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 the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

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!

Want a daily digest of the top Denver news?

Get a daily digest of 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!

Want a daily digest of the top Des Moines news?

Get a daily digest of 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!

Want a daily digest of the top Twin Cities news?

Get a daily digest of 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!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of 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!

Want a daily digest of the top Charlotte news?

Get a daily digest of 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!

Illustration: Sarah Grillo/Axios

Corporate giants would be barred from acquisitions and century-old antitrust laws would get sharper teeth under a new proposal by Sen. Josh Hawley (R-Mo.) shared exclusively with Axios.

The big picture: Hawley is among the Senate's most conservative members, but his attack on corporate power wouldn't sound out of place on Elizabeth Warren's or Bernie Sanders' agenda.

  • That's how deeply Republicans' anger at what they see as out-of-control "censorship" by Big Tech and overreaching activism by "woke corporations" has alienated some of the party from its traditional big-business base.

Details: Hawley's "Trust-Busting for the Twenty-First Century Act" would ...

  • Ban mergers and acquisitions by firms with a market cap over $100 billion
  • Lower the threshold for prosecution under existing federal antitrust laws, replacing the prevalent "consumer harm" standard with one that emphasizes "the protection of competition"
  • Require companies that lose federal antitrust lawsuits to "forfeit all their profits resulting from monopolistic conduct"
  • Give the Federal Trade Commission new power to designate and regulate "dominant digital firms" in different online markets

What they're saying: "This country and this government shouldn't be run by a few mega-corporations," Hawley told Axios. The Republican Party "has got to become the party of trust-busting once again. You know, that's a part of our history."

  • Hawley said "globalization" and "both parties getting comfortable with corporate consolidation" were responsible for a market failure that justifies strong intervention.
  • "We tried it the way that the big corporatists wanted," he said, "and it hasn't been a success for the American consumer, for the American producer, or for the American economy."

Of note: Hawley's plan is more than a salvo against Silicon Valley. Its rules on mergers, for instance, would cover dozens of U.S. giants in virtually every economic sector, from banking and health to retail and media.

Between the lines: Aren't people going to be confused by this tough-on-business proposal from a member of the party of business? Hawley offers two responses:

  • "Trust-busting" was a Republican concept originally, under Progressive-Era GOP president Teddy Roosevelt.
  • Strong antitrust laws are ultimately about the sanctity of competition, and Republicans ought to embrace that.

What to watch: Hawley's ideas might win some support from other populist Republicans, but the broader party would need a sea-change in thinking to embrace it. Democrats, meanwhile, are likely to prefer their own bills.

Not a valid email format.
Not a valid email format.
Server error. Please try a different email.
Not a valid email format.
Not a valid email format.
Server error. Please try a different email.
Not a valid email format.
Not a valid email format.
Server error. Please try a different email.
Not a valid email format.
Not a valid email format.
Server error. Please try a different email.
Not a valid email format.
Not a valid email format.
Server error. Please try a different email.

Go deeper

Exclusive: Houston mayor to lead Black mayors group

Houston Mayor Sylvester Turner speaks during a private funeral for George Floyd. Photo: Godofredo A. Vásquez/Pool/Getty Images

The mayor of the city where George Floyd was raised is taking over a group that represents 500 Black mayors in the U.S. amid national pressure to revamp police departments.

Why it matters: Houston Mayor Sylvester Turner will become the new president of the African American Mayors Association as municipalities across the country examine police reforms and deal with the economic fallout from the pandemic.

Delivery industry sees biggest monthly job losses in more than 20 years

Data: U.S. Bureau of Labor Statistics; Chart: Axios Visuals

The pandemic's biggest job winner is losing steam.

Driving the news: People who deliver packages to businesses and homes — classified as "couriers and messengers" by the Labor Department — saw the industry's biggest monthly job losses in more than 20 years in April.

FDA authorizes Pfizer COVID vaccine for 12- to 15-year-olds

Photo: Gabby Jones/Bloomberg via Getty Images

The Food and Drug Administration authorized the emergency use of the Pfizer-BioNTech coronavirus vaccine for 12- to 15-year-old adolescents, the agency announced on Monday.

Why it matters: The emergency authorization marks a critical milestone in the push to get more Americans vaccinated and fully reopen schools for in-person learning this fall.