THE TICKER  
      Then-PresidentObama hugs then-Sen. Chris Dodd      (D-Conn.)after signing the Dodd-Frank law on July 21,      2010. (AP/Charles Dharapak)    
    When it comes to Wall Street regulations, congressional    Democrats have spent the year playing defense. But as the    seventh anniversary of the Dodd-Frank Act approaches Friday, a    coalition of progressive groups is pushing the party to get    back on offense.  
    The groups  including major labor unions, lefty activists,    faith-based organizations and consumer advocates, organized    under the banner of"Take on Wall Street"    aim to crank up grassroots heat on elected Democrats.    They want party leaders, though deep in the minority, to revive    some of the get-tough measures they campaigned on last year,    when they expected to win at least the White House.  
    The coalitions agenda remains a work in    progress. So far it includes proposals to close the    carried interest loophole for investment managers; impose a    financial transaction tax of .03 percent on most trades; end    the deductibility of executive bonuses; revive the    Glass-Steagall laws separation between commercial and    investment banking; and slow the revolving door between    industry and government.  
    None of those ideas is new. And the coalition plans to build on    them, says Shane Larson, the Communications Workers of    Americas legislative director, whos coordinating the    coalitions efforts.  
    It plans to get started now, since the     collapse of the Obamacare repeal drive on Capitol Hill is    giving way to a debate over a tax code overhaul.    Larson says the coalition will start a conversation about Wall    Street paying its fair share this week by firing up an email    list that reaches hundreds of thousands of progressive    voters.  
      Rep. Keith Ellison (D-Minn.). (Alex Wong/Getty Images)    
    The push comes as Democrats begin to    reconsider a governing vision. The party is still reeling    from its shock November loss, and leaders are divided over what    their message should be as the midterm campaign season swings    into view.  
        A Washington Post-ABC poll released over the    weekendshows just 37 percent of voters believe Democrats    stand for something, while 52 percent say the party just    stands against Trump.  
    Coalition officials think an anti-Wall Street agenda could help    solve that problem. A     poll released Tuesday found broad bipartisan support for    stricter industry regulation. The survey, commissioned by    Americans for Financial Reform and the Center for Responsible    Lending, shows 78 percent of respondents in favor of    tougher rules and enforcement on the sector, versus 11    percent who say practices have changed enough that no more    restrictions are needed.  
    To us, its crystal clear, Larson says, adding coalition    members have been frustrated that Democrats havent yet    devoted enough attention to kitchen-table concerns.    Democrats are focusing more on Russia than core    economic issues that our members really want to hear people    talking about.  
    Democrats say they have only a limited ability to steer the    conversation these days in the face of a news avalanche thats    so far consisted mostly of Russia revelations and the    health-care debate (and the fact they don't control Congress or    the White House). Russia is a big deal in the news for    reasons that are beyond anyones control besides Donald Trump,    Rep. Keith Ellison (D-Minn.), deputy chair of the national    party, told me. And we have been trying to protect    this country from having their health-care stripped away. This    has been the most salient issue thats been in front of the    Congress.  
    Ellison, who also sits on the House Financial Services    Committee, says Democrats will be talking more about the need    to tighten the screws on big financial institutions.    That would mark a shift for the party. Despite running just    last year on a platform promising aggressive new regulations,        Democrats have split this year over simply defending the    status quo and endorsing tweaks to ease the industrys burden.    Says one party strategist in favor of a tougher anti-industry    stance, "Some cover from these groups would be helpful."  
    MONEY ON THE HILL  
      House Budget Chairwoman Diane Black (R-Tenn.)(EPA/JIM      LO SCALZO)    
     A budget resolution now represents the key to    unlocking what remains of President Trump's economic agenda.    The House Budget Committee today is proceeding with a markup of    its spending blueprint, a measure if adopted that would allow    Republicans to pass a tax-code overhaul without any Democratic    votes (which, of course, didn't work out so well for    them onObamacare).     AP's Andrew Taylor reports: "But it also proposes trillions    of dollars in cuts to the social safety net and other domestic    programs and puts congressional Republicans at odds with Trump    over cutting Medicare. It also would sharply boost military    spending... Unclear, however, is whether GOP leaders    can get the budget measure through the House. Conservatives    want a larger package of spending cuts to accompany this falls    tax overhaul bill, while moderates are concerned cuts to    programs such as food stamps could go too far."  
