President Joe Biden’s Consumer Financial Protection Bureau (CFPB) unveiled a new proposed rule that could limit bank overdraft fees to as little as $3. The proposed rule applies only to banks and credit unions with over $10 billion in assets — limiting the fee caps to roughly 175 of the largest banking institutions in the U.S. According to the CFPB, banks currently take in around $9 billion annually in overdraft fees.
The proposed rule would limit banks to charging either the coverage cost for an overdrawn account or a capped fee determined by the CFPB. This, in practice, should drastically lower the typical overdraft fee from the $35 most consumers are currently charged.
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“When companies sneak hidden junk fees into families’ bills, it can take hundreds of dollars a month out of their pockets and make it harder to make ends meet,” President Biden said yesterday in a statement released by the White House. “For too long, some banks have charged exorbitant overdraft fees—sometimes $30 or more.”
He added: “Banks call it a service—I call it exploitation.”
The American Bankers Association (ABA) blasted the proposed rule change. “Today’s proposal from the CFPB marks the bureau’s latest attempt to demonize and mischaracterize highly regulated and clearly disclosed bank fees for a service that surveys consistently show Americans value and appreciate,” the ABA said in a statement.
The ABA claims the rule change would discourage banks from offering consumers overdraft protection, “including those who have few, if any, other means to access needed liquidity.” Critics of the current rules governing overdraft fees argue that banks too often view overdrafts as a quasi-lending instrument, with overdraft fees treated as a form of interest that exceeds federal regulations.
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Behind-the-scenes political intrigue exclusively for Pulse+ subscribers.
This move – as well as my headline about it – is likely to enrage the “muh free market” puritans regarding matters of banking and private finance show more
❓What Happened: Disgraced former Senator Robert Menendez (D-NJ) says that it was his own Democratic Party, under the former Obama-Biden administration, that weaponized the Department of Justice (DOJ) to execute lawfare campaigns against political enemies.
👥 Who’s Involved: Former Sen. Robert Menendez, former President Barack Obama, the U.S. Department of Justice (DOJ), and federal prosecutors.
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📍 Where & When: Menendez made the allegations in a series of posts on X (formerly Twitter) on Friday, May 30, 2025.
💬 Key Quote: “People talk about the Trump DOJ, but it was the Democrats who started weaponizing the Justice Dept,” Menendez wrote.
⚠️ Impact: The claims made by the New Jersey Democrat underpin allegations by Republicans and President Donald J. Trump that the Democratic Party used the DOJ to target its political enemies and prevent Trump’s reelection in 2024. However, it is essential to note that Menendez himself has political motivations to undermine the successful DOJ corruption prosecution against him.
IN FULL:
Former U.S. Senator Robert Menendez (D-NJ), who was sentenced to 11 years in prison in January this year on charges of bribery, extortion, conspiracy, obstruction of justice, and acting as an unregistered foreign agent, is claiming that it was his own Democratic Party that weaponized the U.S. Department of Justice (DOJ) to execute politically motivated lawfare campaigns. In a series of posts made Friday on X (formerly Twitter), the disgraced New Jersey Democrat pointed the finger at former President Barack Obama for upending the allegedly nonpartisan culture of the DOJ and weaponizing the agency to target political enemies.
“People talk about the Trump DOJ, but it was the Democrats who started weaponizing the Justice Dept,” Menendez wrote, revealing: “When, as the Chairman of the SFRC, I didn’t go along with Obama’s Iran deal, I was indicted, and the next day after being stripped of my position, Obama announced the Iran deal.”
Menendez continued: “Obama told me that he could not have the Democratic Chairman of the SFRC be against him. By having me removed as the Chair of the Senate Foreign Relations Committee, Obama removed my major opposition to his Iran deal. It was a bad deal for the U.S. and for our ally, Israel.”
The once-powerful Democrat Senator argued that the 2015 corruption indictment brought against him by the Obama DOJ was never meant to achieve a conviction but merely to damage his reputation and prevent him from derailing the Iran deal. Notably, the 2015 charges were eventually dropped by federal prosecutors.
