Warren (D-Mass), Tom Carper (D-Del.) and Gary Peters (D-Mich.) and Rep. Elijah Cummings (D-Md.), sent a pair of letters Friday to Citigroup and Apollo Global Management (AGM) demanding information about the loans. The letters accuse Citigroup and AGM of not providing adequate information following a request made in March for information and documents related to all meetings between the firms and Kushner Companies employees. Here's more on the requests from John Bowden.     ON TAP NEXT WEEK Monday: House Rules Committee: Hearing on HR 5445, the "21st Century IRS Act," 5 p.m. Tuesday: House Financial Services Committee: Hearing on the semi-annual testimony on the Federal Reserve's supervision of the financial system, with Fed Vice Chairman of Supervision Randal Quarles, 10 a.m. House Ways and Means Committee: Hearing on federal perspectives on the jobs gaps, 10 a.m. Federal Deposit Insurance Corporation: Meeting on interagency capital rule, 10 a.m. Senate Banking Committee: Hearing on the nominations of Thelma Drake to be Federal Transit Administrator, Department of Transportation, Jeffrey Nadaner to be an Assistant Secretary of Commerce, and Seth Daniel Appleton to be an Assistant Secretary of Housing and Urban Development, 10 a.m. House Small Business Committee: Hearing entitled "Small Business Retirement Plans and the IRS' Employee Plans Fee Change," 10 a.m. House Financial Services Committee: Hearing on housing choice vouchers, 2 p.m. House Judiciary Committee: Hearing on protecting trade secrets in the U.S., 2 p.m. Brookings Institution: Event entitled "Digital currencies: Implications for central banks," 2 p.m. Brookings Institution: Event entitled "How to reform the global monetary system: A pathway to action," 4 p.m.   Wednesday: Joint committee on multiemployer pensions: Hearing on the history and structure of the multiemployer pension system, 2 p.m.   Thursday: Senate Banking Committee: Hearing on the semi-annual testimony on the Federal Reserve's supervision of the financial system, with Fed Vice Chairman of Supervision Randal Quarles, 9:30 a.m. Global Finance Forum sponsored by American Investment Council (AIC), Futures Industry Association (FIA), Investment Company Institute (ICI), Managed Funds Association (MFA), Securities Industry and Financial Markets Association (SIFMA), and the U.S. Chamber of Commerce Center for Capital Market Competitiveness, 7 a.m.   NEXT WEEK'S NEWS, NOW Quarles appears before Congress: Randal Quarles, the Fed's vice chair of supervision, will appear before Congress for the first time since his October confirmation. The Fed's pointman on financial regulation, Quarles will detail the ways the central bank is planning to amend Dodd-Frank Act rules in an effort to ease burdens on smaller banks. The Fed this week released two rulemaking proposals--one on an adjusted capital buffer and another on changes to supplementary leverage ratio--that loosen two measures in Dodd-Frank meant to ensure bank stability. Quarles is also expected to field a slew of questions on how the Fed plans to amend the Volcker Rule, and how it would use its broad authority to tailor regulations under a bipartisan Senate bill to roll back Dodd-Frank that's pending before the House. Quarles is seen as ideologically close to Fed Chairman Jerome Powell, a fellow moderate Republican and Treasury Department deputy with extensive private sector experience. Powell has backed moderate changes to the Dodd-Frank that have earned support from his predecessor Janet Yellen, a Democrat. While Democrats fear Quarles could push for sweeping changes to Dodd-Frank, he's expected to call for smaller overhauls of the rules it mandated the Fed to write and enforce.   House to vote on IRS bills next week: The House will mark the April 17 tax-filing deadline by voting next week on bipartisan bills aimed at modernizing the IRS, House Majority Leader Kevin McCarthy (R-Calif.) announced Friday. The votes will follow approval of the bills by the House Ways and Means Committee on Wednesday. One of the bills the House will consider makes changes to the IRS aimed at improving its customer service and appeals process and boosts taxpayer rights during the enforcement process. A second bill focuses on improving the IRS's cybersecurity and information technology. The House will also vote on a bipartisan measure aimed at protecting children from identity theft. The Hill's Naomi Jagoda tells us more about the efforts.    GOOD TO KNOW Republicans on the House's tax-writing committee are clinging to the new tax-cut law in their reelection races, as the odds of a blue wave in November appear to be increasing. President Trump is forming a task force chaired by Treasury Secretary Steven Mnuchin to look at the viability and operations of the U.S. Postal Service (USPS) on the heels of his tweets accusing Amazon of hurting the organization. The New York Times explores Larry Kudlow's first two weeks as Trump's "happy warrior" The Urban Institute studies how much foreign trade impacts manufacturing job losses in the U.S. (Spoiler: Not much, according to its analysis.) Cam Fine, president of the Independent Community Bankers of America, ramps up calls for the House to pass the Senate's bipartisan bill to rollback Dodd-Frank. General Motors is cutting several hundred jobs at its plant in Lordstown, Ohio as the automaker adjusts to dramatically slower demand for cars.   ODDS AND ENDS Bertucci's, an Italian-restaurant chain known for its brick-oven pizza, is making preparations for a bankruptcy filing, a heartbreaking development for anyone with Boston roots and fond memories of playing with pizza dough before dinner.   YOUR CHEAT SHEET FOR WHAT HAPPENED THIS WEEK: President Trump praised his Chinese counterpart Xi Jinping for minor concessions on tariffs, but Republicans are anxious about Trump's trade agenda and what it means for their states, the election and the national economy. Trump once called the Trans-Pacific Partnership a "disaster" backed by "special interests who want to rape our country." Now, the president is considering re-entering the trade pact to open up markets for U.S. farmers set to take heavy losses amid a tariff battle with China. Acting CFPB director Mick Mulvaney had a busy week, railing against leaks at the bureau, appearing before the House and Senate, and squaring off with Sen. Elizabeth Warren (D-Mass.). The 2018 federal budget deficit will rise to $804 billion and is projected to nearly hit $1 trillion in 2019, largely because of the GOP tax cuts and the bipartisan $1.3 trillion spending package approved last month, according to updated projections released Monday by the Congressional Budget Office (CBO). Republican lawmakers brushed aside the report, arguing it didn't accurately count how much revenue the tax law would create.     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.

Overnight Health Care: New Jersey lawmakers pass ObamaCare mandate | Dems sound warning on short-term insurance plans | Poll finds majority back single payer health care

View in your browser     Happy Friday and welcome to Overnight Health Care. New Jersey lawmakers are taking matters into their own hands by passing an ObamaCare mandate, the majority of Americans now support single-payer health care and we just learned that drinking more than five adult beverages a week could shorten our lives by years. Catch up on the latest health care news before you start the weekend.   If signed by Gov. Phil Murphy (D), New Jersey would become the first state to issue a statewide health insurance requirement after Congress repealed the individual mandate last December. Why it matters:  Some have argued repealing the requirement that people have insurance will lead to higher premiums because younger, healthier people might not feel enticed to buy coverage anymore. Insurers might also not want to offer coverage in an area if they think only sick people will buy it, leading to higher costs for them.  It's not yet clear how this will play out, because the mandate repeal doesn't take effect until 2019. But states like New Jersey are trying to keep their markets stable ahead of the 2019 plan year. The state could be a trendsetter on mandates. What's next: Keep an eye on California and Maryland, two states that are also considering such action. Read more here.   This follows news from earlier this week, where the Trump administration announced that it would allow for more exemptions to the mandate while it's in effect in 2018. Specifically, people living in counties with no insurers or only one insurer could be exempt from paying a fine when they file their taxes next year. This would actually impact a fair amount of people. According to the Kaiser Family Foundation, 26 percent of ObamaCare enrollees live in areas where they only have access to one insurer. Read more here.   Top Democrats in the House and Senate are also calling on the administration to withdraw a proposed rule that would expand access to plans that don't meet ObamaCare requirements. From a letter to HHS Secretary Alex Azar, led by Rep. Frank Pallone (N.J.), ranking member of the House Energy and Commerce Committee.   "This proposed rule would expand the availability of discriminatory, deceptive, and insufficient plans … that deceive consumers into thinking they are covered for major medical expenses, and is yet another attempt to sabotage the health care markets on which millions rely for coverage." What's going on: Proposed administration rules would allow people to buy short-term health insurance for up to 12 months, lifting restrictions from the Obama administration that limited the coverage to a maximum of three months. Why it's controversial: Those plans would not meet many of ObamaCare's consumer protection rules. People with pre-existing conditions could be charged more. Also, the plans don't have to comply with mandates to cover some services, like mental health care. Read more here.     