Latest news with #CreditCardCompetitionAct
Yahoo
4 days ago
- Business
- Yahoo
Credit card bill crusade persists
This story was originally published on Payments Dive. To receive daily news and insights, subscribe to our free daily Payments Dive newsletter. Sens. Roger Marshall and Dick Durbin failed last week to inch their Credit Card Competition Act legislation forward by means of the GENIUS Stablecoin. They had sought to attach an amendment with their CCCA language to the stablecoin bill in an effort to have a larger piece of legislation take their stalled proposal across the finish line in Congress. Instead, a battle royal – pitting retail and merchant interests against those of banks and card networks – is set to continue as the senators take aim at fees charged every time a consumer swipes a credit card. Retailers, restaurants and other merchants argue the fees are an undue and costly burden for stores and restaurants. To ease that expense, the senators contend their bill would inject competition into an industry dominated by Visa and Mastercard by requiring bank card issuers to make an alternative network available. That would be a mistake in the view of bank card issuers and the card networks that argue these fees pay for needed security and popular loyalty programs. In an interview last week, Richard Hunt, the executive chairman of the Electronic Payments Coalition, called out the irony of attaching the CCCA language to a stablecoin framework bill, noting that the cryptocurrency would introduce the competition for cards that Marshall and Durbin crave. It smacks of double-speak when the merchant camp suggests stablecoins are a new payment possibility, but still contend cards need more competition, he said. That sentiment draws attention to the swarm of new digital payments rivals have sprung up over the past two decades since a predecessor to PayPal Holdings was founded in 1998, and more recently with the ascent of Apple Pay and Google Pay. Presumably, those new options have swamped cards with more competition. But that's not necessarily the case, partly because many of those new digital tools still connect to credit cards, buttressing the position of big card issuers, such as JPMorgan Chase and Capital One, as well as the networks, namely the dominant players, Visa and Mastercard. The strength of the card fortress was demonstrated by an Atlanta Federal Reserve Bank report last month presenting survey results that showed credit cards were consumers' preferred payment option 35% of the time. It also showed the credit card share expanding more than other methods. Durbin, a Democrat from Illinois, and Marshall, a Republican from Kansas, say they're pushing their bill on behalf of big and small merchants, arguing that credit card fees often eat up a significant portion of businesses' slim margins. Groups representing merchants, including NACS, aka the National Association of Convenience Stores, made clear last week that they'll keep pushing to pass the CCCA provisions. Marshall has taken the lead recently on an effort started by decades ago by Durbin, who has said he won't seek re-election. 'The banks have been so overly aggressive in advertising against him in Kansas, and doing some other things, that they made it a top priority for him,' NACS General Counsel Doug Kantor said of Marshall in an interview last week. 'They made him angry.' Spokespeople for Durbin and Marshall have declined to comment, but the Merchants Payments Coalition said the latest CCCA campaign brought a 'surge of support.' Whether or not stablecoins ever become a true threat to cards remains to be seen. One industry consultant, Peter Tapling, says they have the potential to challenge cards, but he doesn't see them as a threat to Visa or Mastercard at the moment. Tapling points to Paze, the Early Warning Services digital wallet that's struggled to get traction, as evidence of how difficult it is to lure consumers and merchants to new forms of payment. It's always the chicken-egg problem – will consumers demand to use it enough for merchants to adopt it or will merchants make it available enough that consumers gravitate to it, he said in an interview Friday. Back in Washington, Kantor says CCCA supporters are already hunting for the next piece of legislation capable of carrying the bill to passage. Recommended Reading Walmart, Kroger eye instant payments Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Hill
11-06-2025
- Business
- The Hill
Stablecoin bill clears another hurdle in Senate, inching toward final vote