Menendez concluded, writing: “So when Democrats talk about weaponizing the Justice Dept, they should look into their own past actions. Obama was willing to use the Justice Department to pursue and preserve the legacy issue he felt would earn him the Nobel Prize he had received.”
The National Pulse reported in September 2023 that Menendez and his wife, Nadine, were indicted by a federal grand jury on corruption charges stemming from their efforts to assist a donor facing legal proceedings and the political interests of the Egyptian government. After a lengthy investigation, Menendez was convicted on 16 counts of public corruption in July 2024.
❓What Happened: Key economic indicators reveal inflation is decreasing, personal incomes are rising, and the trade deficit has seen a record reduction.
👥 Who’s Involved: President Donald J. Trump, the Federal Reserve, and the Commerce Department.
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📍 Where & When: United States, April 2025, with the data released by the Commerce Department on May 30, 2025.
⚠️ Impact: The figures surpass economists’ expectations and suggest significant economic shifts, including positive tariff-related impacts on trade.
IN FULL:
The United States’ trade deficit was cut by nearly half in April, falling from $162.3 billion in March to just $87.6 billion. According to data released by the U.S. Commerce Department on Friday, the goods trade gap contracted by 46 percent last month.
Notably, goods imports decreased by $68.4 billion to $276.1 billion, the single largest drop in goods imports on record. Meanwhile, exports jumped by $6.3 billion to a total of $188.5 billion.
The data comes on the heels of government inflation numbers showing prices are holding stable despite predictions from the Federal Reserve and tariff opponents who have argued that President Donald J. Trump’s imposition of aggressive trade duties on imports would cause inflation to accelerate. Instead, consumer data shows inflation continuing to cool, though signals of potential deflationary pressures are raising some alarms.
President Trump has repeatedly emphasized that he intends to use an array of tariff measures to encourage the reshoring of American manufacturing jobs as leverage to negotiate new bilateral trade deals with key economic partner nations, and to boost federal revenues in place of income taxes. The Commerce Department data suggests the trade and economic policy transition is working with minimal disruption thus far.
The National Pulse reported earlier this week that tariff revenues in May have already exceeded $22.3 billion. In April, the federal government collected $17.4 billion in trade duties.
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❓What Happened: President Donald J. Trump blamed Leonard Leo and the Federalist Society for recommending bad judges early in his first term, linking their influence to a U.S. Court of International Trade ruling that attempted to overturn his tariff policy.
👤Who’s Involved: President Trump, the Federalist Society, Leonard Leo, the U.S. Court of International Trade, and the New Civil Liberties Alliance.
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📍 Where & When: Truth Social platform, with Trump’s post on May 30, 2025, following the trade court’s now-stayed ruling.
🧾Key Quote: “I was new to Washington, and it was suggested that I use The Federalist Society… but then realized that they were under the thumb of a real ‘sleazebag’ named Leonard Leo,” Trump wrote.
⚠️ Impact: Trump warns that the tariff ruling threatens presidential power and America’s economic defense against adversaries like Communist China.
IN FULL:
President Donald J. Trump has blamed the Federalist Society for recommending bad judges to him near the beginning of his first term, when he had few contacts in Washington, D.C. The America First leader explained the situation on his Truth Social platform after the obscure U.S. Court of International Trade attempted to overturn his tariff policy in its entirety in a now-stayed ruling.
“Where do these… Judges come from? How is it possible for them to have potentially done such damage to the United States of America? Is it purely a hatred of ‘TRUMP?’ What other reason could it be?” Trump wrote.
He continued: “I was new to Washington, and it was suggested that I use The Federalist Society as a recommending source on Judges. I did so, openly and freely, but then realized that they were under the thumb of a real ‘sleazebag’ named Leonard Leo, a bad person who, in his own way, probably hates America, and obviously has his own separate ambitions.”
Trump said that Leo, who is still co-chairman of the Federalist Society, “openly brags how he controls Judges, and even Justices of the United States Supreme Court—I hope that is not so, and don’t believe it is!”
