On The Money: Broad coalition unites against Trump tariffs | Senate confirms new IRS chief | Median household income rose for third straight year in 2017 | Jamie Dimon's brief battle with Trump

View in your browser     Happy Wednesday and welcome back to On The Money, 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—Broad coalition unites against Trump tariffs: A diverse group of businesses from farmers to retailers are ramping up their fight against President Trump's tariffs, which they warn are hurting businesses and the broader economy. Nearly 100 major trade associations on Wednesday launched a multimillion-dollar nationwide campaign that will lobby Capitol Hill and organize events around the country to push back on Trump's trade policies.  Since Trump started imposing billions of tariffs earlier this year on everything from washing machines to steel and aluminum, business groups have been outspoken in their opposition, arguing it would cost jobs and stall the booming economy.  Trump has largely ignored that pressure, arguing that U.S. consumers and businesses will have to bear some short-term pain for long-term benefits.  But the new beefed-up coalition aims to step up its efforts two months ahead of the midterm elections. The Hill’s Vicki Needham tells us what to expect here. The group, Americans for Free Trade, will kick off its initiative next week with events in Chicago, Nashville, Tenn., Pennsylvania and Ohio to highlight the importance of global trade to the U.S. economy. Adding to its firepower, the coalition is teaming up with Farmers for Free Trade, a coalition of the nation’s largest agriculture trade groups. The campaign intends to highlight how businesses, farmers and workers are harmed by tariffs with town-hall style events, grass-roots outreach to Congress and the Trump administration, social media, and digital advertising.   ON TAP TOMORROW House Financial Services Committee: Markup of 13 financial regulatory bills, 9 a.m. House Foreign Affairs Committee: Hearing entitled "Oversight of U.S. Sanctions Policy," 10 a.m. Senate Budget Committee: Hearing on transparency at the Congressional Budget Office, 10:30 a.m.   LEADING THE DAY Senate confirms new IRS chief: The Senate on Wednesday confirmed President Trump’s nominee to lead the IRS, as the agency works to implement the tax cut law the president signed last year. The chamber voted 64-33 to confirm Charles Rettig to be IRS commissioner for the remainder of a five-year term ending in November 2022. Fifteen Democrats voted in favor of Rettig, including several Democrats up for reelection in states Trump won and several who voted against Rettig's nomination in the Finance committee. The confirmation vote comes as the IRS faces a host of challenges. In addition to the work it needs to do to implement the 2017 tax law, the agency is also dealing with a shrunken workforce, outdated technology and threats from cyber criminals. The Hill's Naomi Jagoda has more on the vote and what's next for Rettig.   Median household income rose for third straight year in 2017: Median U.S. household income rose in 2017, according to U.S. Census Bureau data released Wednesday, a sign of the nation's continued recovery since the 2008 recession. The Census Bureau’s report on income and poverty in the U.S. showed median household income rising 1.8 percent to an inflation-adjusted $61,372 in 2017, increasing for the third consecutive year.   The 2017 figure is the highest level reported by the Census Bureau, but the agency changed the methodology it uses in 2013, complicating comparisons to prior years. The bureau also reported a decrease in the poverty rate and increase in earnings for all workers as the unemployment rate sunk throughout 2017. I break down the numbers here. The downside: While the report showed rising household incomes and lower share of the population in poverty, it also highlighted the limits of the strengthening economy. Real median earnings of all male workers increased 3.0 percent in 2017 while the earnings of female counterparts stayed stagnant. Inflation-adjusted earnings for male and female full-time workers also dropped 1.1 percent each in 2017. The poverty rate also dropped a meager 0.4 percent between 2016 and 2017, while the number of Americans without health insurance stayed stagnant despite 2.4 million more people finding full-time jobs.   