Axios

House Democrats are one step closer to finally getting a successful Iran war powers vote as their last holdout plans to flip and at least one Republican says they may follow suit.

Why it matters: While the vote would be largely symbolic — President Trump could veto the measure — Democrats believe it would be a crucial rebuke of the conflict.

The top Democrat on the House Judiciary Committee is introducing legislation that would block a $1.8 billion fund to pay people who say they were the targets of politically motivated prosecutions.

Why it matters: Rep. Jamie Raskin (D-Md.) could garner GOP support for the effort, with Rep. Brian Fitzpatrick (R-Pa.) telling reporters on Wednesday he will "try to kill" the fund.

A "majority" of Federal Reserve officials believed the central bank could raise interest rates if inflation stays high, according to the minutes from the central bank's April 28-29 policy meeting.

Why it matters: It suggests that a larger constituency than previously known is backing the possibility of higher interest rates, with the fallout from the Iran war stoking quicker price increases ahead of Kevin Warsh becoming Fed chair.

President Trump sued his own administration, settled and will now spend $1.776 billion of taxpayer money to pay people who say the government targeted them politically.

Why it matters: The "Anti-Weaponization Fund" turns a personal Trump settlement into a new government program, shields decisions on who gets the money from the courts and limits information about what the public knows about where the funds go.

Former Rep. Barney Frank (D-Mass.), a driving force behind far-reaching Wall Street reforms following the 2008 financial crisis, died Tuesday night, according to Frank's former campaign manager. He was 86.

The big picture: With a sharp wit and pugnacious outspokenness, Frank became a liberal icon in his three decades in the House. He was an architect of the landmark Dodd-Frank Act and a trailblazer for the LGBTQ+ community as an openly gay member of Congress.

House Democrats are in a mad dash to isolate Texas Democratic congressional candidate Maureen Galindo, who has said she wants to turn an ICE facility into a "prison for American Zionists."

Why it matters: A mysterious PAC is spending hundreds of thousands to boost Galindo, which Democrats allege is a Republican attempt to ensure the GOP candidate in that district faces a weak opponent in November.

President Trump has spent much of his term bashing outgoing Federal Reserve chair Jerome Powell for not cutting interest rates enough. On Tuesday, he seemed surprisingly blasé about the possibility that incoming chair Kevin Warsh might end up raising them.

Driving the news: A reporter on Tuesday noted that markets now think an interest rate hike this year is more likely than a cut and asked the president whether he thinks Warsh will deliver the lower rates that Trump has long demanded.

• "I'm going to let him do what he wants to do," Trump said. "He's a very talented guy, he's going to be fine, he's going to do a good job."

Two law enforcement officers who battled Jan. 6 rioters at the Capitol in 2021 filed a suit Wednesday to dissolve President Trump's $1.8 billion fund for victims of alleged weaponized political prosecutions.

Why it matters: Critics have called the taxpayer-funded fund "illegal," but experts say it's unclear who would have legal standing to challenge it in court.

An Ebola outbreak in parts of Central and East Africa is fueling concern about another global health crisis.

Why it matters: WHO this week declared Ebola a public health emergency of international concern, but experts say the chances of a global pandemic remain slim.

The Trump-class battleship, the first of which is estimated to cost more than $17 billion, will be nuclear-powered, according to Chief of Naval Operations Adm. Daryl Caudle.

Why it matters: The pronouncement ends months of debate about how — and how fast — the battleship will get around.

• Navy leadership as late as the end of April described nuclear propulsion as "unlikely." Specs first published months ago have been in flux.