You cannot escape the responsibility of tomorrow by evading it today.
- Abraham Lincoln
ALL SMOKE, NO FIRE: As confirmation hearings began yesterday, three Trump nominees will face the most scrutiny in the Senate starting with Secretary of State-designate Rex Tillerson who will face tough questioning for his well-publicized ties to Russia, but now will see questions about Exxon’s business dealings in Iran. Secretary of Treasury-designate Steve Mnuchin will be probed for his over questionable business practices between a bank he ran and a movie studio he chaired. The last pick that may face the toughest time is Secretary of Labor Nominee Andrew F. Puzder who is an outspoken critic of raising the minimum wage and Obamacare. Despite the fireworks we expect all of Trump’s nominees to sail through - especially with coverage over the next 24 hours focusing on President Obama’s farewell and President-elect Trump’s first press avail in months.
TALKING TAXES: In an effort to bring team Trump into the fold, senior advisors to the president-elect met with Speaker Paul Ryan regarding the House Republican plan for tax reform. Ryan, who is steeped in tax policy, is working from his “Better Way” tax proposal which will serve as the blueprint for the effort starting in the Ways and Means Committee. While Congress is leading the charge, Ryan and incoming chief of staff Reince Preibus are looking to ensure that both sides are singing from the same hymnal - especially when it comes to border adjustability as well as territorial tax proposal ending taxation of overseas profits of U.S. multinational corporations.
BOOKER BREAKS WITH TRADITION: If there’s one takeaway from the confirmation hearing for Attorney General, it’s that NJ Senator Cory Booker will become the first sitting Senator to testify against a fellow sitting Senator nominated for a Cabinet post. Booker feels that Attorney General-designate Jeff Sessions is a danger to civil rights and will join GA Representative and civil rights icon John Lewis in speaking out against Sessions. With an eye on 2020, look for this to be Booker’s first of many headliners this year.
REPEAL, RINSE, REPEAT: What was thought to be a quick and easy repeal of Obamacare has run into a buzzsaw of sorts. A diverse mix of Hill constituencies from Libertarian KY Senator Rand Paul to conservative AR Senator Tom Cotton to moderate TN Senator Bob Corker have all expressed varying levels of discontent to repealing the law without a plan for replacement. All of them are now pushing for immediate replacement of the ACA. And, just in time - President-elect Donald Trump is now calling for a replacement plan within weeks of repeal.
THE FINAL FAREWELL: President Barack Obama bid fare well in a speech in which he called for the country to combat threats to democracy and emphasizing that these threats are cracks in America’s solidarity as a nation, racial divisions that pit people against each other at the benefit of the wealthy, a retreat from facts and reasonable arguments, and an apathy toward protecting democracy. His speech is his last attempt to cement his legacy nine days away from an incoming Administration seeking to unravel almost all of his major accomplishments.
FOX NEWS AND MEDIA LEAKS MAY BOOST AT&T-TIME WARNER DEAL: Our Senior Telecom & Media Policy Analyst writes that media reports the President-elect may look for reasons to fight the T-TWX deal. Ironically the reports boost the deal’s prospects. You can find the full analysis here.
READY FOR REFORM? CONFERENCE CALL INVITE ON TAX AND DODD-FRANK REFORM: Please join us for a call today at 2:30 pm on Tax Reform and Dodd-Frank Reform. Dial-in instructions can be found here.
