On The Money — Presented by Job Creators Network — Cain expected to withdraw from Fed consideration, report says | Dem bill directs IRS to create free online filing service | Trump considered Ivanka for World Bank

Happy Friday 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--Report: Cain expected to withdraw from consideration for Fed: Businessman and former presidential candidate Herman Cain is expected to withdraw from consideration for a seat on the Federal Reserve Board, ABC News reported Thursday, citing an administration official and a source familiar with the matter.

We reported Thursday that a fourth Republican, Sen. Kevin CramerKevin John CramerPrimary challenges show potential cracks in Trump's GOP Castro, Steyer join pledge opposing the Keystone XL pipeline EPA proposes rolling back states' authority over pipeline projects MORE (N.D.) announced that he would oppose Cain if Trump nominated him, all but dooming his potential appointment.

"If I had to vote right now, there's no way I could vote for" Cain, said Cramer, a close Trump ally.

Cramer's opposition made him the fourth Republican to denounce Cain's potential nomination, effectively ending Cain's chance at confirmation. GOP Sens. Lisa MurkowskiLisa Ann MurkowskiSinema touts bipartisan record as Arizona Democrats plan censure vote Kavanaugh impeachment push hits Capitol buzz saw McConnell lashes out at Democrats over 'unhinged' criticism of Kavanaugh MORE (Alaska), Cory GardnerCory Scott Gardner The 13 Republicans needed to pass gun-control legislation Bolton returns to political group after exiting administration The Hill's Morning Report — Trump's hurricane forecast controversy won't go away MORE (Colo.) and Mitt RomneyWillard (Mitt) Mitt RomneyOvernight Health Care — Presented by Partnership for America's Health Care Future — Pelosi unveils signature plan to lower drug prices | Trump says it's 'great to see' plan | Progressives pushing for changes Missouri man latest to die of vaping-related illness Senators draft bipartisan bill to ban flavored e-cigarettes MORE (Utah) all came out against Cain on Wednesday.

The White House declined to comment on Cain's potential withdrawal, but Trump and his top economic advisers have insisted that Cain go through the full vetting process.

"As the president said yesterday, he continues to support [Cain] and we'll see how that turns out," said Larry Kudlow, Trump's top economic adviser, earlier Thursday. "He's in the process; we'll let him go through it, the president insists on that."

 

 

Even though Cain appears to be doomed, Sen. Elizabeth WarrenElizabeth Ann WarrenOvernight Health Care — Presented by Partnership for America's Health Care Future — Pelosi unveils signature plan to lower drug prices | Trump says it's 'great to see' plan | Progressives pushing for changes Buttigieg calls Warren 'evasive' on Medicare for all Sanders hits 1 million donors MORE (D-Mass.) is ramping up pressure on him and Stephen Moore, who Trump also floated for the Fed.

The 2020 presidential candidate sent a letter on Friday to both Cain and Moore saying she has "strong" and "significant" concerns about them joining the Fed board after President TrumpDonald John TrumpMarine unit in Florida reportedly pushing to hold annual ball at Trump property Giuliani clashes with CNN's Cuomo, calls him a 'sellout' and the 'enemy' Giuliani says 'of course' he asked Ukraine to look into Biden seconds after denying it MORE floated them as people he intends to nominate.

Warren, in her separate letters to the two men, argued that they both have a "history of forming views on policy based on political loyalties."

"These and many other statements ... strongly suggest that you lack the capacity to exercise the seriousness, care, consistency, and political independence expected of members of the Board of Governors by policymakers and the American public across the political spectrum," Warren wrote to both Cain and Moore. The Hill's Jordain Carney has both letters here.

 

Also, Moore faced a grilling on CNN over his past support for the gold standard, which he denied before the network played a series of clips in which he advocated for tying the value of the dollar to gold.

 

Meanwhile, Senate Republicans are getting tired of being caught off-guard by President Trump on key issues like health care and controversial nominees like Cain, and say there needs to be more consultation from the White House.

"When names are floated, you guys come around and ask, 'What about this person? What about that person?'" Sen. John CornynJohn CornynZuckerberg woos Washington critics during visit Paul objection snags confirmation of former McConnell staffer GOP signals unease with Barr's gun plan MORE (R-Texas), a member of the GOP leadership team, told reporters Wednesday, saying he would like to see "more communication and collaboration."