Jamie Dimon’s brief battle with Trump: JPMorgan Chase CEO Jamie Dimon on Wednesday taunted President Trump, saying he could beat the president in an election because he's "smarter." "I think I could beat Trump ... because I'm as tough as he is, I'm smarter than he is," Dimon said, according to CNBC. "I can't beat the liberal side of the Democratic Party," he added. Dimon, speaking at an event where JPMorgan was detailing a $500 million investment to boost economic growth around the world, also told the crowd that he "actually earned [my] money." "It wasn't a gift from daddy," Dimon said. Within an hour of blasting Trump, Dimon walked back his comments. "I should not have said it," Dimon said in a statement. "I’m not running for president. Proves I wouldn’t make a good politician. I get frustrated because I want all sides to come together to help solve big problems." If Dimon were to run, he could have trouble gaining traction among liberal Democrats essential to winning the primary. Chase took $25 billion in federal bailout money during the 2008 financial crisis, and the party’s liberal base is incredibly critical of the banking industry. He would also be likely to face off with several financial sector skeptics, including Sens. Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.). “Those voters also see that Wall Street’s influence is part of the corruption of Washington. That’s why the American people want candidates to talk about increased Wall Street regulation as a part of their jobs and economic agenda,” said Dennis Kelleher, president and CEO of Better Markets, a non-profit advocating for tougher financial rules.   The Big Three reflect ten years later: Former Treasury Secretary Hank Paulson, Federal Reserve Chairman Ben Bernanke, and New York Fed President Timothy Geithner spoke on a panel hosted by the Brookings Institute today, reflecting on their roles in shepherding the US financial system through the 2008 crisis. Here are their answers to some of the most pressing questions from that trying time. What was the strategy behind their response? Geithner: “To try to act earlier, a little more preemptively and to recognize that what makes sense in a normal messy recession with respect to some individual banks failure's doesn't work in a panic when the risk of a collapse is great.” Why didn’t they prosecute some of the titans behind the crisis? Paulson: “The fact is people don’t like banks, and during a financial crisis they really don't like banks, and yet if you’re too tough on the banking system, then you make it very hard on the general public.” “[Americans] wanted to be tough on bankers. They didn’t want to reward the arsonists. But we were trying to protect the public.” How much does the legacy of the crisis affect our current politics?  Bernanke: “There are a whole gamut of things feeding into the popular mood. The financial crisis exacerbated that, but I don’t think it’s the main driver of the politics we have today.” Why was Lehman Brothers allowed to fail while other banks found lifelines? Geithner: “It failed because Lehman was much weaker and the system was much more fragile, so the universe of plausible buyers was limited.”   Blue-state Republicans SALTy over tax cuts 2.0: Four blue-state Republicans say they will be "forced to oppose" a second round of tax cuts if the legislation includes a provision permanently extending the $10,000 cap on the state and local tax (SALT) deduction. The House Ways and Means Committee is scheduled to consider legislation on Thursday that makes permanent the individual tax changes in President Trump's 2017 tax law, including the SALT deduction cap. The measure is expected to receive a vote on the House floor later this month. GOP Reps. Dan Donovan (N.Y.), Pete King (N.Y.), Frank LoBiondo (N.J.) and Chris Smith (N.J.) all voted against last year's tax-cut legislation because of the SALT deduction cap and are urging House GOP leaders to avoid cementing the provision with the new legislation. The Hill’s Naomi Jagoda has more here.   FINANCE IN FOCUS: The financial industry coalition that helped roll back the Dodd-Frank Wall Street reforms is fracturing. Lobbyists for banks and credit unions are turning on each other, rekindling fights that have long divided them. It’s a swift turn after years that saw financial services trade groups largely united in pushing for regulatory relief. That effort culminated in May when President Trump enacted the most sweeping changes to Dodd-Frank since then-President Obama signed the law in 2010. Now the powerful Washington advocates who helped push the rollback bill through Congress have shifted their focus to battles that pit banks against credit unions and financial titans against smaller firms. I tell you why here. GOOD TO KNOW St. Louis Federal Reserve Bank President James Bullard said Wednesday that President Trump and the GOP have "definitely" had a positive influence on the economy. The New York Times explores why the policymakers in charge of the U.S. government’s response to the financial crisis and their decisions are deeply unpopular to this day. The U.S. budget deficit is reaching levels that are abnormally high for a robust economy, and lawmakers from both parties are proposing ideas that would make the deficit swell even further, according to The Washington Post.  