BIDEN AT THE BOTTOM: Former Vice President Joe BidenJoe BidenDemocrats should not jeopardize 2020 victory with impeachment White House withdraws proposed expanded criminal background checks requirement: report Ocasio-Cortez compares climate scientists to viral clip of Ohio weatherman MORE is trailing most of his Democratic presidential competitors in a newly released ranking of climate records.

Biden tied for last place with former Colorado Gov. John HickenlooperJohn Wright HickenlooperThe narratives of the Democratic presidential candidates Progressive activist: NRA doesn’t represent all gun owners Hickenlooper: Democrats have to reject socialism or Trump will be reelected MORE (D) and Rep. Tim RyanTimothy (Tim) John Ryan2020 Democrat Delaney asks DNC to explain new debate threshold 2020 hopeful Delaney announces T plan to address infrastructure crisis The top 10 Democrats in the 2020 race MORE (D-Ohio) with a grade of D-minus, putting him behind other White House hopefuls such as Sens. Kamala HarrisKamala Devi HarrisBiden campaign: Impeachment ‘may be unavoidable’ now The narratives of the Democratic presidential candidates Chris Christie: Mueller ‘contradicts’ Barr’s summary of his findings MORE (Calif.), Cory BookerCory Anthony BookerMueller speaks: Five takeaways Biden campaign: Impeachment ‘may be unavoidable’ now MSNBC’s Chris Matthews: ‘Now or never’ for Pelosi to pursue impeachment MORE (N.J.) and Elizabeth WarrenElizabeth Ann WarrenBiden campaign: Impeachment ‘may be unavoidable’ now The narratives of the Democratic presidential candidates 2020 Democrats ramp up calls for Trump impeachment MORE (Mass.).

The rankings, released by Greenpeace on Thursday, took into consideration factors such as statements, legislative records, published plans and responses to a survey. The report card looked at the 19 candidates who have so far qualified for the first Democratic primary debate in June.

Washington Gov. Jay InsleeJay Robert InsleeOvernight Energy: Lawmaker warns White House not to influence science in climate report | Trump appeals Arctic drilling decision | Officials promote natural gas exports as ‘freedom gas’ The narratives of the Democratic presidential candidates Trump energy officials label natural gas ‘freedom gas’ MORE (D) took the top position with an A-minus. Inslee is running primarily on climate action as his presidential platform.

Booker and Sen. Bernie SandersBernie SandersThe antidote to information overload? Information The narratives of the Democratic presidential candidates The Hill’s 12:30 Report: Mueller breaks silence in surprise statement MORE (I-Vt.) both earned grades of B-plus, putting them just behind Inslee to round out the top three spots.

Sen. Kirsten GillibrandKirsten Elizabeth GillibrandBiden campaign: Impeachment ‘may be unavoidable’ now The narratives of the Democratic presidential candidates MSNBC’s Chris Matthews: ‘Now or never’ for Pelosi to pursue impeachment MORE (D-N.Y.), who came in fourth place, said in her survey response that she would champion transitioning the U.S. to 100 percent clean energy in 10 years by 2030. Her 10-year plan would include decarbonizing buildings, the industrial sector and the transportation industry. It’s the first timeline commitment from Gillibrand, who has not released a comprehensive climate plan.

Grades were largely determined by a candidate’s commitment to reject campaign donations from the fossil fuel industry, embrace the progressive climate action plan known as the Green New Deal, and timelines for seeking to transition the U.S. to a renewable electric grid.

Read more about the rankings here.

 

HAPPY THURSDAY! Welcome to Overnight Energy, The Hill’s roundup of the latest energy and environment news. We’ll be picking up the newsletter again on Tuesday.

Please send tips and comments to Miranda Green, mgreen@thehill.com and Rebecca Beitsch, rbeitsch@thehill.com. Follow us on Twitter: @mirandacgreen, @rebeccabeitsch and @thehill.

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WHAT ANIMAL WOULD ZINKE RIDE IN ON THIS TIME?: Former Interior Secretary Ryan ZinkeRyan Keith ZinkeGOP rep Gianforte considering run for Montana governor: Report Senate panel approves Interior nominee over objections from Democrats Interior’s border surge puts more officers in unfamiliar role MORE is not ruling out a return to politics despite leaving the Trump administration marred by ethical issues.

“The president didn’t want me to leave. I may or may not go back into the administration at a later time,” Zinke told the Houston Chronicle. “I believe in the president’s vision of making sure America is strong and not held hostage. The world is a lot safer when America is strong.”

Zinke told the Chronicle he was open to returning to Washington after the 2020 elections.

The former Navy SEAL and Montana congressman announced he would leave his post at the Department of the Interior in December of last year, following a string of ethics investigations.

Zinke’s behavior spurred more than a dozen investigations into his conduct in office, including probes into whether he improperly blocked an American Indian casino project after a competitor’s lobbying and scrutiny over a land deal involving a foundation he led and a company backed by David Lesar, chairman of oilfield services company Halliburton.

Interior’s Office of Inspector General also found that Zinke violated department policies by letting his wife travel in government vehicles, but the office cleared him of potential violations related to his official travel, including flying on a jet owned by an oil executive and using a private plane on a trip that included a political fundraiser.

Zinke was dismissive of the investigations.

“There’s an allegation and the opposition demands an investigation with great fanfare,” he said. “Washington has become a city that has a lot of anger, a lot of hatred, a lot of fake news and false allegations. The two sides are trying to destroy each other rather than work together.”

 

‘CLIMATE CHAMPIONS FROM CITY COUNCILS TO THE WHITE HOUSE’: The Sierra Club on Thursday said it plans to have staff and volunteers back the efforts of 100 yet-to-be-selected campaigns across the country, making it the latest green group to commit significant resources to help elect candidates who vow to take action on climate change.

“2020 will be the climate election of our lifetimes, and the Sierra Club will be mounting our biggest effort ever,” Sierra Club executive director Michael Brune said in a statement. “The climate crisis is here and now, yet Donald TrumpDonald John TrumpTrump: ‘I was not informed about’ reported request to move USS John McCain Meghan McCain: Trump is a ‘child’ who will always be ‘deeply threatened’ by my dad Trump accuses Democrats of crime amid rising calls for impeachment MORE and his enablers are endangering our health and our communities while abandoning the booming clean energy economy. That’s why, along with our more than 3.5 million members and supporters, the Sierra Club will be engaging and mobilizing voters to elect climate champions from city councils to the White House.”

Environmental groups are pushing to make sure climate change is a central focus of the 2020 elections. What started as an effort by environmentalists for a climate-centered debate has now become a rallying cry from some Democratic presidential campaigns and echoed by sitting senators.

The groups have also banded together to raise funds for the eventual 2020 Democratic nominee. Green groups launched the Beat Trump Presidential Climate Unity Fund in April, with the goal of raising $1 million to hand over to the future ticket leader.

Read more about the effort here.

 

OUTSIDE THE BELTWAY:

Oregon moving closer to temporary fracking ban, Bloomberg reports.

Florida senators back push for federal help with red tide, we report.

New Hampshire sues 3M, DuPont, six other companies over PFAS contamination, the New Hampshire Union Leader reports.

