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California Gov. Newsom: Trump wants to help with quake recovery

California Gov. Gavin Newsom looks at the quake damage inside a store. Photo: Cal OES/Twitter

President Trump and California Gov. Gavin Newsom (D) have set aside political disagreements to work together as the state recovers from 2 earthquakes in as many days, according to Newsom, who says Trump called him to express commitment to helping in recovery efforts, AP reports.

"There’s no question we don’t agree on everything, but one area where there’s no politics, where we work extremely well together, is our response to emergencies. He’s committed in the long haul, the long run, to help support the rebuilding efforts."

Go deeper: In photos: California's historic earthquakes, less than two days apart

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

Trump blocks banks from limiting loans to gun and oil companies

Illustration: Sarah Grillo/Axios

Big banks are no longer allowed to reject business loan applicants because of the industry in which they operate, according to a new rule finalized on Thursday by the Trump administration.

Why it matters: Wall Street has curtailed its exposure to industries like guns, oil and private prisons, driven by both public and shareholder pressures. This new rule could reverse that trend.

Go deeper (1 min. read)Arrow
Ursula Perano
1 hour ago - Politics & Policy

Former FDA commissioner: "Reliable drug supply is absolutely critical"

Axios' Caitlin Owens and former FDA commissioner Mark McClellan. Photo courtesy of Axios Events

Having a reliable supply of pharmaceutical drugs throughout America will be "absolutely critical" to boosting affordability in health care during the Biden administration, former Food and Drug Administration (FDA) commissioner Mark McClellan said at a virtual Axios Event on Friday.

The big picture: McClellan, who served under President George W. Bush, says drugs having limited supply and limited competition leads to elevated pricing. He considers drug supply to be a national security and public health issue.

Go deeper (<1 min. read)Arrow
Felix Salmon, author of Capital
3 hours ago - Economy & Business

Americans are still spending money

Source: Census Bureau; Chart: Axios Visuals

Americans spent more money at stores and restaurants in 2020 than they did in 2019 — even in the face of a devastating global pandemic that shut down broad sectors of the economy.

Why it matters: The monthly retail sales report this morning came in well below expectations, and showed consumer spending falling on a seasonally-adjusted basis. Total expenditures were still higher in December 2020 than they were a year previously, however.

Go deeper (<1 min. read)Arrow