Karen and Basil Petrou of Federal Financial Analytics argue why subprime loans weren’t the main driver of the 2008 financial crisis in a new paper. Mick Mulvaney, acting director of the Consumer Financial Protection Bureau, said Wednesday he's worried about the impact that rising student loan debt could have on the United States, citing a potential moral hazard of forgiving the loans. The top Democrat on the House Intelligence Committee says he plans to not only reignite a full-blown Russia probe if the House flips in November, but he will also prioritize investigating the Trump Organization's ties to Russia.   ODDS AND ENDS The Federal Communications Commission (FCC) wants more time to review the proposed T-Mobile–Sprint merger, announcing Tuesday that it would pause its informal 180-day “shot clock” to review the transaction in order to give its staff more time to review recent filings from the two companies.           Did a friend forward you this email? 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Overnight Health Care: Arkansas scraps Medicaid for thousands | Uninsured rate steady in Trump's first year | GOP counters ObamaCare attacks with talk of Medicare

View in Browser     Welcome to Wednesday's edition of Overnight Health Care. The House and Senate are back in session--briefly. The Senate was scheduled to vote on a comprehensive opioid package, but that is now going to be pushed to next week. In the House, legislation to delay parts of ObamaCare, including the employer mandate, is poised for a vote tomorrow. Lawmakers hope to get out of town before Hurricane Florence barrels into the east coast. CLICK HERE to subscribe to our newsletter.   We'll start today in Arkansas, where new numbers have been released about the impact of Medicaid work requirements....   Arkansas scraps Medicaid coverage for thousands Work requirements got real on Wednesday, with thousands of people getting kicked off of health coverage for failing to meet the requirements. A total of 4,353 individuals have been booted from Medicaid in Arkansas for not reporting to the state on how they're meeting the requirements. Under the new program, those who miss three months of reporting in one year become ineligible for coverage the remainder of the year. There could be more: While that number seems large, more people could lose coverage in the months ahead. In total, more than 16,000 people failed to meet the requirements in August. The state's Department of Human Services said it conducted outreach from April through August to let beneficiaries know about the new requirements. Bigger picture: Work requirements are a major priority of the Trump administration and they are trying to bring them to other states. Other places, like Kentucky, have been caught up in litigation on the issue, and the court battles are sure to continue. The Trump administration is forging ahead, though. The view from Arkansas: "Personal responsibility is important. We will continue to do everything we can to ensure those who qualify for the program keep their coverage, but it is equally important that we make sure those who no longer qualify are removed," said Arkansas Gov. Asa Hutchinson (R). Read more here.   After one year of Trump, the uninsured rate is… the same The rate of Americans without health insurance remained flat in 2017 at 8.8 percent, according to data released Wednesday by the Census Bureau. The 8.8 percent uninsured rate in 2017, which translates to 28.5 million people, was the same as the rate from 2016. The data show that in the first year of the Trump administration, the uninsured rate remained the same as in the last year under President Obama. Not as bad as some thought: The data is a contrast to data released in January from Gallup, which showed three million additional people without health insurance in President Trump's first year and drew condemnation from Democrats. But it's not over yet: Larry Levitt, a health policy expert at the Kaiser Family Foundation, said that it is possible the uninsured rate could increase in 2018 or 2019, as the Trump administration's changes to ObamaCare take effect. For example, the Trump administration has drastically cut back on funding for outreach to help people enroll in coverage. The repeal of the mandate to have coverage from the GOP tax law passed in December 2017, which takes effect in 2019, is expected to increase the uninsured rate. Read more here.   