Raleigh goes underground to find stink-free solution to downtown trash carts, the News & Observer reports.

South Carolina passes bill to bar offshore drilling on its coast, WCBD reports.

Minnesota program will pay homeowners to transform lawns into bee gardens, we report.

 

ICYMI:

Stories from Thursday…

Sierra Club says it will commit resources to help 100 candidates next year

Biden at bottom of list in environmental group’s climate rankings

Ex-Interior Secretary Zinke hasn’t ruled out a return to politics: report

Minnesota program will pay homeowners to transform lawns into bee gardens

Florida senators back push for federal help with red tide

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Pamela Anderson is staunchly defending Julian AssangeJulian Paul AssangeEspionage Act should exempt journalists — whether Assange is a ‘real’ reporter or not Hillicon Valley: Facebook won’t remove doctored Pelosi video | Trump denies knowledge of fake Pelosi videos | Controversy over new Assange charges | House Democrats seek bipartisan group on net neutrality Julian Assange indictment endangers press freedom MORE against critics who accuse the WikiLeaks founder of helping Russia meddle in the 2016 presidential election, saying the “whole saga of ‘foreign intervention’ is fundamentally absurd.”

“The elections have neither been rigged, nor have voters been intimidated or deceived by misinformation,” the former “Baywatch” star writes in a Daily Beast op-ed published Thursday. “The only thing that happened is that the disclosure of true information about a candidate‘s character and conduct hurt her campaign and may well have caused her defeat. So what? That’s democracy,” writes Anderson, in reference to 2016 Democratic presidential nominee Hillary ClintonHillary Diane Rodham ClintonTrump accuses Democrats of crime amid rising calls for impeachment Hillary Clinton: Trump administration ‘too often’ tears down civil rights Pelosi: It ‘breaks my heart’ to be introduced as highest-ranking woman MORE‘s campaign. “Stop whining and grow up!”

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“So you say the Mueller Report proves Julian guilty?” the 51-year-old actress and former model wrote in her piece. “Well, then let’s talk about it: The report does not claim that Julian hacked the [Democratic National Committee]. It only says that he sought to ‘obscure’ his sources, as any serious journalist would do, and to ‘release’ information at times that were beneficial to the Trump campaign.”

“Oh well, too bad for Hillary that there were two sides to this election and that some people wanted someone else to win!” writes Anderson. “Now isn’t this the nature of any election, except those designed to confirm dictators, autocrats and others feeling ‘entitled’ to positions of power?”

Calling him an investigative journalist, Anderson says Assange, 47,  shouldn’t be “persecuted and jailed” for exposing “the truth” about Clinton.

“While Julian may have influenced the election, he certainly has not interfered with it,” Anderson writes. “Hillary lost the election herself, simply because the Electoral College resulted in a majority for Trump. And if you believe the culprits were Russian hackers, well then sort it out with the Kremlin, but keep your hands off our freedom of the press!”

Anderson has been a longtime, outspoken supporter of Assange. In 2017, she called him one of her “favorite people,” but did not address rumors of a romantic relationship. 

The WikiLeaks founder is currently serving a 50-week prison sentence in London for skipping bail in 2012. 

U.S. charges have been filed against Assange for allegedly conspiring to hack into computers in connection with the organization’s release of classified government cables from Chelsea ManningChelsea Elizabeth ManningEspionage Act should exempt journalists — whether Assange is a ‘real’ reporter or not Hillicon Valley: Facebook won’t remove doctored Pelosi video | Trump denies knowledge of fake Pelosi videos | Controversy over new Assange charges | House Democrats seek bipartisan group on net neutrality Julian Assange indictment endangers press freedom MORE, a former Army private and intelligence analyst.

Happy Thursday and welcome back to On The Money, where we’re wondering what the federal government will do with its new piece of prime real estate. 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, njagoda@thehill.com and nelis@thehill.com. Follow us on Twitter: @SylvanLane, @NJagoda and @NivElis.

 

BREAKING… Trump hits Mexico with new tariffs:

President TrumpDonald John TrumpTrump: ‘I was not informed about’ reported request to move USS John McCain Meghan McCain: Trump is a ‘child’ who will always be ‘deeply threatened’ by my dad Trump accuses Democrats of crime amid rising calls for impeachment MORE announced late Thursday that he would implement a 5 percent tariff on imports from Mexico starting June 10, “until such time as illegal migrants coming through Mexico, and into our Country, STOP.”

“On June 10th, the United States will impose a 5% Tariff on all goods coming into our Country from Mexico, until such time as illegal migrants coming through Mexico, and into our Country, STOP. The Tariff will gradually increase until the Illegal Immigration problem is remedied,..” Trump tweeted.

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The announcement follows a day of speculation after Trump said Thursday morning he would make his “biggest statement yet” on the border.

Click here for more on this breaking story.

 

THE BIG DEAL–White House starts clock on approval for new NAFTA: The White House on Thursday formally notified Congress that it is starting the approval process for President Trump’s revision of the North American Free Trade Agreement (NAFTA), triggering a showdown with congressional Democrats over Trump’s signature trade agreement.

The White House sent a draft statement of administrative action to lawmakers, a necessary step for the new NAFTA to be considered on a fast-track basis.

 

Why it’s important: The decision is designed to put pressure on House Democrats, who have objections to the revised trade pact and have reportedly warned the White House not to begin the formal process of submitting it to Congress. The Hill’s Jordan Fabian tells us more here.

 

How it works:  

• The formal notice would kick off a minimum 30-day period before the implementing the legislation would be sent to Congress, though it is possible the White House could further delay introducing the legislation to provide more time for negotiations.

• Once the bill is introduced, the House would have 60 days to vote whether to send it to the Senate. Congress could not change the agreement or filibuster it under fast-track.

 

Pressure on Pelosi: The move inflamed tensions with Democrats, who wanted stronger enforcement mechanisms and higher standards for labor and environmental protection.

Speaker Nancy PelosiNancy PelosiOvernight Health Care: Missouri governor steps up threats to Planned Parenthood | Louisiana passes ‘heartbeat’ abortion ban | Trump official who oversaw refugee children to leave post | Durbin urges FDA crackdown on e-cigs Hillicon Valley: Pelosi blasts Facebook for not taking down doctored video | Democrats push election security after Mueller warning | Critics dismiss FCC report on broadband access | Uber to ban passengers with low ratings On The Money: US banks see profits rise | Pelosi ‘optimistic’ on infrastructure deal with Trump | Former Black Caucus staffers flex clout on K Street MORE (D-Calif.) had warned U.S. Trade Representative Robert LighthizerRobert (Bob) Emmet LighthizerChinese, US negotiators fine-tuning details of trade agreement: report The Trump economy keeps roaring ahead Trump says no discussion of extending deadline in Chinese trade talks MORE not to send the draft statement in order to buy more time for negotiations.

“The Trump Administration’s decision to send Congress a draft statement of administrative action before we have finished working with … Lighthizer to ensure the USMCA benefits American workers and farmers is not a positive step,” Pelosi said Thursday. 

“It indicates a lack of knowledge on the part of the Administration on the policy and process to pass a trade agreement.”

