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!

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 Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa Bay news in your inbox

Catch up on 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!

Charlotte news in your inbox

Catch up on 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!

ICE headquarters in Washington, D.C., in 2020. Photo: Olivier Douliery/AFP via Getty Images

Jonathan Fahey, acting director of U.S. Immigration and Customs Enforcement, has resigned after leading the agency for two weeks, though it is unclear what prompted his departure, an ICE spokesperson confirmed to Axios Wednesday night.

Why it matters: Fahey's exit, first reported by Buzzfeed's Hamed Aleaziz, comes after the previous acting director, Tony Pham, abruptly left the post in December and amid a wider shakeup in the Department of Homeland Security.

Of note: Until another acting director is named, Tae Johnson, deputy director, will lead the agency, the spokesperson said.

The big picture: DHS and its agencies have struggled with permanent leadership throughout President Trump's term.

Go deeper: New DHS head tries end-around to shore up immigration rules

Go deeper

Scoop: New DHS head tries end-around to shore up immigration rules

PTrump listens as then-FEMA Administrator Pete Gaynor speaks on protecting seniors from COVID-19. Photo: Mandel Ngan/AFP via Getty Images

The Trump administration is trying to cement immigration changes that face legal challenges by reissuing them through a new acting Homeland Security secretary imbued with authority courts have said his predecessors lacked.

Why it matters: Visa fee hikes, suspending the DACA program and other moves have been blocked because of a dispute over DHS's internal succession rules. While Trump is now trying a backdoor maneuver to protect some immigration actions, Joe Biden will have other ways to undo them.

Fed chair says low interest rates aren't driving stock market prices

Jerome Powell. Photo: ANDREW CABALLERO-REYNOLDS / Getty Images

Federal Reserve chairman Jerome Powell told reporters on Wednesday that rock-bottom interest rates aren't playing a role in driving stock prices higher, while noting that vulnerabilities to the financial system are "moderate."

Why it matters: The statement comes amid unshakeable stock prices and a Reddit-fueled market frenzy — prompting widespread fears of a bubble and the role monetary policy has played in that.

2 hours ago - World

Biden freezes U.S. arms deals with Saudi Arabia and UAE

Trump struck several large arms deals with Mohammed bin Salman (L) and Saudi Arabia. Photo: Kevin Dietsch-Pool/Getty Images

The Biden administration has put on hold two big arms deals with Saudi Arabia and the United Arab Emirates which were approved in the final weeks of the Trump administration, a State Department official tells Axios.

Why it matters: The sales of F-35 jets and attack drones to the UAE and a large supply of munitions to Saudi Arabia will be paused pending a review. That signals a major policy shift from the Trump era, and may herald sharp tensions with both Gulf countries.