Buckle up because a full-tilt political crisis is unfolding. It’s going to be a long week for FDIC Chair Martin Gruenberg and his Democratic allies as he testifies this week.

Brendan Pedersen and Laura Weiss with what’s at stake:
punchbowl.news/article/martin…

From THE VAULT: Martin Gruenberg is on the Hill, hope wavers for Wyden-Smith tax bill, a sit-down with BNY Mellon’s Robin Vince, Sen. Eric Schmitt challenges Covid-era funding and more.

Brendan Pedersen and Laura Weiss in this week's Lookahead:
punchbowl.news/archive/51224-…

Today's Sunday Vault is stacked with must-reads via Laura Weiss and I:

- Marty in the Thunderdome
- What's keeping Wyden-Smith from a Senate vote
- Q&A with BNY Mellon’s Robin Vince
- The Covid funds CRA to watch
- Lummis, Wyden blast DOJ on crypto link.punchbowl.news/click/35354699…

Listen, I'm no lawyer, but could anyone tell me if they've ever seen a district court judge just blast a circuit court with both barrels like this?

Illinois undefeated???

Big credit card news: A Texas district judge granted a preliminary injunction against the Consumer Financial Protection Bureau and its rule to crack down on late fees, blocking it days before going into effect.

Read the order from Judge Pittman here: punchbowl.news/wp-content/upl…

First in Punchbowl News Midday - W&M top Dem Rep. Richard Neal is slamming Speaker Johnson for declining to invite Kenyan President Ruto for a joint meeting w/ Congress: punchbowl.news/archive/51024-…

Max Cohen & Jake Sherman scooped the decision not to invite Ruto in AM

Ruto’s potential speech to Congress — which McCaul and Meeks asked for — would’ve been the first time an African leader addressed Congress in 18 years.

But Johnson didn’t extend the invitation for a joint address because of “scheduling constraints.”
punchbowl.news/article/speake…

NEW: W&M will take up a bill raising penalties for unauthorized disclosure of tax return info in a markup next week, per 2 sources

W&M GOP just unveiled the bill after pushing for more penalties for the person who leaked Trump's tax returns

Bill summary: waysandmeans.house.gov/wp-content/upl…

Waters slammed investigators at Cleary Gottlieb for focusing on the tenure of Gruenberg and not former Republican appointees like Jelena McWilliams and Sheila Bair.

Vault co-author Brendan Pedersen with more:
punchbowl.news/article/waters…

Vault scooplet: The Congressional Black Caucus chair urged the White House to nominate CFTC Commissioner Kristin Johnson to be Treasury’s next assistant secretary for financial institutions. Read the letter from Rep. Steven Horsford (D-Nev.) here: punchbowl.news/wp-content/upl…

.Chuck Schumer speaking on the floor just criticized the Trump tax cuts & cited the new CBO report putting cost of extending law past 2025 at over $4.5 trillion

'The American people don't want tax cuts that overwhelmingly favor the wealthiest few and corporations,' Schumer said

This is a huge hole in Waters' statement, which attacked former FDIC Chair Jelena McWilliams for allowing harassment at the agency during her tenure. The 2020 IG report Waters mentioned covered a 4-year period (2015-19). McWilliams was confirmed in summer 2018.

FDIC Chair Gruenberg has been doing the rounds on the Hill this week. Sen. Britt (R-Ala.) said she met with him yesterday. Sen. Smith (D-Minn.) told me she'd be talking with Gruenberg in 'like an hour.' Sen. Van Hollen (D-Md.) said Gruenberg reached out before the report dropped.

House Financial Services Committee Ranking Member Maxine Waters issued a long statement just now in response to the FDIC report. Notably goes on the offensive against the report's authors for focusing on Gruenberg and not other Republican FDIC chairs in recent decades

Stay safe out there folks, there's a lot of 'haven't read the report yet' going around on Capitol Hill this week

Shocked and saddened to hear about the passing of Steve Albini. Maxwell Newsom and Madeline Happold wrote an in-depth profile of him for 14 East Magazine a few years ago. He was a fascinating and generous interview subject. fourteeneastmag.com/index.php/2017…

Colorado is about to become the first state in U.S. history to require polling places within local jails to ensure people behind bars can exercise the right to vote. A bill awaits Governor Jared Polis⁩’s signature to become law. boltsmag.org/colorado-votin…