Sign up for our daily briefing

Make your busy days simpler with the Axios AM and PM newsletters. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to the Axios Closer newsletter for insights into the day’s business news and trends and why they matter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios Pro Rata

Dive into the world of dealmakers across VC, PE and M&A with Axios Pro Rata. Delivered daily to your inbox by Dan Primack and Kia Kokalitcheva.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with the Axios Sports newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with the Axios Des Moines newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with the Axios Tampa Bay newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Austin news?

Get a daily digest of the most important stories affecting your hometown with the Axios Austin newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Atlanta news?

Get a daily digest of the most important stories affecting your hometown with the Axios Atlanta newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Philadelphia news?

Get a daily digest of the most important stories affecting your hometown with the Axios Philadelphia newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Chicago news?

Get a daily digest of the most important stories affecting your hometown with the Axios Chicago newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top DC news?

Get a daily digest of the most important stories affecting your hometown with the Axios DC newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Photo illustration: Aïda Amer/Axios. Photo: Eric Hart Jr./The Washington Post via Getty Images

There's been a lot of chatter about who will be the next chair of the Federal Reserve if President Biden decides to replace Jerome Powell when his term ends next year, and much of that chatter has included Atlanta Fed president Raphael Bostic.

Why it matters: With the Fed having exerted greater control over the U.S. and global economy than at any time in history, the person in charge has become more important than ever.

  • In an "Axios on HBO" interview, Bostic says he would push the Fed further toward a mission of economic inclusivity and equity.

Where it stands: It's certainly not a foregone conclusion that Powell will be replaced, but the possibility of Bostic stepping into the role has become a talking point in economics circles and in Washington.

  • "I hear about it all the time," he says as part of a wide-ranging interview for "Axios on HBO."

What's happening: Since he took over as president of the Atlanta Fed in 2017, Bostic says the central bank already has changed.

  • "My voice is distinctive and I've been talking about things in ways that have been different," he says.
  • "We are opening up and having conversations that we weren't having four years ago, and it's allowing different voices to come into the policy space. It gives us an opportunity to promote interesting ideas that maybe weren't getting the same type of attention."

What it means: Many of those ideas are based on the way discrimination has historically disadvantaged certain Americans — in particular Black, low-income and rural Americans — and ways to counter that discrimination.

Between the lines: Bostic has not been shy about the fact that countering discrimination could mean there's a need for reparations in the U.S.

  • "I think we need to find ways to not have the bad things that happened in the past continue to penalize people today," he says.
  • "Whether it be lump sum reparations or other things, I don't know. But I think we need to have that conversation and we need to find ways to get solutions so that every person is judged by their ability and their talent as opposed to their historical circumstance."

One level deeper: Bostic points to the housing market as an example of how historically Black Americans' lack of wealth has kept them from qualifying for mortgages and housing policies like modern-day redlining, loan segregation and discriminatory appraisals continue to further stack the deck against Black folks.

  • "History really left a certain group of people at a tremendous disadvantage and we should be talking about that," he says. "We're now having different conversations. And I think that's really an important thing."

The last word: Bostic says if he becomes chairman he'll do things "differently" than they've been done before.

  • "I'm going to be personal. I'm going to be engaging. I'm going to solicit input and really try to not be the chair, who sits up here, and then all the staff is at a different level."
  • "I do want people, if they have a different view, to tell me. ...I don't want there to be any barriers for people to really give me their strongest and clearest thinking."

Go deeper

AOC, Tlaib and Pressley urge Biden to replace Fed chair Powell

Jerome Powell, chair of the U.S. Federal Reserve. Photo: Al Drago/Bloomberg via Getty Images

Reps. Alexandria Ocasio-Cortez (D-N.Y.), Rashida Tlaib (D-Mich.) and Ayanna Pressley (D-Mass.) are calling on President Biden to replace Federal Reserve Chair Jerome Powell with someone more focused on "eliminating climate risk and advancing racial and economic justice," according to a joint statement reported by Politico.

Driving the news: Powell's term will end in early 2022, though some economists have said Biden will likely reappoint him.

54 mins ago - World

At least 2 dead after Tonga volcano eruption and tsunami

A satellite image of the explosive eruption of the Hunga Tonga-Hunga Ha'apai volcano on Saturday. Photo: UNICEF/NOAA

At least two people are confirmed to have died in Tonga following the undersea volcanic eruption that sent tsunami waves toward the island nation and across the Pacific over the weekend, officials said Monday.

The big picture: Officials reported major damage along the western coast of the main island of Tongatapu, where the capital, Nuku'alofa, was covered in ash and dust, including on the runway of the airport. A New Zealand Ministry of Foreign Affairs spokesperson told Axios over the phone that two people had been confirmed to have died in the disaster.

Airlines call for Biden admin's "immediate intervention" in 5G deployment

Photo: Tayfun Coskun/Anadolu Agency via Getty Images

The CEOs of leading U.S. air cargo and passenger carriers on Monday warned the Biden administration there could be "catastrophic disruption" after AT&T and Verizon deploy a new 5G service this week.

Driving the news: They said in a letter to Transportation Secretary Pete Buttigieg and other top federal officials ahead of the C-Band 5G service's deployment Wednesday that "the nation's commerce will grind to a halt" and "could potentially strand tens of thousands of Americans overseas."