Overnight Finance: Appeals court won’t reinstate travel ban | Maryland, DC seek Trump’s tax returns in hotel lawsuit

Appeals court refuses to reinstate Trump travel ban: The 9th Circuit Court of Appeals on Monday ruled against President Trump’s so-called travel ban, delivering another blow to the administration as it waits for the Supreme Court to decide whether to intervene.

The California-based court in large part  affirmed the Hawaii district court ruling blocking parts of the order, which temporarily banned nationals from six Muslim-majority countries from entering the U.S., suspended the entry of all refugees for a set period and reduced the cap on the admission of refugees from 110,000 to 50,000 for fiscal 2017.

In a unanimous ruling Monday, a three-judge panel on the court said Trump’s order does not offer a sufficient justification to suspend the entry of more than 180 million people on the basis of nationality.

Though the Immigration and Nationality Act gives the president broad powers to control the entry of foreigners, the judges said the president’s authority is subject to certain statutory and constitutional restraints. The judges also cited Trump’s tweets in defending its finding.

The Hill’s Lydia Wheeler reports: http://bit.ly/2rThRxF.

Maryland, DC seek president’s taxes in lawsuit over Trump hotel: The attorneys general of Maryland and Washington, D.C., said Monday they will seek President Trump’s tax returns as they pursue a lawsuit over foreign payments to his D.C.-based hotel.

Maryland Attorney General Brian Frosh said he and his D.C. counterpart, Karl Racine, will seek Trump’s personal financial information — including his tax returns — in a lawsuit alleging the president has committed “unprecedented constitutional violations.”

Frosh and Racine filed a lawsuit against Trump on Monday, claiming his ownership of the Trump International Hotel in D.C. violates two Constitutional clauses barring elected officials from receiving personal gifts and payments.

If successful, the suit could reveal extensive information about Trump’s finances that could affect the investigations into the depth of Russian collusion with his campaign and associates.

I’ve got more here: http://bit.ly/2rTmLLg.

Conservatives push to drop border tax effort: Conservatives are ramping up the pressure on House GOP leaders to abandon the border-adjustment tax proposal and move on with large-scale tax reform.

The proposal to tax imports and exempt exports was a key plank of the tax blueprint House Speaker Paul Ryan (R-Wis.) released last year, but it has been on life support for some time after dividing lawmakers and business interests.

With Republicans still looking for a major legislative achievement in the first year of President Trump’s administration, some lawmakers and right-leaning groups want Congress to give up on the border-adjustment tax (BAT) in an effort to cut taxes as quickly as possible.

The Hill’s Naomi Jagoda explains: http://bit.ly/2rTkWhc.

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. 

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Economy emerges as bright spot for Trump: The economy is emerging as a bright spot for President Trump as he struggles to move his congressional agenda amid a series of controversies.

The S&P 500 is up more than 12 percent since Election Day, unemployment has reached a 16-year low and economic growth in the coming year is expected to reach 2.3 percent, more robust growth than 2016’s 1.6 percent growth. 

Trump sought to play up his handling of the economy again on Friday at a week-ending event meant to highlight his efforts on legislation to fund new infrastructure projects across the country.

The Hill’s Niv Elis has more: http://bit.ly/2rTFEh9.

Ivanka to join Trump in jobs push: President Trump and first daughter/senior adviser Ivanka Trump will hit the road next week to push for workforce development and job creation, as the White House looks to turn the page on former FBI Director James Comey’s Senate testimony.

On Tuesday, the president, the first daughter and Labor Secretary Alexander Acosta will travel to Wisconsin to tour Waukesha County Technical College, where they’ll promote new steps the administration will take to expand apprenticeships and make it easier for students to obtain skills-based education through “earn-and-learn” programs.
 
On a conference call with reporters, Ivanka Trump said the event will help “raise awareness about the fact that there are important and very viable and respectable career paths outside of a traditional four-year college experience that should be considered and should be invested in.”

The new jobs push comes as the White House looks to move beyond a dramatic week dominated by Comey’s Thursday testimony on Capitol Hill.

The Hill’s Jonathan Easley reports: http://bit.ly/2rTaXbM.

White House adviser to meet with auto leaders: White House National Economic Council Director Gary Cohn is slated to meet with automobile industry leaders on Wednesday about tax reform, as the Trump administration works to flesh out its plan.

Representatives from the National Automobile Dealers Association, American International Automobile Dealers Association, Alliance of Automobile Manufacturers, Global Automakers and the Automotive Service Association are expected to attend, according to White House spokeswoman Natalie Strom.

The meeting will be the latest of about one dozen tax-reform listening sessions that the White House plans to hold with business leaders. Last week, Cohn and Treasury Secretary Steven Mnuchin met with transportation industry leaders including Airlines for America, the American Trucking Association, the American Association of Railroads, UPS and FedEx. 

Read more here: http://bit.ly/2rTsnVC.

Dem aims to block Trump properties from receiving federally subsidized flood insurance: Legislation introduced in the House on Monday would prevent President Trump from receiving federally subsidized flood insurance, amid warnings that the effects of climate change could put parts of his Mar-a-Lago resort and other south Florida properties underwater in coming years.

The bill from Rep. Earl Blumenauer (D-Ore.) — titled the Prohibiting Aid for Recipients Ignoring Science (PARIS) Act — would ensure properties owned by a president or a president’s family members can’t access subsidized insurance from the National Flood Insurance Program.

An analysis by Coastal Risk Consulting found that in the future, the Mar-a-Lago grounds in Palm Beach, Fla., could be under at least a foot of water for 210 days a year because of tidal flooding.

The Hill’s Cristina Marcos has more: http://bit.ly/2rTviOc.

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