On The Money: Senate rejects border declaration in rebuke to Trump | Dems press Mnuchin on Trump tax returns | Waters says Wells Fargo should fire its CEO

On The Money: Senate rejects border declaration in rebuke to Trump | Dems press Mnuchin on Trump tax returns | Waters says Wells Fargo should fire its CEO
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Happy Thursday 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--Senate rejects border declaration in major rebuke of Trump: The Senate voted on Thursday to nix President TrumpDonald John TrumpFive takeaways from the Democratic debate As Buttigieg rises, Biden is still the target Leading Democrats largely pull punches at debate MORE's national emergency declaration to construct the U.S.-Mexico border wall, setting up the first veto battle with his White House.

Senators voted 59-41 to pass the resolution of disapproval blocking Trump's declaration. Underscoring the broad base of concern over Trump's actions within the Republican caucus, 12 GOP senators broke rank and voted with all the Democrats.

The measure passed the House last month, 245-182.


The resolution now heads to Trump's desk, where he is expected to use the first veto of his presidency to defeat it. Neither chamber has the votes to override the president, who tweeted shortly after the vote was closed, "VETO!"

"I look forward to VETOING the just passed Democrat inspired Resolution which would OPEN BORDERS while increasing Crime, Drugs, and Trafficking in our Country," Trump tweeted. "I thank all of the Strong Republicans who voted to support Border Security and our desperately needed WALL!"

The Hill's Jordain Carney tells us how we got here.


The background:


What comes next: Congress will likely be unable to overturn Trump's veto, which requires support from two-thirds of both houses. But the vote marks a significant setback for Trump, who has made his pledge to build the wall a focal point of his presidency.



Dems press Mnuchin on Trump tax returns: House Democrats on Thursday pressed Treasury Secretary Steven MnuchinSteven Terner MnuchinHillicon Valley: Google to limit political ad targeting | Senators scrutinize self-driving car safety | Trump to 'look at' Apple tariff exemption | Progressive lawmakers call for surveillance reforms | House panel advances telecom bills Trump says he's 'looking at' Apple tariff exemption during tour of Texas plant Trump tax breaks for low-income neighborhoods draw scrutiny MORE on whether he would comply with a request to turn over President Trump's tax returns, a long-sought goal of congressional Democrats.

"Are you willing to provide and fulfill the command of the statute, and your mandatory duty to properly release any personal and business tax returns for President Trump that you're requested to provide," Rep. Lloyd DoggettLloyd Alton DoggettWhite House talking new tax cuts with GOP On The Money: Lawmakers hammer Zuckerberg over Facebook controversies | GOP chair expects another funding stopgap | Senate rejects Dem measure on SALT deduction cap workarounds House committee advances measure taxing nicotine in vaping products MORE (D-Texas) asked Mnuchin during a House Ways and Means Committee hearing.

Mnuchin responded by saying he would first consult with legal counsel at the Treasury Department.

"The answer is, if I receive a request, which I presume from what I've read in the press I will receive, I will consult with the legal department within Treasury and I will follow the law," he said.

The Hill's Niv Elis tells us more here.


Relief for taxpayers: Mnuchin also said Thursday the administration will consider providing additional penalty relief for people who didn't have enough money withheld from their paychecks last year amid pressure to provide more help for taxpayers in the first filing season under President Trump's tax-cut law.

Context: The IRS said Thursday that the average size of tax refunds and percentage of returns with refunds are about the same as they were last year. Most people are getting a tax cut, and it's possible for taxpayers to have received a tax cut even if they have a balance due to the IRS. But people often count on their refunds for savings and to make major purchases. 


Maxine WatersMaxine Moore WatersOn The Money: House passes monthlong stopgap | Broader spending talks stall | Judge orders Democrats to give notice if they request Trump's NY tax returns | Progressives ramp up attacks on private equity Federal regulators clear BB&T-SunTrust merger, creating sixth-largest US bank Progressive Democrats ramp up attacks on private equity MORE says Wells Fargo should fire its CEO: Rep. Maxine Waters (D-Calif.) on Thursday said Wells Fargo should fire president and CEO Timothy Sloan. Her comments came one day after the bank announced it would boost his pay and two days after he was grilled by the congresswoman's House committee.

Waters, head of the House Financial Services Committee, said Sloan "should be shown the door" and renewed her call for federal regulators to consider canning the bank's chief.

Wells Fargo revealed in a regulatory filing Wednesday that Sloan received $18.4 million in compensation last year, including a 5 percent pay raise and $2 million bonus. He was paid 284 times more than the median salary of a Wells Fargo employee.

Waters said Wells Fargo's decision was "outrageous and wholly inappropriate" after the bank paid billions in fines from regulators and legal settlements in 2018. I'll tell you why here.

  • Sloan testified before the Financial Services committee on Tuesday, where he faced bipartisan backlash over Wells Fargo's recent string of sales scandals. While Sloan said the bank had made major improvements, he failed to convince Waters and dozens of her colleagues.
  • "It was very clear from Mr. Sloan's testimony that Wells Fargo has failed to clean up its act," said Waters. She plans to reintroduce a bill that would break up big banks with track records of consumer abuse.