OVERNIGHT FINANCE: Jeb touts economic vision

TOMORROW STARTS TONIGHT: JEB BUSH WON’T LET DETROIT GO BANKRUPT. Jeb Bush looked to cast himself as the GOP standard-bearer on income inequality during what was largely perceived as a campaign speech in the Democratic stronghold of Detroit. The former Florida GOP governor’s speech before the Detroit Economic Club earlier this afternoon was Bush’s first major economic address since 2012 GOP presidential nominee Mitt Romney announced last week he would not be running for president.

{mosads}– BUSH: I’M THE NEW GOP. “I will offer a new vision… A plan of action that is different than what we have been hearing in Washington, D.C. It is a vision rooted in conservative principles and tethered to our shared belief in opportunity and the unknown possibilities of a nation given the freedom to act, to create, to dream and to rise… The recovery has been everywhere but in family paychecks. The American Dream has become a mirage for far too many.”

— BUSH: MY LAST NAME ISN’T A PROBLEM. “I know for a fact that if I’m going to be successful going beyond the consideration [of running for president], then I’m going to have to do it on my own… [But] it doesn’t bother me a bit to be proud of [dad George H. W. Bush and brother George W. Bush] and love them.”

— BUSH: I WON’T FORGET DETROIT. “The troubles Detroit faces are an echo of the troubles facing Washington, D.C. Decades of big government policies, petty politics, impossible-to-meet pension promises, chronic mismanagement and broken services, combined with a massive loss of jobs and competitiveness in the auto industry, drove tens of thousands of people from this city and this region.” Jonathan Easley for The Hill: http://bit.ly/1CwdHvA

THIS IS OVERNIGHT FINANCE. Tomorrow is the day before Friday. Tweet: @kevcirilli; email: kcirilli@digital-stage.thehill.com; and subscribe: http://digital-stage.thehill.com/signup/48. Second half of the week starts now…

WHITE HOUSE THREATENS TO VETO REGULATORY RELIEF BILLS. Pete Schroeder for The Hill: “The House is preparing to consider two bills, HR 50 and HR 527, that Republicans argue will provide some much-needed regulatory relief for small businesses, while ensuring that regulators take into consideration the impact of their rules as they write them. But backers of tough Wall Street rules see the legislation as opening new doors for industry to take regulators to court, or requiring watchdogs to jump through even more hoops to write rules.

1.) What do the bills do? Schroeder: “HR 50 is sponsored by Rep. Virginia Foxx (R-N.C.), and would allow additional court challenges to rules on the basis of the agency’s analysis of respective costs and benefits created by the rule… [HR 527], from Rep. Steve Chabot (R-Ohio), would require regulators to take more factors into consideration when determining the relative costs and benefits of writing new rules.”

2.) Are the bills bipartisan? Schroeder reports: “[HR 50] is currently sponsored by two Republicans, as well as two Democrats. And previous versions of the bill passed the House with bipartisan backing.” Meanwhile, Chabot’s bill is co-sponsored by 19 Republicans and 2 Democrats.

3.) So why is the White House threatening to veto? Schroeder: “In a statement on the bill, the White House said it agreed that small businesses should enjoy alternate regulatory approaches, but would veto the bill because it would ‘seriously undermine the ability of agencies to execute their statutory mandates.’ The president also threatened to veto the other measure, making their ultimate enactment unlikely.” Pete’s story: http://bit.ly/1xjUzZP

Back to Bush…

HOW BUSH PLAYED: The Washington Post: “Jeb Bush will liberate the 47 percent.” …USA Today: “Jeb Bush touts conservative policies for America.” …Reuters: “Jeb Bush, looking to 2016, tackles questions about family name.” … Detroit Free Press: “Jeb Bush in Detroit: Americans have right to rise out of poverty.” …NBC News: “Jeb, on running as a Bush, says ‘I’m going to have to do it on my own.'” …The Atlantic: “Is Jeb Bush the Republican Obama?”

BIG Q – – > WILL CONGRESS SPLIT THE SEQUESTER? Rebecca Shabad for the hometown paper: “Office of Management and Budget Director Shaun Donovan on Wednesday urged Congress to maintain the tether between nondefense and defense spending, calling many civilian programs essential. Last year’s GOP budget blueprint, released by then-House Budget Committee Chairman Paul Ryan (R-Wis.), proposed to provide sequestration relief for the Pentagon by increasing defense spending at the expense of funding for domestic programs…

“[Obama’s budget proposal] asks Congress to replace sequestration budget caps established by a budget deal from 2011 by increasing discretionary spending for both the Pentagon and domestic programs. Some GOP lawmakers, however, have criticized the plan for its call to raise spending levels. More hawkish Republicans have said the sequester should be reversed, for at least the Pentagon, to ensure military readiness efforts are appropriately funded.” Story: http://bit.ly/1zBjOLB

QUOTABLE, Jay Timmons, CEO of the National Association of Manufacturers (NAM), launching a new push to reauthorize the Export-Import Bank: “A vote against the Ex-Im Bank is a vote to support sending manufacturing and jobs overseas instead of here at home. It’s really that basic,” Timmons will say at the Economic Club of Minnesota Wednesday afternoon, according to a copy of his remarks obtained first by The Hill. My story: http://bit.ly/1CZVt4x

NOTABLE, Rep. Paul Ryan (R-Wis.), chairman of the House Ways and Means Committee, will likely face questions on Ex-Im tomorrow at 10:45 a.m. following his remarks on trade to the Washington International Trade Association in D.C.

MARK YOUR CALENDAR – – CASTRO VS. HENSARLING. HUD Secretary Julian Castro will testify before the House Financial Services Committee Feb. 11 to discuss the financial status of the Federal Housing Administration (FHA). Per a Committee spokesman: “Federal law requires the FHA’s Mutual Mortgage Insurance Fund to maintain a capital reserve ratio of no less than two percent, which is a measure of its strength.  FHA’s most recent actuarial review indicates a capital reserve ratio of 0.41 percent, well below the minimum statutory requirement.” 

That will be interesting…

FAST FACTS: 250,000 = the number of native English speakers who teach English abroad in more than 40,000 language school sacross the globe. Christine DiGangi for MarketWatch on who so many post-grads teach English abroad: http://on.mktw.net/1Ke7GEV

U.S. LAGGING IN CYBER. Cory Bennett for The Hill: “The Defense Department’s network security “is not where it should be,” said Ashton Carter, the nominee for Defense secretary, during his Wednesday confirmation hearing.

“‘We’re not anywhere near where we should be as a country,’ Carter said before the Senate Armed Forces Committee. ‘Not only is our civilian infrastructure susceptible to cyberattack, but we have to be concerned about our military infrastructure.'” Story: http://bit.ly/1vtoHYK

MEL WATT: MORTGAGE REDUCTION LIMITED. Joe Light for The Wall Street Journal: “Federal Housing Finance Agency Director Melvin Watt said his agency, which regulates mortgage-finance companies Fannie Mae and Freddie Mac, is attempting to find places where Fannie and Freddie can reduce mortgage balances without hurting taxpayers.

“Principal reduction has long been considered by some community groups the most effective tool for preventing foreclosures and keeping homeowners in their houses. But critics contend it also creates an incentive for some to fall behind on their mortgages and hurts taxpayers.” http://on.wsj.com/1LNslBB

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