Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. 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!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

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 Axios Sports. 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 Axios Des Moines

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 Axios Tampa Bay

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!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Lazaro Gaimo/Axios Visuals

The Federal Reserve Board and the Federal Deposit Insurance Corporation found shortcomings in the exit strategies — or "living wills" — of six of the eight largest banks in the U.S., it said on Tuesday.

Why it matters: These living wills dictate how big banks handle bankruptcy during financial distress — or a financial crisis. Bank of America and Wells Fargo are among those currently unable to prove that their top decision-makers can confidently act on crisis-level exit strategies.

What the Fed found: The following banks have shortcomings or weaknesses in their ability to reliably produce data needed to execute their living wills in stressed conditions:

  • Bank of America
  • Bank of New York Mellon
  • Citigroup
  • Morgan Stanley
  • State Street
  • Wells Fargo

Yes, but: The Federal Reserve did not find shortcomings in plans from Goldman Sachs and J.P. Morgan Chase. Shortcomings are not as serious as outright "deficiencies," which could result in "more stringent capital and liquidity requirements," the Wall Street Journal reports.

  • "Fed officials have grown increasingly confident that big U.S. banks are safer than they were in 2008, when the financial crisis exposed significant weaknesses in their risk management," per the WSJ.
  • The bank regulators also noted on Tuesday that Morgan Stanley, Bank of America, Wells Fargo, and Goldman Sachs have successfully addressed previous shortcomings outlined in 2017.

What's next: Each of the six banks with shortcomings or weaknesses must submit a plan to address the issues to the Fed and the FDIC by March 31.

Go deeper: Big American banks are doing quite well in 2019

Go deeper

Democrats drubbing Trumpless GOP on social media

Data: Twitter/CrowdTangle (Feb 24, 2021); Chart: Will Chase/Axios

In a swift reversal from 90 days ago, Democrats are now the ones with overpowering social media muscle and the ability to drive news.

The big picture: Former President Donald Trump’s digital exile and the reversal of national power has turned the tables on which party can keep a stranglehold on online conversation.

Here come Earmarks 2.0

DeLauro at a hearing in May 2020. Photo: Alex Wong/Getty Images

The House Appropriations Committee is preparing to announce details of a plan to restore a limited version of earmarks, which give lawmakers power to direct spending to their districts to pay for special projects.

Why it matters: A series of scandals involving members in both parties prompted a moratorium on earmarks in 2011. But Democrats argue it's worth the risk to bring them back because earmarks would increase their leverage to pass critical legislation with a narrow majority, especially infrastructure and spending bills.

Caitlin Owens, author of Vitals
37 mins ago - Health

New data reignites the debate over coronavirus vaccine strategy

Illustration: Eniola Odetunde/Axios

New research is bolstering the case for delaying second doses of coronavirus vaccines.

Why it matters: Most vulnerable Americans remain unvaccinated heading into March, when experts predict the more infectious virus variant first found in the U.K. could become dominant in the U.S.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!