GOP's counterargument to attacks over ObamaCare repeal: Medicare is at risk Republicans are trying to blunt Democratic attacks on their ObamaCare repeal efforts by pointing to a different program: Medicare. Republicans in tight midterm races are tying their Democratic opponents to a "Medicare for all" proposal from Sen. Bernie Sanders (I-Vt.), arguing the plan would bankrupt the government and damage traditional Medicare. Examples: Florida Gov. Rick Scott (R), who is running in a close Senate race, recently tweeted: "If you want to protect Medicare, vote Republican. If you want a socialist experiment with Medicare, by all means vote Democrat." In Maine, Rep. Bruce Poliquin (R) has a TV ad hitting his Democratic challenger, Jared Golden, for supporting Medicare for all. "A radical liberal politician, his risky scheme will end Medicare as we know it," the ad says, pointing to "massive costs." Remember: Democrats are not proposing to cut Medicare in the way Republicans have, instead calling to expand the program, but the GOP argues that the massive costs associated with Medicare for all would be disruptive and make the whole program less stable. Read more here.   Trump officials want more people to opt out of the individual mandate The Trump administration is making it easier for people to seek exemptions to ObamaCare's individual mandate penalty. The Centers for Medicare and Medicaid Services put out a guidance today that will allow people to claim a hardship exemption without actually having to document it. All they will have to do is note it on their tax returns for the 2018 tax year. Notable: This is the final year ObamaCare's individual mandate is in effect. The GOP tax law removed the penalty beginning in 2019, effectively repealing it. End game: Without documentation, there really isn't a way for the IRS to track who is eligible for a hardship exemption. Read more on the guidance here.   Baltimore health commissioner to lead Planned Parenthood Baltimore's health commissioner Leana Wen will be the next president of Planned Parenthood, the organization announced Wednesday. Wen will be the first physician to lead the organization in over 50 years. She succeeds Cecile Richards, who served as Planned Parenthood's president since 2006. Wen led the Baltimore City Health Department since January 2015 and is an emergency physician. She's been on the forefront of combatting the city's opioid epidemic. Wen has also been involved in the resistance against the Trump administration. The city of Baltimore sued the Trump administration, on behalf of Wen and the health department, for cutting short federal grants for teen pregnancy prevention. The grants were restored. Read more here   In other Planned Parenthood news... The Planned Parenthood Action Fund is targeting GOP Sen. Susan Collins (Maine) with a six figure ad campaign as the fight over Supreme Court nominee Brett Kavanaugh enters a crucial stretch. The group's ads went up Wednesday in Maine on both broadcast and cable, as well as online. The new ad buy comes as Collins is facing an onslaught of pressure to oppose the nomination. Democrats need to win over two Republicans, as well as keep their caucus completely united, in order to sink Kavanaugh.   FDA cracks down on e-cigarette sales to kids The Food and Drug Administration (FDA) announced Wednesday that it has issued 1,300 warnings and fines against e-cigarette manufacturers and retailers for selling products to minors. FDA Commissioner Scott Gottlieb said the coordinated enforcement actions are the largest in the agency's history, targeted at retailers who illegally sold JUUL and other e-cigarette products to minors. The agency accused manufacturers and retailers of contributing to an "epidemic" of use among kids and teenagers. The federal actions are the result of a months-long, nationwide, undercover blitz of brick and mortar stores and online retailers, officials said. Read more here.   What we're reading Health insurance scams soar amid ObamaCare changes (CBS News) Trump eyeing 'disruptive' changes to drug pricing, health secretary says (Bloomberg) Nearly 600 Russia-linked accounts tweeted about the health law (The Wall Street Journal) Many 'recovery houses' won't let residents use medicine to quit opioids (NPR)   State by state Florida ObamaCare navigators get $1.25 million -- 74 percent drop from last year (Orlando Sentinel) Nebraska's top court: Voters to decide on expanding Medicaid (Associated Press) A setback for Massachusetts in states' drive to contain Medicaid drug spending (NPR.com)   From The Hill's opinion page: Infectious disease care is complex -- Medicare reimbursement rules should reflect that         Did a friend forward you this email? 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Overnight Energy: Forest Service moves to ease oil, gas extraction on its lands | Pruitt in talks to be coal industry consultant | 3 million could lose power from Hurricane Florence

