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White House / YouTube

President Trump, along with Arkansas Sen. Tom Cotton and Georgia Sen. David Perdue, introduced new legislation at the White House this morning designed to significantly reduce the level of legal immigration into the United States, bringing it in line with what they call the "historic" average.

The plan: The proposed legislation aims to reduce legal immigration by 50% over the next decade by prioritizing skilled workers and cutting back on certain lottery visas and permanent residency for refugees. Perdue and Cotton argue that this approach would help lower-wage American workers find jobs without competition from immigrants.

Cotton: "For some people, they may think that [America's traditional immigration system] is a symbol of America's virtue and generosity. I think it's a symbol that we're not committed to working-class Americans. And we need to change that."

Trump: "This competitive application process will favor applicants who speak English, financially support themselves and their families, and demonstrate skills that contribute to our economy."

The problem: The plan is a clear break from the United States' immigration priorities in the modern era and is likely to be highly divisive, even among fellow Republicans. The Senate's 2013 Gang of Eight comprehensive immigration reform bill that ultimately failed in the House was the brainchild of GOP senators John McCain, Lindsey Graham, Marco Rubio, and Jeff Flake — and is in many ways the antithesis of the Cotton-Perdue approach.

Go deeper

Scoop: Hundreds of Biden staffers receive COVID vaccine

Screenshots of an email inviting White House staff to receive the COVID-19 vaccine, obtained by Alayna Treene/Axios

A week into the job, President Biden's White House medical team has administered the coronavirus vaccine to several hundred staffers — and aims to vaccinate all in-person staff over the next few weeks, officials tell Axios.

Why it matters: The new administration is ramping up steps to protect President Biden and all staff working inside the White House complex. The administration is also requiring daily employee COVID tests and N95 masks at all times.

Dan Primack, author of Pro Rata
48 mins ago - Economy & Business

The Leon Black clock strikes midnight

Illustration: Sarah Grillo/Axios

Leon Black is "retiring" as CEO of Apollo Global Management, the alternative investment giant he has led since co-founding it in 1990. But he is not making a full break, as Black will remain chair of Apollo's board of directors.

Why it matters: This is the culmination of 18 months of head-in-the-sand obfuscation of Black's dealings with Jeffrey Epstein.

Reddit traders look to pummel Wall Street's old guard

Illustration: Sarah Grillo/Axios

Reddit traders are taking on Wall Street pros at their own game with this basic mantra: Stocks will always go up.

Why it matters: Their trades — egged on in Reddit threads — have played a role in historic market activity in recent days.