Overnight Finance: Obama signs Puerto Rico bill | Trump steps up attacks on trade | Dodd-Frank backers cheer 'too big to fail' decision | New pressure to fill Ex-Im board

OBAMA SIGNS PUERTO RICO BILL: President Obama on Thursday signed a massive rescue package to address Puerto Rico's debt crisis -- just one day before the island must make a $2 billion payment.

"It's not going to be in and of itself sufficient to solve all the problems that Puerto Rico faces," Obama told reporters in the Oval Office. "But it is an important first step on the path of creating more stability, better services and better prosperity overall."


Obama quickly signed the measure after the Senate passed it on Wednesday night.
The bill's passage marked a rare bipartisan accomplishment for the White House and the Republican-controlled Congress. The Hill's Jordan Fabian takes us there: http://bit.ly/29bXwLf.

TRUMP: TPP WILL MAKE NAFTA 'LOOK LIKE A BABY': Presumptive GOP presidential nominee Donald TrumpDonald John TrumpDemocrats slide in battle for Senate Trump believes Kushner relationship with Saudi crown prince a liability: report Christine Blasey Ford to be honored by Palo Alto City Council MORE slammed the Trans-Pacific Partnership (TPP) on Thursday, calling it worse than the North American Free Trade Agreement (NAFTA).

"That will make NAFTA, in my opinion, look like a baby," Trump said during a campaign event in New Hampshire.

"Trans-Pacific Partnership -- it's over 5,000 pages long -- every country that's in that partnership has studied every word, every comma, every sentence, every paragraph; our guys probably haven't even read it," Trump continued.

"This is the way we do business," he said.

Trump criticized presumptive Democratic nominee Hillary ClintonHillary Diane Rodham ClintonO'Rourke's rise raises hopes for Texas Dems down ballot Gabbard considering 2020 run: report Claiming 'spousal privilege' to stonewall Congress MORE and former President Bill ClintonWilliam (Bill) Jefferson ClintonConservatives bankrolled and dominated Kavanaugh confirmation media campaign Sen. Walter Huddleston was a reminder that immigration used to be a bipartisan issue No, civility isn't optional MORE for past free trade deals.

"Hillary Clinton understood and backed, and Bill Clinton certainly as the president, initiatives -- they are a disaster, and now they want to go into TPP, Trans-Pacific Partnership," he said. Here's more from The Hill's Rebecca Savransky: http://bit.ly/2964Hpn.

HAPPY THURSDAY and welcome to Overnight Finance, where we'll be taking a break until Congress gets back from vacation. I'm Sylvan Lane, and here's your nightly guide to everything affecting your bills, bank account and bottom line.

See something I missed? Let me know at slane@thehill.com or tweet me @SylvanLane. And if you like your newsletter, you can subscribe to it here: http://bit.ly/1NxxW2N.

TRUMP CHALLENGES HOTEL TAXES: Donald Trump is challenging the amount of taxes assessed by the District of Columbia against property near the White House that he is turning into a hotel.

The Trump limited liability company leasing the property filed a petition in the D.C. Superior Court tax division on Thursday, asking the court to lower the assessed value of the property for the 2015 and 2016 tax years and to direct the District to refund any tax deemed excessive.

Trump, now the presumptive Republican presidential nominee, was chosen several years ago to convert the Old Post Office building into a hotel. The building was previously operated by the U.S. General Services Administration as an office building. The hotel is slated to open in September.

The Hill's Naomi Jagoda has the details: http://bit.ly/2968QJT

SENATE DEMS: NO AUGUST BREAK WITHOUT ZIKA DEAL: Top Senate Democrats lashed out at Republicans Thursday, arguing they shouldn't leave for a seven-week recess without reaching a deal to fund the fight against the Zika virus.

"We're going on a seven-week vacation ... and unless the Republicans become sensible, the Zika virus will have no work done," Minority Leader Harry ReidHarry Mason ReidFive takeaways from testy Heller-Rosen debate in Nevada Major overhauls needed to ensure a violent revolution remains fictional Senate heads home to campaign after deal on Trump nominees MORE (D-Nev.) told reporters. "This is really outrageous that we're going to go on vacation while this national emergency is pending."

Reid's comments come after Senate Democrats blocked a broader military and veterans spending bill, which included $1.1 billion for the mosquito-borne virus. They are demanding Republicans negotiate a new agreement instead.

But lawmakers face a tight schedule to get legislation to President Obama's desk before leaving for the annual "August recess," which will have them out of Washington from mid-July until Sept. 6. According to Democrats, the Senate is on schedule to be in session for the fewest number of days since 1956. The Hill's Jordain Carney has more: http://bit.ly/295ICTC.

RETIREES GROUP ENDORSES CLINTON: The Alliance for Retired Americans announced Thursday that it is endorsing Hillary Clinton for president, citing her proposals to expand Social Security, strengthen Medicare and lower prescription drug prices.

The executive board of the 4 million-member group, which advocates for retirees and their families, voted to endorse Clinton on Wednesday.

"Hillary Clinton has been a champion for retirees throughout her distinguished career. Her life's work exemplifies the Alliance's mission to enhance the quality of life for all Americans," Alliance President Robert Roach Jr. said in a news release. "She has pledged to strengthen and expand Social Security, and she will oppose efforts to cut, privatize or shift Medicare costs to retirees."

The Hill's Naomi Jagoda tells us more: http://bit.ly/2964bIb.

BUSINESS GROUPS RAMP UP PRESSURE TO FILL EX-IM BOARD: Two powerful businesses groups warned on Thursday that the United States will lose jobs without a quorum on the Export-Import Bank's board of directors.

The National Association of Manufacturers and U.S. Chamber of Commerce are ramping up pressure on Senate leaders to confirm Mark McWatters as the third member of the Ex-Im Bank's five-person board.

"Without a quorum of board members, it cannot authorize certain transactions that will protect U.S. jobs," said NAM President and CEO Jay Timmons and Chamber of Commerce President and CEO Tom Donohue in a joint statement.

"The games, delays and political maneuvering have gone on long enough and are damaging our economy," Timmons and Donohue said. The Hill's Vicki Needham explains: http://bit.ly/29dJBWC.

SENATE DEMS ADD THEIR SUPPORT: A majority of Senate Democrats on Thursday urged Republicans to hold a vote on a nominee that would allow the Export-Import Bank to finance larger deals.

Sens. Heidi HeitkampMary (Heidi) Kathryn HeitkampDemocrats slide in battle for Senate Overnight Health Care — Presented by Purdue Pharma —Senate debates highlight fight over pre-existing conditions | Support grows for Utah Medicaid expansion measure | Arkansas health official defends work requirements Election Countdown: Small-donor donations explode | Russian woman charged with midterm interference | Takeaways from North Dakota Senate debate | O'Rourke gives 'definitive no' to 2020 run | Dems hope Latino voters turn Arizona blue MORE (N.D.) and Maria CantwellMaria Elaine CantwellHillicon Valley: Facebook deletes accounts for political 'spam' | Leaked research shows Google's struggles with online free speech | Trump's praise for North Korea complicates cyber deterrence | Senators want Google memo on privacy bug Congress moves to ensure the greater availability of explosives detecting dogs in the US Overnight Energy — Presented by Southern Utah Wilderness Alliance — Trump ends law enforcement program at wildlife refuges | Pruitt canceled trips he already had tickets for | Senate panel approves new parks fund MORE (Wash.) along with 40 other Democratic senators sent a letter to Senate Banking Committee Chairman Richard Shelby (R-Ala.) asking him to consider the nomination of Mark McWatters, who would give Ex-Im's board of directors the quorum needed to make bigger loans.

"Should the committee fail to move forward with the nomination process, it will have a material, negative impact on jobs at small and large companies alike — as well as up and down the manufacturing supply chain — jeopardizing the livelihood of thousands of hard working men and women across the United States," the senators wrote.

Vicki Needham again with more on the fight: http://bit.ly/295NQ1w

DODD-FRANK BACKERS HEAP PRAISE ON GE CAPITAL DECISION: Proponents of the Dodd-Frank financial reform law are taking a victory lap after regulators relaxed rules on a financial firm.

Advocates for strict rules on Wall Street said the Wednesday decision by regulators to step back oversight on GE Capital is actually a good sign for the landmark financial reform law. Regulators decided Wednesday that the lending arm of General Electric no longer posed a threat to the overall financial system, and as such did not require the heightened regulations that come with being a "systemically important financial institution," or SIFI.

Seeing regulators relax rules on a lender does not usually earn praise from reform advocates, but that was exactly the case with this latest move.

That's because seeing the Financial Stability Oversight Council (FSOC) remove a SIFI designation for the first time proves to them that Dodd-Frank is working as intended. The Hill's Peter Schroeder tells us why: http://bit.ly/297Yub7.

SOCIAL SECURITY TO RUN OUT 3 YEARS SOONER THAN EXPECTED: STUDY: Social Security could run out of money three years earlier than federal officials are projecting, according to a new analysis of spending and demographic data.

Conducted using a budget modeling system released Wednesday, the analysis projects the Social Security trust fund will run dry in 2031 -- three years sooner than the Social Security Administration's forecast.

The system, which uses federal budget and census data, was developed at the University of Pennsylvania's Wharton School.

The project was led by professor Kent Smetters, a former Congressional Budget Office economist and Treasury Department deputy secretary, and advised by high-profile budget experts.

Those include former Office of Management and Budget director Peter Orszag, former White House chief economist Austan Goolsbee, and Committee for a Responsible Federal Budget President Maya MacGuineas.

The Obama administration last week released its projections for the Social Security and Medicare trust funds. Officials warned that the two programs, which made up roughly 40 percent of federal spending in 2015, would become insolvent within 20 years. I've got more here: http://bit.ly/2991LrB.

Write us with tips, suggestions and news: slane@thehill.com, vneedham@thehill.com; pschroeder@thehill.com, and njagoda@thehill.com. Follow us on Twitter: @SylvanLane,  @VickofTheHill; @PeteSchroeder; and @NJagoda.