The President said he was “so disappointed in The Federalist Society” for its “bad advice… on numerous Judicial Nominations,” warning that if the U.S. Court of International Trade’s tariff ruling is ultimately upheld, it will “destroy our Nation!”
On the prospect of Congress having to approve every tariff, he described a process in which “hundreds of politicians would sit around D.C. for weeks, and even months, trying to come to a conclusion,” hamstringing his ability to act in the American interest against foreign governments.
“If allowed to stand, this would completely destroy Presidential Power—The Presidency would never be the same!” Trump argued, insisting, “The President of the United States must be allowed to protect America against those that are doing it Economic and Financial harm.”
“Hopefully, the Supreme Court will reverse this horrible, Country threatening decision, QUICKLY and DECISIVELY,” he said.
The New Civil Liberties Alliance, which is affiliated with Leo, is among the organizations mounting a lawfare campaign against Trump’s tariff polices, attempting to overturn levies imposed on imports from Communist China.
In 202s, Leo’s Marble Freedom Trust—a 501(c)4 nonprofit that operates as a funding organ for a network of conservative legal and policy groups—effectively received a $1.65 billion contribution through a financial deal executed by Chicago businessman Barre Seid.
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❓What Happened: Polling reveals ‘mid-propensity voters’ (MPVs) who supported Trump in 2024 may not turn out for Republicans in the 2026 midterms.
👥 Who’s Involved: J.L. Partners conducted the polling; President Donald Trump; mid-propensity voters; Republican strategists.
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📍 Where & When: United States, polling conducted in April and May 2025.
💬 Key Quote: “If you are a Republican operative, the best way to get the message across is to make these elections about putting the GOP in the best position to carry the agenda that Trump has championed forward into years to come,” said James Johnson, Co-Founder of J.L. Partners.
⚠️ Impact: Republicans face a challenge in motivating a key voter bloc that is vital for maintaining congressional majorities and advancing the MAGA agenda.
IN FULL:
A newly released analysis from J.L. Partners highlights concerns for Republicans ahead of the midterm elections, as a critical group of ‘mid-propensity voters’ (MPVs) who supported President Donald J. Trump in 2024 appear less motivated to vote in 2026.
The analysis defines MPVs as voters who supported Trump but rank their likelihood of voting in midterm elections between four and seven out of 10. These voters, who comprise 20 percent of the electorate, are predominantly younger (aged 18-29) and disproportionately black. Despite their support for Trump in 2024, many are politically unaligned, with 42 percent identifying as Independent or unaffiliated.
In the 2024 election, 36 percent of MPVs backed Trump, compared to 32 percent for former Vice President Kamala Harris, while 29 percent did not vote at all. According to J.L. Partners, the most compelling argument for these voters to participate in the midterms is ensuring Republican congressional majorities to advance the Trump platform and position the party for the 2028 presidential race.
James Johnson, Co-Founder of J.L. Partners, explained, “It might seem odd, but it is intuitive when you think about it… they are thinking through a presidential election prism.” Johnson emphasized the importance of framing the midterms as a continuation of the Trump agenda, stating, “If you are a Republican operative, the best way to get the message across is to make these elections about putting the GOP in the best position to carry the agenda that Trump has championed forward into years to come.”
Republicans face historical challenges in maintaining voter enthusiasm during midterms, when opposition parties typically gain momentum. Trump’s team is reportedly preparing for potential Democratic efforts to impeach him if they regain the House majority.
John McLaughlin, Trump’s longtime pollster, stressed the urgency of delivering on campaign promises, including tax cuts, to maintain voter support. “We need to pass the tax cuts and avoid a recession,” McLaughlin said. “That’s the high stakes here. We cannot lose the midterms.”
❓What Happened:Vice President J.D. Vance highlighted China’s opposition to Bitcoin as a reason for the U.S. to embrace cryptocurrency, emphasizing its strategic importance.
👥 Who’s Involved: Vice President J.D. Vance, President Donald J. Trump, the Department of Labor, the U.S. Senate, and the Chinese Communist Party (CCP).