 

LEADING THE DAY:

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Third House Republican blocks disaster aid bill: A conservative House Republican prevented the passage of a disaster aid bill on Thursday, meaning lawmakers won’t be able to send the measure to President Trump until the chamber reconvenes next week.

Rep. John RoseJohn Williams RoseHouse passes bill expressing support for NATO Massachusetts is leading the way on gun safety, but we can’t do it alone MORE (R-Tenn.) objected to the third attempt by Democrats in the last week to clear a $19.1 billion package providing funds for disaster-stricken areas by unanimous consent.

House members left Washington last Thursday for the Memorial Day recess and won’t be back until Monday. Democrats tried to clear the bill during pro forma sessions with few lawmakers present last Friday and on Tuesday but were met with objections from conservative Republicans who demanded a roll call vote.

“Our nation is $22 trillion in debt, trying to pass nearly $20 billion in new spending while the majority of Congress is not even in Washington,” Rose said, calling the attempt to pass the disaster aid package by unanimous consent “another act of irresponsible big government.”

The disaster aid measure, which is  supported by Republican leadership, is expected to pass once Democrats put it to a roll call vote next week.

While Rose blocked the disaster aid bill, the House did pass by unanimous consent a two-week extension of the National Flood Insurance Program, which was set to expire Friday at midnight.

 

Democratic senators rip Trump administration’s trade aid to foreign firms: A group of Senate Democrats is pushing the Agriculture Department (USDA) to halt trade-related aid to foreign-owned corporations as the Trump administration faces backlash for more than $60 million in payments to a Brazilian meatpacking firm.

In a Wednesday letter to Agriculture Secretary Sonny PerdueGeorge (Sonny) Ervin PerdueBrazilian firm draws scrutiny on Trump farm aid On The Money: Senate passes disaster aid bill after deal with Trump | Trump to offer B aid package for farmers | House votes to boost retirement savings | Study says new tariffs to double costs for consumers Trump administration announces B aid package for farmers hurt by trade war with China MORE released publicly on Thursday, nine Democratic senators criticized the USDA for purchasing pork from JBS USA, an American subsidiary of Brazilian corporation JBS SA.

“It is unacceptable that American taxpayers have been subsidizing our competitors through trade assistance,” wrote the senators, including Senate Minority Leader Charles SchumerCharles (Chuck) Ellis SchumerDemocratic strategist says McConnell’s comments on Supreme Court vacancy are ‘a blessing’ Democrats blast McConnell for saying Republicans would fill a 2020 Supreme Court vacancy McConnell says Republicans would fill 2020 Supreme Court vacancy MORE (D-N.Y.) and two of the Democratic Party’s 2020 presidential candidates, Sens. Kirsten GillibrandKirsten Elizabeth GillibrandBiden campaign: Impeachment ‘may be unavoidable’ now The narratives of the Democratic presidential candidates MSNBC’s Chris Matthews: ‘Now or never’ for Pelosi to pursue impeachment MORE (N.Y.) and Amy KlobucharAmy Jean KlobucharThe narratives of the Democratic presidential candidates The Hill’s 12:30 Report: Mueller breaks silence in surprise statement The Memo: Huge Democratic field boosts Biden MORE (Minn.).

Democratic Sens. Debbie StabenowDeborah (Debbie) Ann StabenowTrump campaign eyeing effort to boost support from African Americans, Hispanics, suburban women: report Lawmakers, Trump agencies set for clash over chemicals in water Brazilian firm draws scrutiny on Trump farm aid MORE (Mich.), Sherrod BrownSherrod Campbell BrownThe Hill’s 12:30 Report: Justices sidestep major abortion decision despite pressure On The Money: Judge upholds House subpoena for Trump financial records | Trump vows to appeal ruling by ‘Obama-appointed judge’ | Canada, Mexico lift retaliatory tariffs on US | IRS audit rate falls Lawmakers grapple with the future of America’s workforce MORE (Ohio), Patrick LeahyPatrick Joseph LeahySenate passes disaster aid bill after deal with Trump GOP senators work to get Trump on board with new disaster aid package Chances for disaster aid deal slip amid immigration fight MORE (Vt.), Richard Blumenthal (Conn.), Patty MurrayPatricia (Patty) Lynn MurrayOvernight Health Care — Presented by PCMA — Senators unveil sweeping bipartisan health care package | House lawmakers float Medicare pricing reforms | Dems offer bill to guarantee abortion access Bipartisan senators reveal sweeping health care package Senate chairman says bipartisan health care package coming Thursday MORE (Wash.), and Tammy BaldwinTammy Suzanne BaldwinBrazilian firm draws scrutiny on Trump farm aid Warren vows to fight ‘tooth and nail’ for LGBTQ protections as president This week: House to vote on bill to ban LGBTQ discrimination MORE (Wis.) also signed the letter.

“We ask that you ensure these commodity purchases are carried out in a manner that most benefits the American farmer’s bottom line–not the business interests of foreign corporations.”

 

The background: Trump rolled out $12 billion in direct aid and purchases for farmers and ranchers targeted by tariffs and said last week he would release another $16 billion in assistance.

JBS USA, the second-largest meatpacker in the U.S., has received $64 million in pork purchases from the first tranche of aid, which the company says will go to American hog-raisers that sell to their production plants.

• Democrats have spoken out against the Trump administration sending any federal aid to a company owned by a foreign corporation.

• But GOP lawmakers have been mum about JBS USA and Joesely and Wesley Batista, the Brazilian brothers who own its parent corporation, JBS SA.

• The Batistas have admitted to bribing thousands of Brazilian officials, have spent time in and out of jail in Brazil, and are facing accusations of insider trading and lying to prosecutors. The Justice Department is also investigating the Batistas for violating the Foreign Corrupt Practices Act, according to court records obtained by The Hill.

 

GOOD TO KNOW

• The top Democrat on the Senate Finance Committee on Thursday threatened to block nominees to the Treasury Department until the Trump administration answers questions about the handling of a Democratic request for the president’s tax returns.

• The Bureau of Economic Analysis on Thursday revised first-quarter gross domestic product (GDP) growth down to 3.1 percent from the advance estimate of 3.2 percent.

• A federal judge on Thursday rejected the Trump administration’s request to pause an order blocking the White House from using some diverted military funds to start building a wall at the southern border.

• Tariffs are taking a toll on Pacific Northwest grain exports, according to The Columbian.

• JPMorgan Chase will pay $5 million to resolve allegations its parental leave policy discriminated against men, according to HuffPost.

 

ODDS AND ENDS

• National security adviser John BoltonJohn Robert BoltonOvernight Defense: Pentagon intel chief believes Russia cheating on nuke treaty | Shanahan breaks with Trump over North Korean missile tests | Top general explains Iranian threats Top general: Recent Iran threats were different because they were ‘more of a campaign’ Shanahan breaks with Trump on North Korea missile tests MORE said Thursday that British officials may still be undecided on whether to move forward with giving Chinese telecom giant Huawei access to parts of the country’s 5G network.

• Health care costs are the top financial issue facing most American families, according to a new Gallup poll released Thursday.

A man in Alabama sued Delta Airlines on Friday, claiming he was attacked by a fellow traveler’s emotional support dog in 2017.

