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Photo: Timothy A. Clary/AFP/Getty Images

Michael Cohen, President Trump's former personal lawyer, has resigned as deputy finance chair of the RNC Finance Committee, per ABC News.

Between the lines: Cohen is facing a swirl of legal questions surrounding both payments to Stormy Daniels and ties between Trump associates and Russia, but the investigations weren't the only reason Cohen cited in stepping down. "As the son of a Polish holocaust survivor, the images and sounds of this family separation policy is heart wrenching,” Cohen wrote in an email to RNC chair Ronna McDaniel, per ABC. “While I strongly support measures that will secure our porous borders, children should never be used as bargaining chips."

Get more stories like this by signing up for our daily morning newsletter, Axios AM. 

Go deeper

Dan Primack, author of Pro Rata
57 mins 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.