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Big banks are acting fast to change money-laundering rules that have been a pain since the the U.S. government began leaning heavily on the banking sector to stop the financing of terrorism and other crime after the September, 11th attacks.

Reuters reports that the Clearing House, a trade group representing big banks, plans to release a proposal as early as today to no longer require banks to flag all suspicious transactions, and instead require them to investigate specific customers at the behest of law enforcement.

Why it matters: Some of the biggest fines charged to banks in recent years have been for money laundering infractions related to terrorism or drug trafficking rather than financial-crisis misdeeds. Republican national security hawks may not warm to this sort of deregulation.

Go deeper

Updated 25 mins ago - Politics & Policy

Inauguration Day dashboard

Screenshot: Fox News

President Trump has delivered a farewell speech and departed Washington for the last time on Air Force One, kicking off the day that will culminate with President-elect Joe Biden taking office.

What's next: The inaugural celebration for young Americans is being livestreamed, starting at 10am.

Updated 41 mins ago - Politics & Policy

Trump departs on final Air Force One flight

President Trump and his family took off on Air Force One at 9 a.m. on Wednesday morning for the final time en route to Florida.

The big picture: Trump's final hours as president were punctuated by his decisions to snub his successor's inauguration and grant pardons to many of his allies who have been swept up in corruption scandals.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Janet Yellen said all the right things to reassure the markets

Illustration: Aïda Amer/Axios

Treasury Secretary nominee and former Fed chair Janet Yellen's confirmation hearing before the Senate Finance Committee on Tuesday showed markets just what they can expect from the administration of President-elect Joe Biden: more of what they got under President Trump — at least for now.

What it means: Investors and big companies reaped the benefits of ultralow U.S. interest rates and low taxes for most of Trump's term as well as significant increases in government spending, even before the coronavirus pandemic.