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On The Money: Midterms to shake up House finance panel | Chamber chief says US not in trade war | Mulvaney moving CFPB unit out of DC | Conservatives frustrated over big spending bills

On The Money: Midterms to shake up House finance panel | Chamber chief says US not in trade war | Mulvaney moving CFPB unit out of DC | Conservatives frustrated over big spending bills
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Happy Wednesday and welcome back to On The Money. 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--Midterms to shake up top posts on House finance panel: The midterms are poised to have a significant impact on how the House oversees the financial sector, regardless of which side wins in November. 

A Democratic takeover of the House would propel Rep. Maxine WatersMaxine Moore WatersOn The Money: Democrats accuse Mnuchin of sabotaging economy in dispute with Fed | Trump administration proposal takes aim at bank pledges to avoid fossil fuel financing | JPMorgan: Economy will shrink in first quarter due to COVID-19 spike Democrats accuse Mnuchin of sabotaging economy in dispute with Fed Maxine Waters says Biden win is 'dawn of a new progressive America' MORE (D-Calif.), the House Financial Services Committee's ranking member and a fierce critic of President TrumpDonald John TrumpTrump rages against '60 Minutes' for interview with Krebs Cornyn spox: Neera Tanden has 'no chance' of being confirmed as Biden's OMB pick Pa. lawmaker was informed of positive coronavirus test while meeting with Trump: report MORE, into a powerful perch with subpoena power.

Her ascension could pose new political challenges for the nation's biggest banks and force the White House to contend with congressional probes into the president's personal finances during the 2020 election season.

Republicans, meanwhile, are attempting to defend their House majority, and GOP lawmakers on the Financial Services Committee are jockeying for position to succeed Hensarling, who's retiring from Congress at the end of this term.

I give you the latest on the race for the panel's gavel here.

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The breakdown:

 

LEADING THE DAY

US Chamber chief says US not in trade war: U.S. Chamber of Commerce President Tom Donohue said Wednesday that he does not believe the U.S. is in a trade war, despite the 10 percent tariff that President Trump announced this week on $200 billion in Chinese imports.

China fired back on Tuesday with tariffs on $60 billion in U.S. goods, while Trump has threatened to tax all Chinese imports to the U.S.

Donohue said a prolonged trade war would be catastrophic to the global economy, but said he didn't think it had actually started yet.

"The single greatest threat facing the economy is a real trade war. I don't think we're there quite yet," Donohue said during a Wednesday breakfast conference with reporters sponsored by the Christian Science Monitor, adding that he believes Trump would not allow mounting tariffs to decimate the U.S.

"I don't believe that the White House thinks that it's a positive thing to do," he said. 

I'll tell you why here.

 

Mulvaney plans to move some CFPB staff to new Atlanta office: The Consumer Financial Protection Bureau (CFPB) plans to relocate a group of employees from Washington, D.C., to a new satellite office in Atlanta in an effort to reduce costs.

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Acting CFPB Director Mick MulvaneyMick MulvaneyMick Mulvaney 'concerned' by Giuliani role in Trump election case On The Money: Senate releases spending bills, setting up talks for December deal | McConnell pushing for 'highly targeted' COVID deal | CFPB vet who battled Trump will lead Biden plans to overhaul agency Consumer bureau vet who battled Trump will lead Biden plans to overhaul agency MORE is seeking to open the regional office to host a small number of analysts and managers who work with agency examiners assigned to financial institutions in the southeast United States, according to a senior agency official familiar with the plans.

The staffers would be moved from a CFPB office in downtown Washington, near the bureau's headquarters, to a building in Atlanta owned by the General Services Administration. I'll tell you more about the plan and why it's been put in motion here.

 

Conservatives frustrated over big spending bills: Weeks before the midterm elections, conservatives in the House are gaining little traction on fiscal issues as Congress passed one spending bill after another in bipartisan votes.

It's a significant shift from the last few years, when the House Freedom Caucus often threw a wrench into appropriations plans with demands to cut mandatory spending and advance other conservative priorities.

“It’s a little bit frustrating right now,” said Rep. Mark WalkerBradley (Mark) Mark WalkerNorth Carolina's Mark Walker expected to announce Senate bid Lara Trump mulling 2022 Senate run in North Carolina: report House GOP votes to keep leaders in place MORE, the chairman of the Republican Study Committee (RSC), the largest GOP caucus in the House.

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Walker issued a warning last week that some RSC members may vote against a package of spending bills the House is due to consider when it returns to session.

But Walker admits that he and other RSC members opposed to the package would seem to have little hope in blocking it.

The Hill's Niv Elis has more here on why conservatives are in a jam.

 

GOOD TO KNOW

 

ODDS AND ENDS

  • Alibaba founder Jack Ma on Wednesday backtracked on his plan to create 1 million jobs in the United States, two days after President Trump slapped tariffs on about $200 billion worth of Chinese imports.
  • major bug in Bitcoin software could have crashed the virtual currency, according to Vice.