A new poll shows a slim majority of Americans -- 51 percent --  support single-payer health care while 43 percent oppose it. Unsurprisingly, it's most popular among Democrats, with 74 percent supporting it. Fifty-four percent of independents support it while 80 percent of Republicans oppose it. Why it matters: Republicans control the House, Senate, and the White House, and they hate single-payer. But it's becoming one of those issues that could sink a Democratic presidential candidate if they don't support it. Sen. Bernie Sanders's (I-Vt.) single-payer "Medicare for All" plan netted Democratic co-sponsors when it was introduced last year, many of whom are expected to run for president in 2020. Read more here.   Before you go out for Friday night drinks, consider this from The Washington Post: A sweeping international study of alcohol consumption has found no overall health benefits from moderate drinking and calls into question the U.S. guidelines that say men can safely drink twice as much as women. The threshold for low-risk drinking, the researchers found, is about seven beers a week for men and women alike.   Looking back on the week... These were some of our most shared stories. --Five executives from opioid distributors are being summoned to testify before Congress about their role in the nation's addiction crisis. -- An HHS official was placed on leave for comments from 2016 promoting the Pizzagate conspiracy theory. Ximena Barreto, a deputy director of communications at HHS, pushed false claims about a nonexistent pedophilia ring at a Washington, D.C. pizzeria. --A top insurance industry official warned about coming ObamaCare premium hikes. --Senators from across the aisle are teaming forces to pressure the Justice Department over medical marijuana research. Sens. Orrin Hatch (R-Utah.) and Kamala Harris (D-Calif.) said they are concerned by reports the DOJ is effectively blocking the Drug Enforcement Agency from approving more than two dozen requests to grow marijuana for use in research. --There's another abortion fight brewing as House Republicans push to add abortion restrictions to the federal family planning grant program. --In Arizona, the state house passed a bill requiring women to provide the reason why they're obtaining an abortion. --And we profiled the Trump health appointee who is at the center of a new fight over religious freedom. Roger Severino is implementing strict rules at the Department of Health and Human Services (HHS) meant to protect religious rights -- and drawing pushback from Democrats and LGBT groups.   What we're watching next week: The Senate Finance Committee will hold a hearing Thursday at 10 a.m. on tackling opioid and substance use disorders in Medicare, Medicaid and human services programs in the Dirksen Senate Office Building, room 215.   What we're reading: Why America's black mothers and babies are in a life-and-death crisis (The New York Times) Puerto Rico's slow-going recovery means new hardship for dialysis patients (Kaiser Health News) Overdose antidote is supposed to be easy to get. It's not. (The New York Times)   State by state: Virginia House panel OKs bill with Medicaid work requirement change (Associated Press) Behind closed doors, Haslam asks again: Can Tennessee expand health care for working poor? (The Tennessean) North Carolina just kicked 600 people off the state's health insurance (newsobserver.com)     Send tips and comments to Jessie Hellmann, jhellmann@thehill.com; Peter Sullivan, psullivan@thehill.com; Rachel Roubein, rroubein@thehill.com; and Nathaniel Weixel, nweixel@thehill.com. Follow us on Twitter: @thehill, @jessiehellmann, @PeterSullivan4, @rachel_roubein, and @NateWeixel.         Did a friend forward you this email? Sign up for Healthcare Newsletters     Forward Healthcare 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.

Breaking News: Watchdog: Fired FBI official McCabe leaked to media to help himself

View in your browser     Watchdog: Fired FBI official McCabe leaked to media to help himself The Department of Justice’s inspector general concluded that fired FBI deputy director Andrew McCabe made a leak to the media “designed to advance his personal interests at the expense of Department leadership,” according to a copy of the report obtained by The Hill.  The report from IG Michael Horowitz makes the case that McCabe authorized disclosures to the media that were designed to combat the perception that he had a conflict of interest in overseeing dual FBI investigations related to former secretary of State Hillary Clinton.  Read the full story here         Did a friend forward you this email? Sign up for Breaking News     Forward Breaking News     You Might Like       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.