The Senate voted Wednesday to advance legislation setting up a regulatory framework for payment stablecoins, bringing the crypto bill one step closer to a final vote in the upper chamber. Seventeen Democrats voted with almost every Republican to end debate on an updated version of the GENIUS Act. The new bill text was reached as part of lengthy negotiations between Republicans and crypto-friendly Democrats last month, ahead of an earlier procedural vote on the Senate floor last month. The vote breakdown was largely similar to the May vote, although Sen. Lisa Blunt Rochester (D-Del.) switched her vote to oppose the measure. She had supported the bill both in the Senate Banking Committee in March and on the Senate floor last month. Blunt Rochester voiced some hesitation Tuesday about Senate leadership's decision to forgo an open amendment process on the GENIUS Act, emphasizing that she hoped to see additional changes to the bill. 'I was really clear,' she told The Hill. 'I hoped that there would be an open amendment process, and that's what I heard Leader Thune say around last month, so I will take a look at this language, and we'll make a decision from there.' Senate Majority Leader John Thune (R-S.D.) ultimately scrapped the push for so-called 'regular order,' as controversial amendments — most notably, Sen. Roger Marshall's (R-Kan.) Credit Card Competition Act — threatened to upend support for the bill. The decision to move forward without an open amendments process frustrates a push by several Democrats to add in a provision that would prevent President Trump and other elected officials from profiting off stablecoins. 'The GENIUS act attempts to set up some guardrails for buying and selling a type of cryptocurrency, one type called a stablecoin,' Sen. Jeff Merkley (D-Ore.) said on the Senate floor ahead of Wednesday's vote. 'Well, we need guardrails that ensure that government officials aren't openly asking people to buy their coins in order to increase their personal profit or their family's profit,' he continued. 'Where are those guardrails in this bill? They're completely, totally absent.' However, crypto-friendly Democrats who have been deeply involved in negotiations are urging their colleagues to support the bill despite some of its shortcomings. 'It's extremely unhelpful that we have a president who's involved in this industry, and I would love to ban this activity, but that does not diminish the excellent work of this legislation,' Sen. Kirsten Gillibrand (D-N.Y.) said Wednesday. 'It does not diminish the hard work that bipartisan group of senators put into this to make a difference and to write a law that can protect consumers, that can protect our financial services industry, that can protect the strength of the dollar, and that can protect people who would like access to capital,' she added. The GENIUS Act likely faces a handful more votes before it can clear the Senate and head to the House. Sen. Cynthia Lummis (R-Wyo.) told The Hill on Tuesday that she expects a final vote on the bill next week.
Yahoo
11-06-2025
- Business
- Yahoo
Senate lines up major step toward passing stablecoin bill
The Senate is poised to hold another key procedural vote on stablecoin legislation Wednesday, clearing the way for the crypto bill after several controversial amendments threatened to complicate its path forward. Senate Majority Leader John Thune (R-S.D.) moved to end debate Monday on the updated text of the GENIUS Act, struck as part of a bipartisan agreement after two weeks of frantic negotiations last month between Republicans and crypto-friendly Democrats. The move appears to end Thune's push to pass the bill via so-called 'regular order,' which would have opened up floor proceedings on the stablecoin legislation to dozens of amendments in a lengthy process that risked derailing final passage. 'I think at this point it's a good thing, because the longer it sat around, the more people picked at it, and it would have died from death by 1000 cuts, if we would have waited longer,' Sen. Cynthia Lummis (R-Wyo.) told The Hill on Tuesday. 'And I think that Sen. Thune was seeing that, and so he decided to move forward just with the changes that were made in negotiations with the Democrats,' she continued, noting that she expects the updated text to be the final version of the bill. A Senate aide said Tuesday that no final decision had been made yet on amendments but underscored that the timeframe was shrinking ahead of Wednesday's vote. A key point of contention has been the Credit Card Competition Act (CCCA), which Sen. Roger Marshall (R-Kan.) offered up as an amendment. However, it seems increasingly unlikely that the bill will get a vote as part of the GENIUS Act. 