News: Inside the empty West Wing — Impeachment moves ahead — 25th amendment was never going to happen

Tuesday, January 12, 2021

Inside the empty West Wing — Impeachment moves ahead — 25th amendment was never going to happen

Jan 12, 2021

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Quick Fix

The empty West Wing — A senior official described for MM the very strange scene inside the final days of the Trump White House. The president himself is rarely seen around the West Wing, only occasionally popping into the Oval Office and mostly ignoring any official duties. He is mostly just stewing in the residence, making phone calls, cut off from his Twitter addiction, facing another impeachment and finally resigned to leaving next week.

Official work still goes on, this person said, even as some high-level staff and Cabinet officials very publicly resign. Some who remain view the quitters as just show-boaters looking to score PR points after the Capitol attack disaster. If they were so righteous, this thinking goes, why didn't they quit sooner? And why not stay around now and help those trying to wind things down with no more meltdowns?

Despite irritation with the quitters , pretty much everyone left now mostly loathes the president, especially for his treatment of Vice President Mike Pence, who spent four years as an unwaveringly loyal supporter before Trump jammed him under the bus and turned the VP into the ultimate villain to MAGA world.

25th was never gonna happen — This official noted that there was never any serious talk about invoking the 25th amendment and having the Cabinet attempt to remove the president. And they said those who leaked that they discussed it mostly did so to score points with a disgusted media and non-MAGA public. But there was never enough internal support to do it or belief that it would actually make it through Congress following a Trump objection.

No real impeachment defense — As he broods and waits for the end, our Anita Kumar and Daniel Lippman report: "House Democrats are poised to impeach him on Wednesday. But … Trump is not expected to mount a forceful White House defense against charges he incited last week's deadly riots

"Trump knows he's unlikely to be removed from office with Republicans controlling the Senate until next week and only a few days left of his term. The president has also grown increasingly isolated, distrusting the same aides and advisers he had relied on during prior crises in his presidency, including White House Counsel Pat Cipollone."

Business world breaks up with GOP (for now) — Our Alex Isenstadt, Elena Schneider, Theodoric Meyer, and Zachary Warmbrodt: "The breakup between the business world and the Republican Party is rapidly accelerating in the wake of last week's deadly pro-Trump riot at the Capitol, posing a serious financial threat to the party just as it's facing the loss of power in Washington.

"Ten major companies so far, including some of the biggest corporate givers in politics, have decided to withhold contributions to Republican lawmakers who objected to the certification of the Electoral College votes, and dozens more are stopping all of their political donations after the riot."

Bank of America joined other banks on Monday in halting all PAC contributions "for the immediate future."

GOOD TUESDAY MORNING — Hey Alabama won the college football national championship! That's not a thing that EVER happens. LOL. Email me on bwhite@politico.com and follow me on Twitter @morningmoneyben. Email Aubree Eliza Weaver on aweaver@politico.com and follow her on Twitter @AubreeEWeaver.

A message from Independent Community Bankers of America:

Community bankers welcome the 117th Congress: The new Congress is closely divided at a time of historic challenge and opportunity, but it need not be gridlocked. Accounting for more than 3.5 million Paycheck Protection Program loans, community banks have been financial first responders amid the coronavirus pandemic. ICBA offers a bipartisan legislative agenda with common-sense reforms to continue moving our nation forward. Learn more

Driving the Day

HOUSE TO IMPEACH TRUMP ON WEDNESDAY — Our Kyle Cheney, Sarah Ferris, Heather Caygle, and Melanie Zanona: "The House will vote Wednesday to impeach … Trump for inciting the deadly insurrection at the U.S. Capitol last week, just seven days before the inauguration of President-elect Joe Biden.

"Impeachment is scheduled for consideration at 9 a.m. Wednesday, if Trump refuses to resign and Vice President Mike Pence won't initiate other procedures to remove him. … The impeachment effort itself will dominate the final week of Trump's presidency, and is almost certain to come to a historic result: the first time in history a president has been impeached twice."

SIDEBAR — Still pretty much zero chance of any Senate trial until after Trump leaves. And while it's possible a Senate conviction and subsequent vote could bar Trump from running in 2024 and strip him of all the (many) perks a former president enjoys, it's not a legal certainty.

The implications of such a move are not clearly spelled out in laws governing former presidents and it would be up to the courts to decide if a post-presidency conviction would strip Trump of these benefits.

A NEW YEAR, A NEW CONGRESS, A NEW HUDDLE: It was an ugly and heartbreaking week inside the Capitol, particularly for all of those who work on the Hill. How are lawmakers planning to move forward? How will security change? How will a new Senate majority impact the legislative agenda? With so much at stake, our new Huddle author Olivia Beavers brings you the most important news and critical insight from Capitol Hill with help from POLITICO's deeply sourced Congress team. Subscribe to Huddle, the essential guide to understanding Congress. It has never been more important. SUBSCRIBE NOW.