In court filings reported by NBC News, Marlin Jackson argued he suffered “extensive facial damage” when a dog owned by Ronald Mundy, who was sitting next to him, became agitated and bit Jackson repeatedly in the face, causing him to bleed profusely.

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According to NBC, Jackson argued in the court filings that Delta was liable for the attack because the airline’s staff ignored their company’s policy on service animals, which requires large dogs to be secured on the floor of the plane rather than allow customers to carry them in their laps.

“Defendant Delta allowed the large animal to remain in Defendant Mundy’s lap while Delta employees passed through the area in open disregard of said policy,” reads the lawsuit, according to NBC.

His attorneys told NBC News Jackson continues to suffer physically and mentally from the attack.

“Marlin Jackson continues to suffer from the vicious dog attack,” J. Ross Massey and Graham Roberts told NBC News. “The attack on Mr. Jackson would not have happened had Delta enforced their own pre-existing policies concerning animals in the cabin.”

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A Delta spokesperson declined to comment to the news network on the attack, but told NBC that it had updated its policies regarding emotional support animals, which were completely banned from longer Delta flights in December. The company now requires certification that an animal is trained for emotional support to be allowed in the cabin.

“The airline also banned pit bulls and animals under four months of age as service or support animals. These policy updates reinforce Delta’s core value of putting safety first, always,” a spokesperson reportedly said.

White House senior adviser Jared KushnerJared Corey KushnerWhite House withdraws proposed expanded criminal background checks requirement: report The Hill’s Morning Report – Joe Biden’s big advantage GOP pollster: Trump immigration proposal a bid to recapture educated voters turned off by border wall rhetoric MORE met with Israeli Prime Minister Benjamin NetanyahuBenjamin (Bibi) NetanyahuMORE on Thursday to build support for his Middle East peace plan, amid fresh political turmoil in Israel.

Kushner, President TrumpDonald John TrumpTrump: ‘I was not informed about’ reported request to move USS John McCain Meghan McCain: Trump is a ‘child’ who will always be ‘deeply threatened’ by my dad Trump accuses Democrats of crime amid rising calls for impeachment MORE‘s son-in-law, touted the relationship between Washington and Jerusalem.

“The security of Israel is something that is critical to the relationship between America and Israel and also very important to the president in his heart, and we appreciate all of your efforts to strengthen the relationship between our two countries,” he told Netanyahu. “It’s never been stronger.”

Netanyahu also promoted his close relationship with Trump, pointing to a map the president had given him depicting the recently annexed Golan Heights as part of Israel.

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Kushner and U.S. special envoy Jason Greenblatt met with Netanyahu in his Jerusalem residence Thursday as part of a regional tour to rally support for an upcoming economic conference in Bahrain being organized by the White House, where the administration plans to roll out the economic portion of its peace deal.

The U.S. hopes to attract investments from wealthy Arab countries that would bolster infrastructure work and investment in the Palestinian territories. Kushner and Greenblatt also visited Jordan and Morocco this week to drum up support for the Bahrain conference. 

Kushner had previously suggested that his highly anticipated peace plan could be rolled out in June, following the end of Ramadan and after Netanyahu formed a new government. But that timing has been thrown into uncertainty after Netanyahu, who was reelected to his fifth term in April, failed to form a new majority government.

The Israeli parliament voted early Thursday morning to dissolve itself and send the country back to the polls for its second national election this year.

Netanyahu must now stand for election again as he also faces corruption charges.

Netanyahu dismissed any idea that the turmoil would impact cooperation between the U.S. and Israel, saying after the meeting that “even though we had a little event last night, it’s not going to stop us.”

“The Bahrain workshop will go on as scheduled, June 25/26,” an administration official told The Hill. “As far as the rest of the plan/rollout, we’ve long said that we will release the plan when the timing is right.”

Another potential obstacle to the peace plan is the opposition of Palestinian President Mahmoud Abbas, who rejected the parameters of the Bahrain conference and the role of the U.S. as a mediator after Trump recognized Jerusalem as Israel’s capital in December 2017.

Jordan Fabian contributed. Updated 2:24 p.m.

Welcome to Thursday’s Overnight Health Care.

The U.S. has now broken a decades-old record for measles cases, civil rights groups are suing HHS and South Carolina over alleged adoption discrimination, and New Jersey is suing the now-infamous Sackler family over the opioid epidemic. Meanwhile, on Friday the FDA will take its first steps towards regulating CBD.

But we’ll start with some late-breaking news on abortion.

 

Democratic Louisiana governor signs abortion bill

Louisiana Gov. John Bel Edwards (D) on Thursday broke with his party and signed into law a ban on abortions after a fetal heartbeat is detected, which can occur at about six weeks of pregnancy.

The so-called “heartbeat” abortion ban, the sixth of its kind to be passed in recent months, doesn’t include exceptions for rape or incest.

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With Edwards’ signature, Louisiana is the sixth state to pass such a ban, joining Georgia, Mississippi, Kentucky, Ohio and Missouri.

Why this time is different: Edwards, who says he is “pro-life,” is the first Democratic governor to sign a sweeping bill limiting abortion rights in the state.

The politics: The “heartbeat” bans, as well as a separate, widespread abortion ban in Alabama, have been criticized on the national stage by abortion rights advocates and prominent Democrats, including many of those running for president.

What’s next: Louisiana’s ban won’t take effect unless a similar bill in Mississippi is upheld in a federal appeals court.

A federal judge last week issued a preliminary injunction blocking that law from going into effect while it is being challenged in court.

Proponents of the bans are hoping the legislation will lead to a Supreme Court battle to overturn Roe v. Wade, the landmark ruling that granted abortion rights nationwide.

Read more on the abortion fight here.

 

US measles cases grow to 971, breaking 25-year record

The measles outbreak is continuing to grow at an alarming trend, and public health officials on Thursday said the U.S. has broken a decades-old record for the most measles cases reported in a single year, with 971 cases reported so far in 2019.

The Centers for Disease Control and Prevention (CDC) said the total number of cases through the first five months of this year has surpassed the record 963 cases reported for all of 1994.

The last time the country saw as many cases was in 1992, when more than 2,200 were reported.

Most of the cases have been spread from children who catch it while traveling abroad, and then spread the disease in their unvaccinated community upon returning. The majority of people who get measles are unvaccinated.

“Measles is preventable and the way to end this outbreak is to ensure that all children and adults who can get vaccinated, do get vaccinated,” CDC Director Robert Redfield said in a statement.

Concerns based on misinformation about the vaccine’s safety and effectiveness, as well as disease severity, may lead parents to delay or refuse vaccines, the agency said. Measles was declared eliminated in 2000, but if the current trends continue, that will no longer be the case come next fall.

“That loss would be a huge blow for the nation and erase the hard work done by all levels of public health,” the agency said in a statement.  

Former FDA Commissioner Scott Gottlieb:

#MadeInAmerica
A preventable tragedy, and now there’s risk that the disease could again become endemic in the U.S. https://t.co/ASkkN70ZNN

— Scott Gottlieb, MD (@ScottGottliebMD) May 30, 2019

From HHS Secretary Alex Azar:

#Measles is preventable: We have a safe & effective vaccine to protect ourselves, loved ones & neighbors from this incredibly contagious disease. Talk to your doctor to ensure you & your children are up-to-date with the recommended vaccination schedule. https://t.co/pFNaIpeG8C

— Secretary Alex Azar (@SecAzar) May 30, 2019

Read more on the outbreak here.

