Searching for smart, safe news you can TRUST?

Support safe, smart, REAL journalism. Sign up for our Axios AM & PM newsletters and get smarter, faster.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Searching for smart, safe news you can TRUST?

Support safe, smart, REAL journalism. Sign up for our Axios AM & PM newsletters and get smarter, faster.

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!

Photo Illustration by Chesnot/Getty Images

The trade association representing Google, Facebook, Amazon, Microsoft, Snap and other web-based companies is touting the internet industry's strong economic record (3 million jobs, 6% of GDP) while urging against heavy-handed regulation.

Why now: Internet Association CEO Michael Beckerman responded to Rep. Greg Walden's op-ed requesting tech CEOs to testify before Congress by offering to appear on their behalf.

  • In a letter to Walden, Beckerman wrote, "[R]egulating without caution will cede important economic and competitive ground to China and other international competitors at the expense of American jobs. We can all agree that America will be better off if the next internet company is born at home instead of abroad."
  • He also took the opportunity to call out efforts by competing industries to take advantage of the heightened scrutiny of internet companies. "Many other pre-internet industries— telcos, legacy tech firms, hotels, and others—are looking to defend old business models by regulating a rising competitor to the clear detriment of consumers.”

Quick take: Walden and other lawmakers are unlikely to be satisfied with a trade association head testifying in place of the CEOs of Facebook, Google, Apple or Amazon. Aside from wanting to ask detailed questions about how these businesses work, lawmakers know their hearings get a lot more attention if Tim Cook or Jeff Bezos come to town.

Go deeper

Federal Reserve expands lending program for small businesses

Federal Reserve Chairman Jerome Powell at a news conference in 2019. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve said on Friday it would again lower the minimum loan size for its pandemic-era small business program.

Details: Businesses and nonprofits will be able to borrow a minimum of $100,000 from the facility, down from $250,000 — a move that might attract smaller businesses that don't need as hefty of a loan. Since the program launched earlier this year, the minimum loan size has been reduced twice.

2 hours ago - Economy & Business

How Trump and Biden would steer the future of transportation

Illustration: Eniola Odetunde/Axios

President Donald Trump and Democratic challenger Joe Biden would likely steer automotive policy in different directions over the next four years, potentially changing the industry's road map to the future.

Why it matters: The auto industry is on the cusp of historic technological changes and the next president — as well as the next Congress — could have an extraordinary influence on how the future of transportation plays out.