    Congressional reporters and commentators were quick to note    Tuesday that the measure faces long odds, and Republicans don't    have any better options.  
    From Politicos Rachael Bade:  
    From Roll Call's Jennifer Shutt:  
    Author and writer David Dayen:  
    From Politicos Sarah Ferris:  
    Roll Call's Lindsey McPherson has     this good rundown of the possible paths forward for a    Republican budget resolution. There could be some fireworks at    the markup today, especially if Rep. Dave Brat (R-Va.)     follows through with this threat to offer a poison-pill    amendment targeting a border adjustment tax.  
     Financial markets likewise are skeptical that the Trump team    will be able to deliver on the sweeping tax overhaul it's    promised. The dollar tumbled to a 10-month low after    the health-care bill's implosion stoked new fears among    investors about the prospects for the administration's economic    agenda,Lisa    Twaronite of Reuters reports. And/but: Wall Street analysts    are still holding out hope for a more targeted package of tax    cuts,     CNBC's Patti Domm reports.  
     Meanwhile, the Obamacarerepealdebacle may have    taught the Trump administration there are limits to what it can    accomplish, even with nominal control of both chambers of    Congress. The White House is trimming its ambitions for the tax    code overhaul it hopes to take up next. Administration    officials are now privately talking about a corporate tax rate    between 20 and 25 percent,     Politico's Josh Dawsey     and company report. That's a major move from the 15 percent    rate that Trump has talked up publicly  and a bow to the    reality that the math and politics of a tax code rewrite are    exceedingly difficult, despite what Trump and his top officials    have said.  
    TRUMP TRACKER  
      President Trump and Chinese President Xi Jinping meet on the      sidelines of the G20 Summit in Hamburg, Germany, July 8,      2017. (REUTERS/Saul Loeb, Pool)    
     Trump is long on tough talk and short on action when    it comes to trade. That's the conclusion Chinese    governementofficials have drawn from his first six months    in office, a period they entered fearing what the new    president might do to make good on his China-focused saber    rattling on trade during the campaign.     The Wall Street Journal's Jacob Schlesinger reports: "But    Mr. Trump has since dropped his threats to impose drastic    penalties against Chinese importsan across-the-board tariff,    or a formal charge of currency manipulationand has so far    focused on small market-opening agreements, instead..U.S.    business groups, which had originally braced for the    hostilities Mr. Wang referred to, are now growing worried the    Trump administration may not press China hard enough for broad    reforms they consider necessary to pry Chinas economy open."    The two sides meet in Washington today for economic    talks.  
    Treasury Secretary Steven Mnuchinand Commerce    Secretary Wilbur Ross say they want to see some "concrete"    stepsby the Chinese to open their markets.        Steve Holland of Reuters reports: "Ross said some initial    deals announced in April, as part of a 100-day economic plan    aimed at reducing the U.S. trade deficit with China, were a    'good start.'These include the sale of U.S. beef in China    for the first time in 14 years and commitments to open up    narrow areas of China's financial services sector, such as    credit card services and credit ratings agencies. Some of these    agreements are yet to be implemented, and there has been little    evidence of progress on thornier issues, such as excess    capacity in China's steel and aluminum sectors."  
     Mexico and Canada likely see the early record of the    Trump team differently. The Trump administration on    Monday released its goals for renegotiating the North American    Free Trade Agreement, and it includes what my colleague Ana    Swanson calls some "fighting words."     Here she walks through four points in particular from the    17-page document that the governmentsof our largest    export markets won't be happy about.  
     This feels like another unforced error on the    Russia front by the White House:"Trump had undisclosed    hour-long meeting with Putin at G-20 summit."     Karen DeYoung and Phil Rucker report: "After his    much-publicized two-and-a-quarter-hour meeting early this month    with Russian President Vladimir Putin at the Group of 20    summit in Germany, President Trump chatted informally with the    Russian leader for up to an additional hour later the same day.    The second meeting, undisclosed at the time, took place at a    dinner for G-20 leaders, a senior administration official said.    At some point during the meal, Trump left his own seat to    occupy a chair next to Putin. Trump approached alone, and Putin    was attended only by his official interpreter."  
    The White House     announced Tuesday that Trump will nominate former Utah Gov.    Jon Huntsman to serve as ambassador to Russia. Huntsman, a    Republican, served as Obama's first ambassador to China.  
    POCKET CHANGE  
      JP Morgan Chase Chief Executive Jamie Dimon walks next to      Chairman and Chief Executive of the Goldman Sachs Group Lloyd      C. Blankfein at the White House after a meeting with      President Obama on March 27, 2009. (REUTERS/Larry Downing)    
     Goldman Sachs's bond-trading unit turned in its    second bad quarter in a row,prompting a sell-off and    raising new questions about the firm's strategy.        The Wall Street Journal's Liz Hoffman: "Goldman, once    the fiercest trading shop on Wall Street, reported a 40%    decline in its fixed-income trading business that lands it at    the back of the pack among big U.S. banks to report quarterly    results. The results will likely amplify criticism that Goldman    hasnt responded quickly enough to dramatic changes in trading    trends and market conditions. A rejiggering of the divisions    leadership last fall failed to jolt the desk from its malaise,    which culminated in having its revenue surpassed in the first    quarter by Morgan Stanley, Goldmans rival historically weaker    in debt trading."  
     Morgan Stanley, meanwhile,     beat expectations, posting a $1.76 billion second-quarter    profit.  
            Big U.S. banks are starting to pay corporations,            financial firms and rich people more to hold on to            their deposits, but ordinary consumers will have to            wait longer to see more than a few pennies for every            $100 they stash in their accounts.          
            Reuters          
            Chipotle confirmed that several customers who ate at a            location in Sterling, Virginia, reported norovirus            symptoms.          
            CNBC          
    THE REGULATORS  
      The Securities and Exchange Commission buildingin      Washington. (AP/Andrew Harnik)    
     Trump is set to nominateformer Senate    Republican aide Hester Maria Peirceto the Securities and    Exchange Commission. Peirce, who was nominated by    then-President Obama but stalled out in the Senate, is likely    to face stiff opposition from Democrats.     Eric Beech of Reuters reports: "Liberal firebrand Senator    Elizabeth Warren is highly critical of Peirce, who is a member    of the Federalist Society, an organization of conservative and    libertarian lawyers. Peirce could be instrumental in carrying    out Trump's plan to reform regulations imposed after the    2007-09 financial crisis and recession. She recently edited and    contributed to a book published by the right-leaning Mercatus    Center that called for totally restructuring the country's    financial regulation." She'd fill one of two empty slots on the    five-member SEC.  
            Executives that represent Wall Street interests pitched            ideas on Tuesday about ways to scale back securities            regulations that they blamed for stifling the market            for initial public offerings.          
            Reuters          
            "If you see Cohn go to the Fed, to me, that's an escape            path for him and that means that Goldman has given up            on the Trump administration," Chris Whalen says.          
            CNBC          
    DAYBOOK  
    Today  
    Coming Up  
    THE FUNNIES  
        The Posts Tom Toles says Republicans werent exactly leveling    with you about health care all along  
    BULL SESSION  
    Here's what you need to know about the House GOP budget    plan:  
    Washington reacts after the collapse of the GOP health-care    bill:  
    The Post's Glenn Kessler explains:No spending cuts to    Medicaid? Then no tax cuts either:  
    Fans of 'goat yoga' move to a different bleat:  
More here:
The Finance 202: Progressives revive attacks on Wall Street in health care's wake - Washington Post