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2020 Democratic convention delegates pop champagne at a watch party in Columbia, Md. Photo: Tom Williams/CQ-Roll Call via Getty Images

DNC Chair Jaime Harrison is delivering a letter to over 20 U.S. cities today, inviting them to apply to host the 2024 convention, Axios has learned.

Why it matters: The letter kicks off the DNC's convention planning in earnest. For a city, hosting a political convention is akin to a hosting the Olympics, albeit on a smaller scale.

  • In the letter, Harrison promises that acting as host can be an “economic boon” for the selected location, citing that past host cities have seen an economic impact of almost $150 million to $200 million.
  • Milwaukee, chosen last year as the host city, lost out on most of these economic benefits as supporters and delegates were advised not to travel to the city due to the coronavirus pandemic. In lieu of a live audience, voters tuned into the convention through the television or watch parties hosted by Joe Biden's presidential campaign.

The details: The process is beginning earlier this year, a DNC aide tells Axios. During the last selection process, the letter of interest wasn’t circulated until March of 2018.

  • The DNC hopes cities will use the extra time to come up with “creative” proposals, particularly after what they believe was a successful, almost entirely virtual 2020 convention.
  • “We are open to exploring new approaches and are continuing to rethink the best way to hold our next convention," Harrison writes in the letter.

Go deeper

Stock buybacks boom as corporate cash piles grow

The Delta variant is keeping more companies cautious about how to invest the mountains of cash they have at their disposal. That hesitancy has led, in part, to corporate spending on stock buybacks outpacing capital expenditures this year. 

Why it matters: Companies hoarded cash and raised prices over the past year — leaving them with a lot of money and decisions about what to do with it.

1 hour ago - Health

Health policies at stake in Democrats' infrastructure bet

Illustration: Annelise Capossela/Axios

Democrats are at a pivotal moment in their quest to expand health care coverage, slash the cost of prescription drugs and create a social structure that prioritizes people's health.

Driving the news: Democrats have a clear list of health care priorities they'll be fighting for this week. Among them is a measure to expand Medicare to cover dental, vision and hearing benefits.

China's crypto throwdown

Illustration: Sarah Grillo/Axios

China's latest move to ban cryptocurrency shows how tough it will be for the technology to deliver on its backers' vision of disruptive, decentralized change.

The big picture: Control of the currency is a foundation of sovereignty, and governments don't plan on losing that control even as money inevitably turns digital.