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Viewers’ guide to a long, long day

Some days, the financial services and tax beats have a main event. Other days, there’s like four or five. Today is one of the latter ones.

Get out the dual monitors. Here’s what we’ll be tracking today.

FDIC redux: The Republican-led House Financial Services Committee isn’t done talking about the Federal Deposit Insurance Corp.’s toxic workplace culture and outgoing Chair Martin Gruenberg.

Starting at 10 a.m., we’ll hear from a group of four witnesses that — as we scooped on Friday — won’t include Gruenberg. The panel will instead hear from FDIC board member Jonathan McKernan, acting Comptroller of the Currency Michael Hsu and Cleary Gottlieb partners Joon Kim and Abena Mainoo.

We expect Republicans to complain about the lack of a White House nominee to replace Gruenberg, although one appears to be coming as soon as this week.

Democratic staff, led by Rep. Maxine Waters (D-Calif.), continue to suggest that their side’s lawmakers should question the findings of the Cleary Gottlieb investigation, per a memo we obtained. When staff last suggested that approach in May, few lawmakers took them up on it. We’ll see if that changes today.

Chopra in the Senate: The Senate Banking Committee will host Consumer Financial Protection Bureau Director Rohit Chopra at 9:45 a.m.

Chopra will make some news in his written testimony, pointing to reports that “large financial firms like PayPal and JPMorgan Chase are planning to use sensitive data about people’s income and spending to fuel surveillance-based targeting.”

“We are eager to work with all of you to put into place stronger protections against abuse and misuse of data,” Chopra will tell the Senate.

Spotlight on Wall Street’s taxes: Senate Budget Committee Democrats are getting in on the 2025 tax debate early. They will lay down a marker on the expiring Trump tax cuts with a hearing this morning on “making Wall Street pay its fair share.”

Here’s a taste of what Chair Sheldon Whitehouse (D-R.I.) plans to say in his opening remarks about how Democrats should address taxes on wealthier households and corporations next year:

Fed day: The Federal Open Market Committee will announce its next interest rate decision today at 2 p.m., followed by a news conference with Chair Jay Powell at 2:30 p.m. We previewed this in the Sunday Vault.

Since then, we’ve heard from a chorus of congressional Democrats asking the Fed to consider a rate cut. That now includes Rep. Brendan Boyle (D-Pa.), the top Democrat on the House Budget Committee. Economists don’t think that’s going to happen this time around, but maybe in September.

We’ll be listening closely for areas where Powell and other Fed officials see pockets of weakness in the economy or any other sign of a slowdown. That would, in theory, make it more likely we see cuts sooner than later.

— Brendan Pedersen and Laura Weiss

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Editorial photos provided by Getty Images. Political ads courtesy of AdImpact.