On The Money: Treasury misses second Dem deadline on Trump tax returns | Waters renews calls for impeachment | Dem wants Fed pick to apologize for calling Ohio cities 'armpits of America' | Stocks reach record high after long recovery

On The Money: Treasury misses second Dem deadline on Trump tax returns | Waters renews calls for impeachment | Dem wants Fed pick to apologize for calling Ohio cities 'armpits of America' | Stocks reach record high after long recovery
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Happy Tuesday and welcome back to On The Money, where we would be toast if we missed two consecutive deadlines from our bosses. 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--Treasury misses second Dem deadline on Trump tax returns: The Treasury Department on Tuesday missed a second deadline from House Democrats to provide President TrumpDonald John TrumpTrump alludes to possible 2024 run in White House remarks Trump threatens to veto defense bill over tech liability shield Tiger King's attorney believes they're close to getting pardon from Trump MORE's tax returns.

Treasury Secretary Steven MnuchinSteven Terner MnuchinPressure builds for coronavirus relief with no clear path to deal Top GOP senator warns government funding deal unlikely this week Overnight Health Care: CDC panel recommends who gets vaccine first | McConnell offering new relief bill | Hahn downplays White House meeting on vaccines MORE said that the department can't act on the request "unless and until it is determined to be consistent with law." He said that he expects Treasury to provide the House Ways and Means Committee with a final decision by May 6.


House Ways and Means Committee Chairman Richard NealRichard Edmund NealBiden names Janet Yellen as his Treasury nominee Overnight Health Care: Trump announces two moves aimed at lowering drug prices | Sturgis rally blamed for COVID-19 spread in Minnesota | Stanford faculty condemn Scott Atlas Trump announces two moves aimed at lowering drug prices MORE (D-Mass.) had given the IRS until Tuesday at 5 p.m. to comply with his request for six years of Trump's personal and business tax returns. Neal said earlier this month that he would view a failure to provide the returns by the deadline as a denial of his request.

Neal said in a statement Tuesday that he plans "to consult with counsel about my next steps."

The Hill's Naomi Jagoda tells us what to expect.



Waters: 'We must impeach Putin's president Trump' Rep. Maxine WatersMaxine Moore WatersDeLauro wins Steering Committee vote for Appropriations chair On The Money: Democrats accuse Mnuchin of sabotaging economy in dispute with Fed | Trump administration proposal takes aim at bank pledges to avoid fossil fuel financing | JPMorgan: Economy will shrink in first quarter due to COVID-19 spike Democrats accuse Mnuchin of sabotaging economy in dispute with Fed MORE (D-Calif.) on Tuesday renewed her call for President Trump's impeachment, a day after House Democratic leadership sought to rein in efforts to remove the president.

Waters said Tuesday in a series of tweets that the House must begin impeachment proceedings against Trump by passing a resolution through the House Judiciary Committee to start the process.

"How can you know the enemy Russia is undermining our democracy & say & do nothing? If you don't care, I do," Waters tweeted Tuesday. "We must impeach Putin's president Trump!"

I've got more on Waters' call to action here.


The financial angle: Waters, chairwoman of the House Financial Services Committee, was the first elected official to call for Trump's impeachment and the highest-ranking Democrat to support launching House proceedings into the matter.

She is also leading an investigation through the Financial Services panel into Trump's finances and potential connections to Russian oligarchs.

Waters and Rep. Adam SchiffAdam Bennett SchiffBarr taps attorney investigating Russia probe origins as special counsel OVERNIGHT DEFENSE: Trump pardons Flynn | Lawmakers lash out at decision | Pentagon nixes Thanksgiving dining hall meals due to COVID-19 Democratic impeachment leaders blast Trump's pardon of Flynn MORE (D-Calif.), chairman of the House Intelligence Committee, launched their joint investigation with a primary focus on the broader issue of Russian money laundering. But as I wrote on Sunday, the probe is inextricably linked to Democratic claims of conspiracy between the Trump campaign and Russia to influence the 2016 election, so buckle up.


