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Photo: Sarah Silbiger/CQ Roll Call

Following the resignation of vice chairman Matthew Petersen on Monday, the Federal Election Commission will be forced to virtually shut down due to a rule requiring a minimum of 4 commissioners to make high-level decisions, per the Center for Public Integrity (CPI).

Why it matters: The FEC is responsible for enforcing campaign finance laws. As the 2020 elections continue to ramp up, the commission's power to keep candidates accountable could be hindered by its inability to issue fines, make rules, conduct and approve audits, and vote on the outcome of investigations.

The big picture: The commission's quorum has been at the minimum threshold for about a year and a half following the resignation of commissioners Ann Ravel in 2017 and Lee Goodman in 2018.

  • So far, President Trump has only nominated 1 person to fill the vacancies on what is meant to be a 6-person commission. The Senate has not yet granted the nominee, Texas attorney Trey Trainor, a confirmation hearing.
  • The last time the commission faced a shutdown of this type was in 2008.

Between the lines: Per CPI, there is a long-standing tradition for the president to nominate commissioners in bipartisan pairs, supporting a rule that no more than 3 commissioners may represent one political party. Trainor's delayed hearing could be a reflection of Trump's failure to offer both parties a nominee.

Go deeper: FEC chair rebukes Trump's 2016 voter fraud claims

Go deeper

Shooting at Michigan high school leaves 3 dead, 6 wounded

Screengrab: CBSN

Three people dead and six others are wounded after a shooting at a high school in Michigan according to the Oakland County Sheriff's Office.

Driving the news: The alleged shooter was a 15-year-old sophomore at Oxford High School and has been arrested, per police.

Fed signals it could yank economic support quicker as inflation sticks around

Federal Reserve chairman Jerome Powell testifies during a hearing before Senate Banking, Housing and Urban Affairs Committee today. Photo: Alex Wong/Getty Images

The Federal Reserve will consider pulling back economic support sooner "as the threat of persistently high inflation has grown," chair Jerome Powell said during a congressional hearing on Tuesday.

Why it matters: This is the biggest signal yet the Fed is backing away from its stance that soaring prices would be fleeting — a change that could shift its policies that underpin the economy.

Felix Salmon, author of Capital
Updated 4 hours ago - Economy & Business

Crypto meets the real world

Illustration: Megan Robinson/Axios

The two largest countries in the world seem intent on effectively banning their citizens from participating in crypto, which poses a serious threat to the crypto agenda.

Why it matters: The crypto world is global — but the real world is fragmented into nation-states, each of which claims control of what happens within its borders.

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