"This is a nontraditional presidency, and the president now figures he doesn't need a lot of advisers because he wants to do it himself. But there's a lot of informal mechanisms and avenues for sharing information that are not really working very well now," he added.

Here's more on that dynamic from The Hill's Alexander Bolton.

 

LEADING THE DAY

Dems offer bill directing IRS to create free online tax filing service: A group of Democratic lawmakers announced Friday that they are reintroducing legislation in the House and Senate to instruct the IRS to create its own free, online tax-filing service.

The push comes days after some lawmakers expressed frustration with a bill passed by the House this week that would codify the IRS' partnership with tax-preparation software companies like H&R Block and Intuit, which makes TurboTax.

"Taxpayers waste too many hours and hundreds of dollars on tax preparation each year, which disproportionately burdens low-income and minority taxpayers," Sen. Elizabeth Warren (D-Mass.), a lead sponsor of the Senate version of the bill, said in a statement. "This bill will require the IRS to offer easy, free, online tax-filing for all taxpayers." The Hill's Naomi Jagoda explains the proposal here.

 

Pelosi puts tech on notice with warning of 'new era' in regulation: Speaker Nancy PelosiNancy PelosiPatagonia says to shut stores for a few hours during Global Climate Strike Overnight Health Care — Presented by Partnership for America's Health Care Future — Pelosi unveils signature plan to lower drug prices | Trump says it's 'great to see' plan | Progressives pushing for changes Progressives push for changes to Pelosi drug pricing plan MORE (D-Calif.) this week warned of a "new era" for regulating tech giants like Facebook, Google and Twitter, suggesting Democrats are ready to take a harder look at Silicon Valley.

Pelosi said during an interview on the Recode Decode podcast that one of the core protections for big tech – Section 230 of the Communications Decency Act – could be "in jeopardy," adding her voice to the fray as lawmakers on both sides of the aisle consider making changes to a key legal protection for Silicon Valley.

Section 230 largely gives internet platforms legal immunity for content users post online. It has allowed the platforms to avoid taking responsibility for most objectionable content their users post, with some exceptions for copyright violations and sex trafficking.

Pelosi called Section 230 a "gift" to the tech companies. Here's more from The Hill's Emily Birnbaum.

 

Trump considered Ivanka to lead World Bank: President Trump said he considered nominating his daughter Ivanka Trumpas president of the World Bank because "she's very good with numbers," according to a new interview with released by The Atlantic on Friday.

Trump agreed to sit down with the outlet to discuss his daughter's role in the White House as a senior adviser and opened up about other considerations for her career. 

 "I even thought of Ivanka for the World Bank ... She would've been great at that because she's very good with numbers," Trump said.

"She's got a great calmness ... I've seen her under tremendous stress and pressure," the president continued.

Trump ended up nominating longtime Treasury Department and State Department official David Malpass to lead the institution. Here's more on Trump's remarks from The Hill's Morgan Gstalter.

 

ON TAP NEXT WEEK: Both the House and Senate will be in recess for two weeks after an exhausting month.

We'll be keeping a close eye on any developments in U.S.-China trade talks and a steady stream of first quarter earnings reports that could shed light on the future of the economy.

Consumer Financial Protection Bureau Director Kathy Kraninger will also deliver a speech Wednesday at the Bipartisan Policy Center. In her first public remarks since taking over the CFPB in December, Kraninger will lay out her vision for the bureau and "cover topics including protecting consumers from bad actors, providing clear rules of the road to financial institutions and non-bank lenders, and empowering consumers to make sound financial choices," BPC says.

 

GOOD TO KNOW

  • Fed Chairman Jerome Powell maintained his distance from Trump and disavowed partisan politics in speech to House Democrats last night, according to the Washington Post.
  • Lawmakers are punting on billions in disaster aid for parts of the Midwest, Southeast and Puerto Rico as they leave Washington for two weeks without an agreement.
  • Wells Fargo shares fell as much as 3 percent on Friday after the bank lowered its net interest income outlook for this year and reported a fall in total quarterly revenue, Reuters reports.

 

ODDS AND ENDS

  • Hudson Yards, Manhattan's new luxury mega-project, was partially bankrolled by an investor visa program meant to help poverty-stricken areas.
  • U.S. sanctions on oil from Venezuela and Iran have played into Russia's hands on energy policy, according to a new analysis that found that refiners have turned to Russian exports to fill the gaps.

 

RECAP THE WEEK WITH ON THE MONEY