Updated Jun 11, 2019

Justin Amash steps down from House Freedom Caucus

Rep. Justin Amash. Photo: Bill Pugliano/Getty Images

Rep. Justin Amash (R-Mich) stepped down from the conservative House Freedom Caucus — which he co-founded — and its board Monday, CNN first reported.

Why it matters: The Michigan congressman is the only Republican in Congress to support impeachment proceedings against President Trump. The caucus officially condemned him for his stance last month. He hasn't backed down from his controversial position — even as big GOP donors like the DeVos family pulled their support.

What he's saying: "I have the highest regard for them, and they’re my close friends," Amash told CNN congressional reporter Haley Byrd. "I didn’t want to be a further distraction for the group."

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Private equity returns fell behind stocks over the past decade

Illustration: Aïda Amer/Axios

U.S. private equity returns fell just below S&P 500 returns for the 10-year period ending last June, according to a report released Monday morning by Bain & Company.

Why it matters: Private equity markets itself as beating public markets over long-term time horizons, and usually providing an illiquidity premium to boot. These new performance figures not only dent such claims, but provide fresh ammunition to critics of public pension investment in private equity funds.

Why Apple may move to open iOS

Photo illustration: Jakub Porzycki/NurPhoto via Getty Images

Apple may finally allow iPhone owners to set email or browsing apps other than Apple's own as their preferred defaults, according to a Bloomberg report from last week.

The big picture: Customers have long clamored for the ability to choose their preferred apps, and now Apple, like other big tech companies, finds itself under increased scrutiny over anything perceived as anticompetitive.