The political background:

  • House Democrats are divided on how to respond to Mueller's report, which revealed a slew of details highlighting Trump's response to the investigation into Russian meddling with the 2016 election.
  • "I do believe that impeachment is one of the most divisive forces, paths that we could go down to in our country. But if the facts, the path, fact-finding takes us there, we have no choice. But we're not there yet," Pelosi said Tuesday at the Time 100 Summit.
  • But Democrats who've long called for Trump's impeachment, including Waters, say the Mueller report contains more than enough reasons to begin the process.
  • "How can you know the enemy Russia is undermining our democracy & say & do nothing? If you don't care, I do," Waters tweeted Tuesday.
  • The Hill's Mike Lillis and Cristina Marcos have more on the Catch-22 facing Democrats over impeachment: Speaker Nancy Pelosi's (D-Calif.) near-term effort to tamp down talk of impeaching President Trump could have the paradoxical effect of building support for that very step.


Sherrod BrownSherrod Campbell BrownRare Mnuchin-Powell spat takes center stage at COVID-19 hearing Biden introduces economic team, vows swift action on struggling economy Biden budget pick sparks battle with GOP Senate MORE asks Trump Fed pick why he referred to Cleveland, Cincinnati as 'armpits of America': Sen. Sherrod Brown (D-Ohio) on Tuesday pressed Stephen MooreStephen MooreSunday shows - Virus surge dominates ahead of fraught Thanksgiving holiday Trump ally Stephen Moore: President 'going to leave the office triumphant' Sunday shows - Election results, coronavirus dominate headlines MORE, who President Trump floated for a spot on the Federal Reserve Board, about when Moore once called Cleveland and Cincinnati "armpits of America."

"Why did you say that Cincinnati and Cleveland are the armpit of America? Please provide a list of other towns in the Midwest and the rest of the country that you believe also match the description of the 'armpit of America,'" Brown, ranking member of the Senate Banking Committee, wrote in a letter to Moore.

Moore made the comments in 2014 while speaking at a discussion hosted by the Heartland Institute.

"Chicago is a world-class city ... If you live in the midwest, where else do you want to live besides Chicago? You don't want to live in Cincinnati or Cleveland or these armpits of America like that. You want to live in Chicago," Moore said at the time.

Brown demanded an apology from Moore for the comments about his home state, which he called "disqualifying."


Some context: It's unclear if Moore will even be nominated at this point, and there's no universe in which Brown would vote for him anyway. But if Moore is nominated, he'll have to appear before the Senate Banking Committee for a confirmation hearing. Insulting the home state of the top Democrat on that panel is a really good way to have a miserable hearing, and Brown is known for praising Ohio in every conceivable opportunity--including when he was in a car wreck.



  • Stock markets on Tuesday closed at record highs following news of strong corporate earnings, completing a months-long recovery from a slump that started in late 2018.
  • President Trump's top economic adviser said Tuesday that he does not think recently imposed sanctions on Iranian oil sales will drive up U.S. gas prices.
  • State governments are collecting more in tax revenues than their pre-recession peak, thanks to both a booming economy and the 2017 Republican tax cuts, according to a new report.
  • The Consumer Financial Protection Bureau (CFPB) said Tuesday it will share more information with banks and lenders about potentially illegal actions when the agency begins investigating those firms.
  • Vice President Pence will travel to Michigan on Wednesday to meet with auto industry workers and push the United States-Mexico-Canada Agreement (USMCA), which faces an uncertain path to ratification in Congress.
  • Wells Fargo's annual shareholder meeting "was repeatedly interrupted on Tuesday by angry shareholders protesting the scandal-ridden bank's consumer abuses," according to CNN.



  • Vice President Pence has reportedly refused repeated requests for information about his tax returns since taking office, despite releasing returns through 2015 during the 2016 presidential race.
  • President Trump met Tuesday at the White House with Twitter CEO Jack Dorsey, who leads the social media platform used and criticized by the commander in chief.