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📍 Where & When: Bitcoin 2025 Conference, Las Vegas, May 28.
💬 Key Quote: “The People’s Republic of China doesn’t like Bitcoin. Well, we should be asking ourselves, why is that? Why is our biggest adversary such an opponent of Bitcoin, and if the Communist Republic of China is leaning away from Bitcoin, then maybe the United States ought to be leaning into Bitcoin.” – J.D. Vance.
⚠️ Impact: U.S. policy shifts toward cryptocurrency include rescinding restrictions, promoting digital assets, and establishing a Bitcoin national strategic reserve.
IN FULL:
Vice President J.D. Vance has called for the United States to embrace Bitcoin, citing China’s opposition to the decentralized cryptocurrency as a strategic opportunity. Speaking at the Bitcoin 2025 Conference in Las Vegas on May 28, Vance emphasized the importance of leveraging America’s advantage in digital assets.
“The People’s Republic of China doesn’t like Bitcoin. Well, we should be asking ourselves, why is that? Why is our biggest adversary such an opponent of Bitcoin, and if the communist Republic of China is leaning away from Bitcoin, then maybe the United States ought to be leaning into Bitcoin,” Vance stated.
The event coincided with the Department of Labor’s withdrawal of guidelines discouraging fiduciaries from including cryptocurrency in 401(k) retirement plans. Vance argued that Bitcoin serves as a hedge against inflation and political persecution, referencing cases where individuals were denied financial services due to their political beliefs.
“With President [Donald] Trump, crypto finally has a champion and an ally in the White House,” Vance noted, adding that the administration views digital assets not just as an investment but as a driver of personal liberty.
China banned cryptocurrency trading in 2019 and intensified its crackdown in 2021, positioning itself against the technology. Meanwhile, President Trump recently signed an executive order to establish the U.S. as a leader in digital assets and financial technology, creating a working group chaired by David Sacks to oversee progress.
The administration has also rolled back prior restrictions, including overturning reporting requirements for digital asset transactions and rescinding policies that limited banks’ cryptocurrency-related activities. In March, Trump hosted a White House summit to engage industry leaders on crypto policy.
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❓What Happened: The State Department has announced plans to close its Afghan refugee resettlement office as part of a reorganization effort.
👥 Who’s Involved: The State Department, Congress, the Office of the Coordinator for Afghan Relocation Efforts (CARE), and the Afghanistan Affairs Office.
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📍 Where & When: United States; changes to take effect by July 1.
💬 Key Quote: “The planned changes are… reflective of the administration’s and secretary’s broader efforts to streamline government functions, eliminate redundancy, and enhance accountability,” according to a letter sent to Congress.
⚠️ Impact: The closure affects the resettlement of Afghan refugees in the U.S. following the Afghanistan war and is part of broader workforce reductions impacting over 300 offices.
IN FULL:
The State Department has informed Congress of its decision to close the Office of the Coordinator for Afghan Relocation Efforts (CARE), a program established to assist Afghan refugees following the U.S. withdrawal from Afghanistan. Additionally, the role of the special representative for Afghan reconstruction will be eliminated as part of these changes.
According to a letter sent to lawmakers, the office’s responsibilities will be transferred to the Afghanistan Affairs Office as part of a broader reorganization strategy. Set to take effect by July 1, the changes are part of the administration’s plan to streamline government operations through the Department of Government Efficiency (DOGE). The letter states that more than 300 offices will undergo restructuring “to refocus on core U.S. foreign policy objectives and the needs of contemporary diplomacy.”
The CARE office was originally created under the Biden government to support Afghan refugees claimed to have worked alongside American forces or their relatives.
“The planned changes are also reflective of the administration’s and secretary’s broader efforts to streamline government functions, eliminate redundancy, and enhance accountability,” the letter reads.
Meanwhile, concerns about the legitimacy of Afghan asylum claims have been raised in other countries. The National Pulse previously reported that Germany found that thousands of so-called Afghan asylum seekers have actually traveled back to their home country on multiple occasions, even vacationing there, suggesting they face no genuine threat from the Taliban.
