Apr 6, 2017

Cohn supports breaking up big banks

Andrew Harnik / AP

In a private meeting Wednesday with Senate Banking Committee members, Gary Cohn, Trump's top economic advisor, said he generally favors breaking up big US banks, per Bloomberg. In other words, the former Goldman Sachs president supports a separation between firms that trade and underwrite securities and firms that issue loans.

Quick take: The Glass-Steagall Act, passed in the Depression-era and repealed in 1999, might be coming back. With Cohn not putting up a fight against reinstating the act, there is no one left in Trump's inner circle to prevent it, per the WSJ.

Why it matters: The repeal in 1999 allowed big Wall Street firms to overtake rivals and package up several financial services into one-stop-shops. And many Americans are still frustrated over the $700 billion bailout Americans paid for the banks in the aftermath of the 2008 financial crisis.

It's bipartisan... GOP and Democratic platforms both called for it to be reinstated in some form, and Trump called for the creation of a "21st century Glass-Steagall." But… Congress might be too entangled in current legislative issues like health care and tax reform to shift focus to this issue.

Go deeper

CDC: Coronavirus antibodies could give "short-term immunity," but more data is needed

CDC Director Robert Redfield briefs reporters on April 8. Photo: Mandel Ngan/AFP via Getty Images

Coronavirus antibody tests are still relatively unreliable, and scientists still aren't sure whether people who get the virus are immune to getting it again, the Centers for Disease Control and Prevention cautioned on Tuesday.

What they're saying: The agency explicitly warned against using antibody tests to determine whether someone should return to work or to group people within schools or prisons.

Trump accuses Twitter of interfering in 2020 election

President Trump speaks to the press as he departs the White House in Washington, D.C., on Thursday. Photo: Mandel Ngan/Getty Images

President Trump responded via tweets Tuesday evening to Twitter fact-checking him for the first time on his earlier unsubstantiated posts claiming mail-in ballots in November's election would be fraudulent.

What he's saying: "Twitter is now interfering in the 2020 Presidential Election.They are saying my statement on Mail-In Ballots, which will lead to massive corruption and fraud, is incorrect, based on fact-checking by Fake News CNN and the Amazon Washington Post," the president tweeted. "Twitter is completely stifling FREE SPEECH, and I, as President, will not allow it to happen!"

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 8:30 p.m. ET: 5,584,091 — Total deaths: 349,894 — Total recoveries — 2,284,242Map.
  2. U.S.: Total confirmed cases as of 8:30 p.m. ET: 1,680,301 — Total deaths: 98,875 — Total recoveries: 384,902 — Total tested: 14,907,041Map.
  3. Federal response: DOJ investigates meatpacking industry over soaring beef pricesMike Pence's press secretary returns to work.
  4. Congress: House Republicans to sue Nancy Pelosi in effort to block proxy voting.
  5. Business: How the new workplace could leave parents behind.
  6. Tech: Twitter fact-checks Trump's tweets about mail-in voting for first timeGoogle to open offices July 6 for 10% of workers.
  7. Public health: CDC releases guidance on when you can be around others after contracting the coronavirus.
  8. What should I do? When you can be around others after contracting the coronavirus — Traveling, asthma, dishes, disinfectants and being contagiousMasks, lending books and self-isolatingExercise, laundry, what counts as soap — Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingHow to minimize your risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it, the right mask to wear.

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Updated 45 mins ago - Politics & Policy