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Photo: Dustin Chambers/Getty Images

At a high-level fundraising event in New York Tuesday night, 2020 Democratic frontrunner Joe Biden said he wouldn't want to "demonize" the wealthy and that "no one's standard of living will change" if he's elected, according to a pool report.

Why it matters: Biden's position as an establishment Democrat has put him at odds with what he referred to in his remarks as the "New Left," a wing of the party in which candidates like Sens. Bernie Sanders and Elizabeth Warren have targeted the ultra-wealthy in their fight against income inequality.

What we know: The event was hosted at the Carlyle Hotel on the Upper East Side by Eric Mindich, CEO and founder of Eton Park Capital Management. It was Biden's third fundraiser of the day, with his first reportedly requiring a $2,800 contribution level for attendance, per another pool report.

Speaking about income inequality to approximately 100 donors, Biden said that he's found that "rich people are just as patriotic as poor people."

"We can disagree in the margins but the truth of the matter is it's all within our wheelhouse and nobody has to be punished. No one's standard of living will change, nothing would fundamentally change."

Of note: Earlier in his remarks, Biden did reference the need to rebuild what he dubbed the "backbone of America," arguing that ordinary people must be given pathways to success.

"You all are extremely successful people. But with all due respect, Wall Street didn't build America. The wealthy didn't build America."

Go deeper: Joe Biden on the issues, in under 500 words

Go deeper

Senate Democrats demand answers on FBI's Kavanaugh probe

Photographer: Andrew Harrer/Bloomberg via Getty Images

Senate Democrats are demanding that the FBI hand over "all records and communications" related to the FBI tip line set up to investigate Supreme Court Justice Brett Kavanaugh when he was a nominee in 2018.

Why it matters: The ask comes after the FBI revealed it received more than 4,500 tips about Kavanaugh when he was awaiting Senate confirmation amid sexual assault allegations. Only the most "relevant" of these tips were forwarded to the Trump White House.

Chip relief on the horizon

Illustration: Sarah Grillo

Good news: The worst of the chip supply crunch might be near.

The other side: Here's the bad news... CEOs say chips totally flowing like normal is still a ways out.

Trump ally Tom Barrack pays $250 million bond to get out of jail

Tom Barrack speaking at a symposium in Tokyo in March 2019. Photo: Kiyoshi Ota/Bloomberg via Getty Images

Real estate investor Tom Barrack paid a federal court a bond of $250 million to get out of jail on Friday while awaiting trial after he was arrested and charged with acting as an unregistered foreign agent for the United Arab Emirates earlier this week, AP reports.

Driving the news: A federal judge also ordered Barrack, a longtime ally of former President Trump and chair of his inaugural committee, to wear a GPS monitoring bracelet at all times and barred him from transferring funds overseas.

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