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Illustration: Sarah Grillo/Axios

Top officers at America's largest bank lobbying organization are calling on the Fed not only to cut U.S. interest rates, but also to institute a series of reforms that were last put in place during the 2008 financial crisis.

What's happening: The president and CEO, the chief economist and the head of research of the Bank Policy Institute, which represents the nation's leading banks, posted a blog Sunday laying out a set of policy prescriptions they encourage the Fed to use to fight possible economic damage from the coronavirus outbreak.

  • The proposals include cutting banks' reserve requirements to zero, lowering the Fed's discount borrowing rate, and several other measures designed to increase banks' resilience to a major financial shock.

Why it matters: The note shows how worried banking industry advocates are about the impact of COVID-19.

  • It's also the latest example of the industry attempting to use a crisis to roll back Dodd-Frank financial regulations that were designed to prevent another market meltdown.

Watch this space: Since rates in the repo market spiked in September, the Fed has been working with officials at major financial institutions to revise some of its rules.

Go deeper: Federal Reserve: Coronavirus poses "evolving risk" to the economy

Go deeper

The new Washington

Illustration: Sarah Grillo/Axios

The Axios subject-matter experts brief you on the incoming administration's plans and team.

Rep. Lou Correa tests positive for COVID-19

Lou Correa. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images

Rep. Lou Correa (D-Calif.) announced on Saturday that he has tested positive for the coronavirus.

Why it matters: Correa is the latest Democratic lawmaker to share his positive test results after last week's deadly Capitol riot. Correa did not shelter in the designated safe zone with his congressional colleagues during the siege, per a spokesperson, instead staying outside to help Capitol Police.

Far-right figure "Baked Alaska" arrested for involvement in Capitol siege

Photo: Shay Horse/NurPhoto via Getty Images

The FBI arrested far-right media figure Tim Gionet, known as "Baked Alaska," on Saturday for his involvement in last week's Capitol riot, according to a statement of facts filed in the U.S. District Court in the District of Columbia.

The state of play: Gionet was arrested in Houston on charges related to disorderly or disruptive conduct on the Capitol grounds or in any of the Capitol buildings with the intent to impede, disrupt, or disturb the orderly conduct of a session, per AP.