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Sen. Bernie Sanders (I-Vt.), Speaker of the House Nancy Pelosi (D-Calif.) and Senate Minority Leader Charles Schumer (D-N.Y.) Photo: Chip Somodevilla/Getty Images

A group of top Democrats on Tuesday introduced legislation to gradually increase the federal minimum wage to $15 per hour over five years.

Why it matters: The policy, which has widespread support among Democratic lawmakers, aligns with what President Joe Biden has called for in his emergency COVID-19 relief package. It would more than double the current minimum wage of $7.25.

  • Congress has not increased the federal minimum wage in more than a decade.

The state of play: The bill — sponsored by House Committee on Education and Labor Chair Bobby Scott (D-Va.) and Senate Budget Chairman Bernie Sanders (I-Vt.), among others — has the support of House Speaker Nancy Pelosi (D-Calif.) and Senate Majority Leader Chuck Schumer (D-N.Y.).

  • Sanders championed the policy during his presidential runs in 2016 and 2020. He told The Guardian the policy has a better chance of passing with President Joe Biden in the White House.
  • The Democratic-controlled House passed a similar measure in 2019, but then-Senate Majority Leader Mitch McConnell blocked it from ever receiving a vote.

Between the lines: Sanders told the Guardian the Senate could pass the measure via budget reconciliation, which would only require the simple majority Democrats have in the Senate.

  • “It clearly has to be done by reconciliation," Sanders said. "That’s something I’m working very hard on."

Go deeper: McConnell drops filibuster demand, paving way for power-sharing deal

Go deeper

Sen. Tina Smith: Access to banking is a civil rights issue

Photo: Axios screenshot

Equal access to banking and financial services should be protected under the Civil Rights Act, Sen. Tina Smith (D-Minn.) said on Thursday in an Axios virtual event.

Why it matters: People of color, particularly Black people, risk being racially profiled in visits to banks, yet the Civil Rights Act of 1964 does not identify financial institutions as businesses that must not treat black customers differently. "That loophole makes it hard for victims of racial profiling to win in court," a New York Times investigation found.

Updated 44 mins ago - Sports

Olympics dashboard

Team USA's Simone Biles watching the women's uneven bars final at the Olympic Games in Tokyo, Japan, on Sunday. Photo: Jamie Squire/Getty Images

🚨: Simone Biles will compete in her final Olympic event

⚽: U.S. women's soccer team falls to Canada in semifinals, ending chances at gold

🏋️‍♀️: Laurel Hubbard becomes first openly trans woman to compete at Olympics

🤸: U.S. gymnast Jade Carey wins Olympic gold in floor exercise final

🪧: IOC "looking into" American Raven Saunders' Olympic podium protest gesture

📷In photos: Day 10 Olympics highlights

🏳️‍⚧️: Axios at the Olympics: Games grapple with trans athletesTrans athletes see the Tokyo Games as a watershed moment

Go deeper: Full Axios coverage

Updated 1 hour ago - Sports

Laurel Hubbard becomes first openly trans woman to compete at Olympics

Laurel Hubbard. Photo: Stanislav Krasilnikov\TASS via Getty Images

New Zealand weightlifter Laurel Hubbard made history on Monday as the first openly transgender female athlete to compete at the Olympics.

Why it matters: The presence of trans and nonbinary athletes at this year's Games has been celebrated by LGBTQ+ rights advocates, but stirred controversy among critics, who argue trans women have an unfair advantage even after taking hormones to lower their testosterone.