Joe Biden and Elizabeth Warren. Photos: Miikka Skaffari/Getty Images for MoveOn and Scott Eisen/Getty Images

Frontrunner Joe Biden and Sen. Elizabeth Warren's respective plans to combat climate change, which were unveiled Tuesday, both call for creating new federal agencies.

Why it matters: The plans signal acknowledgment that the federal government's existing structures are imperfectly aligned to spur deep emissions cuts.

Where it stands: Warren's $2 trillion "green manufacturing" plan would form a National Institutes of Clean Energy. Biden wants to create a cross-agency Advanced Research Projects Agency for climate (ARPA-C).

There are other examples. Washington Gov. Jay Inslee's platform, for instance, revives the idea of creating a federal Clean Energy Deployment Authority (or "green bank").

But, but, but: There are tradeoffs. Standing up new bureaucracies takes time and often congressional authorization.

  • There's also some controversy attached to Biden's plan, after his campaign "amended his climate policy plan hours after it was released Tuesday because a handful of passages did not credit some of the sources in the proposal," AP reports.

Go deeper: NYT's Brad Plumer tweeted helpful comparisons of the price tag of candidates' climate plans.

Go deeper

Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 8 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.