Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Protesters march in Manhattan in support of NYPD budget cuts and defunding the police, on June 29. Photo: Erik McGregor/LightRocket via Getty Images

The New York City Council agreed late Tuesday to reallocate $1 billion from the NYPD operating budget as part of the city's police reform efforts driven by nationwide Black Lives Matter protests.

The big picture: For the 2020 fiscal year, the city spent $10.9 billion on its police department — the largest and most expensive police force in the country, per the nonpartisan Citizens Budget Commission.

Details: Most of the money would be diverted to youth and social services, community summer programs and education, the mayor's office said. The biggest proposed cut would trim $352 million from uniformed and civilian officer overtime.

Yes, but: The NYPD budget trim puts school safety officers under the authority of the Department of Education, which the New York Times calls "a budgetary sleight of hand."

Between the lines: The proposed cuts to the police budget are part of an $88.1 billion spending plan. The city is grappling with a $9 billion shortfall from the shutdown to curb the spread of the coronavirus.

  • Other measures include curtailed municipal services and a hiring freeze, including the July police cadet class but not the fall police hires.
  • To meet the budget's commitment of $1 billion in labor savings, de Blasio "has for the first time had to draw down on financial reserves," per the Times.
  • The mayor confirmed on Tuesday a $65 million cut from a program that subsidizes the cost of mass transit for low-income residents, the Times notes.

Other police reform efforts in the city, made in response to the killing of George Floyd and protests against police violence, include:

  • NYPD commissioner Dermot Shea announced on June 15 the NYPD would disband its plainclothes anti-crime unit.
  • New York Gov. Andrew Cuomo (D) said June 13 that police must work with communities to enact reforms by April 1, 2021, to be eligible for state funds.
  • Cuomo on June 12 signed an executive order on the reforms, along with legislation to ban police use of chokeholds and to repeal a decades-old law that sealed records of alleged officer misconduct from the public.
  • The New York City Council voted on June 18 to require the NYPD to disclose what forms of surveillance technology officers use, and to report what rules are in place to protect personal data collected by officers, CNET reports.

Go deeper: The cities that are already defunding the police

Editor's note: This piece has been updated to note that the NYPD budget changes include reallocating school safety officers to the Education Department and that the NYC Council approved the budget late Tuesday.

Go deeper

JPMorgan commits $30 billion to fight the racial wealth gap


Data: Fortune 500, Axios analysis of company statements, get the data; Chart: Andrew Witherspoon, Naema Ahmed/Axios

JPMorgan Chase announced Thursday a $30 billion investment over the next five years that the company says will address some of the largest drivers of the massive wealth gap between Black and white Americans.

  • The commitment makes the bank by far the largest monetary contributor to efforts by businesses to fight systemic inequality and racism in the U.S.
Ina Fried, author of Login
2 hours ago - Technology

Intel CEO sees making own chips as a matter of national security

Pat Gelsinger. Photo: Axios on HBO

Intel CEO Pat Gelsinger is putting the pressure on the U.S. government to help subsidize chip manufacturing, insisting the current reliance on plants in Taiwan and Korea as "geopolitically unstable."

Why it matters: There is bipartisan support for funding the domestic semiconductor industry, but Congress has yet to sign the check. The Senate has passed the CHIPS Act that includes $52 billion in semiconductor investment, but it has yet to pass the House.

Updated 2 hours ago - World

17 U.S. and Canadian missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince this month. Photo: Richard Pierrin/AFP via Getty Images

Children are among a group of 17 missionaries kidnapped in Port-au-Prince, Haiti, per a statement from Christian Aid Ministries Sunday.

The latest: "The group of 16 U.S citizens and one Canadian citizen includes five men, seven women, and five children," the Ohio-based group said. Haitian police inspector Frantz Champagne on Sunday identified the 400 Mawozo gang as the group responsible, in a statement to AP.