 

Coming tomorrow: FDA to hold first public hearing on CBD

The Food and Drug Administration on Friday is set to hold its first-ever public hearing on products containing cannabis and cannabis-derived compounds. The most popular such product? Cannabidiol, or CBD.

The hearing is a big step, as the market has been booming, and industry is clamoring for some sort of regulatory clarity from FDA. The current situation, they say, is basically the Wild West. Congress legalized the use of hemp-based CBD products late last year in the farm bill, sending the agency scrambling to figure out new rules around regulating a unique product that is both a drug and a dietary supplement. Right now, nobody really knows if it’s legal or not, and the FDA hasn’t been totally clear.

What to expect: There will be more than 140 people testifying at the all-day hearing, ranging from academics to manufacturers to advocacy groups and state government officials. FDA wants data about the safety and efficacy of CBD in general, as well as its use in food and drink products. The hearing is an attempt for information gathering. In particular, expect the agency to focus on concerns about the levels of CBD, the mode of delivery, as well as any interactions it could have with other substances.

What will happen next: After the hearing, there will be a comment period open until July 2. The agency will consider the public input, and the FDA’s working group on CBD is expected to share results later this summer. But FDA can drag out the regulatory process for a long time if needed. The public input will be used to develop draft regulations, which will go through another comment period before being finalized. It could be years, but the hearing is a first step.

 

Civil rights groups sue HHS, South Carolina over Trump adoption policies

Civil rights groups are taking the Trump administration and the state of South Carolina to court, alleging the governments are making it easier for taxpayer-funded adoption and foster care agencies to discriminate against same-sex and non-evangelical couples.

Thursday’s lawsuit from the American Civil Liberties Union (ACLU) and Lambda Legal was filed in the U.S. District Court for the District of South Carolina on behalf of a married lesbian couple. Eden Rogers and Brandy Welch were turned away by Miracle Hill Ministries, South Carolina’s largest state-contracted, federally-funded foster care agency.

“Trump’s HHS and South Carolina should not be permitting foster care agencies that receive taxpayer money to care for wards of the state to disqualify potential foster parents because they don’t conform to a religious litmus test,” said Currey Cook, counsel at Lambda Legal. “Agencies have no right to exclude families because of their faith or sexual orientation.”

The back story: The lawsuit comes after the Department of Health and Human Services (HHS) earlier this year granted a waiver to a faith-based adoption agency in South Carolina that allows it to continue turning away same-sex and non-Christian couples while receiving federal money.

The ACLU and Lambda Legal said the federal waiver means the administration is condoning discrimination, and the lawsuit said the use of religious eligibility criteria is unconstitutional.

Read more on the lawsuit here.

 

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New Jersey sues Sackler family for alleged role in opioid epidemic

New Jersey is suing the family that founded Purdue Pharma, alleging “deceptive” marketing practices that fueled the opioid epidemic.

Attorney General Gurbir Grewal said his office filed the lawsuit Thursday against eight members of the Sackler family.

“We allege that these eight defendants, despite knowing the highly addictive nature of their product, adopted highly deceptive marketing practices, encouraged reckless prescriptions and targeted multiple patient populations,” Grewal said.

“They sought and reaped huge profits from the suffering of others.”

Context: The Sacklers and Purdue Pharma are named in thousands of lawsuits filed by cities, counties and states over their alleged role in the opioid epidemic.

The family has denied the allegations.

Read more here.

 

Families list health care as top financial problem: poll

There’s a reason why lawmakers keep talking about lowering health care costs: A lot of people are struggling with them.

Health care costs are the top financial issue facing most American families, according to a new Gallup poll released Thursday.

Americans’ top financial issues according to the poll:

Health care: 17 percent

Low wages or lack of money: 11 percent

College expenses: 8 percent

Cost of owning or renting home: 8 percent

Taxes: 8 percent

In Congress: Various bipartisan ideas about “lowering health care costs” are coming together, including Senate health committee chairman Lamar AlexanderAndrew (Lamar) Lamar AlexanderOvernight Health Care — Presented by PCMA — Senators unveil sweeping bipartisan health care package | House lawmakers float Medicare pricing reforms | Dems offer bill to guarantee abortion access Bipartisan senators reveal sweeping health care package Collins offering bill to boost battery research as GOP pushes energy ‘innovation’ MORE and Sen. Patty MurrayPatricia (Patty) Lynn MurrayOvernight Health Care — Presented by PCMA — Senators unveil sweeping bipartisan health care package | House lawmakers float Medicare pricing reforms | Dems offer bill to guarantee abortion access Bipartisan senators reveal sweeping health care package Senate chairman says bipartisan health care package coming Thursday MORE (D-Wash.) releasing a draft proposal earlier this month.

Read more here.

 

What we’re reading

Trump takes aim at insurers and hospitals over health care costs (CNN.com)

Old fight, new front: AIDS activists want lower drug prices. Now! (NPR)

Facebook pledged crackdown on vaccine misinformation. Then not much happened. (The Wall Street Journal)

Doctors were alarmed: ‘Would I have my children have surgery here?’ (The New York Times)

 

State by state

Official says threat by Cigna CEO to leave Connecticut kills public option health legislation, though insurer denies ‘anything like that’ (Hartford Courant)

Only a few firms get a shot at Georgia health care waiver contract (Atlanta Journal Constitution)

Kentucky Rep. John YarmuthJohn Allen YarmuthPelosi, Nadler tangle on impeachment, contempt vote Nancy Pelosi fends off impeachment wave — for now CBO: Medicare for All gives ‘many more’ coverage but ‘potentially disruptive’ MORE co-sponsors four Medicare-for-all measures (Louisville Courier Journal)

Welcome to Wednesday’s Overnight Health Care.

Missouri’s governor accused Planned Parenthood of violating state law, Senate Minority Whip Dick DurbinRichard (Dick) Joseph DurbinSenate GOP vows to quickly quash any impeachment charges Senate Democrats to House: Tamp down the impeachment talk Threat of impeachment takes oxygen out of 2019 agenda MORE (D-Ill.) sounded off on his recent meeting with the acting head of the FDA, and the former head of HHS’s refugee office is leaving the administration.

We’ll start today with news from Missouri:

 

Missouri governor threatens state’s only abortion provider

Missouri Gov. Mike Parson (R) on Wednesday said that the state’s sole abortion provider will be unable to perform abortions after Friday if it doesn’t comply with an ongoing investigation into potential violations of state law.

Parson said the Planned Parenthood clinic is suspected of breaking several state laws and regulations, including one that requires patients receive pelvic exams 72 hours before getting abortions.

Why it matters: The clinic’s current license to perform abortions expires Friday, and Parson said the state will not renew it unless the clinic makes five of its doctors available for interviews and resolves the issues.

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The other side: Planned Parenthood says it has already made two of its doctors available for interviews, but the other five are not technically employees of the organization and haven’t consented to interviews.

