Overnight Finance: White House planning new tax cut proposal this summer | Schumer wants Congress to block reported ZTE deal | Tech scrambles to comply with new data rules

Overnight Finance: White House planning new tax cut proposal this summer | Schumer wants Congress to block reported ZTE deal | Tech scrambles to comply with new data rules
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Happy Friday and welcome back to Overnight Finance, where we're wishing you a happy holiday weekend with a little traffic as possible. 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: The White House is aiming to roll out a proposal that would seek to make permanent a series of tax cuts for individuals offered by last year's Tax Cuts and Jobs Act in the coming months.

White House Director of Legislative Affairs Marc Short said on Friday that his team has been working with House Ways and Means Committee Chairman Kevin BradyKevin Patrick BradyTrump announces tariffs on 0B in Chinese goods New GOP tax cuts would add .8 trillion to deficit, says report House panel advances key bill in new round of GOP tax cuts MORE (R-Texas) and the Senate Finance Committee on the proposal.

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He told reporters in a conference call that the White House is hoping to unveil the plan "towards the end of summer."

The signature tax measure passed by Republicans in December slashed the corporate tax rate from 35 percent to 21 percent, and cut tax cuts for individuals for eight years. The Hill's Max Greenwood and Naomi Jagoda tell us what phase two could look like here.

 

LEADING THE DAY

Report says officials have deal to keep ZTE open: President TrumpDonald John TrumpOver 100 lawmakers consistently voted against chemical safeguards: study CNN's Anderson Cooper unloads on Trump Jr. for spreading 'idiotic' conspiracy theories about him Cohn: Jamie Dimon would be 'phenomenal' president MORE and the Commerce Department struck a deal with Chinese telecommunications giant ZTE to keep the firm operating, Reuters reported Friday.

The deal requires ZTE to pay a major fine, host U.S compliance officers at the company and replace its management team, Reuters said, citing a congressional aide.

In return, the Commerce Department would lift a ban on ZTE from buying U.S. products.

But the reported deal faces a hard sell with lawmakers. Lawmakers across party lines have warned Trump to not ease penalties on ZTE, which had been targeting for selling technology to Iran and North Korea in violation of U.S. sanctions.

Senate Minority Leader Chuck SchumerCharles (Chuck) Ellis SchumerDemocrats should end their hypocrisy when it comes to Kavanaugh and the judiciary Celebrities back both Cuomo and Nixon as New Yorkers head to primary vote Dems launch million digital ad buy in top Senate races MORE (D-N.Y.), a staunch critic of China, said in a Friday statement, "If the administration goes through with this reported deal, President Trump would be helping make China great again.

"Both parties in Congress should come together to stop this deal in its tracks," Schumer said.

 

Tech companies scramble as sweeping data rules take effect: A sweeping set of new data privacy regulations descending on Europe is leaving internet companies in the U.S. scrambling to overhaul their practices to avoid steep penalties.

Companies like Google, Twitter, Yelp and Uber have in recent weeks sent notices to their users about updates to privacy policies and user agreements aimed at making their data collection practices more transparent.

The moves are part of an industry-wide effort to prepare for the General Data Protection Regulation (GDPR), which goes into effect on Friday and forces companies to give full disclosure about what they do with the digital data they collect and offer their users more control over their information.

The Hill's Harper Neidig and Morgan Chalfant explain why you're being bombarded with emails about this here.

 

OPEC and Russia may raise oil output under pressure from Trump: Two of the world's leading oil producers are considering increasing their daily output following pressure from President Trump, according to a Reuters report.

Russia and Saudia Arabia are reportedly discussing raising the Organization of the Petroleum Exporting Countries (OPEC) output by 1 million barrels a day, a change that would ease rising prices at the pump for Americans.

Energy ministers for both countries said Friday they are considering the increase in production to ease worries about supply adequacy -- with Saudi Arabia's Khalid al-Falih adding that a move would be gradual, Reuters reports.

The move comes after a tweet from Trump last month that said OPEC was artificially boosting oil prices by limiting outputs.

 

ON TAP NEXT WEEK

Monday:

  • Memorial Day

Wednesday:

  • Federal Reserve Board holds an open meeting on the notice of proposed rulemaking for its Volcker Rule rewrite, 3 p.m.

Thursday:

  • Fed Governor Lael Brainard delivers a speech in New York on the central bank's economic and monetary policy outlook, 1 p.m.

 

NEXT WEEK'S NEWS, NOW

  • Congress is out of town for a week-long break, meaning there will likely be little action on the legislative front.
  • The main action next week is the Fed board's Wednesday meeting on its Volcker Rule rewrite. The Fed will likely start the formal rulemaking process at the meeting, paving the way for a broad loosening of one of Dodd-Frank's most controversial and confounding provisions.

GOOD TO KNOW

 

ODDS AND ENDS

  • Global investment banks reaped the most first-quarter revenue in three years, but that didn't stop the industry from firing traders as a years-long contraction continues, according to CNBC.

 

RECAP THE WEEK WITH OVERNIGHT FINANCE: