Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. 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!

Denver news in your inbox

Catch up on 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!

Des Moines news in your inbox

Catch up on 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!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

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!

Rep. Trey Gowdy leaving the Capitol in 2015. Photo: Al Drago / CQ Roll Call

With increasing expectations of a Democratic wave in November's midterm elections, the Republican Party is facing a record number of retirements in the House of Representatives — and it’s only February 1. In perhaps the biggest tell, eight GOP committee chairs have announced their retirements from politics.

Why it matters: There is no surer sign of GOP fear of the midterm outcome — and no surer example of how even the most powerful jobs feel like a drag in this era of dysfunctional governance — than people in power racing for the exits. 

Worth noting: The majority of the retiring committee chairs have been term-limited out of their positions. GOP rules limit House chairmen to six years, a Newt Gingrich-era relic of a rule designed to increase the power of the Speaker of the House that was carried over by John Boehner in 2010 before the GOP's midterm wave later that year.

  • But there's no telling if the term-limited chairs might have chosen to stay in the House had they been able to keep their powerful positions.
  • One more thing: Research indicates that the term limits rule limits the effectiveness of committee chairs and could make Congress function more poorly, per The Washington Post.

The chairmen heading for the exits:

  • Rodney Frelinghuysen (NJ), Appropriations Committee, assumed position in January 2017
  • Bob Goodlatte (VA), Judiciary Committee, term-limited
  • Trey Gowdy (SC), Oversight Committee, assumed position in June 2017
  • Gregg Harper (MS), Administration Committee, assumed position in January 2017
  • Jeb Hensarling (TX), Financial Services Committee, term-limited
  • Ed Royce (CA), Foreign Affairs Committee, term-limited
  • Bill Shuster (PA), Transportation Committee, term-limited
  • Lamar Smith (TX), Science, Space, and Technology Committee, term-limited

A bonus exit: Rep. Diane Black left her position as chair of the Budget Committee earlier this month — which she assumed in January 2017 — to focus on her run for Tennessee governor this fall.

Go deeper

Trump set to appear at Pennsylvania GOP hearing on voter fraud claims

President Trumpat the White House on Tuesday. Photo: Chip Somodevilla/Getty Images

President Trump is due to join his personal lawyer Rudy Giuliani in Gettysburg, Pennsylvania, Wednesday at a Republican-led state Senate Majority Policy Committee hearing to discuss alleged election irregularities.

Why it matters: This would be his first trip outside of the DMV since Election Day and comes shortly after GSA ascertained the results, formally signing off on a transition to President-elect Biden.

Scoop: Trump tells confidants he plans to pardon Michael Flynn

Photo: Alex Wroblewski/Getty Images

President Trump has told confidants he plans to pardon his former national security adviser Michael Flynn, who pleaded guilty in December 2017 to lying to the FBI about his Russian contacts, two sources with direct knowledge of the discussions tell Axios.

Behind the scenes: Sources with direct knowledge of the discussions said Flynn will be part of a series of pardons that Trump issues between now and when he leaves office.

Erica Pandey, author of @Work
10 hours ago - World

Remote work shakes up geopolitics

Illustration: Eniola Odetunde/Axios

The global adoption of remote work may leave the rising powers in the East behind.

The big picture: Despite India's and China's economic might, these countries have far fewer remote jobs than the U.S. or Europe. That's affecting the emerging economies' resilience amid the pandemic.