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Photo: Michael Brochstein/SOPA Images/LightRocket via Getty Images

Rep. Katie Hill (D-Calif.) will resign amid a House Ethics Committee investigation into allegations that she engaged in an inappropriate sexual relationship with a congressional staffer, Politico first reported and Hill later confirmed in a statement.

Why it matters: Hill is one of the freshman Democrats elected in the 2018 midterms in a traditionally Republican stronghold. Hill admitted to an "inappropriate relationship" with a campaign staffer prior to being elected to Congress, but she has denied that she engaged in a relationship with a congressional staffer while in office.

What she's saying:

"This is what needs to happen so that the good people who supported me will no longer be subjected to the pain inflicted by my abusive husband and the brutality of hateful political operatives who seem to happily provide a platform to a monster who is driving a smear campaign built around cyber exploitation. Having private photos of personal moments weaponized against me has been an appalling invasion of my privacy. ... However, I know that as long as I am in Congress, we'll live fearful of what might come next and how much it will hurt. ... For the mistakes made along the way and the people who have been hurt, I am so sorry, and I am learning — I am not a perfect person and never pretended to be."

Editor's note: This story has been corrected to show that Hill's district is a traditional Republican stronghold, but that President Trump did not carry it in 2016.

Go deeper

Dan Primack, author of Pro Rata
1 hour ago - Economy & Business

Trump blocks banks from limiting loans to gun and oil companies

Illustration: Sarah Grillo/Axios

Big banks are no longer allowed to reject business loan applicants because of the industry in which they operate, according to a new rule finalized on Thursday by the Trump administration.

Why it matters: Wall Street has curtailed its exposure to industries like guns, oil and private prisons, driven by both public and shareholder pressures. This new rule could reverse that trend.

Former FDA commissioner: "Reliable drug supply is absolutely critical"

Axios' Caitlin Owens and former FDA commissioner Mark McClellan. Photo courtesy of Axios Events

Having a reliable supply of pharmaceutical drugs throughout America will be "absolutely critical" to boosting affordability in health care during the Biden administration, former Food and Drug Administration (FDA) commissioner Mark McClellan said at a virtual Axios Event on Friday.

The big picture: McClellan, who served under President George W. Bush, says drugs having limited supply and limited competition leads to elevated pricing. He considers drug supply to be a national security and public health issue.

Felix Salmon, author of Capital
4 hours ago - Economy & Business

Americans are still spending money

Source: Census Bureau; Chart: Axios Visuals

Americans spent more money at stores and restaurants in 2020 than they did in 2019 — even in the face of a devastating global pandemic that shut down broad sectors of the economy.

Why it matters: The monthly retail sales report this morning came in well below expectations, and showed consumer spending falling on a seasonally-adjusted basis. Total expenditures were still higher in December 2020 than they were a year previously, however.