Financial Services

OMB: Ukraine aid delay was consistent with law, past practice

Mick Mulvaney testifies before a House Appropriations Financial Services and General Government Subcommittee hearing in Rayburn Building on the fiscal year budget for OMB on April 18, 2018. (Tom Williams/CQ Roll Call file photo)

The White House budget office on Wednesday defended its temporary withholding of almost $400 million in Ukraine security-related funds earlier this year, saying the episode was in keeping with longstanding authorities that allow the executive branch to control the flow of appropriated funds.

“It was OMB’s understanding that a brief period was needed, prior to the funds expiring, to engage in a policy process regarding those funds,” says the nine-page Office of Management and Budget letter to the Government Accountability Office, which had inquired about the legality of the move. “OMB took appropriate action, in light of a pending policy process, to ensure that funds were not obligated prematurely in a manner that could conflict with the President’s foreign policy.”

House urges Supreme Court to enforce subpoenas for Trump’s financial records
Delay in subpoenas would be deprive Congress information it needs to secure elections, court filing says

People walk by the New York headquarters for Deutsche Bank in New York earlier this year. President Donald Trump is trying to keep Deutsche Bank and Capital One from acting on congressional subpoenas over his financial records. (Spencer Platt/Getty Images file photo)

The House cited 2020 election security concerns Wednesday when it urged the Supreme Court not to delay the enforcement of congressional subpoenas for financial records of President Donald Trump and his business from Deutsche Bank and Capital One Financial Corporation.

Any harm to Trump for allowing the enforcement of the House Financial Services and Intelligence committees would be less severe than Congress not getting information it needs to protect the elections from foreign influence, House attorneys argued in a Supreme Court filing.

Impeachment news roundup: Dec. 11
Judiciary Committee to take up articles tonight, vote expected Thursday

Speaker Nancy Pelosi makes her way to a news conference in the Capitol on Tuesday to announce articles of impeachment against President Donald Trump with committee chairs who helped draft them. (Tom Williams/CQ Roll Call)

The House Judiciary Committee began marking up articles of impeachment against President Donald Trump on Wednesday evening and is expected to vote on them Thursday.

In his opening statement, Judiciary Chairman Jerrold Nadler addressed why impeaching Trump was warranted when a presidential election is less than a year away. 

Trade deal sparks divisions in K Street
Phramaceutical lobby says changes put 'politics over patients'

K Street has widely welcomed the revamped U.S. trade pact with Canada and Mexico, but some sectors have blasted changes that congressional Democrats negotiated with the administration. (Bill Clark/CQ Roll Call file photo)

One of K Street’s top priorities, a revamped U.S. trade pact with Canada and Mexico, took a major step forward Tuesday, but not all sectors embraced the deal — potentially pitting big-spending organizations against one another.

Odd allies, including the labor group AFL-CIO and the business lobby U.S. Chamber of Commerce, offered support for a redo of the North American Free Trade Agreement, something that President Donald Trump initiated after pledging on the 2016 campaign trail he would replace the 1994 deal.

Regulators warn about fraudsters creating synthetic borrowers
Information cobbled together from multiple people used to make fake identities, establish credit

The Federal Reserve has issued warnings about synthetic identity fraud and is expected to release a report in early 2020 outlining ways that financial companies can mitigate the problem. (Caroline Brehman/CQ Roll Call file photo)

The financial technology industry that’s upending consumer finance could be the solution to a kind of identity fraud that’s dogging traditional banks and fintech companies alike.

It’s called synthetic identity fraud, where instead of stealing one person’s information, criminals synthesize a false identity using information from many people — usually those unlikely to monitor their credit, like children, the elderly, prisoners or the homeless. Fraudsters then establish a credit history for the fake person over time until they can trick banks or financial technology companies into lending them money.

Impeachment news roundup: Dec. 10
Democrats went without impeachment article from Mueller investigation

House Judiciary Chairman Jerrold Nadler announces the charges against President Donald Trump as, from left, Speaker Nancy Pelosi, and chairmen Maxine Waters, Richard Neal and Adam Schiff listen. (Bill Clark/CQ Roll Call)

House Republicans are raising issue with the lack of an impeachment hearing with minority witnesses, as GOP members of the Judiciary Committee have repeatedly requested.

“We will avail ourselves of every parliamentary tool available to us in committees and the House floor in order to highlight your inaction,” they wrote in a letter Tuesday.

Impeachment news roundup: Dec. 6
Trump asks the Supreme Court to temporarily halt enforcement of another congressional subpoena for Trump’s financial records

Speaker Nancy Pelosi, D-Calif., holds her weekly news conference in the Capitol on Thursday. (Bill Clark/CQ Roll Call)

As expected, President Donald Trump asked the Supreme Court on Friday to temporarily halt the enforcement of congressional subpoenas for financial records of the president and his business from Deutsche Bank and Capital One Financial Corp.

The president filed an emergency request with the justices to halt an order from the U.S. Court of Appeals for the 2nd Circuit for “prompt” compliance with the subpoenas — at least until the court can consider Trump’s appeal.

Appropriators seek to wrap up talks this weekend
But panel members acknowledge ‘hurdles’ as Dec. 20 deadline for bill passage looms

Sen. Patrick J. Leahy, the top Democrat on the Appropriations Committee, on Thursday said he was “more enthusiastic than I was a couple of days ago” that final negotiations on spending bills could be done this weekend. (Caroline Brehman/CQ Roll Call)

Spending bill negotiators set their sights on wrapping up a year-end deal by this weekend, but they differed on how realistic that deadline might be.

With only two weeks left before current funding runs dry, appropriators are hoping to finalize work on all 12 spending bills and pass them by Dec. 20 to avoid another stopgap measure or possible government shutdown. But unless a deal comes together in the next several days, lawmakers have warned, there likely won’t be enough time to write the bills and move them through both chambers before the holiday recess.

House will proceed with articles of impeachment against Trump, Pelosi says
Pelosi instructed committee chairmen to draft articles

Speaker Nancy Pelosi announces on the Speakers Balcony in the Capitol on Thursday that she is calling on the House Judiciary Committee to proceed with articles of impeachment against President Donald Trump. (Bill Clark/CQ Roll Call)

Speaker Nancy Pelosi announced Thursday that she has asked House committee chairmen to draft articles of impeachment against President Donald Trump.

“Sadly, but with confidence and humility, with allegiance to our founders and a heart full of love for America, today I'm asking our chairmen to proceed with articles of impeachment,” Pelosi said.

Impeachment news roundup: Dec. 5
Committee leaders to meet today on next steps toward impeachment, Judiciary members prepared to work over weekend

Speaker Nancy Pelosi, D-Calif., announces Thursday that she is calling on the House Judiciary Committee to proceed with articles of impeachment against President Donald Trump. (Bill Clark/CQ Roll Call)

House Judiciary Democrats have been advised to stay in Washington this weekend for impeachment strategy sessions, but members were unclear whether they’d be huddling to prepare for a Monday hearing or to begin debating the scope of articles of impeachment.

The committee announced Thursday afternoon that it will hold a hearing at 9 a.m. Monday to receive a presentation from Intelligence Committee counsel on its impeachment inquiry report, as well as a presentation from its own counsel. Members on the panel were not clear what the Judiciary counsel would be presenting.