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❓What Happened: Senator Bernie Sanders (I-VT) blamed former Vice President Kamala Harris’s 2024 election loss to President Donald J. Trump on her failure to address working-class issues, accusing her of prioritizing billionaire allies over everyday Americans.
👥 Who’s Involved: Bernie Sanders, Kamala Harris, Donald J. Trump, Liz Cheney, and Mark Cuban.
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📍 Where & When: BBC interview with Sanders aired on May 30, 2025.
💬 Key Quote: “It was the fault of Kamala Harris and her consultants… They did not run a campaign designed to speak to the American working class,” Sanders said.
⚠️ Impact: Sanders’s critique validates Trump’s working-class appeal, exposing Democrat elitism and reinforcing his America First victory as a mandate for change.
IN FULL:
Senator Bernie Sanders (I-VT) blames former Vice President Kamala Harris’s 2024 election loss to President Donald J. Trump on her campaign’s failure to connect with working-class Americans. In an interview with the BBC aired on May 30, 2025, the 83-year-old former Democratic presidential candidate rejected the narrative that former President Joe Biden was responsible, arguing, “A lot of the people are saying it was Joe Biden’s fault that Kamala Harris lost the election … not true. It was the fault of Kamala Harris and her consultants.”
Sanders, who has been traveling the U.S. with far-left Representative Alexandria Ocasio-Cortez on a “Fighting Oligarchy” rally tour, believes that Harris’s campaign ignored the economic struggles of everyday Americans. “They did not run a campaign designed to speak to the American working class,” he said, adding that he “absolutely” believed Harris could have won if she had focused on their needs.
Sanders criticized her for aligning with elites, noting he “ran all over the country trying to elect Kamala Harris” and begging here team to “talk to the needs of the working class, talk about raising the minimum wage to a living wage, talk about real health care reform, talk about building the kinds of massive amounts of housing that we need, putting checks on landlords. But they used their billionaire friends.”
Harris’s coziness with figures like neoconservative Republican-in-name-only Liz Cheney and billionaire Mark Cuban sent the wrong message, Sanders argued. “What is that message out to working-class people?” he asked, highlighting her campaign’s reliance on “consultants and billionaires.”
Sanders framed the Democrats’ loss as a failure to answer a fundamental question: “Which side are you on?” He pointed to America’s growing income and wealth inequality as the core issue, noting, “The average person out there who is working very long hours… can’t afford healthcare, can’t afford to send their kids to college, childcare is a disaster in the United States. That person looks to Washington, D.C. and says, ‘Hey, what are you doing for me?’”
The National Pulse reported on polling in 2024 showing that President Trump enjoyed his highest levels of support among Americans working the longest hours, even when Biden was still in the race. In office, he has worked to shield American workers from unfair competition with countries such as China through tariffs—moves the Democrats and their allies have consistently undermined.
❓What Happened: The United States Supreme Court has issued a temporary stay of a lower court order, which will allow President Donald J. Trump to move forward with revoking the parole status granted to around 500,000 illegal immigrants under former President Joe Biden.
👥 Who’s Involved: The U.S. Supreme Court, President Donald J. Trump, and an estimated 500,000 illegal immigrants from Cuba, Haiti, Nicaragua, and Venezuela.
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📍 Where & When: The ruling was handed down on Friday, May 30, 2025.
⚠️ Impact: President Trump’s administration can move forward—for now—with revoking parole status for the illegal immigrants.
IN FULL:
The United States Supreme Court issued a stay on Friday, blocking a lower court decision that barred President Donald J. Trump from revoking parole status for an estimated 500,000 illegal immigrants who were released into the country by the former Biden government. On Wednesday, U.S. District Court Judge Indira Talwani ruled that the Trump White House had unlawfully ended the temporary parole status granted by Biden for the illegals who originated from Cuba, Haiti, Nicaragua, and Venezuela.