'There's a couple of GOP Senators who wish to avoid a vote on CCCA at all costs, and an open amendment process on this was a major threat to that end,' a senior GOP staffer familiar with what transpired told The Hill. 'Obviously, Leader Thune ran the calculus, and ultimately decided to toss the process out in order to move on Genius,' they continued. 'There's very little Senator Marshall can do at this point, disappointed as he likely is.' The CCCA seeks to take aim at credit card swipe fees — the fees charged to retailers every time a customer swipes a credit card. Marshall and his Democratic co-sponsor, Sen. Dick Durbin (Ill.), have argued Visa and Mastercard have a duopoly over the credit card market, leading to higher swipe fees. Their proposal would require large financial institutions to provide an option other than Visa or Mastercard to process credit card transactions. The legislation has been the subject of fierce lobbying. While retailers have embraced the bill, the credit card industry has aggressively opposed the measure, arguing it would enrich major retailers and force credit card companies to do away with popular rewards programs. 'The Credit Card Competition Act has been controversial for a while in D.C.,' said Christopher Niebuhr, a senior research analyst at Beacon Policy Advisors. 'The inclusion of the Credit Card Competition Act as an amendment, were it to get an amendment vote, would certainly add a little bit of risk or uncertainty as to the path forward for the GENIUS Act,' he added. Lummis suggested Tuesday part of the push to include other measures in the stablecoin bill stems from a lack of movement on legislation in the Senate Banking Committee over the years. 'This is the first bill that's been reported out of the Banking Committee in eight years,' she said. 'So, there was a lot of pent-up desire to append other legislation that was financial services related to this bill. Some of that legislation is kind of controversial, so I get it.' 'I get why people are frustrated that they haven't had an opportunity to have their financial service related legislation heard,' she continued. 'But there will be other legislation that will come out of the Banking Committee, so they'll have other chances.' While some GOP senators may be breathing a sigh of relief, the decision to move forward on the GENIUS Act without an open amendment process is raising questions for some Democrats, including those who initially supported the bill with the hopes of making changes down the line. 'I was glad about some of the bipartisan progress that had been made,' Sen. Lisa Blunt Rochester (D-Del.) told The Hill. 'It was one of the reasons I voted the bill out of committee in the first place, was with the agreement that there would be amendments.' Blunt Rochester was one of five Democrats who joined their Republican colleague to vote the legislation out of the Senate Banking Committee in March. She and 15 other Democrats also supported the GENIUS Act in a procedural vote on the Senate floor last month. However, she noted at the time that she wanted to see further changes to protect consumers and the stability of the financial system, as well as to prevent fraud and address President Trump's growing ties to the crypto industry. 'I was really clear,' Blunt Rochester added Tuesday. 'I hoped that there would be an open amendment process, and that's what I heard Leader Thune say around last month, so I will take a look at this language, and we'll make a decision from there.' Thune repeatedly emphasized last month that he planned to move the GENIUS Act through the Senate via 'regular order,' allowing for an open amendment process on the floor. This was central to his criticism of Democrats, who initially blocked the legislation from moving forward on the Senate floor in early May. When Thune first sought to expedite the stablecoin bill, a contingent of crypto-friendly Democrats pulled their support, alleging Republicans had prematurely cut off negotiations and ultimately voting down a motion to advance the bill. The Senate majority leader slammed Democrats at the time, arguing they would have a chance to make changes on the floor. 'All they had to do was vote for cloture. Not every bill that comes to the floor is a final bill. Now, that might be how it worked when they were in control, but Republicans are doing it differently,' Thune said in early May. Sen. Elizabeth Warren (D-Mass.), a fierce crypto critic who has opposed the bill, warned Tuesday that limiting amendments could undermine support for the legislation. 