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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

Caitlin Owens, author of Vitals
22 mins ago - Health

Special report: America's biggest hospitals vs. their patients

Expand chart
Data: JHU; Chart: Will Chase/Axios

More than a quarter of the 100 U.S. hospitals with the highest revenue sued patients over unpaid medical bills between 2018 and mid-2020, according to new research by Johns Hopkins University provided exclusively to Axios.

Why it matters: The report suggests that, rather than being an anomaly, patient lawsuits are relatively common across the country and among the largest providers.

22 mins ago - Technology
Column / Tech Agenda

The next big social network: Nextdoor

Illustration: Aïda Amer/Axios

Nextdoor, the neighborhood social network, has seen explosive growth over the past two years as homebound users became more fixated on what was happening on a hyper-local level.

Why it matters: Such rapid growth comes with challenges. What was once a niche social network is now so popular that it's grappling with some of the same thorny problems plaguing Facebook and Twitter, such as content moderation.

Updated 3 hours ago - World

American men plead guilty to helping former Nissan chair escape Japan

Carlos Ghosn, former Nissan chair, during a news conference in Jounieh, Lebanon, last September. Photo: Hasan Shaaban/Bloomberg via Getty Images

Americans Michael Taylor and Peter Taylor pleaded guilty in a Tokyo court Monday to helping former Nissan chair Carlos Ghosn escape Japan in a box aboard a plane in 2019, per the Wall Street Journal.

The big picture: Ghosn was awaiting trial in Tokyo on financial misconduct charges following his 2018 arrest when he fled to Lebanon. He denies any wrongdoing.

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