Overnight Finance: Dems demand probe into Trump businesses | WTO rules against Boeing | Fed braces for change

Dems call for ‘urgent’ investigation into Trump businesses: Democrats on the House Oversight and Government Reform Committee called Monday for an investigation into President-elect Donald Trump’s business empire and potential conflicts of interest.

In a letter to Chairman Jason Chaffetz (R-Utah), the Democrats said the panel should look into how Trump plans to protect against conflicts of interest when he takes office. They also asked Chaffetz to request the release of Trump’s tax returns, which the president-elect has refused to make public.

{mosads}

“You have the authority launch a Committee investigation, and we’re calling on you to use that power now,” wrote the Democrats. “Mr. Trump’s refusal to release his tax returns has already demonstrated a troubling lack of accountability and transparency, making it even more critical that the Committee conduct rigorous oversight right away  — before he is sworn in as president.” I’ve got it all here: http://bit.ly/2fKcPxp.

WTO rules against tax break for Boeing: The World Trade Organization ruled Monday that a huge tax break given to the aerospace giant Boeing by Washington state violates trade agreements between the United States and the European Union.

But, in a nuanced decision, the WTO said the improper incentives amounted to just a fraction of what Boeing’s main competitors claimed, leaving billions in incentives and credits in place until 2040.

Boeing received the tax breaks in 2013 as part of a negotiation between the company and Washington officials that guaranteed thousands of jobs would stay in the Puget Sound region, where Boeing was founded. The Hill’s Reid Wilson explains: http://bit.ly/2fFR9zg.

Sanders presses Trump with anti-outsourcing legislation: Sen. Bernie Sanders (I-Vt.) said Saturday he will introduce legislation aimed at preventing major companies from sending jobs to foreign countries, similar to what President-elect Donald Trump proposed on the campaign trail.

Sanders pointed to Trump’s promise to prevent Carrier, an air conditioning manufacturer owned by United Technologies, from shifting factory jobs from Indiana to Mexico.

“I will soon be introducing legislation to make sure that Donald Trump keeps his promise to prevent the outsourcing of American jobs,” Sanders said in a statement.

“For the sake of American workers, this is a promise that cannot and must not be broken.” Here’s more from The Hill’s Harper Neidig: http://bit.ly/2gDfbNo.

Obama’s Ag secretary wants Dems to talk to rural America: President Obama’s secretary of Agriculture says Democrats need to spend more time talking to rural voters as the party seeks to recover from its loss in the presidential election.

“If Democrats show up in these places they are not going to win, but they are not going to get shellacked,” Tom Vilsack told The Washington Post. “And that’s the key. It’s about not getting beat so badly.”

Vilsack is a former Iowa governor who has served as Agriculture secretary for Obama’s entire tenure. He recalled an encounter with Vice President Biden just after Election Day where he talked about the party’s lack of outreach to rural voters.

“We need to speak more directly to our folks in rural America,” Vilsack said he told Biden. “And we have to spend time there.” Here’s more from The Hill’s Mallory Shelbourne: http://bit.ly/2fK4cDi.

Happy Monday and welcome to Overnight Finance, where we’re shaking off turkey naps. I’m Sylvan Lane, and here’s your nightly guide to everything affecting your bills, bank account and bottom line.

Tonight’s highlights include the future of the Fed under Trump, what’s next for the Export-Import Bank, and K Street’s tax reform boom.

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.

Fed braces for Trump administration shake-up: The Federal Reserve could be in for a bumpy ride as resurgent Republicans led by President-elect Donald Trump look to make a big mark on the central bank.

The right has grown increasingly irritated by the central bank’s policies since the financial crisis and may now be poised to finally push through long-stalled changes to overhaul its operations.

“We knew there was going to be limited progress under Barack Obama’s administration,” said Rep. Bill Huizenga (R-Mich.), who authored a broad Fed reform bill in the last Congress. “Now, with a partner at 1600 Pennsylvania Avenue that’s interested in moving the needle, frankly we’d be dumb not to try to pursue this.”

For years, GOP-led efforts to impose new rules and restrictions on the Fed ran aground amid substantial Democratic opposition, both in the Senate and the White House.

But the election puts the Fed on shaky ground, with any number of GOP-authored bills waiting in the wings for renewed consideration. The Hill’s Peter Schroeder reports: http://bit.ly/2fuITqN.

Uber drivers joining ‘Fight for $15’ protests: Hundreds of drivers will reportedly join protesters in two-dozen cities across the country, including San Francisco, Miami and Boston, as part of the “Fight for $15” movement. It’s an effort to raise the minimum wage from the $7.25 federal standard and has seen success in some cities and states: http://bit.ly/2fFWPtk.

Tax reform push sparks lobbying frenzy: Republicans’ push for moving tax reform legislation in 2017 has set off a lobbying frenzy, with groups angling to get in front of lawmakers and their staffs.

Some groups have long sought tax changes and are excited to make the case for their priorities to be included in legislation. But groups are also concerned that tax preferences they like in the current code will be limited or repealed. The Hill’s Naomi Jagoda takes us inside the fight: http://bit.ly/2gpU94n.

Ex-Im faces more problems with Trump: Supporters of the embattled Export-Import Bank are urging congressional lawmakers to restore its full lending powers during the lame-duck session.

Business leaders are making one last push to convince Congress to pass a provision that would temporarily lower a quorum requirement so the agency can approve loans of more than $10 million.

The bank now has only two confirmed board members, one short of the three needed to approve larger transactions that are in the pipeline. The Hill’s Vicki Needham reports: http://bit.ly/2fFRgLk.

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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.