'Sen. Thune has repeatedly promised that he would open up the legislative process for amendments, and this is his first chance to do that, and he's gone back on his promise,' Warren told The Hill. 'It is possible that there will be people who will say that they voted to advance the bill, but without amendments, they can't do that anymore,' she added. However, lead Democratic negotiators on the GENIUS Act have underscored the wins they secured through discussions Republicans. 'I think we have worked hard to incorporate many of the concerns that we have heard from our colleagues,' Sen. Angela Alsobrooks (D-Md.) told The Hill on Tuesday, adding, 'We had many, many amendments along the way that have been incorporated. Always we would like to have more, but it was a really solidly bipartisan effort.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Hill
11-06-2025
- Business
- The Hill
Senate lines up major step toward passing stablecoin bill
The Senate is poised to hold another key procedural vote on stablecoin legislation Wednesday, clearing the way for the crypto bill after several controversial amendments threatened to complicate its path forward. Senate Majority Leader John Thune (R-S.D.) moved to end debate Monday on the updated text of the GENIUS Act, struck as part of a bipartisan agreement after two weeks of frantic negotiations last month between Republicans and crypto-friendly Democrats. The move appears to end Thune's push to pass the bill via so-called 'regular order,' which would have opened up floor proceedings on the stablecoin legislation to dozens of amendments in a lengthy process that risked derailing final passage. 'I think at this point it's a good thing, because the longer it sat around, the more people picked at it, and it would have died from death by 1000 cuts, if we would have waited longer,' Sen. Cynthia Lummis (R-Wyo.) told The Hill on Tuesday. 'And I think that Sen. Thune was seeing that, and so he decided to move forward just with the changes that were made in negotiations with the Democrats,' she continued, noting that she expects the updated text to be the final version of the bill. A Senate aide said Tuesday that no final decision had been made yet on amendments but underscored that the timeframe was shrinking ahead of Wednesday's vote. A key point of contention has been the Credit Card Competition Act (CCCA), which Sen. Roger Marshall (R-Kan.) offered up as an amendment. However, it seems increasingly unlikely that the bill will get a vote as part of the GENIUS Act. 'There's a couple of GOP Senators who wish to avoid a vote on CCCA at all costs, and an open amendment process on this was a major threat to that end,' a senior GOP staffer familiar with what transpired told The Hill. 'Obviously, Leader Thune ran the calculus, and ultimately decided to toss the process out in order to move on Genius,' they continued. 'There's very little Senator Marshall can do at this point, disappointed as he likely is.' The CCCA seeks to take aim at credit card swipe fees — the fees charged to retailers every time a customer swipes a credit card. Marshall and his Democratic co-sponsor, Sen. Dick Durbin (Ill.), have argued Visa and Mastercard have a duopoly over the credit card market, leading to higher swipe fees. Their proposal would require large financial institutions to provide an option other than Visa or Mastercard to process credit card transactions. The legislation has been the subject of fierce lobbying. While retailers have embraced the bill, the credit card industry has aggressively opposed the measure, arguing it would enrich major retailers and force credit card companies to do away with popular rewards programs. 'The Credit Card Competition Act has been controversial for a while in D.C.,' said Christopher Niebuhr, a senior research analyst at Beacon Policy Advisors. 'The inclusion of the Credit Card Competition Act as an amendment, were it to get an amendment vote, would certainly add a little bit of risk or uncertainty as to the path forward for the GENIUS Act,' he added. Lummis suggested Tuesday part of the push to include other measures in the stablecoin bill stems from a lack of movement on legislation in the Senate Banking Committee over the years. 'This is the first bill that's been reported out of the Banking Committee in eight years,' she said. 