Photo: Alex Wong/Getty Images

The House passed a massive rollback of financial regulations on Tuesday as members voted 258-159 to push to the Oval Office, CNBC reports.

Why it matters: Per CNBC, the bill "makes good on Republican promises to cut red tape...but does not go nearly as far as some GOP lawmakers had hoped." A senior White House official told reporters on Tuesday that they hope to get the bill to the president's desk before Memorial Day.

What it does: The threshold for banks to "face stricter Federal Reserve oversight as systemically important financial institutions" is raised from $50 billion to $250 billion, Bloomberg reports.

  • It also allows big banks to "include municipal bonds in required stockpiles of assets" to sell in case a crisis hits, per Bloomberg.
  • The majority of banks will see less-strict mortgage loan data reporting requirements, CNBC reports.
  • The bill also requires "credit reporting companies to provide free credit monitoring services.”

Go deeper

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 6:30 p.m. ET: 34,124,948 — Total deaths: 1,016,723 — Total recoveries: 23,703,113Map.
  2. U.S.: Total confirmed cases as of 6:30 p.m. ET: 7,273,244 — Total deaths: 207,605 — Total recoveries: 2,840,747 — Total tests: 103,946,170Map.
  3. Politics: House prepares to pass revised COVID relief bill as White House talks hit roadblock — Biden to expand voter outreach with in-person canvassing amid pandemic.
  4. Health: Health officials urge flu shots, warning of "twindemic" with COVID-19 — Coronavirus infections rise in 25 states.
  5. Business: Remdesivir is good business for Gilead — Amazon says over 19,800 employees contracted coronavirus — Doomsday has arrived for tens of thousands of workers.

Doomsday has arrived for tens of thousands of workers

Illustration: Sarah Grillo/Axios

Federal coronavirus aid for airlines expires on Thursday with no renewal in sight, meaning massive layoffs for the industry aren't far behind.

The big picture: Airline workers aren't alone on the unemployment line. Oil companies, tire manufacturers, book publishers and insurers are among those that have announced tens of thousands of layoffs. Federal aid through the CARES Act earlier this year delayed most layoffs — until now.

4 hours ago - Science

How the brain handles the unknown

Illustration: Sarah Grillo/Axios

Uncertainty can be hard for humans. It drives anxiety, an emotion neuroscientists are trying to understand and psychologists are trying to better treat.

Why it matters: Under the threat of a virus, job insecurity, election uncertainty, and a general pandemic life-in-limbo that is upending school, holidays and more, people are especially anxious.

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