View in your browser     RULE WOULD EASE OIL AND GAS EXTRACTION IN NATIONAL FORESTS: The Forest Service plans to submit a rule that would make it easier to explore oil and gas drilling, as well as mineral mining, in national forests. The Department of Agriculture (USDA), which oversees the Forest Service, is planning to revise the contents of the agency's oil and gas resources regulations, according to one advance notice of proposed rulemaking submitted to the Federal Register on Wednesday.   What would the rule do? The new rule would aim to "streamline" procedural requirements for oil and gas leasing and extraction from the 154 national forests and 20 grasslands managed by the Forest Service. Oil and gas is currently being developed on 44 national forests and grasslands. "It is in the national interest to promote clean and safe development of our Nation's vast energy resources, while at the same time avoiding regulatory burdens that unnecessarily encumber energy production, constrain economic growth, and prevent job creation," the rule notice reads. The rule follows an earlier Trump executive order labeled: "Promoting Energy Independence and Economic Growth." Interior Department Secretary Ryan Zinke similarly referenced the executive order in a previous announcement that the agency is looking to expand offshore drilling lease sales. The USDA rule says that by eliminating the regulatory burdens, fossil fuel extraction could be done more quickly. "The intent of these potential changes would be to decrease permitting times by removing regulatory burdens that unnecessarily encumber energy production. These potential changes would promote domestic oil and gas production by allowing industry to begin production more quickly," the notice reads.   Don't forget about mining: Also Wednesday, USDA submitted another advance rule notice on mineral extraction in Forest Service land that aims to make it easier to process requests to mine key minerals including gold, zinc and uranium.   What environmentalists are saying: "These appalling Trump administration proposals would ramp up fracking and mining damage to public lands and wildlife," said Taylor McKinnon, public lands campaigner at the Center for Biological Diversity, in a statement. "Our national forests matter more than private industry profits. But the Forest Service is abdicating its mission to protect these wild places to ram through whatever industries want. Both rules will meet fierce fights." Read the story here.   Happy Wednesday! Welcome to Overnight Energy, The Hill's roundup of the latest energy and environment news. Please send tips and comments to Timothy Cama, tcama@thehill.com, and Miranda Green, mgreen@thehill.com. Follow us on Twitter: @Timothy_Cama, @mirandacgreen, @thehill. CLICK HERE to subscribe to our newsletter.   PRUITT DENIES GETTING IMPROPER GIFTS: Former Environmental Protection Agency (EPA) chief Scott Pruitt is denying that he received any "reportable gifts" last year, despite multiple allegations that he received improper contributions or aid from staff and others. The statement came in Pruitt's personal financial disclosure for 2017, which he recently filed with the EPA's ethics office as required, and which the agency released Wednesday. The filing also amounts to a denial of allegations that he had staff carry out personal tasks for him, help find a job for his wife, which could have been a gift, or that coal executive Joseph Craft's help getting tickets for Pruitt to a basketball game was a gift. "I am aware there is correspondence to the EPA Office of General Counsel's Ethics Officer and/or the Office of Government Ethics asserting that certain actions or activities during 2017 may constitute 'gifts' to me that require inclusion on this report," Pruitt wrote in the document laying out his income and other financial information during the year. "To the extent I am aware of specific allegations, I dispute the facts asserted and, accordingly, am not aware of reportable gifts," he said. "In the event there are any future findings to the contrary, I will address the issue at that time and amend this report as directed and/or necessary." Kevin Minoli, the EPA's top ethics official, noted on the form that his office had advised Pruitt on "the need to report gifts, including gifts from subordinates." Read more here.   