'So, there was a lot of pent-up desire to append other legislation that was financial services related to this bill. Some of that legislation is kind of controversial, so I get it.' 'I get why people are frustrated that they haven't had an opportunity to have their financial service related legislation heard,' she continued. 'But there will be other legislation that will come out of the Banking Committee, so they'll have other chances.' While some GOP senators may be breathing a sigh of relief, the decision to move forward on the GENIUS Act without an open amendment process is raising questions for some Democrats, including those who initially supported the bill with the hopes of making changes down the line. 'I was glad about some of the bipartisan progress that had been made,' Sen. Lisa Blunt Rochester (D-Del.) told The Hill. 'It was one of the reasons I voted the bill out of committee in the first place, was with the agreement that there would be amendments.' Blunt Rochester was one of five Democrats who joined their Republican colleague to vote the legislation out of the Senate Banking Committee in March. She and 15 other Democrats also supported the GENIUS Act in a procedural vote on the Senate floor last month. However, she noted at the time that she wanted to see further changes to protect consumers and the stability of the financial system, as well as to prevent fraud and address President Trump's growing ties to the crypto industry. 'I was really clear,' Blunt Rochester added Tuesday. 'I hoped that there would be an open amendment process, and that's what I heard Leader Thune say around last month, so I will take a look at this language, and we'll make a decision from there.' Thune repeatedly emphasized last month that he planned to move the GENIUS Act through the Senate via 'regular order,' allowing for an open amendment process on the floor. This was central to his criticism of Democrats, who initially blocked the legislation from moving forward on the Senate floor in early May. When Thune first sought to expedite the stablecoin bill, a contingent of crypto-friendly Democrats pulled their support, alleging Republicans had prematurely cut off negotiations and ultimately voting down a motion to advance the bill. The Senate majority leader slammed Democrats at the time, arguing they would have a chance to make changes on the floor. 'All they had to do was vote for cloture. Not every bill that comes to the floor is a final bill. Now, that might be how it worked when they were in control, but Republicans are doing it differently,' Thune said in early May. Sen. Elizabeth Warren (D-Mass.), a fierce crypto critic who has opposed the bill, warned Tuesday that limiting amendments could undermine support for the legislation. 'Sen. Thune has repeatedly promised that he would open up the legislative process for amendments, and this is his first chance to do that, and he's gone back on his promise,' Warren told The Hill. 'It is possible that there will be people who will say that they voted to advance the bill, but without amendments, they can't do that anymore,' she added. However, lead Democratic negotiators on the GENIUS Act have underscored the wins they secured through discussions Republicans. 'I think we have worked hard to incorporate many of the concerns that we have heard from our colleagues,' Sen. Angela Alsobrooks (D-Md.) told The Hill on Tuesday, adding, 'We had many, many amendments along the way that have been incorporated. Always we would like to have more, but it was a really solidly bipartisan effort.'
Politico
02-06-2025
- Business
- Politico
Crypto's credit card dilemma
Presented by Editor's note: Morning Money is a free version of POLITICO Pro Financial Services morning newsletter, which is delivered to our subscribers each morning at 5:15 a.m. The POLITICO Pro platform combines the news you need with tools you can use to take action on the day's biggest stories. Act on the news with POLITICO Pro. Quick Fix A fierce lobbying war in Washington is threatening to jeopardize one of President Donald Trump's top financial policy priorities on Capitol Hill. After months of chaotic negotiations in the Senate, landmark cryptocurrency legislation that would create a regulatory framework for stablecoins finally appears to have the votes to clear the upper chamber, with a vote on final passage expected in the coming days. But now, a contentious battle over credit card swipe fees could blow the effort up. Senate Majority Leader John Thune's pledge to return the chamber to 'regular order' with open amendment processes has raised the