President Leana Wen says the laws and regulations Planned Parenthood is accused of violating were designed to shut down abortion clinics.

“All of these regulations have only one purpose, which is to shut down the ability of health centers to provide safe, legal abortions, which is not going to stop abortion, but it will stop safe, legal abortions,” Wen said in an appearance on CBS.

What’s next: Planned Parenthood is suing the state, accusing it of illegally withholding its license renewal. Hearings that were scheduled for Wednesday were postponed until Thursday.

Read more here.

 

More abortion news…

 

Louisiana lawmakers pass ‘heartbeat’ abortion ban

The Louisiana state legislature on Wednesday approved a “heartbeat” abortion bill with no exceptions for cases of rape or incest, sending the measure to Gov. John Bel Edwards (D), NBC News reported.

The law would be among the strictest in the nation and would ban women from terminating a pregnancy once a fetal heartbeat has been detected, typically around six weeks. 

The bill was passed on a 79-23 vote in the House after intense debate. The Senate had already approved the bill.

Read more here.

Trump appointee who oversaw refugee children to leave administration

 Scott Lloyd, a Trump appointee who oversaw refugee children at the Department of Health and Human Services (HHS), is leaving the administration, the agency announced on Wednesday.

His last day will be June 7. The agency said Lloyd has a job lined up outside the administration but did not name his future employer.

Lloyd served as director of the Office of Refugee Resettlement (ORR) for a year and a half but left that post in November for another job within HHS.

He is best known for his role in the administration’s short-lived “zero tolerance” immigration policy that resulted in thousands of migrant children being separated from their families at the U.S.-Mexico border.

He’s also known for blocking pregnant minors in ORR custody from getting abortions.

He appeared before Congress earlier this year, facing questions from angry Democrats over both policies. Lloyd testified that he failed to alert HHS leaders about the health risks of separating migrant children.

House Judiciary Democrats have since been asking for Lloyd to “clarify” some of his testimony that has been proven false. Lloyd had denied that he tracked menstrual cycles of girls and women in his custody.

In fact, it was shown that Lloyd used spreadsheets to track how far along unaccompanied girls were in their pregnancies and was receiving updates on the menstrual cycles of the young migrant girls in custody.

Next up: As part of the staffing shift, HHS said Matt Bowman will now be principal advisor to the head of the refugee office. Bowman is a former religious activist with strong anti-abortion views. Before working at HHS, Bowman was an attorney for the conservative Christian group Alliance for Defending Freedom, where he worked in the groups’ Center for Life. Bowman once argued before the Supreme Court on behalf of a client looking to roll back ObamaCare’s birth control mandate.

Read more here.

 

Durbin urges acting FDA chief to crack down on e-cigarettes

The Food and Drug Administration needs to immediately remove kid-friendly e-cigarette flavors from the market, and crack down on Juul’s claims that it can help people quit smoking, Sen. Dick Durbin (D-Ill.) said Wednesday.

In a letter to Acting FDA Commissioner Ned Sharpless, Durbin said he doesn’t understand why the agency isn’t taking action to address the sharp increase in youth vaping.

Durbin outlined the actions he thinks Sharpless needs to take but said that after meeting with Sharpless earlier this month, he does not think the acting commissioner has any intention of dealing with the issue.

“It is my belief that any person leading the FDA … must, first and foremost, feel a deep sense of responsibility to protect the health and well-being of all Americans, especially our nation’s children. Unfortunately, based on our meeting, I do not have confidence that you are that leader,” Durbin said.

More on Durbin’s letter here.

 

Analysis: Top 25 drugs make up much of drug spending

The drug pricing group Patients for Affordable Drugs has a new analysis showing that the 25 costliest drugs made up a large share of total Medicare Part D drug spending.

The 25 costliest drugs make up 29.6 percent of spending, the group found.

Why it’s relevant: The analysis comes as Speaker Nancy PelosiNancy PelosiHillicon Valley: Facebook defends keeping up Pelosi video | Zuckerberg faces contempt of Canadian parliament | Social media giants remove Iran-linked misinformation campaign | WHO calls video game addiction a health ‘disorder’ Facebook defends decision to keep up Pelosi video ‘What you eat, you become’: Chef José Andrés reveals what he’d cook for Trump MORE (D-Calif.) last week privately outlined her plan for Medicare to negotiate drug prices, which would require Medicare to negotiate on a minimum of 25 drugs.

Some progressives are pushing for that number to be higher, saying that 25 drugs is not enough.

Read the analysis here.   

 

McConnell to get award from anti-abortion group

The Susan B. Anthony List will award Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellMcConnell says Republicans would fill 2020 Supreme Court vacancy GOP candidate expects Roy Moore to announce Senate bid in June The Hill’s 12:30 Report: Justices sidestep major abortion decision despite pressure MORE (R-Ky.) with the “Distinguished Leader Award” at its gala in June, citing his role in approving more than 100 of President TrumpDonald John TrumpDemocrat to announce Senate bid Wednesday against Lindsey Graham Harris praises Amash for calling for Trump’s impeachment: He has ‘put country before party’ NY Times reporter wears wedding dress to cover Trump in Japan after last-minute dress code MORE‘s judicial nominations.

“Throughout the most intense battles over the fate of the courts – including the accompanying intimidation tactics – Leader McConnell has stared down the radical left with wisdom and unwavering determination. For this and for his lifetime of pro-life leadership in the U.S. Senate, we are immensely grateful,” SBA List President Marjorie Dannenfelser said in a statement.

The group also praised McConnell for holding votes on several measures championed by anti-abortion groups, including one that would ban abortions after 20 weeks of pregnancy.

 

What we’re reading

White House runs into health-care industry hostility as it plans executive order (The Washington Post)

A prescription your doctor can’t write: housing as healthcare (KQED News)

Hospitals and patients’ attorneys spar over lien prices (Modern Healthcare)

Seniors’ spending on cancer drugs has soared (Axios)

 

State by state

Abortion law: As some states restrict reproductive rights, Illinois may expand them (Associated Press)

Medicaid work requirements take effect June 1 in New Hampshire (Conway Daily Sun)

Medicaid expansion supporters drown out Kansas Senate proceedings (Wellington Daily News)

 

From The Hill’s opinion page:  

Congress makes headway to improve mental health care for veterans — but is not done

The wrong way to make policy about heritable genome modification

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Speaker Nancy PelosiNancy PelosiHillicon Valley: Facebook defends keeping up Pelosi video | Zuckerberg faces contempt of Canadian parliament | Social media giants remove Iran-linked misinformation campaign | WHO calls video game addiction a health ‘disorder’ Facebook defends decision to keep up Pelosi video ‘What you eat, you become’: Chef José Andrés reveals what he’d cook for Trump MORE (D-Calif.) on Wednesday blasted Facebook’s refusal to take down a doctored video of her, using the incident to accuse the tech giant of being a “willing enabler” of Russia’s election interference.

“I think they [Facebook] have proven — by not taking down something they know is false — that they were willing enablers of the Russian interference in our election,” Pelosi said in an interview with California radio station KQED News.

Pelosi was referring to a doctored video of her that had been slowed down to make her appear to be slurring her words or intoxicated. The video was posted on Facebook last week and has since been viewed more than 2.8 million times.

