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Sen. Kirsten Gillibrand is rejecting corporate PAC donations. Photo: Aaron P. Bernstein/Getty Images

Democrats' latest litmus test is rejecting corporate PAC money. It's an easy way to appeal to their progressive, anti-establishment base that demands campaign finance reform.

By the numbers: More than 170 federal candidates have pledged not to take any donations from corporate PACS, AP's Lisa Lerer reports.

Between the lines: Lerer writes that this rejection "may be more symbolic than financial" because corporate donations really only make up a tiny fraction of political finance.

  • This is especially true for senators. Lerer points to Kamala Harris, who raised $19.7 million before she was elected in 2016, but less than 5% of that (around $900,000) was from corporate PAC donations.
  • But the symbolism matters, Democrats like Rep. David Cicilline argue. “I just have come to the realization over time that as long as the Republicans are in charge, they’re not going to move forward with any of the significant campaign finance reform,” he told AP. “Maybe this is a small way, on your own, to make a difference.”

Go deeper

Biden condemns Russian aggression on 7th anniversary of Crimea annexation

Putin giving a speech in Sevastapol, Crimea, in 2020. Photo: Mikhail Svetlov/Getty Images

President Biden reaffirmed U.S. support for the people of Ukraine and vowed to hold Russia accountable for its aggression in a statement on Friday, the 7th anniversary of Russia's 2014 invasion of Crimea.

Why it matters: The statement reflects the aggressive approach Biden is taking to Russia, which he classified on the campaign trail as an "opponent" and "the biggest threat" to U.S. security and alliances.

Erica Pandey, author of @Work
3 hours ago - Economy & Business

What's really going on with the labor market

Source: YCharts

The labor market is showing some signs of improvement: Jobless claims fell to 730,000 — a dramatic drop from 841,000 the previous week. And the latest jobs report showed a pandemic-era low unemployment rate of 6.3%

But, but, but: That's not the full story, experts say.

Felix Salmon, author of Capital
3 hours ago - Economy & Business

Markets see rare convergence milestone

Expand chart
Data: YCharts; Chart: Axios Visuals

A milestone was reached in the markets Thursday: The yield on the 10-year Treasury note rose to match the dividend yield on the S&P 500

Why it matters: The two yields have been inverted since the beginning of last year, which is historically unusual.