On The Money: Initial jobless claims rise for 2nd week | Dow dips below 30K | Mnuchin draws fire for COVID-19 relief move | Manhattan DA appeals dismissal of Manafort charges
On The Money: Supreme Court temporarily blocks House subpoena of Trump financial records | Trump touts 'cordial' meeting with Fed chief | Stopgap funding measure includes census money, military pay raise
Happy Monday and welcome back to On The Money, where we want front-row tickets to this debate whenever it happens. I'm Sylvan Lane, and here's your nightly guide to everything affecting your bills, bank account and bottom line.
THE BIG DEAL--Supreme Court temporarily blocks House subpoena of Trump financial records: The Supreme Court has issued a temporary stay of an appeals court ruling that granted House Democrats access to President Trump's financial records, Chief Justice John Roberts announced Monday.
Trump's lawyers had appealed the ruling, which was set to go into effect Wednesday.
What that means: The subpoena from the House Oversight and Reform Committee will be unenforceable while the Supreme Court decides whether to take up the case. The panel is seeking eight years of Trump's financial records from his accounting firm.
The Hill's Harper Neidig explains the decision here.
How we got here: Trump has asserted broad claims of immunity from congressional and law enforcement subpoenas as part of a multi-front legal battle between the White House and House Democrats.
- A three-judge panel for the D.C. Circuit Court of Appeals had ruled in a 2-1 decision that the House could subpoena the records.
- The circuit court later denied Trump's request to rehear the case.
- The Oversight Committee said in a letter to the court on Monday that it would agree to a temporary stay to allow the justices to weigh in.
What comes next: It's still unclear whether the Supreme Court will take up Trump's appeal. If it does, it would be asked to resolve some unanswered constitutional questions about the power of the executive branch.
ON TAP TOMORROW
- The House Financial Services Committee holds a hearing on the practices of private equity funds, 10 a.m.
- The House Agriculture Committee holds a hearing on farm credit conditions and the Farm Credit Administration, 10 a.m.
- The Bipartisan Policy Center hosts a panel discussion entitled "Shareholder vs. Stakeholder: The Role of the Corporation," featuring former SEC Commissioners Dan Gallagher and Roel Campos, 10 a.m.
LEADING THE DAY
Trump cheers 'cordial' meeting with Fed chairman: President Trump on Monday met in person with Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin at the White House to discuss the economy and inflation.
Trump, who has regularly criticized Powell and sought to pressure the Fed to cut interest rates into 2019, described the meeting as "very good" and "cordial" in a tweet Monday morning.
The Federal Reserve said Trump invited Powell to meet with him at the White House "to discuss the economy, growth, employment and inflation.
What the Fed said: The Fed took great pains to make sure it was clear that Powell was sticking to his long-running refusal to engage in political battles with the president or yield to his pressure.
- In a statement, the Fed said that Powell's comments "were consistent with his remarks at his congressional hearings last week."
- Powell also said that "he and his colleagues on the Federal Open Market Committee will set monetary policy, as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective and non-political analysis," the statement continued.
What Trump said: Trump in his tweet said that "everything was discussed," including interest rates, negative interest, low inflation, the strength of the U.S. dollar and its impact on manufacturing jobs. Trump also said they talked about trade with China and the European Union. I have more on the meeting here.
Stopgap government funding measure includes census money, military pay raise: The four-week stopgap government funding measure Congress is expected to pass this week includes a 3.1 percent military pay raise and money for the 2020 census.
"With a government shutdown deadline just days away, this continuing resolution is necessary to keep government open as we work towards completing the appropriations process," said House Appropriations Committee Chairwoman Nita Lowey (D-N.Y.).
- The measure will put off a funding deadline from Nov. 21 until Dec. 20 as appropriators continue haggling over how to spend $1.37 trillion in federal funding, with particular attention to President Trump's requested border wall.
- The House and Senate are expected to take up the measure Tuesday, and Trump is expected to sign it soon after.
Read more: McConnell backs 'clean' stopgap spending bill through Dec. 20
Read more: The House is set to vote Tuesday on the stopgap bill.
GOOD TO KNOW
- Elected officials and housing advocates tackled ways to encourage more housing affordability at "Building the Dream," an event hosted by The Hill in Minneapolis on Monday.
- The Commerce Department on Monday announced that the temporary license allowing U.S. companies to do business with Chinese telecommunications group Huawei had been extended by 90 days.
- More than two-thirds of likely voters support tougher restrictions and worker protections on private equity firms, according to a poll released Monday by a financial sector watchdog group.
- Aides to leaders of the Senate Finance Committee have met with a federal employee who is alleging possible inappropriate efforts to influence IRS audits of President Trump or Vice President Pence, the Washington Post reported Monday.
ODDS AND ENDS
- Sen. Josh Hawley (R-Mo.) on Monday introduced a bill that would curtail the flow of sensitive information about people in the U.S. to China through large tech companies like Apple and TikTok.
- California is suing e-cigarette manufacturing giant Juul, alleging the company deliberately targeted young people through its advertising campaigns.
- The Supreme Court on Monday declined to take up embattled financier Martin Shkreli's appeal of his securities fraud conviction, effectively upholding his seven-year prison sentence.