SHERROD BROWN TO GET "GIGANTIC MEGAPHONE" — Our Zachary Warmbrodt: Sen. Sherrod Brown , one of Washington's fiercest critics of Wall Street, is poised to lead the powerful Senate Banking Committee once Democrats take control of Congress, creating new headaches for finance industry executives who will face greater scrutiny.

"Brown, an unabashed liberal with a sharp populist edge, is planning to reorient the focus of the committee, which has been under business-friendly GOP control since 2015 and has placed a priority on deregulating the financial services industry. 'We're under no illusion,' said Consumer Bankers Association President and CEO Richard Hunt, who represents JPMorgan Chase, Bank of America and other lenders. 'We have our work cut out for us.'"

BIDEN PLANS "SWEEPING" VACCINATION PLAN — Our Adam Cancryn and Tyler Pager: "Biden is set to unveil a sweeping coronavirus vaccination plan on Thursday, calling the nationwide distribution effort his 'number one priority.' The plan, which Biden teased on Monday, will serve as the incoming administration's roadmap to quickly vaccinating millions of Americans amid frustration over the slow rollout of the initial doses.

"Biden again vowed that his administration would fulfill its pledge of 100 million shots in his first 100 days in office, despite rising concerns among transition advisers that the effort could fall short … Biden insisted that he still has full confidence in his Covid team, after POLITICO reported that he had grown frustrated over the progress of their vaccine distribution planning, including at one point conveying to the team that they were underperforming."

Fly Around

MORE PPP PROBLEMS — Our Zachary Warmbrodt: "A federal watchdog … warned that $3.6 billion in payroll support loans may have gone to ineligible employers last year, a reminder of fraud risks as the Trump administration revives the small business rescue this week.

"Small Business Administration Inspector General Hannibal "Mike" Ware released the findings in a new report on the Paycheck Protection Program, which issued $525 billion in forgivable loans to more than 5 million employers before lending ceased in August. Ware released the results of his investigation just hours after the SBA reopened the PPP Monday morning with more than $284 billion in new funding from Congress."

LEFT STILL WANTS BIG EXEC ORDERS — Our Laura Barrón-López and Holly Otterbein: "The Georgia Senate elections may have given Democrats more opportunities to pass their legislative agenda. But progressives want quick action, and they're still pressuring … Biden to use executive power to revamp everything from the economy to climate change policy.

"Biden has been cool toward taking broad unilateral measures. A self-proclaimed institutionalist, he has stressed his desire to find common ground with Republicans and, in doing so, agitated members of his own party. … Democratic lawmakers and outside groups are readying lists of executive actions they want Biden to enact early in his presidency."

MEET THE NEW WALL STREET TRADING DESKS — WSJ's Caitlin McCabe, Gunjan Banerji and Mischa Frankl-Duval: "A new army of social media-enabled day traders is helping push stocks to records and turning companies into market sensations. As trading by individual investors boomed during the coronavirus pandemic, so has the popularity of online communities where they gather.

"Platforms including TikTok, Twitter, YouTube, Reddit, Instagram, Facebook and messaging platform Discord have become the new Wall Street trading desks. Individual investors gather to talk about hot stocks like Tesla, boast of gains and commiserate about losses. These investors do more than just talk, though. They piggyback on each others' ideas and trades, helping fuel the momentum that has propelled some companies to triple-digit or bigger gains in 2020."

A message from the Independent Community Bankers of America:

Community bankers and ICBA offer a bipartisan agenda: Community bankers welcome the 117th Congress at a time of historic challenge and opportunity. While the new Congress is closely divided, it need not be gridlocked. Employing more than 700,000 Americans across nearly 50,000 locations with a presence in every congressional district, community banks have a track record of working with both parties to craft pragmatic solutions grounded in consensus. ICBA's bipartisan legislative agenda for the 117^th Congress offers common-sense policy reforms that will continue our economic recovery in urban, suburban, and rural communities nationwide. Learn more

For Your Radar

ENGAGED — Tom Hunt, risk manager at Custom House Risk Advisors, recently proposed to Sarah Hennessey, an opera singer. The couple met in Boston when she was in her gap school and he was in law school.

BANKS ON PPP — Per the Financial Services Forum: "As the 2021 PPP program is poised to get underway, the biggest banks are seeking to ensure that their role in last year's PPP program is understood.

"The Financial Services Forum issued a blog … showing that based on public data, the average loan provided by the eight U.S.-based global systemically important banks was significantly smaller than that provided by all other banks engaged in the PPP program."

KEEP UP WITH THE FIRST 100 DAYS OF THE BIDEN ADMINISTRATION WITH TRANSITION PLAYBOOK: It was a dark week in American history, and a new administration will have to pick up the pieces. Transition Playbook brings you inside the last days of this crucial transfer of power, tracking the latest from President-elect Biden and his growing administration. Written for political insiders, this scoop-filled newsletter breaks big news and analyzes the appointments, people, and the emerging power centers of the new administration. Track the transition and the first 100 days of the incoming Biden administration. Subscribe today.