On The Money: Senate banking panel showcases 2020 Dems | Koch groups urge Congress not to renew tax breaks | Dow down nearly 400 | Cuomo defends Amazon HQ2 deal

Happy Monday and welcome back to On The Money. I'm Naomi Jagoda, here with a wrap up of the latest finance news. Sylvan Lane is off this week ahead of the Thanksgiving holiday.

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THE BIG DEAL-- Banking panel showcases 2020 Dems: The Senate Banking Committee may play a key role in the next presidential campaign, with several 2020 Dems poised to use the panel as a venue for showcasing both their policies and personalities.

Sen. Sherrod BrownSherrod Campbell BrownThe Hill's Morning Report - A raucous debate on race ends with Trump admonishment On The Money: Senators unload on Facebook cryptocurrency | Tech giants on defensive at antitrust hearing | Democrats ask Labor Department to investigate Amazon warehouses Hillicon Valley: Senators unload on Facebook cryptocurrency plan | Trump vows to 'take a look' at Google's ties to China | Google denies working with China's military | Tech execs on defensive at antitrust hearing | Bill would bar business with Huawei MORE (Ohio), the panel's top Democrat, announced this week he would consider a White House run. That announcement came just a few weeks after Sen. Elizabeth WarrenElizabeth Ann WarrenJulián Castro is behind in the polls, but he's finding a niche Gabbard arrives in Puerto Rico to 'show support' amid street protests Democratic strategist predicts most 2020 candidates will drop out in late fall MORE (D-Mass.) said she would "take a hard look" at a presidential bid.

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And two vacant spots on the powerful Banking panel -- with its lucrative connections to Wall Street -- may be filled by other potential 2020 candidates.

Sylvan has more here about what to expect from the Banking Committee next year.

 

LEADING THE DAY -- Koch groups say Congress shouldn't renew expired tax breaks: Groups backed by wealthy GOP donor Charles Koch are urging Congress not to renew expired tax breaks, as lawmakers may consider reviving some or all of them during the lame-duck session.

The expired provisions "provide special interest tax breaks and unfairly pick winners and losers by propping up select industries and companies over others," officials with Americans for Prosperity and Freedom Partners Chamber of Commerce said Monday in a letter to House Speaker Paul RyanPaul Davis RyanTrump quietly rolled back programs to detect, combat weapons of mass destruction: report Ocasio-Cortez top aide emerges as lightning rod amid Democratic feud Juan Williams: GOP in a panic over Mueller MORE (R-Wis.) and Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellMcConnell challenger faces tougher path after rocky launch Funding a strong defense of our nation's democratic process can't wait The Hill's Morning Report: Trump walks back from 'send her back' chants MORE (R-Ky.).

What are the expired tax breaks? More than two-dozen tax provisions, known as "tax extenders," expired at the end of 2017, including tax breaks that benefit the renewable energy, motorsports and horse racing industries. Congress often passes one- or two-year extensions of tax extenders during the final weeks of a year.

Why do the Koch groups dislike the tax breaks? They view the tax breaks as "corporate welfare," similar to the incentives New York and Virginia are giving Amazon to locate its new offices in their jurisdictions.

Who wants the extenders renewed? A coalition of businesses and groups led by the Alliance to Save Energy sent a letter to lawmakers last week urging them to renew and update expired tax breaks that provide incentives for energy efficiency.

I've got more here about the state-of-play on tax extenders.

 

Dow plummets nearly 400 points as tech shares tumble: The Dow Jones Industrial average fell 396 point Monday, led by declines in major tech companies.

Nasdaq was down just over 219 points or 3 percent.

Facebook led the decline, with its stock dropping almost 6 percent after a recent string of negative media coverage.

The Wall Street Journal reported on Monday about the tension among the company's executives as Facebook CEO Mark ZuckerbergMark Elliot ZuckerbergHillicon Valley: Trump seeks review of Pentagon cloud-computing contract | FTC weighs updating kids' internet privacy rules | Schumer calls for FaceApp probe | Report says states need more money to secure elections Maxine Waters says her committee will call in Zuckerberg to testify about Libra Hillicon Valley: Lawmakers struggle to understand Facebook's Libra project | EU hits Amazon with antitrust probe | New cybersecurity concerns over census | Robocall, election security bills head to House floor | Privacy questions over FaceApp MORE adopts a more "aggressive" posture in response to the negative news reports.

Apple dropped 4 percent following reports that it was cutting production on some of its newest iPhone models by as much as a third.

Niv Ellis has more here on today's stock market news.

 

Cuomo pushes back on claim that New York 'gave' Amazon $1B: New York Gov. Andrew Cuomo (D) is pushing back against claims that New York "gave" Amazon $1 billion to lure the retail giant's second headquarters to a location in Queens.

"The New York Post, which is representative of extreme conservatives, says essentially that New York 'gave Amazon $1 billion,' " Cuomo wrote in an op-ed published Monday. "Their argument is factually baseless.

"New York State and New York City gave Amazon nothing."

He wrote that New York agreed to reduce the $1 billion Amazon was projected to pay the government by about $100 million.

"New York doesn't give Amazon $100 million. Amazon gives New York $900 million."

The Hill's Megan Keller has more here about Cuomo's response to criticisms of the Amazon deal.

 

GOOD TO KNOW

 

FROM THE HILL'S OPINION PAGES

 

ODDS AND ENDS:

New Jersey Democratic Reps. Bill PascrellWilliam (Bill) James PascrellHere are the 95 Democrats who voted to support impeachment How Trump suddenly brought Democrats together on a resolution condemning him 82-year-old House Democrat asks 'The Squad' if he can join MORE and Josh GottheimerJoshua (Josh) GottheimerJeffries defends Democratic Caucus tweet slamming Ocasio-Cortez chief of staff Problem Solvers Caucus co-chair calls Trump comments about progressive congresswomen 'totally unacceptable' Trump's tweets unify a fractured Democratic Party MORE engaged in some word play in their push to restore the full state and local tax (SALT) deduction, holding a press conference on the issue ... in front of a salt depot.