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President Trump. Photo: Chip Somodevilla/Getty Images

The House Judiciary Committee announced it will investigate President Trump’s national emergency declaration in light of comments he made at his Rose Garden press conference on Friday morning, during which he claimed that he "didn't need to do this."

Details: In a letter addressed to Trump, Democrats who control the committee requested a hearing with White House Counsel Pat Cipollone and "appropriate individuals" from the Justice Department, as well as background documents related to the decision and written responses to a number of questions. The panel asked Trump to provide the relevant information by Feb. 22.

The big picture: Trump is already facing a host of legal challenges, including the threat of lawsuits from the ACLU, attorneys general in New York and California, and Democratic leaders Nancy Pelosi and Chuck Schumer. On Friday, Rep. Joaquin Castro (D-Tex.) tweeted that he would introduce a joint resolution to terminate Trump's national emergency.

  • If the House passes the resolution, the Senate would be forced to vote on it — meaning Republicans, many of whom have voiced frustration at Trump's decision, would have to go on the record to express whether they support the president's use of emergency powers.

Go deeper

Dan Primack, author of Pro Rata
39 mins ago - Economy & Business

Trump blocks banks from limiting loans to gun and oil companies

Illustration: Sarah Grillo/Axios

Big banks are no longer allowed to reject business loan applicants because of the industry in which they operate, according to a new rule finalized on Thursday by the Trump administration.

Why it matters: Wall Street has curtailed its exposure to industries like guns, oil and private prisons, driven by both public and shareholder pressures. This new rule could reverse that trend.

Former FDA commissioner: "Reliable drug supply is absolutely critical"

Axios' Caitlin Owens and former FDA commissioner Mark McClellan. Photo courtesy of Axios Events

Having a reliable supply of pharmaceutical drugs throughout America will be "absolutely critical" to boosting affordability in health care during the Biden administration, former Food and Drug Administration (FDA) commissioner Mark McClellan said at a virtual Axios Event on Friday.

The big picture: McClellan, who served under President George W. Bush, says drugs having limited supply and limited competition leads to elevated pricing. He considers drug supply to be a national security and public health issue.

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

Americans are still spending money

Source: Census Bureau; Chart: Axios Visuals

Americans spent more money at stores and restaurants in 2020 than they did in 2019 — even in the face of a devastating global pandemic that shut down broad sectors of the economy.

Why it matters: The monthly retail sales report this morning came in well below expectations, and showed consumer spending falling on a seasonally-adjusted basis. Total expenditures were still higher in December 2020 than they were a year previously, however.