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Michael Cohen. Photo: Eduardo Munoz Alvarez via Getty Images

President Trump's former lawyer Michael Cohen said that he will postpone his scheduled Feb. 7 testimony before the House Oversight Committee due to "threats against his family from President Trump and Mr. Giuliani," as well as his cooperation in ongoing investigations, his lawyer said Wednesday.

The big picture: House Oversight chair Elijah Cummings and House Intelligence chair Adam Schiff issued a statement Wednesday saying that while they understand Cohen's concerns, "not appearing before Congress was never an option ... We will not let the President's tactics prevent Congress from fulfilling our constitutionally mandated oversight responsibilities." President Trump, on hearing the news that Cohen was postponing his testimony over threats to his family, told reporters that Cohen is being "threatened by the truth."

  • House Democrats issued a statement on Jan. 13 warning Trump about obstructing congressional investigators and potential witness intimidation, following the president's tweets and comments about Cohen's father-in-law, Fima Shusterman.
  • Shusterman pleaded guilty in 1993 to federal income tax fraud related to his taxicab business in New York, and loaned at least $20 million to a major Chicago cab operator mentioned in the FBI warrants used to raid Cohen’s home, office and hotel room last April.
  • Cohen has been ordered to report to prison on March 6, leaving him less than 4 weeks to reschedule his testimony.

The full statement from Cohen's lawyer:

"Mr. Cohen volunteered to testify before the House Oversight Committee on February 7th. Due to ongoing threats against his family from President Trump and Mr. Giuliani, as recently as this weekend, as well as Mr. Cohen's continued cooperation with ongoing investigations, by advice of counsel, Mr. Cohen's appearance will be postponed to a later date. Mr. Cohen wishes to thank Chairman Cummings for allowing him to appear before the House Oversight Committee and looks forward to testifying at the appropriate time. This is a time where Mr. Cohen had to put his family and their safety first."

Go deeper: Michael Cohen sentenced to 3 years in prison

Go deeper

Mark Meadows will stop cooperating with Jan. 6 panel, attorney says

Photo: Chris Kleponis/Polaris/Bloomberg via Getty Images

Former White House chief of staff Mark Meadows will no longer cooperate with the House select committee investigating the Jan. 6 Capitol insurrection, his attorney told Fox News Tuesday.

Why it matters: Meadows, who failed to appear before the panel last month, is believed to have insight into former President Trump's role in efforts to stop the certification of President Biden's election win.

Updated 3 hours ago - Economy & Business

The billionaire balloon

Data: World Inequality Report 2022; Chart: Axios Visuals

The super-rich are getting stupid rich: New data out today shows the share of global wealth held by the richest slice of humanity swelled by almost a full percentage point during the pandemic.

Driving the news: The top 0.01% of individuals now hold about 11% of the world's wealth, compared to just over 10% in 2020, according to the "World Inequality Report 2022," written by Lucas Chancel, Thomas Piketty, Emmanuel Saez and Gabriel Zucman.

Tina Reed, author of Vitals
3 hours ago - Health

Omicron gives a shot to boosters

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

Vaccination rates have ticked higher since the discovery of the Omicron variant, CDC data shows.

By the numbers: The seven-day average for vaccinations in the U.S. reached about 1.8 million on Monday, up from an average of about 1.3 million a month ago.