Overnight Finance: Obama warns against quitting trade deals | SEC chief to step down | Dow at record high

Top Dem wants probe into potential Trump conflicts of interest: The top Democrat on the House Committee on Oversight and Government Reform is calling for an investigation into President-elect Donald Trump’s potential conflicts of interest. 

Rep. Elijah Cummings (D-Md.) on Monday urged lawmakers to review Trump’s “financial entanglements” before he assumes office on Jan. 20, 2017, to ensure there are no conflicts of interest between the Trump White House and the Trump Organization.

“We have never had a president like Mr. Trump in terms of his vast financial entanglements and his widespread business interests around the globe,” Cummings wrote in a letter to Rep. Jason Chaffetz (R-Utah), the committee’s chairman. The Hill’s Tim Devaney explains: http://bit.ly/2eUt8Em.

Obama cautions on trade: President Obama on Monday said removing the United States from global trade agreements would be a difficult task rife with consequences.

The president, in an afternoon press conference, warned that pulling the United States out of the North American Free Trade Agreement (NAFTA) and the Trans-Pacific Partnership (TPP) could unravel vital alliances and damage the U.S. economy.

Once in the White House it becomes “increasingly apparent” how important agreements are with major trading partners like Mexico, the president said.

“So it’s not as simple as it might have seemed,” Obama told reporters about leaving trade deals. The Hil’s Vicki Needham has more: http://bit.ly/2ezA1j3

Mary Jo White announces departure: Securities and Exchange Commission Chairwoman Mary Jo White on Monday said she will leave her post at the end of the Obama administration in January. 

White, who has spent nearly four years as the agency’s head, oversaw the bulk of the implementation of the Dodd-Frank financial reform law since taking the helm in April 2013. 

“I am very proud of our three consecutive years of record enforcement actions, dozens of fundamental reforms through our rulemakings that have strengthened investor protections and market stability, and that the job satisfaction of our phenomenal staff has climbed in each of the last three years,” White said in a statement. The Hill’s Vicki Needham reports: http://bit.ly/2fA4Q4d.

Dow closes at record high after best week since 2011: The Dow Jones industrial index closed at a record high Monday, stretching a post-election boom into a six-day winning streak.

The Dow gained 20 points as stocks across the board posted mixed returns. Despite a massive plunge in futures trading on election night, the Dow has rallied since President-elect Donald Trump pulled off his stunning upset victory. Last week was the index’s best since 2011. Here’s more from me: http://bit.ly/2fSuzI1.

Warren, Sanders draw new battle lines with Trump: Sens. Elizabeth Warren (D-Mass.) and Bernie Sanders (I-Vt.) say they are willing to work with President-elect Trump, but they are also preparing for war.

In the aftermath of Trump’s stunning victory, all eyes are turning toward how the two biggest personalities on the left pick up the pieces and navigate a fundamentally remade Washington.

For now, both are at least making sounds of compromise toward Trump. But it’s clear that sentiment is heavily layered with skepticism, and a vow to fight hard where they differ. The Hill’s Peter Schroeder explains: http://bit.ly/2eYLc3i.

Happy Monday and welcome to Overnight Finance, 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@digital-stage.thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.

Warren warns fellow Dems: Don’t rework consumer agency: Sen. Elizabeth Warren (Mass.) is warning her fellow Democrats to think twice before joining with Republicans to rework the Consumer Financial Protection Bureau.

Warren, who helped set up the agency before running for Senate, fired a warning shot toward moderates in her own party Monday who might be tempted to cross the aisle.

“Let me be clear: It’s foolish for any Dem to think that weakening support for the @CFPB is good for the country or good for us as a party,” she tweeted.

Across several tweets, Warren made the case that the CFPB — long opposed by the Republican Party — is a force for good for consumers, protecting them from wrongdoing by large financial institutions. Peter Schroeder has more: http://bit.ly/2fA77Mx.

Jordan: Congress ‘must move forward’ with impeaching IRS chief: Freedom Caucus Chairman Jim Jordan (R-Ohio) on Monday stressed his desire to remove IRS Commissioner John Koskinen as House lawmakers returned to Washington for the first time since September.

“Congress must move forward on impeaching him,” Jordan said in a statement.

Members of the conservative Freedom Caucus have been pushing for Koskinen’s impeachment for months, saying that he failed to comply with a subpoena and lied under oath during congressional investigations into the IRS’s treatment of Tea Party groups’ applications for tax-exempt status. The Hill’s Naomi Jagoda explains: http://bit.ly/2fSAuMY.

Failing banks face new rules on handling deposits: Banks are gearing up for a new rule that will give customers access to their cash deposits as soon as possible after an institution fails, with regulators expected to finalize the measure this week.

The Federal Deposit Insurance Corporation will hold a board meeting Tuesday to review the rule, which is meant to apply to large banks with more than two million accounts.

The agency in February issued a proposal on imposing record-keeping requirements on banks to help facilitate the timely access of deposits after an institution fails.

“Timely access to insured deposits is critical to maintaining public confidence in the banking system,” said Martin Gruenberg, chairman of the FDIC, when the proposal was announced. The Hill Extra’s Anjelica Tan breaks it down: http://bit.ly/2eUpday.

GOP lawmaker urges leaders to seize ‘golden moment’ for tax reform: A senior Republican on the House Ways and Means Committee says the election successes of Donald Trump and congressional Republicans present “a rare and golden moment for tax reform.”

In a letter sent Monday, Rep. Vern Buchanan (R-Fla.) urged House Speaker Paul Ryan (R-Wis.) and Senate Majority Leader Mitch McConnell (R-Ky.) to “capitalize on the historic opportunity to fundamentally overhaul the U.S. tax code and jumpstart the economy.”

Buchanan said that the tax code should be made simpler and that rates for individuals and businesses should be lowered. He added that small businesses should be given “serious attention” during the tax-reform process. Naomi Jagoda tells us why: http://bit.ly/2fSAuMY.

House GOP grapples with cross-border tax proposal: The House Ways and Means Committee is grappling with how to ensure that a Republican tax reform plan doesn’t run afoul of World Trade Organization (WTO) agreements, according to a top GOP committee aide on Monday.

At issue is the business cash flow provisions under the House Republican “Better Way” tax reform blueprint. The blueprint could change the existing U.S. system of cross-border corporate taxation toward a consumption tax, based on what goods and services are used.

The blueprint claims the tax change would make the U.S. more economically competitive, but the arrangement could violate U.S. treaties with the WTO. Here’s more from The Hill Extra’s Kat Lucero: http://bit.ly/2fQUXhV.

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Write us with tips, suggestions and news: slane@digital-stage.thehill.com, vneedham@digital-stage.thehill.com; pschroeder@digital-stage.thehill.com, and njagoda@digital-stage.thehill.com. Follow us on Twitter: @SylvanLane,  @VickofTheHill; @PeteSchroeder; and @NJagoda.