On The Money: Conservative blocks disaster relief bill | Trade high on agenda as Trump heads to Japan | Boeing reportedly faces SEC probe over 737 Max | Study finds CEO pay rising twice as fast as worker pay

On The Money: Conservative blocks disaster relief bill | Trade high on agenda as Trump heads to Japan | Boeing reportedly faces SEC probe over 737 Max | Study finds CEO pay rising twice as fast as worker pay
© Greg Nash

Happy Friday and welcome back to On The Money, where we're wishing you a happy long weekend and will see you back on Tuesday. 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--Conservative blocks House passage of disaster relief bill: Rep. Chip RoyCharles (Chip) Eugene RoyGOP lawmaker delays House for second week GOP lawmaker delays House for second week This week: Democrats move funding bills as caps deal remains elusive MORE (R-Texas), a member of the conservative House Freedom Caucus, blocked a disaster relief bill in the House on Friday by objecting to a unanimous consent vote.

The Texas Republican, who previously worked for Sen. Ted CruzRafael (Ted) Edward CruzGOP senator introduces bill to hold online platforms liable for political bias GOP lawmaker delays House for second week GOP lawmaker delays House for second week MORE (R-Texas), argued the House should not have recessed before debating the legislation and holding a vote in explaining why he moved to stall the legislation.

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"I'm here today primarily because if I do not object, Congress will have passed into law a bill that spends $19 billion of taxpayer money without members of Congress being present in our nation's capital to vote on it," he said on the floor. The Hill's Juliegrace Brufke explains what happened.

 

How we got here:

  • Roy slammed the Democrats' objection to provide border funding as a reason why he moved to block the disaster aid bill.

 

What happens next: The House is due to come back on June 3, but will hold a "pro forma" session on Tuesday. While pro forma sessions are typically just a few minutes long, it gives the House another chance to send the bill to Trump before lawmakers return in earnest.

"While political games over disaster assistance continue as a Member from TX blocked a package from getting to @POTUS desk today, one thing is clear: This bill has broad support & will advance when the House reconvenes & will be signed into law by POTUS the first week of June," wrote Rep. Austin ScottJames (Austin) Austin ScottHouse approves much-delayed .1B disaster aid bill Third House Republican blocks disaster aid bill Republicans turn on each other amid disaster bill delay MORE (R-Ga.) in a tweet.

 

LEADING THE DAY

AP: CEO pay rising twice as fast as worker pay: CEO pay is rising more than twice as fast as pay for regular workers, according to a study from Equilar commissioned by the Associated Press.

CEOs at the biggest companies got an $800,000 pay raise in 2018, equivalent to roughly a 7 percent increase, while the median worker saw just a 3 percent increase in their paychecks.

The data examined pay for 340 CEOs from the S&P 500 who had served at least two full years and found that their median level of overall compensation increased to $12 million last year.

According to the AP, a typical worker would need to work for 158 years to earn what their CEOs earn in just one year.

 

Bloomberg: Boeing faces SEC probe over 737 Max disclosures: The Securities and Exchange Commission (SEC) has reportedly opened an investigation into Boeing's handling of problems with its 737 Max line of aircraft.

Multiple sources familiar with the probe told Bloomberg News that the agency is investigating whether senior Boeing executives were forthcoming to shareholders about problems associated with the planes before the line was grounded worldwide earlier this year following two deadly crashes in six months.

A spokesperson for Boeing declined to comment when contacted by The Hill, and the SEC declined to comment on the probe to Bloomberg.

News of the probe comes as the Federal Aviation Administration (FAA) announced this week that it could be up to a year before Boeing's line of 737 Max aircraft are legally certified to take flight for commercial purposes.

 

ON TAP NEXT WEEK

Lawmakers will be home for the Memorial Day recess, so we'll be keeping an eye on Trump's trip to Japan for any trade headlines. The president announced last week that he's delaying a potential decision to impose tariffs on foreign cars, which would be a significant blow to the Japanese economy.

A senior administration official told reporters will be "some very interesting announcements" at a joint press conference with Trump and Japanese Prime Minister Shinzo Abe, but suggested substantive policy discussion is not a priority.

 

GOOD TO KNOW

  • China's state media on Friday accused the Trump administration of seeking to "colonize global business" after the Trump administration took steps to blacklist tech giant Huawei as well as other measures against Chinese tech companies the U.S. sees as too close to China's government.

 

ODDS AND ENDS

  • Republican candidates and campaign committees have spent more than $4 million at hotel, golf and vineyard properties that bear President Trump's name since he was inaugurated in 2017.

 

RECAP THE WEEK WITH ON THE MONEY: