| The Consumer Price Index for May will be released at 8:30 a.m. … CFPB Director Rohit Chopra will testify at Senate Banking at 9:45 a.m. … Acting Comptroller of the Currency Michael Hsu, FDIC Director Jonathan McKernan, and Cleary Gottlieb partners Joon Kim and Abena Mainoo testify at a House Financial Services hearing on workplace misconduct at the FDIC … Senate Budget will hold a hearing on how Wall Street firms are taxed at 10 a.m. … House Judiciary has a hearing on ESG at 10:30 a.m. … The Federal Open Market Committee announces its monetary policy decision at 2 p.m. … Fed Chair Jerome Powell will hold a press conference at 2:30 p.m. … What the market’s watching — The Federal Reserve is almost certain to leave rates unchanged at its meeting later today. Investors will be watching the dot plots and Powell’s statement for any guidance on whether they should expect one or two rate cuts later this year, The Wall Street Journal’s Nick Timiraos reports. First Look: White House tax push — The White House will kick off a new wave of attacks on Republican tax policies in the coming days, MM has learned. The effort is part of a broader push by Democrats to frame Trump-era tax cuts – many of which are set to expire next year — as a GOP giveaway for large corporations and the wealthy. (If you want an example of what’s coming, the title of Senate Budget’s hearing today is: “Making Wall Street Pay Its Fair Share: Raising Revenue, Strengthening Our Economy”) — Lael Brainard, the director of the National Economic Council, will put out a memo on Thursday to contrast GOP plans to extend the Trump tax cuts and lower corporate taxes against the Democratic agenda. She’ll also hold a virtual meeting with around 100 progressive organizations to discuss the 2025 tax debate. — Treasury Secretary Janet Yellen’s remarks at the New York Economic Club this week will emphasize the administration’s thinking on policy. (Michael Stratford has more on Yellen below). — The Washington Center for Equitable Growth will host an event Monday with Warren and NEC Deputy Director Daniel Hornung on pro-growth tax reform. “The previous administration’s tax cuts failed on their own terms and didn’t trickle down,” Hornung told MM. "The President has been consistent from day one that the wealthy and the largest corporations should be paying more in taxes, and that we should be lowering the burden on middle-class families — and lowering costs for middle-class families.” Along those lines — The Center for American Progress Action Fund did some back-of-the-envelope math on Trump’s reported plan to lower the corporate tax rate to 15 percent. The result? A $48 billion tax cut for the 100 largest companies in the U.S. Yellen’s New York outreach — The Treasury secretary will pitch business leaders on the administration’s economic record this week and meet with CEOs in New York in a bid to rebut Wall Street titans who are embracing former President Donald Trump as good for business, Michael reports. Yellen will argue against cutting taxes for the wealthy and rolling back regulation as a strategy for economic growth — and instead tout the administration’s effort to lure private investment in critical industries through new major public investments. Treasury today is unveiling a new analysis arguing that U.S. business investment is outpacing historical patterns. Expect this to come up in the Chopra hearings — The Biden administration and the CFPB rolled out a plan to keep medical debt from appearing on credit reports. Democrats have contended that the inclusion of medical debt is a poor predictor of creditworthiness and that it disproportionately harms low-income communities and Black and Latino families. The move was immediately derided by House Financial Services Chair Patrick McHenry (R-N.C.) as “badly misguided.” Another likely topic to come up in today’s CFPB hearing? Credit card late fees. Michael reports that PNC Bank appears to have voluntarily followed the Biden administration’s new $8 cap on credit card late fees that the banking industry and Congressional Republicans are fighting to stop. Credit cards by PNC, which is among the largest banks in the U.S., now carry late fees of up to $8, according to disclosures posted on the company’s website. That’s down from the up to $38 fees on the products that were in place several months ago, according to archived versions of the page. The lowered fees are a victory for the Biden administration, which has made the new CFPB restrictions curtailing late fees a centerpiece of its fight against “junk fees” that’s been ramping up this election year. The CFPB rule has been on pause since May when a federal judge sided with industry groups in blocking the policy. A company spokesperson did not respond to a request for comment on the changes. Biden has his work cut out for him at the G7 — European Union leaders are poised to reject key elements of a U.S. plan that would call on European governments to serve as guarantors of a $50 billion loan to Ukraine that would be paid down with proceeds from seized Russian assets, Gregorio Sorgi and Jakob Hanke Vela report. “What Washington is proposing is, ‘We [the U.S.] take a loan, Europe takes all the risk, you [Europe] pay the interest, and we [the U.S.] use the money for a U.S.-Ukraine fund,’” said one senior European diplomat. “We might be stupid but we’re not that stupid.” — BlackRock CEO Larry Fink and Microsoft’s Satya Nadella will join G7 leaders to support Italian Prime Minister Giorgia Meloni’s push to invest in developing countries, report Bloomberg’s Annmarie Hordern, Donato Paolo Mancini and Chiara Albanese. The last gasp of SBF’s political empire — FTX founder and erstwhile crypto billionaire Sam Bankman-Fried is serving a 25-year sentence in federal prison. But a ballot initiative he bankrolled that would tax the wealthy to fund a pandemic prevention program will still be on California ballots this November, Jeremy White reports.
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