possibility of a vote on divisive legislation that would crack down on credit card swipe fees. Supporters are eyeing the stablecoin bill as a vehicle to force an amendment vote on the so-called Credit Card Competition Act, which seeks to force payment networks to compete on swipe fees. The credit card measure, long championed by Sens. Dick Durbin (D-Ill.) and Roger Marshall (R-Kan.), is such a fraught policy battle because it pits two powerful lobbying conglomerates — the financial sector and major retailers — against one another. Crypto supporters, who are within spitting distance of their biggest win ever in the Senate, are scrambling to prevent the credit card provision from derailing their stablecoin bill. It is highly unclear how a vote on the Durbin-Marshall provision would go: Most senators haven't taken a position on the matter (and they likely aren't eager to). But the fear for pro-crypto lawmakers is that it could garner enough support to be adopted as an amendment with backing from most Democrats and some Republicans — and then tank the underlying stablecoin bill by peeling off GOP senators who oppose the credit card amendment. 'It's a deal-killer,' said Sen. Thom Tillis (R-N.C.), who supports the stablecoin bill but said he will 'do everything [he] can to kill the bill' if the credit card legislation is attached. 'If it goes in it, the value out of the stablecoin components would not outweigh the damage done by CCCA.' The issue highlights the challenge Thune faces in delivering on his promise to hold open amendment processes. It is uncertain if the swipe fee crackdown will ultimately get a vote. The issue is likely to come to a head this week as GOP leaders look to move the bill toward final passage. Further procedural votes could come this week, but the timing of a vote on final passage will depend on whether they can get a deal on amendments. The credit card provision is the biggest outstanding question. Durbin and Marshall have been pushing for years to force a vote or attach it to must-pass legislation, and they have failed every time. Marshall has filed his bill as an amendment to the stablecoin legislation. But asked by MM prior to Congress' Memorial Day recess whether he will seek to force a vote on the measure, he said he has 'not decided what to do.' 'We have all our options open,' he said. Many lawmakers likely aren't eager to take a position on a matter that would alienate a powerful interest. Both Wall Street (which opposes the bill) and the retail and restaurant sectors (which support it) represent stakeholders in members' states and are major fundraising sources. 'I love them all,' said Sen. Kevin Cramer (R-N.D.), who says he is undecided on the credit card legislation. 'I have some sympathy for that issue, but I also think it would kill the bill if it were passed,' he added. 'A lot of people that would be sympathetic to the cause would vote `No' for the sake of the larger bill. And because of that, I don't think the vote really helps do anything, including identify 'Yes' votes.' IT'S MONDAY — Send Capitol Hill tips to jgoodman@ And as always, send your tips, suggestions and personnel moves to Sam at ssutton@ Driving the Week MONDAY … Council of Economic Advisers Vice Chair Pierre Yared speaks at a Business Council for International Understanding roundtable at noon … Federal Reserve Chair Jerome Powell kicks off the board's International Finance Division 75th Anniversary Conference at 1 p.m. … TUESDAY … Senate Finance votes on Bill Long's nomination to serve as IRS commissioner at 9:30 a.m. The committee holds a nominations hearing on picks including Brian Morrissey Jr. to be general counsel at Treasury at 10:30 a.m. … The U.S. Chamber of Commerce kicks off its Capital Markets Summit at 9:35 a.m., with speakers including Acting Comptroller of the Currency Rodney Hood, NASDAQ President Nelson Griggs, SEC Commissioner Mark Uyeda, acting FDIC Chair Travis Hill, Sen. Mike Rounds, Rep. Bill Foster, House Financial Services Chair French Hill and Deputy Treasury Secretary Michael Faulkender. The Brookings Institution holds a discussion on the earned income tax credit at 10 a.m. … The Council on Foreign Relations holds a discussion on the U.S. economic outlook and monetary policy at 1 p.m. … SEC Chair Paul Atkins testifies before Senate Appropriations at 2:30 p.m. … WEDNESDAY … Rep. David Schweikert speaks at The Hill's 'Invest in America Summit' at 9:05 a.m. … SBA Administrator Kelly Loeffler testifies before House Small Business at 10 a.m. … House Financial Services holds a