Aug 21, 2017

Michael Bloomberg is the new Clinton

Christophe Ena / AP

Former New York Mayor Michael Bloomberg plans to bring together more than 30 heads of state and 100 CEOs in New York on Sept. 20, in conjunction with the United Nations General Assembly, as part of a plan to move into the elite space once held by the Clinton Global Initiative Annual Meeting.

  • The thinking behind Bloomberg Philanthropies' Global Business Forum is that UNGA week in New York puts more powerful people in one spot than any other single event on earth.
  • Former President Bill Clinton, who has said he wants other organizations to join him in the CGI mission, will speak at Bloomberg Philanthropies' Global Business Forum in an unofficial handoff.
  • Axios will be an official media partner (along with Quartz), so we'll be able to bring you exclusive insights:

The lineup features an astonishing roster of world and corporate leaders: French President Emmanuel Macron, the new Saudi Crown Prince Mohammed bin Salman, Bill Gates, Alibaba's Jack Ma, Goldman Sachs' Lloyd Blankfein, BlackRock's Larry Fink, World Bank President Jim Yong Kim, IMF head Christine Lagarde, Carlyle's David Rubinstein and dozens more.

The mission: "to discuss opportunities for advancing trade and economic growth, and the related societal challenges – from climate change to workplace automation to terrorism."

Topics will include megatrends such as: "As technology advances and increasing automation change the nature of work, how will we create new jobs and economic opportunities for those who are displaced? … Can disruptive technologies eradicate disease, create new sources of clean energy, and eliminate poverty?"

The background: "The Forum was inspired by the Bloomberg U.S.-Africa Business Forum, which in 2014 and 2016 brought business leaders together with heads of state from every African nation, and the Clinton Global Initiative, which held its Annual Meeting during U.N. General Assembly week and established a new model to bring together global leaders from all sectors to create and implement tangible solutions to the world's most pressing challenges"

From an open letter by President Clinton explaining why he was concluding the CGI Annual Meeting: "'I hope the hard work and benefits of CGI's great staff and its members' creative cooperation will keep rippling out into the world. The commitment model has been adopted by other forums and I hope that more will do so, or that new organizations will arise to do this work."

Go deeper:

  • Visit www.BloombergGBF.com for the latest program details and confirmed participants.
  • The event will be streamed live on Bloomberg.com.
  • Media can apply for media credentials here. Questions to press@BloombergGBF.com.

Go deeper

Fed temporarily lifts Wells Fargo's growth restrictions

Photo: Streeter Lecka/Getty Images

The Federal Reserve said Wednesday it will temporarily lift Wells Fargo’s growth restrictions, which were put in place following the bank’s customer abuse scandals.

Why it matters: The Fed’s only reason for lifting the cap is so Wells Fargo can dole out more loans to struggling small businesses as part of the government’s coronavirus aid package. Earlier this week, the bank said it could only lend a total of $10 billion, thanks to Fed restrictions that it can’t grow its assets beyond $1.95 trillion.

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 12 p.m. ET: 1,450,343 — Total deaths: 83,568 — Total recoveries: 308,617Map.
  2. U.S.: Total confirmed cases as of 12 p.m. ET: 399,979 — Total deaths: 12,912 — Total recoveries: 22,539Map.
  3. Business updates: Roughly one-third of U.S. apartment renters didn't make April payments.
  4. Federal government latest: The U.S. has begun to see "glimmers of hope" despite its highest recorded number of deaths in 24 hours, Anthony Fauci said.
  5. Public health latest: Surgeon General Jerome Adams highlighted the disproportionate impact the illness is having on African-American communities.
  6. World latest: Indians look to Taiwan amid China's coronavirus missteps
  7. 🚌 Public transit: Systems across the country are experiencing ridership collapse, squeezed funding streams and slow recovery from the pandemic.
  8. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Bernie Sanders suspends presidential campaign

Photo: ANDEL NGAN/AFP via Getty Images

Sen. Bernie Sanders announced Wednesday that he is suspending his presidential campaign.

The big picture: It's an end to the campaign of the leading progressive in the race — and the candidate who seemed to be the clear front-runner for the Democratic nomination just a few months ago. It also makes Biden the presumptive Democratic nominee four months before the party's convention in Milwaukee.