In the 7-2 decision, with Justice Kagan joining the majority and Justices Jackson and Sotomayor dissenting, the high court took an increasingly rare step in reversing what the Trump administration has called judicial interference in executive branch powers. Since his inauguration in January, President Trump has seen a number of major political agenda items hamstrung by judicial interference, which has led critics to contend that federal courts are abusing their authority to encroach on Article II constitutional powers.
While the stay order marks a temporary victory for Trump and his mass deportation efforts, the underlying case remains pending and a final determination at the appellate court and eventually the Supreme Court level could still result in the illegals’ parole being upheld.
Notably, the Supreme Court has already intervened several times on immigration matters. In April, for instance, the high court temporarily blocked the deportation of 50 illegal immigrants from Venezuela pending further litigation.
❓What Happened: U.S. inflation continued to slow in April while incomes rose.
👥 Who’s Involved: The Commerce Department, Federal Reserve, Trump administration, and U.S. courts.
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📍 Where & When: United States; data reported Friday, May 30, 2025.
⚠️ Impact: The data suggests that President Donald J. Trump’s tariffs have had minimal inflationary impact. Meanwhile, receding inflation signals undermine the Fed’s continued position of keeping interest rates steady instead of enacting a cut.
IN FULL:
A key measure of U.S. inflation slowed last month as consumer prices rose just 2.1 percent in April compared to the same time last year, according to the Commerce Department. This marks a decline from March’s figure of 2.3 percent and represents the lowest rate since September. Core prices, which exclude volatile food and energy categories, increased 2.5 percent year-over-year, down slightly from 2.6 percent in March.
The data indicates a continued decline in inflation from its post-pandemic peak in July 2022, which reached the highest levels in four decades. Despite this, Federal Reserve officials noted during their May 6-7 meeting that inflation remains above their two percent target. The Fed’s policy of maintaining current interest rates, despite the receding inflationary pressure, has sparked criticism. President Donald J. Trump has openly pushed for the central bank to begin cutting rates, and a number of market signals suggest the economy could be moving towards deflation, which would also suggest rate cuts are necessary.
Critics of President Trump’s tariff policies have repeatedly claimed that the trade duties would increase inflation. However, as The National Pulse has repeatedly noted, tariffs—while potentially increasing supply-driven inflation on the front end—have a deflationary effect over time.
Concerningly, the Federal Reserve’s Secured Overnight Financing Rate (SOFR) data has consistently shown a push towards the lower end of the current range of the central bank’s federal funds rate—which sets interest rates for the country. This would suggest that market forces are no longer concerned about inflation but instead are seeking greater liquidity and may be worried about the far more concerning potential for deflation.
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❓What Happened: President Donald J. Trump accused China of breaching a trade agreement with the U.S. just weeks after both nations agreed to a temporary easing of tariffs.
👥 Who’s Involved:Donald Trump, the United States, and China.
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📍 Where & When: Trump’s statement was made on Truth Social on Friday, following a May 12 agreement between the U.S. and China.
💬 Key Quote: “The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US. So much for being Mr. NICE GUY!” – Donald Trump.
⚠️ Impact: The claim could reignite tensions between the two countries, potentially affecting trade relations and economic stability.
IN FULL:
President Donald J. Trump on Friday accused China of violating a trade agreement with the United States, just weeks after both nations reached a temporary truce on tariffs. President Trump made the remarks on his Truth Social platform, noting that “Many [Chinese] factories closed and there was, to put it mildly, ‘civil unrest'” following his initial high tariffs.
“I made a FAST DEAL with China in order to save them from what I thought was going to be a very bad situation… Because of this deal, everything quickly stabilized and China got back to business as usual. Everybody was happy!” the America First leader explained.
“That is the good news!!! The bad news is that China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US,” he continued, adding: “So much for being Mr. NICE GUY!”
The trade agreement, established on May 12, involved a 90-day suspension of most tariffs imposed by both countries earlier this year. As part of the deal, the U.S. reduced its tariffs on Chinese goods to approximately 30 percent, down from 145 percent, while China lowered its levies on American imports to 10 percent.
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