On The Money: Waters says Deutsche Bank providing Trump's records for probe | House fails to override Trump veto | Trump faces backlash for tapping Fed critic for bank

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THE BIG DEAL—Waters says Deutsche Bank providing Trump financial records for House probe: The chairwoman of the House Financial Services Committee said Tuesday that Deutsche Bank has begun providing records of its dealings with President Trump for the panel's probe into the president's finances.

Rep. Maxine WatersMaxine Moore WatersLawmakers battle over HUD protections for homeless transgender people Lawmakers battle over HUD protections for homeless transgender people Criticism punctuates Nadler's leadership of Trump probe MORE (D-Calif.) said Tuesday that Deutsche Bank has begun cooperating with an investigation into its extensive history with Trump, who borrowed millions of dollars from the bank over several decades.

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When asked Tuesday at the Capitol if Deutsche Bank had started to hand over records of its financial relationship with Trump, Waters replied, "Yes."

The chairwoman also said she was satisfied with Deutsche Bank's cooperation with the probe and that the Financial Services panel is looking into "everything" regarding Trump's dealings with the bank. I'll break down what it means here.

 

The background:

 

The focus:

 

Why it matters:

 

ON TAP TOMORROW

  • The House Financial Services Committee continues its markup of legislation related to cannabis banking and the Consumer Financial Protection Bureau, time to be determined.

 

LEADING THE DAY

House fails to override Trump veto on border wall: The House failed Tuesday to override the first veto of President TrumpDonald John TrumpDC board rejects Trump Hotel effort to dismiss complaint seeking removal of liquor license on basis of Trump's 'character' DC board rejects Trump Hotel effort to dismiss complaint seeking removal of liquor license on basis of Trump's 'character' Mexico's immigration chief resigns amid US pressure over migrants MORE's tenure, a vote led by Democrats seeking to uphold a measure unwinding the president's national emergency declaration at the southern border. 

The chamber voted 248-181 to override the veto, falling short of the roughly 290 votes, or two-thirds majority, needed. Trump issued the veto earlier this month to push back on a rebuke from Congress over his bid to reallocate Pentagon funding to build a barrier along the U.S.-Mexico border.

The vast majority of Republicans in the lower chamber stood with Trump on Tuesday over the veto. But 14 GOP lawmakers opted to break party lines and rebuke the president's emergency declaration for a second time.

 

Trump's response:

Following the vote, Trump took to social media to praise GOP lawmakers for standing with the administration on the issue.

"Thank you to the House Republicans for sticking together and the BIG WIN today on the Border. Today’s vote simply reaffirms Congressional Democrats are the party of Open Borders, Drugs and Crime!" he tweeted. The Hill's Juliegrace Brufke breaks down the vote here.

 

Trump faces backlash for tapping Fed critic for bank: President Trump is facing a backlash from across the political spectrum over his decision to nominate conservative economist Stephen Moore to the Federal Reserve Board.

Critics call Moore an unabashed partisan, whose close ties to Trump, controversial past economic claims and fierce criticism of the Fed's current leaders disqualify him from serving on the central bank.

Moore himself is no stranger to controversy. He's spent three decades advocating conservative economic policies as a researcher and commentator, regularly appearing on the airwaves to tout his views..

But the pushback against Moore was quick and fierce, including from some in Republican circles. I'll explain why here

  • Opponents of his nomination see it as an effort from Trump to shake up the independence of the Federal Reserve. They worry Moore would be a crucial ally for the president inside the Fed, one who could challenge the central bank's consensus-oriented approach and reliance on predictive economic models.
  • Moore, like Trump, has been fiercely critical of the Fed's decision to raise interest rates eight times since 2017, arguing that the central bank should keep rates steady in the absence of rising inflation.
  • Moore also said in December that the Fed's leadership should be "fired for economic malpractice" if they raised rates the following day and argued that Chairman Jerome Powell could be canned for "wrecking our economy."

 

Dems to Pentagon: No extra money if Trump uses defense funds to build wall: Democratic appropriators on Tuesday said they will not give the Pentagon money to cover any shortfalls that stem from President Trump using military funds to pay for a border wall.

"Let me be clear: I do not intend to use Mil-Con dollars to fund this wall," said Rep. Debbie Wasserman SchultzDeborah (Debbie) Wasserman SchultzLee Zeldin responds to Ilhan Omar accusing him of 'bigotry' Congressional Women's Softball team releases roster Overnight Defense — Presented by Huntington Ingalls Industries — Trump nominates Shanahan as Pentagon chief | House panel advances bill to block military funds for border wall | Trump defends Bolton despite differences MORE (D-Fla.), chair of the House Appropriations Subcommittee on Military Construction and Veterans Affairs, at a hearing on Trump's 2020 budget request.

"And if the administration follows through and steals money from previously approved projects, the chairwoman's mark will not provide funding for backfill. I am not joking," she added. The Hill's Niv Elis tells us why here.

 

GOOD TO KNOW

 

ODDS AND ENDS

  • Airport executives on Tuesday urged lawmakers to raise fees on air travelers to fund new infrastructure projects during a hearing before the House Committee on Transportation and Infrastructure.
  • The European Parliament on Tuesday approved a controversial copyright law that will force online platforms such as Google and Facebook to filter out content that could be considered a copyright infringement.