Elizabeth Warren. Ethan Miller

Sen. Elizabeth Warren — one of more than 20 Democratic presidential contenders — outlined a proposal on Friday in a blog post for Blavity, a media company focused on black millennials, to invest $50 billion in historically black colleges and universities and Minority Serving Institutions.

What she's saying: Already, Warren tackled higher education by outlining a plan to eliminate $640 billion in student debt. Warren says "HBCUs have made invaluable contributions to the fabric of this nation, but for far too long we have failed these schools and their students."

  • "These institutions have never had the same type of access to public funds like other schools, and the persistent racial wealth gap in our country has meant they don’t have the consistent support of rich alumni who can write big checks for big endowments."
  • Warren suggests that necessary funding for her plan would emerge from her previously introduced "ultra-millionaire tax ... a small 2% tax on fortunes over $50 million."
  • Her plan recommended that: "The Department of Education would have the power to automatically increase that funding as needed to make sure HBCUs can spend the same amount per student as other colleges."
"My plan will address the historical injustices in American education and ensure that opportunities are fairly available to everyone."
— Elizabeth Warren wrote

The big picture: When Warren publicly announced her exploratory committee at the end of December 2018, she acknowledged the effects of racism within the U.S., saying "families of color" face challenges "made even harder by the impact of generations of discrimination," per NPR.

Several 2020 candidates have already worked to win over African-American voters in their path to the party's nomination. In late April, a number of HBCU students at the inaugural She the People forum said they wanted to see Democrats address the issues they most care about, reports USA Today, indicating they were looking to align with a candidate who covered minimum wage, criminal justice, and pushed for more money to help struggling HBCUs.

Go deeper: Elizabeth Warren on the issues in under 500 words

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Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.