Facebook decided not to remove the video, but told The Hill that its fact-checkers had flagged the video as false and were downgrading its distribution in the Facebook news feed.

A Facebook spokesperson defended the decision before a group of international lawmakers in Ottawa, Canada, on Tuesday, saying that “it is our policy to inform people when we have information that might be false on the platform so they can make their own decisions about that content.”

Pelosi said Wednesday that while she “can take it,” her issue was with Facebook “lying to the public” by allowing the video to stay up.

Pelosi added that Facebook not taking down the doctored video called into question the company’s assertion that it was the victim of Russian online interference that was meant to sway the 2016 presidential election.

“We have said all along, ‘Poor Facebook, they were unwittingly exploited by the Russians,’” Pelosi said. “I think wittingly, because right now they are putting up something that they know is false. I think it’s wrong.”

Multiple Democrats in the House and Senate have heavily criticized Facebook for its decision. House Majority Leader Steny HoyerSteny Hamilton HoyerSecond Republican blocks disaster aid bill’s passage in House Pro-trade group targets Democratic leadership in push for new NAFTA Pelosi, Nadler tangle on impeachment, contempt vote MORE (D-Md.) told The Hill on Wednesday that he “believes this video – and any dishonestly doctored video that is widespread and misleading the public – should be taken down.”

Sen. Mark WarnerMark Robert WarnerFacebook defends decision to keep up Pelosi video Trump declassification move unnerves Democrats Hillicon Valley: Assange hit with 17 more charges | Facebook removes record 2.2B fake profiles | Senate passes anti-robocall bill | Senators offer bill to help companies remove Huawei equipment MORE (D-Va.), the vice chairman of the Senate Intelligence Committee, told The Hill earlier this week that Congress needs to put “guardrails in place” to prevent a “crisis of confidence” in what consumers see on social media platforms.

Rep. Bennie ThompsonBennie Gordon ThompsonFacebook defends decision to keep up Pelosi video DHS suggests new role for cybersecurity staff — helping with border crisis Hillicon Valley: Trump takes flak for not joining anti-extremism pact | Phone carriers largely end sharing of location data | Huawei pushes back on ban | Florida lawmakers demand to learn counties hacked by Russians | Feds bust 0M cybercrime group MORE (D-Miss.), chairman of the House Homeland Security Committee, labeled the doctored video of Pelosi “vile partisan trash” and added that it is a “sad omen of what is to come in the 2020 election season.”

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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, njagoda@thehill.com  and nelis@thehill.com. Follow us on Twitter: @SylvanLane, @NJagoda and @NivElis.

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THE BIG DEAL–Bank profits rise 8.7 percent in first quarter of 2019: Federally insured U.S. banks made $60.7 billion in net income in the first three months of 2019, an 8.7 percent increase from the same period last year, according to data released Wednesday.

The Federal Deposit Insurance Corporation (FDIC) reported that the 5,362 commercial and savings banks insured by the regulator saw rising profits as interest on loans outpaced the costs to finance them.

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FDIC-insured banks made $4.9 billion more in profits in the first three months of 2019 than over the same period last year. For the first quarter of 2019, 62.3 percent of banks reported an increase in net income from 2018, while less than 4 percent of banks reported a decline.

I break down the data here.

 

Good times for the banking sector: The FDIC’s quarterly report showed the continued strength of the U.S. banking industry, which has flourished with record profits as the economy recovered from the 2008 recession.

• U.S. banks reeled in $236.7 billion in profits last year, including more than $28 billion in additional net income thanks to the Republican tax-cut law.

• The earnings boost for banks was powered in part by a 6 percent annual increase in net interest income, rising $7.9 billion to $139.3 billion in the first quarter.

• The rise in net interest income helped compensate for a 2.9-percent decline in non-interest net income, which fell $2 billion from 2018.

 

Risks on the horizon: But the data also showed banks taking higher credit losses and bracing for more defaults as 2019 continues.

• Banks wrote off $12.7 billion in uncollectable loans in the first quarter, an increase of $667.9 million, or 5.5 percent, from the same period last year.
• Banks also set aside $13.9 billion in loan-loss provisions — money allocated to cover defaulted loans and credit losses — in the first three months of 2019, 11.8 percent more than the same time in 2018.

• While banks’ balances for non-current mortgages dropped $2.2 billion, or 5 percent, from the previous quarter, overdue corporate debt rose $3.3 billion in that time — a 22.8 percent quarterly increase that was the highest since 2016.

 

Analysts, economists and federal regulators have expressed varying degrees of fear over the record high levels of corporate debt, particularly to corporations already deep in the red.

Some experts and financial sector critics have raised alarm over the growth of collateralized loan obligations (CLOs) packaging debt from highly leveraged companies. They compare such investment offerings to the bonds based on subprime mortgages that helped trigger the financial crisis in 2007.

But Randal Quarles, the Fed vice chair of supervision, tamped down risks to the financial system from CLOs in a speech earlier this month, arguing that leveraged lending “is not really a direct analog to the subprime [mortgage] lending” that caused the 2007 meltdown.

 

LEADING THE DAY

Pelosi insists she’s ‘optimistic’ for infrastructure deal: Speaker Nancy PelosiNancy PelosiHillicon Valley: Facebook defends keeping up Pelosi video | Zuckerberg faces contempt of Canadian parliament | Social media giants remove Iran-linked misinformation campaign | WHO calls video game addiction a health ‘disorder’ Facebook defends decision to keep up Pelosi video ‘What you eat, you become’: Chef José Andrés reveals what he’d cook for Trump MORE (D-Calif.) said Wednesday she’s “optimistic” that lawmakers can strike a bipartisan infrastructure deal but acknowledged the long odds if President TrumpDonald John TrumpDemocrat to announce Senate bid Wednesday against Lindsey Graham Harris praises Amash for calling for Trump’s impeachment: He has ‘put country before party’ NY Times reporter wears wedding dress to cover Trump in Japan after last-minute dress code MORE keeps lashing out over investigations into his administration.

Pelosi noted that Trump has said he wants to work on infrastructure in most of their past conversations in person or on the phone, leading her to “still feel optimistic” that it remains an issue the president is interested in pursuing.

But Pelosi acknowledged while speaking during an event hosted by the Commonwealth Club of California that Trump’s desire for an infrastructure deal might not be enough to overcome the impasse regarding Democratic probes.

“Does he want to do it enough to not be in a huff over my saying that he’s involved in a cover-up? Well, we’ll see. But this is not for the faint of heart.”

Flashback: Last week, Trump abruptly left a meeting with Democratic leaders on an infrastructure plan after Pelosi accused him of engaging in a “cover-up.”

Don’t forget the Dem divisions over impeachment: Pelosi’s comments Wednesday came hours after special counsel Robert MuellerRobert (Bob) Swan MuellerThe Hill’s 12:30 Report: Trump orders more troops to Mideast amid Iran tensions Trump: Democrats just want Mueller to testify for a ‘do-over’ Graham: Mueller investigation a ‘political rectal exam’ MORE delivered his first public statement on his nearly two-year investigation, comments which brought new pressure from many Democrats to launch an impeachment inquiry. The Hill’s Cristina Marcos has more here on Pelosi’s remarks.

