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A surfer waits for waves at Huntington Beach, California on Setember 25, 2021 as container ships wait offshore. Photo: Frederic Brown/AFP via Getty Images

The Biden administration is working with private companies, port officials and unions to keep the Port of Los Angeles running 24/7 in order to reduce the backlog of cargo ships floating in the Pacific, according to administration officials.

Why it matters: With the International Monetary Fund citing supply chain problems as a major factor in cutting global growth projections, the White House is scrambling to address some of the sources of the problem at U.S. ports.

  • The delays caused by shipping logjams could leave holiday shelves bare, with disruptions affecting everything from retail, to remodeling to rental cars.

Driving the news: The White House is on Wednesday convening business and union leaders, as well as port officials, to discuss the delays at ports and the congestion across the transportation systems.

  • President Biden will meet with leaders from the ports of Los Angeles and Long Beach and the International Longshore and Warehouse Union to discuss how they address the challenges in Southern California.
  • They will announce public and private commitments to improve operations at the Ports of Los Angeles and Long Beach, which together are the point of entry for 40 percent of containers to the U.S.

What to watch: The goal is to accelerate the shipments of goods throughout the country.

  • Walmart, UPS, FedEx, Samsung, The Home Depot and Target will all be part of the effort.

Between the lines: The International Longshore and Warehouse Union (ILWU) has agreed to have its members work those extra shift to expand capacity.

  • The Port of Los Angeles will expand to 24/7 operations following the Port of Long Beach last month.

Go deeper: Era of depletion and disruption

Go deeper

Retailers to sell smaller, squishier toys this holiday season

Stuffed animals. Photo: VCG/VCG via Getty Images

Retailers are expected to sell more small, squishy toys this holiday season amid increasing shipping costs and a shortage of shipping containers for bigger toys, CNN reports.

Why it matters: Global supply chain logjams have left retailers with empty shelves for customers looking to spend more money this holiday season, Axios' Joann Muller writes.

Fintech's record year

Illustration: Annelise Capossela/Axios

Massive venture rounds into fintech companies have ballooned this year, pushing up total dollars invested — in just the first three quarters of 2021 — to nearly double the amount in all of 2020, per new PitchBook data.

Why it matters: The maturing of fintech startups means a growing number of companies are able to raise huge later-stage funding rounds as investors look to lock-in their bets.

Ben Geman, author of Generate
1 hour ago - Energy & Environment

Democrats' clean power outlook is very muddy

Illustration: Annelise Capossela/Axios

Here are two big questions as a key Democratic proposal to slash emissions from power generation flounders: how much its demise would sap climate protections, and what might replace it.

Catch up fast: New financial carrots and sticks for utilities to deploy zero-carbon power — the Clean Electricity Performance Program (CEPP) — look unlikely to stay in Democrats' big social spending and climate bill.