Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Sarah Grillo/Axios

House Energy & Commerce Committee staff have negotiated a bipartisan discussion draft on federal privacy regulations and began asking industry and civil society groups to weigh in.

Why it matters: The draft, which staffers started circulating Wednesday, is a rare and potentially significant bipartisan step toward a national privacy law, a goal that's proven elusive despite strong, sustained interest from both parties. An effort in the Senate led to dueling Democratic and Republican takes on privacy.

Driving the news: Rep. Jan Schakowsky, who chairs the E&C consumer protection subcommittee, said the draft is meant to shift the burden of protecting privacy off consumers and onto companies and regulators.

  • It would establish a four-tier system in which companies face more restrictions based on whether they intend to use consumer data in a way that's consistent with consumer expectations.
  • For example, there would be fewer protections associated with Amazon using a customer's address and purchase information to ship a book and more restrictions on Amazon sharing book purchase information with a third party for marketing purposes.
  • The draft also empowers the FTC with the ability to issue fines for first-time offenses.
  • "I want to address the growing anxiety of consumers that they have become the product," Schakowksy said in an interview. "And their information — they feel they have no control over it. They don’t know where and who and what it’s being used for."

What it's missing: The draft doesn't address the issues of federal preemption of state laws or a so-called private right of action letting consumers sue companies over privacy screw-ups. Those issues have divided Republicans and Democrats, contributing to the splintering of the Senate effort.

  • Schakowsky said preemption will be handled toward the end of the legislative process. "If we have the most robust bill in the world so far, then we can have that conversation."
  • The draft also would create a new Bureau of Privacy within the FTC, rather than creating a new federal agency to police privacy, as some Democrats have proposed.

What's next: The deadline for feedback on the draft is Jan. 24. Schakowsky said she is committed to doing a bill next year.

  • "I think the bill will be the E&C bill," she said. "It’s the only one where we really have bipartisanship that is really comprehensive."

Yes, but: Staff cautioned the draft "does not necessarily represent the policy positions of Members" in the request for feedback from outside parties.

  • A Republican committee spokesperson said, "We know we need clear rules of the road and one national privacy standard. We are now at the next step of our deliberative process—sharing the draft with stakeholders, and we look forward to working with them going forward.”

Go deeper

Felix Salmon, author of Capital
30 mins ago - Economy & Business

The biggest obstacle to a wealth tax

Illustration: Aïda Amer/Axios

Taxing the rich is an idea that's back. An "ultra-millionaire tax" introduced by Elizabeth Warren and other left-wing Democrats this week would raise more than $3 trillion over 10 years, they say, while making the tax system as a whole more fair.

Why it matters: New taxes would be a necessary part of any Democratic plan to redistribute wealth and reduce inequality. But President Biden has more urgent priorities — and Warren's wealth tax in particular faces constitutional obstacles that make it a hard sell.

House passes sweeping election and anti-corruption bill

Photo: Win McNamee via Getty Images

The House voted 220-210Wednesday to pass Democrats' expansive election and anti-corruption bill.

Why it matters: Expanding voting access has been a top priority for Democrats for years, but the House passage of the For the People Act (H.R. 1) comes as states across the country consider legislation to rollback voting access in the aftermath of former President Trump's loss.

Updated 7 hours ago - Politics & Policy

House passes George Floyd Justice in Policing Act

Photo: Stephen Maturen via Getty Images

The House voted 220 to 212 on Wednesday evening to pass a policing bill named for George Floyd, the Black man whose death in Minneapolis last year led to nationwide protests against police brutality and racial injustice.

Why it matters: The legislation overhauls qualified immunity for police officers, bans chokeholds at the federal level, prohibits no-knock warrants in federal drug cases and outlaws racial profiling.