And in other Pruitt news…   PRUITT IN TALKS TO WORK FOR COAL LOBBY: Pruitt is reportedly in talks to work as a coal industry consultant, two industry executives familiar with the discussions told The New York Times Wednesday. Pruitt is reportedly discussing working as a consultant to Kentucky coal mining tycoon Joseph W. Craft III. Craft is the chief executive for Alliance Resource Partners and a major GOP donor. According to the Times, Craft had a close relationship with the EPA during Pruitt's tenure at its helm. Two industry officials told the paper that Pruitt met with several executives to discuss plans for beginning a new consulting company during a Kentucky Coal Association meeting last week. According to the executives, Pruitt would not be employed by Alliance. He would also broaden his clientele base, the paper noted. Read more here.   DEM INTRODUCES BILL CALLING OUT PRUITT: A House Democrat wants to "honor" the legacy of former Environmental Protection Agency (EPA) head Scott Pruitt by increasing penalties for personal use of public resources. Rep. Ted Lieu's bill, the E. Scott Pruitt Accountability for Government Officials Act of 2018, would subject senior government officials to up to five years in prison if they use their public office for private gain, as Pruitt was accused of doing before his resigned in July. "A proclivity for corruption feels like a prerequisite for a cabinet position in the Trump administration," Lieu said in a Wednesday statement. "The Executive Branch isn't some get rich quick scheme, but many Trump cabinet officials sure act like it. The drip, drip, drip of grifting from Trump's appointees is corroding our Democracy by undermining faith in our institutions." Lieu's bill would "help ensure that cabinet officials and other senior public servants can't use their public office for personal gain," he said. Read more here.   LATEST ON HURRICANE FLORENCE: Between 1 million and 3 million people will likely lose power when Hurricane Florence makes landfall later this week, according to a Wednesday report from Duke Energy. Duke Energy has around 4 million customers in North and South Carolina, and says it could take several weeks to restore the electricity. Read more here.   More on Florence...   Trump says he's getting 'tremendous accolades' on hurricane prep Trump: Hurricane Florence looking 'bigger than anticipated' Pence heading to Georgia ahead of hurricane Poll: Majority of Puerto Ricans give Trump negative rating on Hurricane Maria response Trump attacks San Juan mayor over Puerto Rico hurricane relief   ON TAP THURSDAY: The House Rules Committee is expected to start consideration of the government spending "minibus" package that House and Senate negotiators released Monday. The Senate took up the bill late Wednesday with an expectation of overwhelming bipartisan support. The bill would fund, among other agencies, the Energy Department and the Army Corps of Engineers. Read more about the bill here.   The House Energy and Commerce Committee's environment subcommittee will dive into this year's aggressive wildfires with a hearing Thursday on the impact to air quality from the fires and what could be done to mitigate it.   The House Science Committee will convene its own Thursday hearing on the EPA's regulation of glider trucks, trucks with new bodies and old engines. The Science Committee has been investigating research that EPA staff conducted last year showing much higher pollution levels from glider trucks are than from completely new ones. The EPA's OIG agreed this week to examine the research as well.   Also on Thursday, the House Natural Resources Committee will take up a bipartisan proposal to pay for the multi-billion maintenance backlog at national parks and within the Bureau of Land Management. Here's a deep dive on the bill.   On the other side of Capitol Hill, the Senate Energy and Natural Resources Committee will discuss liquefied natural gas exports and European gas demand.   OUTSIDE THE BELTWAY: Fear of gas shortages grow as Florence gets closer to the coast The U.S. has "likely" become the world's top oil producer Interior's oil and gas leasing in Utah sells over 60 percent of plots but generates low bids   IN CASE YOU MISSED IT: Check out Wednesday's stories ... -Analysis: 3 million could lose power when Hurricane Florence hits -Administration announces plan to streamline oil and gas extraction in national forests -Pruitt denies receiving improper gifts as EPA chief -US to fall short of Paris climate targets by one-third: report -Dem's bill would 'honor' Pruitt by increasing penalties for corruption -Calif. governor blasts methane rule change as most 'dangerous action' by Trump -UN chief: World has less than 2 years to avoid 'runaway climate change' -Interior law enforcement officers seize 17 pounds of heroin on reservation -House panel to vote on parks funding bill         Did a friend forward you this email? 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