On The Money: Trump wants Moore on Fed despite controversy | Senate GOP women pose obstacle to Moore | Polls highlight economic worries for Trump | House Dems reject Trump cuts with Labor-Health spending bill | Warren trolls Chase Bank over viral tweet
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THE BIG DEAL— Trump wants Moore on Fed despite controversy: President TrumpDonald John TrumpTrump hits Biden as he hits 2020 trail Trump blasts union chiefs after Biden gets key endorsement Grassley to Trump: Lift tariffs or new NAFTA deal is ‘dead’ MORE still wants Stephen Moore to have a seat on the Federal Reserve Board despite growing scrutiny of the conservative commentator’s past incendiary comments, a top White House adviser said Monday.
“We’re still behind him,” National Economic Council Director Larry KudlowLawrence (Larry) Alan KudlowMORE told reporters at the White House, adding that Moore is still going through “the process of vetting” and there has been “no change” in Trump’s position. The Hill’s Jordan Fabian tells us why here.
So, what happened? Devout On The Money readers have probably seen ample coverage of Stephen Moore’s various controversies, but a quick refresher here could be useful.
- Moore has come under criticism for old columns he wrote for National Review, in which he suggested that women should have no role in men’s college sports unless they dress in halter tops.
- “Here’s the rule change I propose: No more women refs, no women announcers, no women beer vendors, no women anything,” he wrote in March 2002.
- Moore said on Sunday on ABC News’ “This Week” that he was “embarrassed” by some of the things he had written but called himself the victim of a “smear campaign” and “character assassination” by people who do not want to see him on the Fed board.
- “I’ll stand by my record and I’ll debate anybody on economics and let’s make this about the economy,” he said. Moore also said he no longer believes that cities like Cleveland and Cincinnati are the “armpits of America,” as he said in a 2014 speech.
While the controversies may not impede Moore’s nomination, there’s clearly some concern among the Trump administration. White House press secretary Sarah HuckabeeSarah Elizabeth SandersTrump says he was called ‘the greatest hostage negotiator this country has ever had’ Sam Donaldson slams Sarah Sanders: ‘She’s had a lifetime achievement Oscar for lying’ Sanders, Pence field questions from kids on Take Your Child to Work Day MORE Sanders said earlier Monday that staff was “reviewing” Moore’s comments about women and Midwestern cities but did not say whether he had fallen out of favor.
“Certainly we’re reviewing those comments and when we have an update on that front we’ll let you know,” Sanders said.
What comes next: Senators are back in Washington this week after two weeks back home to digest Moore’s latest controversies. Not one Republican has said explicitly that they will vote against Moore yet, but that could change this week. With Herman Cain out of the running, the spotlight is now solely on Moore and his decades of commentary.
Reporters will grill Republican senators who’ve expressed concerns about Moore whether they’ve come to a decision on his nomination. And remember, it will take four Republicans to effectively block Moore’s confirmation if all Democrats vote no, which is more than likely.
Sen. Joni ErnstJoni Kay ErnstPrevention is a critical tool in the fight against addiction Time to keep the promises for farmers to compete in energy Graham challenges Dems to walk the walk on impeachment MORE (R-Iowa) said Monday she is “not enthused” by a series of controversial past comments from Moore.
“I’m not enthused about what he has said in various articles,” Moore said. “I think it’s ridiculous.”
And Sen. Shelley Moore CapitoShelley Wellons Moore Capito20 Dems demand no more money for ICE agents, Trump wall We can accelerate a cure for Alzheimer’s Gillibrand, Grassley reintroduce campus sexual assault bill MORE (R-W.Va.) joins Sen. Joni Ernst in expressing some skepticism over Moore’s commentary, telling reporters: “Some of his public statements probably need to be further vetted, like ‘you can’t have women referees.’ C’mon.”
ON TAP TOMORROW:
- The House Financial Services Committee holds a hearing entitled “Housing in America: Assessing the Infrastructure Needs of America’s Housing Stock,” 10 a.m.
- The House Oversight and Government Reform Committee holds a hearing on the financial condition of the U.S. Postal Service, 10 a.m.
- The Senate Banking Committee holds a hearing entitled “Guidance, Supervisory Expectations, and the Rule of Law: How do the Banking Agencies Regulate and Supervise Institutions?” 10 a.m.
- A House Financial Services subcommittee holds a hearing entitled “Ending Debt Traps in the Payday and Small Dollar Credit Industry,” 2 p.m.
LEADING THE DAY
Polls show possible economic weak spots for Trump: A pair of polls released Monday showed that many Americans don’t think they are benefiting from the bustling economy, revealing weak spots for President Trump in public opinion despite strong economic growth.
A Monmouth University Poll found that more than half of Americans don’t think they’ve been substantially helped by the strong macroeconomic trends, with 27 percent saying they haven’t benefited much and another 27 percent saying they haven’t benefited at all. The Hill’s Niv Elis breaks down the numbers here.
- Just 12 percent said the strong economy has helped their family a great deal.
- Respondents who said they’ve seen benefits were more likely to be wealthy, with 58 percent of those earning over $100,000 saying they’ve benefited and just 34 percent of those earning under $50,000 saying the same.
- Of those surveyed, 58 percent said Trump’s policies were skewed toward wealthy families, while just 14 percent said poor families have seen benefits.
The takeaway: “There just isn’t a sense that Donald Trump has come to the rescue of the middle class. He has his staunch defenders, but there hasn’t been any clear success in winning over the public on bread-and-butter issues,” said Patrick Murray, director of the independent Monmouth University Polling Institute.
The snag: One of the major themes of the past ten years is squaring the very real progress in the overall state of the economy with persistent slowness and struggle in many pockets of the country.
- The economy grew at a strong 3.4 percent in the first quarter of 2019, and unemployment was stable at 3.8 percent.
- Consumer spending in March rose at the highest rate in close to a decade, wages and salaries increased 0.4 percent, and prices rose just 1.6 percent in the year since March 2018, according to data released Monday by the Commerce Department.
Even so, there is clearly a notable portion of the American public that hasn’t felt the gains of the recovery yet, and that is likely to be a major force behind the 2020 election.
Warren trolls Chase Bank after viral tweet draws backlash: Sen. Elizabeth WarrenElizabeth Ann WarrenData dilemma: The challenge of separating the sound statistics from lies Young Turks host says Warren has a media ‘buzz problem’ Four 2020 Dems not yet qualified to participate in debates: report MORE (D-Mass.) trolled Chase Bank after the bank’s attempt at sharing personal finance advice on Twitter was met with backlash.
Chase’s original tweet, which has since been deleted, was criticized for appearing to mock people for spending money on things like coffee, food and taxis.
“You: why is my balance so low.
Bank account: make coffee at home.
Bank account: eat the food that’s already in the fridge.
Bank account: you don’t need a cab, it’s only three blocks.
You: guess we’ll never know.
Bank account: seriously?
#MondayMotivation,” Chase wrote in the tweet, which was later deleted.
In response, Warren sent a tweet mocking Chase in part by pointing out that the bank received a bailout after the financial crash.
“.@Chase: why aren’t customers saving money?
Taxpayers: we lost our jobs/homes/savings but gave you a $25b bailout.
Workers: employers don’t pay living wages.
Economists: rising costs + stagnant wages = 0 savings.
Chase: guess we’ll never know.
#MoneyMotivation,” Warren tweeted.
Rep. Katie Porter (D-Calif.) also criticized Chase over the tweet, suggesting that the bank “try paying your workers more.”
“Hey @Chase, try paying your workers more. Families aren’t spending frivolously; they’re trying to pay rent,” Porter wrote.
Porter had a viral showdown with JP Morgan Chase President and CEO Jamie Dimon over how much the bank was paying its entry-level workers.
House Democrats reject Trump cuts to NIH, Special Olympics with Labor-Health spending bill proposal: House Democrats are proposing adding nearly $12 billion in spending to the Labor, Health, Human Services and Education appropriations bill, according to legislative text released Monday.
The $189.8 billion measure, the largest of 12 annual spending bills except for Defense, is $11.7 billion higher than 2019 levels, and would surpass President Trump’s budget request by $47.8 billion.
The proposal rejects Trump’s proposed cuts to a number of services and programs, including the National Institutes of Health, the Corporation for Public Broadcasting and the Special Olympics, among others. Niv Elis breaks it down here.
GOOD TO KNOW
- A House Democrat on Monday said the IRS should consider requiring refunds for all taxpayers who paid for tax filing services even though they were eligible for free programs.
- Rep. Tim RyanTimothy (Tim) John RyanFour 2020 Dems not yet qualified to participate in debates: report Meet the only candidate focused on national security: Seth Moulton Chasten Buttigieg emerges as Mayor Pete’s secret weapon MORE (D-Ohio) on Monday released 10 years of his tax returns, becoming the latest 2020 Democratic presidential candidate to release the documents in order to draw a contrast with President Trump.
- A Democratic bill to roll back but not fully repeal the GOP tax law’s cap on the state and local tax (SALT) deduction would reduce federal revenue by $223 billion over 10 years, according to an analysis released Monday by the right-leaning Tax Foundation.
- Senate Finance Committee Chairman Chuck GrassleyCharles (Chuck) Ernest GrassleyGrassley to Trump: Lift tariffs or new NAFTA deal is ‘dead’ GOP ready to step up spying case Prevention is a critical tool in the fight against addiction MORE (R-Iowa) said over the weekend that Congress will not approve the U.S.-Mexico-Canada Agreement (USMCA) unless President Trump lifts tariffs on steel and aluminum, paving the way for the two other countries to nix their retaliatory tariffs.
- Agricultural and manufacturing firms have been among those hardest hit by tariffs stemming from a yearlong trade war, according to a new survey of business economists.
- Democrats vying for the 2020 presidential nomination regularly talk about protecting or expanding Social Security benefits, but the issue is far from center stage, and few are offering a viable plan to keep the program solvent.
ODDS AND ENDS
- Tesla founder Elon MuskElon Reeve MuskTesla says it may seek alternative sources of financing Elon Musk, SEC reach deal over rules for Tesla CEO’s tweeting Pentagon watchdog clears acting Defense chief in ethics probe MORE and the U.S. Securities and Exchange Commission (SEC) filed an agreement in federal court to try to resolve a years-long dispute over the tech tycoon’s public statements about his businesses.