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J. Scott Applewhite/AP

Janet Yellen sat for her second day of her semiannual questioning before Congress on Wednesday, where she faced tough questioning from House Republicans on banking regulation.

The most important exchange: Republican Rep. Bill Huizenga asked Yellen if she thought that eliminating "unreasonable regulations" would have led to a "faster and steeper recovery." Yellen said that she didn't agree with that statement, a rare assertion of ideology from the Fed Chair.

Why it matters: Janet Yellen is clearly committed to the idea of post-crisis regulatory reform, and will fight pressure from outside the Fed to ease bank regulations. Republicans however, are hoping that there is enough time in this Congress, after healthcare and tax reform, to turn to a significant Dodd-Frank rollback that may include extra provisions that would limit the Fed's powers and independence.

Go deeper

Biden speaks to Mexican president about reversing Trump's "draconian immigration policies"

Mexican President Andrés Manuel López Obrador. Ismael Rosas/Eyepix Group/Barcroft Media via Getty Images

President Biden told his Mexican counterpart, Andrés Manuel López Obrador, on a phone call Friday that he plans to reverse former President Trump’s “draconian immigration policies.”

The big picture: The Biden administration has already started repealing several of Trump’s immigration policies, including ordering a 100-day freeze on deporting many unauthorized immigrants, halting work on the southern border wall, and reversing plans to exclude undocumented people from being included in the 2020 census.

Muslim families hope to reunite following Biden's travel ban repeal

Photo: Andrew Lichtenstein/Corbis via Getty Images

Muslim Americans across the U.S. are celebrating President Biden's day-1 reversal of former President Trump's travel ban that targeted several Muslim-majority countries.

The big picture: The repeal of what many critics called the "Muslim ban" renews hope for thousands of families separated by Trump's order.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Education: Schools face an uphill battle to reopen during the pandemic.
  3. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  4. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  5. World: Hong Kong puts tens of thousands on lockdown as cases surge — Pfizer to supply 40 million vaccine doses to lower-income countries.
  6. Sports: 2021 Tokyo Olympics hang in the balance.
  7. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.