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Photo: Bing Guan/Bloomberg via Getty Images

The JPMorgan Chase Institute — the bank's internal think tank of sorts — and its new policy arm are pushing for policy changes for the first time, the company shared exclusively with Axios.

Why it matters: The institute is sending its recommendations to Washington, as Congress hashes out a pandemic stimulus package.

What they're saying: "Even after you account for stimulus payments, unemployment insurance, renters experienced a greater than 10% drop in income, suggesting that they are really struggling," Heather Higginbottom, president of JPMorgan Chase PolicyCenter, said on Axios' Re:Cap podcast.

  • "We're trying to use our data and analysis to inform some of those conversations," Higginbottom added.

What they're proposing:

  • Raising the federal minimum wage, though they don't say by how much.
  • Adding wage benefits for working parents — particularly women of color disproportionately impacted by the pandemic.
  • Switching off expanded unemployment benefits only when certain economic conditions improve and state unemployment rates fall to a certain level.

Go deeper

GOP senators unveil $10 minimum wage hike proposal

Photo: Michael Reynolds-Pool/Getty Images

Sens. Tom Cotton (R-Ark.) and Mitt Romney (R-Utah) on Tuesday unveiled the details of their proposal to raise the minimum wage to $10 an hour by 2025.

Why it matters: The Republican proposal comes as Congressional Democrats are pushing for a bill, backed by President Joe Biden and included in the broader $1.9 trillion stimulus package, that would increase the federal minimum wage to $15 an hour by 2025.

Dion Rabouin, author of Markets
Feb 22, 2021 - Economy & Business

U.S. growth expectations are going through the roof

Illustration: Annelise Capossela/Axios

Expectations for U.S. growth in the first quarter, for the year and even for 2022 are roaring higher as economists race to price in the impact of big government spending, vaccinations and higher inflation.

Why it matters: These bullish expectations are unusual — not only are they historically high, even given the large contraction the country suffered in 2020, but also because they seem to completely disregard any fears of the weak U.S. labor market or rising prices to get in the way.

Updated 30 mins ago - Health

California surpasses 50,000 COVID-19 deaths

A man prepares a funeral arrangement in in Los Angeles, California, Feb. 12. Photo: Mario Tama/Getty Images

California's death toll from COVID-19 surpassed 50,000 on Wednesday, per Johns Hopkins data.

The big picture: It's the first state to record more than 50,000 deaths from the coronavirus.