hearing on the future of digital assets at 10 a.m. … OMB Director Russell Vought testifies before House Appropriations at 2 p.m. … THURSDAY … The SEC's Investment Management Division hosts a conference on 'Emerging Trends in Asset Management' with speakers including Commissioner Hester Peirce beginning at 9 a.m. … The SEC meets at 10 a.m. … House Small Business holds a hearing on 'How Private Equity Empowers Main Street' at 10 a.m. … House Financial Services holds a hearing on data privacy at 10 a.m. … Fed Governor Adriana Kugler speaks at the Economic Club of New York at noon.. The Urban Institute holds a virtual discussion on 'rent reporting as a pathway to credit building' at 12:30 p.m. … The Peterson Institute for International Economics holds a virtual discussion on industrial policy for Asia and the Pacific at 5 p.m. … FRIDAY … The Labor Department will release the May jobs report at 8:30 a.m. ICYMI: The Conversation kicked off with Dr. Oz In the premiere episode of The Conversation, Dasha Burns sat down with Dr. Mehmet Oz — now leading the Centers for Medicare and Medicaid Services — for a candid talk on drug prices, potential Medicaid cuts and why he's getting early morning calls from President Donald Trump. Plus, POLITICO's Jonathan Martin dished on the Ohio governor's race (featuring Elon Musk, Vivek Ramaswamy and former Ohio State football coach Jim Tressel), and Kyle Cheney unpacked Trump's legal battle over 'Liberation Day' tariffs. Watch the full episode on YouTube. And don't miss a moment — subscribe now on Apple Podcasts or Spotify to get new episodes when they drop. Trump regulators prep gift to Wall Street — The Trump administration is gearing up to ease rules imposed on megabanks in response to the 2008 financial crisis, our Michael Stratford reports: 'Trump-appointed regulators are nearing completion of a proposal that would relax rules on how much of a capital cushion the nation's largest banks must have to absorb potential losses and remain solvent during periods of economic stress. 'The plan — being developed jointly by the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation — could be released in the coming months, according to two people familiar with the discussions who were granted anonymity to discuss plans that aren't yet public.' RIP Stanley Fischer — Former Fed Vice Chair Stanley Fischer, who helped steer the central bank from 2014 to 2017 and was an influential economist at MIT, the IMF and the Bank of Israel, died on Saturday at age 81. James R. Hagerty writes for the NYT that Fischer's 'scholarship and genial, consensus-seeking style helped guide global economic policies and defuse financial crises for decades.' trade Trump says he'll double steel tariff — Trump said on Friday that he is doubling his tariff on steel to 50 percent to prevent billions of dollars worth of foreign steel from continuing to enter the U.S., Doug Palmer reports. — Imports plummeted in April as companies adjusted to Trump's sweeping new tariff regime, in an early signal of how his global trade war is unfolding in the U.S. economy, Victoria Guida reported Friday. The goods trade deficit last month was nearly half its size in March, according to an advance estimate from the Commerce Department, driven by a nearly 20 percent drop in imports. On The Hill Trump budget — Trump sent the nitty-gritty of his budget proposal to Congress on Friday, fleshing out which programs he wants Republicans to cut deeply — or wipe out entirely — when they vote to fund the government in September, our Jennifer Scholtes writes. Expanding upon the so-called skinny budget the White House transmitted to Capitol Hill earlier this month, the new documents detail the White House's ambitions for spending cuts across government agencies. They show which accounts the president wants GOP lawmakers to target as Trump seeks non-defense funding cuts of more than 22 percent in the upcoming fiscal year and a flat military budget. —The SEC asked lawmakers for more than $2.1 billion for the upcoming fiscal year, though the agency cautions that it may not actually need that large of a budget, Declan Harty reports. Lawmakers to watch in the megabill fight — Our Jordain Carney has a look at the 'Medicaid moderates' — an ideologically diverse bunch of Republicans who are poised to have a major impact on the GOP tax-cut megabill. Jobs report Maggie Sklar, a longtime CFTC official who has also worked at the Fed and FDIC, recently joined the U.S. Chamber of Commerce as senior director of public policy and advocacy. — Declan Harty
