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

The House Financial Services Committee tomorrow will hold its GameStop hearing, including testimony from the heads of Robinhood, Reddit, Citadel and Melvin Capital. Plus the trader known as "Roaring Kitty," who had better be wearing his headband.

What we know: Conventional wisdom is that the hearing will be lots of sound and fury signifying nothing.

  • It's the right read. Particularly since most of the proposed fixes would come from the SEC rather than from Congress (which hasn't even scheduled a confirmation hearing for President Biden's SEC chair nominee, Gary Gensler).

But a more meaningful investor democratization narrative could emerge between beratings of Silicon Valley and Wall Street executives, involving private market investments.

  • Committee members Reps. Anthony Gonzalez (R-Ohio) and Patrick McHenry (R-N.C.) kept returning to this idea last night, during a Clubhouse conversation organized by D.C. news startup Punchbowl.
  • They complained that current accredited investor rules are what really creates a rigged market, preventing most retail investors from participating in the financial upside of hot tech startups like Robinhood and Clubhouse.
  • Gonzalez introduced a bill last year to begin expanding access. McHenry yesterday suggested eliminating the quantitative accredited investor thresholds, replacing them with some sort of investor knowledge test (something that NYSE president Stacey Cunningham also suggested to me last week during our "Axios on HBO" interview).

Between the lines: Gonzalez and McHenry are both in the minority right now. Plus, they'd need to overcome the reality that tech startups are flush with investor interest (just look at today's VC Deals section), which means structural easing of access might not achieve the desired result.

The bottom line: Efforts to expand retail exposure to private markets isn't new, particularly if you consider crowdfunding. The GameStop saga, though, might have given them renewed momentum, despite not being directly related.

Go deeper: Hedge funds will be the villain at GameStop hearing

Go deeper

Dave Lawler, author of World
30 mins ago - World

Americans increasingly see China as an enemy

One in three Americans, and a majority of Republicans, now view China as an enemy of the United States, according to a new survey from Pew Research Center.

By the numbers: Just 9% of Americans consider China a "partner," while 55% see Beijing as a "competitor" and 34% as an "enemy."

Scoop: Leaked HHS docs spotlight Biden's child migrant dilemma

A group of undocumented immigrants walk toward a Customs and Border Patrol station after being apprehended. Photo: Sergio Flores/The Washington Post via Getty Images

Fresh internal documents from the Department of Health and Human Services show how quickly the number of child migrants crossing the border is overwhelming the administration's stretched resources.

Driving the news: In the week ending March 1, the Border Patrol referred to HHS custody an average of 321 children per day, according to documents obtained by Axios. That's up from a weekly average of 203 in late January and early February — and just 47 per day during the first week of January.

Ben Geman, author of Generate
1 hour ago - Energy & Environment

Mounting emissions data paints bleak picture on Paris climate goals

Illustration: Aïda Amer/Axios

Researchers keep finding new ways to reveal that nations are together showing very few signs of getting on track to meet the Paris Agreement's goals.

One big question: That's whether a spate of recent analyses to that effect, and scientific reports coming later this year, will move the needle on meaningful new policies (not just targets).

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!