May 25, 2018

Michael Cohen met with Russian oligarch days before Trump's inauguration

Michael Cohen walking in New York City. Photo: Drew Angerer/Getty Images

Eleven days before President Trump's inauguration, his personal lawyer Michael Cohen took part in a meeting at Trump Tower with billionaire Russian oligarch Viktor Vekselberg, reports the New York Times.

The big picture: After President Trump was inaugurated, Cohen received a $1 million consulting contract from private equity firm Columbus Nova — headed by Andrew Intrater, who also attended the Vekselberg meeting. Though Vekselberg is Intrater's family member and biggest client, Intrater denied to the Times that the businessman had anything to do with Columbus Nova's contract.

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Global: Total confirmed cases as of 10:30 a.m. ET: 1,502,618 — Total deaths: 89,915 — Total recoveries: 339,775 — Map.
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Business: The Fed will lend up to $2.3 trillion. — Another 6.6 million jobless claims were filed last week
Federal government latest: Congress' $250 billion PPP injection could come too late for some businesses.
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Fed will lend up to $2.3 trillion amid coronavirus crisis

Fed Chairman Jerome Powell at a press conference in March. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve announced Thursday that it will support the coronavirus-hit economy with up to $2.3 trillion in loans to businesses, state and city governments — made possible in part by Treasury funds set aside in the government stimulus package.

Why it matters: The Fed has taken more action amid the coronavirus outbreak than it has in any other financial crisis in U.S. history in an effort to blunt the effects of the resulting economic shutdown.

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Senate Democrats block Republicans' $250 billion PPP injection

Illustration: Sarah Grillo/Axios

Before the Paycheck Protection Program formally launched last Friday, we knew two things: The rollout would be rocky, and the initial $250 billion wouldn't be enough for America's small businesses.

The state of play: Banks and government officials have been working to smooth out the process. On Thursday, Senate Majority Leader Mitch McConnell's (R-Ky.) attempt to pump another $250 billion into the program via unanimous consent was blocked by Democrats, who are proposing an alternative that includes billions more for hospitals and states.

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