On The Money: Senate Dems to introduce resolution blocking Trump emergency declaration | Banks made $28 billion in extra profits thanks to GOP tax law | IRS analyst charged with leaking Cohen's financial records

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THE BIG DEAL-- Senate Dems to introduce resolution blocking Trump's emergency declaration: Senate Minority Leader Charles SchumerCharles (Chuck) Ellis SchumerGOP senator: Trump's criticism of McCain 'deplorable' Schumer to introduce bill naming Senate office building after McCain amid Trump uproar Why we need to build gateway now MORE (D-N.Y.) said on Thursday that Democrats will introduce a resolution to block President TrumpDonald John TrumpTrump mocks wind power: 'When the wind doesn't blow, just turn off the television' Pentagon investigator probing whether acting chief boosted former employer Boeing Trump blasts McCain, bemoans not getting 'thank you' for funeral MORE's emergency declaration to construct the U.S.-Mexico border wall.

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"Identical companion legislation to the House resolution will soon be introduced in the Senate," Schumer said in a statement.

House Democrats, with the backing of Speaker Nancy PelosiNancy Patricia D'Alesandro PelosiRisk-averse Republicans are failing the republic The Hill's Morning Report - Trump, Dems put manufacturing sector in 2020 spotlight Trump, Saturday Night Live and why autocrats can't take a joke MORE (D-Calif.), are expected to file their resolution as soon as Friday.

The Senate, which convened for roughly a minute earlier Thursday, is out of town until Monday afternoon, making that day the earliest Democrats could file a resolution in the upper chamber.

 

The background:

  • Trump announced last Friday that he would declare a national emergency to construct the wall after Congress included only $1.375 billion for physical barriers along the border in a government funding bill -- well below the $5.7 billion the president requested.
  • A resolution blocking Trump's move only needs a simple majority in both chambers to get to the president's desk, where White House officials have suggested he would use his first veto since taking over the Oval Office.

 

What comes next:

 

LEADING THE DAY

US banks made $28 billion in extra profits thanks to GOP tax bill: Federally insured U.S. banks made more than $28 billion in additional profits in 2018 thanks to the Republican tax-cut law enacted at the start of the year, according to data released Thursday.

The Federal Deposit Insurance Corporation (FDIC) revealed that the nation's 5,406 federally insured banks reeled in $236.7 billion in profits last year, according to the agency's quarterly banking profile. I break down the numbers here.

  • Yearly profits increased $72.4 billion from 2017, and the rise includes $28.8 billion more than banks would have kept under the previous tax regime. Bank profits in the fourth quarter of 2018 rose to $59 billion, an $8.1 billion increase from the same period in 2017.
  • The Republican tax-cut bill reduced the corporate income tax rate to 21 percent from 35 percent. The bill's supporters said the corporate tax cut would fuel the U.S. economy, while Democrats panned it as a handout to wealthy elites.
  • U.S. banks would have made an estimated $207.9 billion in profits in 2018 and $50.3 billion in the fourth quarter without the benefits of a corporate tax cut.

 

IRS analyst charged with leaking Cohen's financial records to Avenatti: The Justice Department on Thursday announced charges against an Internal Revenue Service (IRS) analyst for illegally disclosing financial reports related to President Trump's former attorney, Michael Cohen.

John C. Fry, 54, was charged with unlawful disclosure of Suspicious Activity Reports (SARs), the U.S. Attorney's Office for the Northern District of California said in a news release.

Fry allegedly provided the documents to Michael Avenatti, the attorney representing Stormy Daniels in her lawsuit against Trump and Cohen.

Prosecutors said Fry, who worked in San Francisco as an investigative analyst for the IRS's law enforcement arm, logged on to his work computer in May 2018 and conducted searches for records related to Cohen. According to the complaint, Fry downloaded five SARs, including one related to a bank account for Essential Consultants LLC. Fry then allegedly contacted Avenatti with the information.

 

GOOD TO KNOW

  • Former Democratic Rep. Joseph Crowley (N.Y.) is joining a coalition to help secure passage of President Trump's new trade agreement with Mexico and Canada.
  • European Commission President Jean-Claude Juncker said Thursday he is not hopeful that Britain will leave the European Union (EU) with a deal in place for the transition.
  • Reuters reports that the U.S. and China have sketched the broad outlines of a trade deal that would address trade practices the U.S. deems as unfair, such as accusations that Beijing forces U.S. companies to give up trade secrets in order to do business in China.
  • Google on Thursday said that it will soon allow its employees to sue the company over discrimination and harassment claims, a policy change that comes after a campaign by its workers.

 

ODDS AND ENDS

  • A park ranger in New York City who was furloughed for weeks during the partial government shutdown won a lottery jackpot worth nearly $30 million.