And if you want more on Mueller… Click here for our five takeaways from his remarks, the tough decisions awaiting Democrats, and Trump’s response.

 

Former Congressional Black Caucus staffers flex clout on K Street: The financial services industry is turning to former top staffers from the Congressional Black Caucus (CBC) for lobbying talent, a trend reflecting the growing power of the CBC and the increased scrutiny the industry is facing under the Democratic House.

A number of former chiefs of staff to black lawmakers have been recruited to K Street this year. The moves come with the Black Caucus at a record membership and with some of its senior members, including House Financial Services Committee Chairwoman Maxine WatersMaxine Moore WatersSeven key allies for Pelosi on impeachment Democrats claim victory as Trump gets battered in court Trump appeals order siding with House Democrats bank subpoenas MORE (D-Calif.) and House Oversight and Reform Committee Chairman Elijah CummingsElijah Eugene CummingsSeven key allies for Pelosi on impeachment Democrats claim victory as Trump gets battered in court Trump goes scorched earth against impeachment talk MORE (D-Md.), putting financial institutions in their crosshairs.

“Financial Services holds a particular distinction for CBC-centered leadership because it [the financial industry] was one of the last industries to desegregate. And its power, in terms of providing access to capital, and its power to deny capital, has had a disproportionate, and at times harmful, impact on black communities for centuries,” a former congressional aide told The Hill.

“These are serious matters, politically and policy-wise, that CBC chiefs consistently advise members on.” The Hill’s Alex Gangitano tells us more about this here.

• The key: For K Street, tapping those with CBC ties is an important step to court House leaders, particularly on banking matters. The CBC’s influence extends beyond Waters on the Financial Services Committee. Five of the six Financial Services subcommittees are headed by Black Caucus members, including Reps. Greg Meeks (D-N.Y.), Emanuel Cleaver (D-Mo.), Joyce BeattyJoyce Birdson BeattyBen Carson sends Oreos to Democrat who quizzed him on REOs Ben Carson endures Dem grilling over minority inclusion office Dem rep says lower tax refunds are ‘bad news’ for the economy MORE (D-Ohio), Al GreenAlexander (Al) N. GreenSeven key allies for Pelosi on impeachment Steyer plans impeachment push targeting Democrats over recess WHIP LIST: Democrats who support an impeachment inquiry against President Trump MORE (D-Texas) and Wm. Lacy ClayWilliam (Lacy) Lacy ClayHarris: Biden ‘would be a great running mate’ Virginia teen’s painting of migrant children to hang in US Capitol Divided Dems look to regroup MORE (D-Mo.).

 

THE HILL EVENT: Affordable Housing & the American Dream

On Tuesday, June 11th, The Hill will host Affordable Housing & the American Dream at the Newseum in Washington, D.C. The Hill’s Editor-at-Large Steve Clemons and staff writer Rafael Bernal will sit down with Reps. Emanuel Cleaver (D-Mo.) and Steve StiversSteven (Steve) Ernst StiversThirty-four GOP members buck Trump on disaster bill House bill seeks to bolster security for synagogues, mosques in wake of attacks Congress can open financial institutions to legal cannabis industry with SAFE Banking Act MORE (R-Ohio) and an expert panel for a discussion on how leaders in Washington and the private sector can help ensure that every American has an equal chance of owning a home. RSVP here.

 

GOOD TO KNOW

• President Trump’s approval rating has stagnated at 46 percent, raising questions about whether presiding over strong economy will help him as much it aided other incumbent presidents seeking re-election.
• Economists at the New York Fed ask whether there is too much corporate debt in the financial sector.
• The Trump administration has again decided not to label China as a currency manipulator, but will keep a close eye on Beijing among others being watched for related concerns.
• Secretary of State Mike PompeoMichael (Mike) Richard PompeoTo avoid war with Iran, US needs to deal — starting with a concession The Hill’s Morning Report – 2020 Dems make last dash for debate stage GOP rep says intel on Iran is ‘credible’ MORE lashed out at Chinese telecommunications firm Huawei, calling it an “instrument of the Chinese government.”
• The New York Times explains how small U.S. businesses are among the hardest hit by blowback to President Trump’s tariffs on $250 billion in Chinese goods.
• The Washington Post reports on how despite Trump’s promises the U.S. auto sector, American carmakers are reeling and facing a difficult future.

 

ODDS AND ENDS

• Ride-hailing company Uber announced Wednesday that it will ban passengers with “significantly below average ratings” from using the popular app.
• A bipartisan group of House members from New York are raising concerns about Chinese involvement in building New York City subway cars, zeroing in on the potential that the new train cars could be hacked or controlled remotely.
• A former Republican House member is joining the board of a cannabis company.
• And Fortune magazine is putting up a paywall.

Federally insured U.S. banks made $60.7 billion in net income in the first three months of 2019, an 8.7 percent increase from the same period last year, according to data released Wednesday.

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The Federal Deposit Insurance Corporation (FDIC) reported that the 5,362 commercial and savings banks insured by the regulator saw rising profits as interest on loans outpaced the costs to finance them.

FDIC-insured banks made $4.9 billion more in profits in the first three months of 2019 than over the same period last year. For the first quarter of 2019, 62.3 percent of banks reported an increase in net income from 2018, while less than 4 percent of banks reported a decline.

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The earnings boost for banks was powered in part by a 6 percent annual increase in net interest income, rising $7.9 billion to $139.3 billion in the first quarter. The rise in net interest income helped compensate for a 2.9-percent decline in non-interest net income, which fell $2 billion from 2018.

The FDIC’s quarterly report showed the continued strength of the U.S. banking industry, which has flourished with record profits as the economy recovered from the 2008 recession. U.S. banks reeled in $236.7 billion in profits last year, including more than $28 billion in additional net income thanks to the Republican tax-cut law.

But the data also showed banks taking higher credit losses and bracing for more defaults as 2019 continues. Banks wrote off $12.7 billion in uncollectable loans in the first quarter, an increase of $667.9 million, or 5.5 percent, from the same period last year.   

Banks also set aside $13.9 billion in loan-loss provisions — money allocated to cover defaulted loans and credit losses — in the first three months of 2019, 11.8 percent more than the same time in 2018.

While banks’ balances for non-current mortgages dropped $2.2 billion, or 5 percent, from the previous quarter, overdue corporate debt rose $3.3 billion in that time — a 22.8 percent quarterly increase that was the highest since 2016.

Analysts, economists and federal regulators have expressed varying degrees of fear over the record high levels of corporate debt, particularly to corporations already deep in the red.

The Federal Reserve identified leveraged lending, the practice of lending to companies with debt levels four times greater than their assets, as an area of moderate concern in its annual financial stability report released earlier this month.

Some experts and financial sector critics have raised alarm over the growth of collateralized loan obligations (CLOs) packaging debt from highly leveraged companies. They compare such investment offerings to the bonds based on subprime mortgages that helped trigger the financial crisis in 2007.

But Randal Quarles, the Fed vice chair of supervision, tamped down risks to the financial system from CLOs in a speech earlier this month, arguing that leveraged lending “is not really a direct analog to the subprime [mortgage] lending” that caused the 2007 meltdown.