On The Money: Judge approves AT&T-Time Warner merger opposed by Trump | Effort to kill Trump tariffs blocked in Senate | Kudlow in hospital after heart attack | Panel advances Fed nominees

On The Money: Judge approves AT&T-Time Warner merger opposed by Trump | Effort to kill Trump tariffs blocked in Senate | Kudlow in hospital after heart attack | Panel advances Fed nominees
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Happy Tuesday and welcome back to On The Money, which doesn't have a private plane... yet.  I'm Sylvan Lane, and here's your nightly guide to everything affecting your bills, bank account and bottom line.

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THE BIG DEAL: A federal judge on Tuesday ruled that AT&T and Time Warner may go through with their $85 billion merger, delivering a blow to the Trump administration's Justice Department.

The decision from U.S. District Judge Richard Leon gives AT&T an entry into the media business with control over popular brands like CNN, HBO, TNT and TBS. It could also set in motion a series of mega deals across industries.


The Justice Department, which may still appeal the decision, sued the companies in November, arguing that the tie-up could be used to suppress competition and raise prices.

What comes next: Other major industry players could take Tuesday's ruling as a green light to pursue their own deals. Comcast is expected to try to buy much of 21st Century Fox, potentially laying the groundwork for a bidding war with Disney.

DOJ react: Makan Delrahim, the Justice Department's antitrust chief, said prosecutors were "disappointed" with the decision but did not reveal whether they would seek a stay or appeal the ruling.

AT&T react: "We're disappointed that it took 18 months to get here but we're relieved that it's finally behind us," AT&T lead attorney Daniel Petrocelli told reporters outside the courthouse.

David McAtee, AT&T's general counsel, added in a statement that the company was looking forward to closing the deal on June 20.

The Hill's Harper Neidig has more on this breaking story right here.



  • House Financial Services Committee: Comptroller of the Currency Joseph Otting testifies on financial industry regulation, 10 a.m
  • Brookings Institution hosts an event entitled "Building a More Dynamic and Competitive Economy," 1:30
  • House Financial Services Committee: Hearing entitled "Ensuring Effectiveness, Fairness, and Transparency in Securities Law Enforcement," 2 p.m.
  • Senate Select Committee on Pension Solvency: Hearing entitled "Employer Perspectives on Multiemployer Pension Plans," 2 p.m.



GOP effort to kill Trump's tariffs blocked in Senate: Legislation reining in President TrumpDonald John TrumpAl Gore: Trump has had 'less of an impact on environment so far than I feared' Trump claims tapes of him saying the 'n-word' don't exist Trump wanted to require staffers to get permission before writing books: report MORE's tariff authority was blocked from getting a vote in the Senate on Tuesday. 
Sen. Bob CorkerRobert (Bob) Phillips CorkerGOP leaders: No talk of inviting Russia delegation to Capitol Collins and Murkowski face recess pressure cooker on Supreme Court Tougher Russia sanctions face skepticism from Senate Republicans MORE (R-Tenn.) was trying to attach his bill as an amendment to the National Defense Authorization Act (NDAA). His legislation, which is backed by roughly a dozen senators, would require congressional approval if Trump wanted to enact tariffs in the name of national security. 

Corker tried to bring up his bill and schedule a vote but was blocked by GOP Sen. Jim InhofeJames (Jim) Mountain InhofePence announces first steps in establishing 'Space Force' EPA chief: Obama car rule rollback would save consumers 0B EPA’s Wheeler gets warmer welcome at Senate hearing MORE (Okla.), who is managing the defense bill for Republicans.

Corker ripped his GOP colleagues from the Senate floor arguing they are afraid of provoking backlash from Trump. 

"Gosh, 'we might poke the bear' that is the language I've been hearing in the hallways. We might poke the bear," Corker said during his floor speech.

Asked if he was "giving up" for now, Corker fired back at a reporter: "It's blocked! I'm not giving the fight up, it's blocked. I cannot offer the amendment because they're objecting it. I'm not giving up."

The Hill's Jordain Carney tells us more about the showdown here.


White House: Kudlow to stay in the hospital following heart attack: White House economic adviser Larry Kudlow will remain in the hospital as he recovers from a heart attack that occurred Monday, the administration says.

A statement from press secretary Sarah Huckabee Sanders on Tuesday confirmed that Kudlow was expected to return to work "soon," but gave no timetable for the aide's recovery.

Administration officials and lawmakers spent Tuesday wishing a Kudlow a quick recovery.

House Speaker Paul RyanPaul Davis RyanVulnerable Republicans include several up-and-coming GOP leaders Trump ally suspends reelection campaign Congress should prohibit members from serving on company boards MORE (R-Wis.), House Minority Leader Nancy PelosiNancy Patricia D'Alesandro PelosiDem mega-donor to spend M on GOTV campaign ahead of midterms The Hill's Morning Report — Trump heads to New York to shore-up GOP districts Pelosi claims NBC is trying to 'undermine' her potential Speaker bid MORE (D-Calif.) and Treasury Secretary Steven MnuchinSteven Terner MnuchinThe Hill's Morning Report: Where the Mueller probe stands Treasury releases proposed rules on major part of Trump tax law Dems ask Mnuchin to probe Russian investment in state election tech MORE joined a flurry of well-wishers on Twitter.

Kudlow is reportedly eager to return to the White House, but there are growing concerns about the 80-year-old NEC director's health and the impact his job could have on it, according to Politico.


Senate panel advances Trump's latest Fed nominees: The Senate Banking Committee on Tuesday approved President Trump's two most recent nominees to the Federal Reserve Board with bipartisan votes.

The panel voted to recommend Richard Clarida to serve as the Fed's vice chairman and Michelle Bowman to take the spot on the Fed's board reserved for a community banker.

The full Senate is expected to easily confirm Clarida and Bowman, two Republicans who fit the mold of Trump's previous Fed and financial regulatory appointees.

Republicans had high praise for Clarida, an advisor for PIMCO investment bank and a Columbia University professor, and Bowman, the Kansas state bank commissioner and former community bank CEO.

While a block of moderate Democrats supported their nominations, their liberal committee colleges said Clarida and Bowman failed to give sufficient answers to their questions about financial stability and the causes of the 2007-8 crisis. 

I've got more here.



  • Tax law snags: Congress is facing rising pressure to fix the 2017 tax law as stakeholders across multiple industries beg lawmakers to tackle the bill's unintended consequences. The Hill's Naomi Jagoda tells us how that process could get caught up in election politics, as Democrats resist helping the GOP refine their trademark bill.  
  • Yo, Canada? Republicans and business groups are slamming President Trump and his advisers over scathing remarks about Canada following the Group of Seven (G-7) summit in Quebec over the weekend. The Hill's Vicki Needham and Niv Elis break down the tensions here.