There's a new era at the Fed: Jerome Powell will keep the top job, Lael Brainard will step up as No. 2 — with more fresh faces set to come.
Why it matters: Prices are rising at the fastest pace in 30 years with millions still out of work. What Biden's Fed picks do may be felt by everyday Americans.
The Jan. 6 House select committee has subpoenaed several close Trump allies involved in the planning of the rallies leading up to the Capitol riot, including Infowars' Alex Jones and longtime Trump confidante Roger Stone as part of its investigation, chair Bennie Thompson (D-Miss.) announced Monday.
Why it matters: The committee continues to aggressively pursue testimony and documents from those in Trump's orbit and has interviewed over 150 people as part of their investigation.
Republican Sean Parnell, the Trump-backed candidate running to represent Pennsylvania in the Senate, announced Monday that he is dropping out of the race after losing custody of his children to his estranged wife.
Why it matters: Parnell was considered one of the frontrunners for the GOP nomination to replace Sen. Pat Toomey (R-Pa.), who is retiring at the end of his term after Trump endorsed the former U.S. Army Ranger in September.
President Biden's nomination of Jerome Powell for a second term as chairman of the Federal Reserve shows Biden's willingness to stare down progressives to get his cherished Build Back Better legislation through the Senate and into law.
Why it matters: Inflation is threatening Biden’s $2 trillion social spending and climate package, and Biden wants to save his political capital with moderates for that fight.
On "Axios on HBO," Jonathan Swan challenged Rep. Rashida Tlaib (D-Mich.) on the sweep of a plan for closing federal prisons that she has endorsed, and is supported by some criminal-justice activists.
"[E]veryone's like, 'Oh my God, we're going to just release everybody.' That's not — ," Tlaib said.
Swan interjected that the BREATHE Act "actually says: Release everyone" from federal prisons over 10 years.
Why it matters: Cohen received the three-year sentence after pleading guilty to nine federal crimes, including lying to Congress in the Mueller investigation and campaign finance violations related to payments he facilitated to two women who claimed to have had extramarital affairs with Trump.
Law enforcement officials have identified Darrell Brooks, 39, as the alleged driver of an SUV that plowed into a crowd gathered at a Christmas parade in Waukesha, Wisconsin, Sunday evening.
The big picture: Waukesha Police Chief Daniel Thompson said Monday that the driver killed five people and injured at least 48 others, adding that officials "are confident he acted alone" and there was no evidence of terrorism.
A New York state Assembly investigation released Monday found that former Gov. Andrew Cuomo "engaged in multiple instances of sexual harassment," substantiating allegations made in a report by the state attorney general earlier this year.
Driving the news: Assembly Speaker Carl Heastie commissioned the report in March to determine if there was evidence to support a potential impeachment of Cuomo.
More than 90% of the 3.5 million federal workers received at least one dose of a coronavirus vaccine by Monday, the deadline set by President Biden in September, a senior administration official told Axios.
Why it matters: The official said the administration hopes that private businesses can use the federal government's worker vaccine mandate as an example to implement their own requirements for workers.
President Biden said today he will renominate Federal Reserve chairman Jerome Powell for another term — as market-watchers widely anticipated.
Why it matters: The decision caps a long stretch of uncertainty about who would steer the nation's most influential economic body. The Fed is front and center as the country faces prices rising at the fastest pace in decades.
Rep. Peter Welch (D-Vt.) announced Monday he will run for the U.S. Senate seat that will be left open after Sen. Patrick Leahy (D-Vt.) retires in 2022.
Why it matters: Welch's candidacy for Senate was expected, but it now leaves an open race for his at-large seat in the House.
The No. 1 concern of U.S. mayors about the long-term consequences of the pandemic is their residents' mental health, followed closely by the learning loss for children, a survey released this morning finds.
Why it matters:Last year, the top worry among the mayors polled annually in the Menino Survey of Mayors was financial ruin — budget shortfalls and service cuts. This year, thanks to cash infusions from the American Rescue Plan (ARP), their concerns have shifted pronouncedly.
A person of interest is in custody after an SUV plowed through a Christmas parade in Waukesha, Wisconsin, Sunday, killing five people and wounding more than 40 others, police said.
The latest: The Waukesha Police Department said in a statement early Monday that casualty numbers may change, noting that "many people have self-transported to area hospitals" following the incident in the city that's just west of Milwaukee.
Two Fox News contributors announced Sunday that they've resigned from the network in the wake of host Tucker Carlson's special on the Jan. 6 Capitol riot.
Why it matters: Stephen Hayes and Jonah Goldberg had regularly appeared on Fox News since 2009. Their brand of conservatism has "fallen out of fashion" amid former President Trump's grip on the Republican Party, per the New York Times, which first reported on the resignations.
NIAID director Anthony Fauci told CNN Sunday that families fully vaccinated against COVID-19 "absolutely" don't need to wear masks when gathering for the holidays.
What he's saying: "That's what I'm going to do with my family," Fauci told CNN's Dana Bash when she asked him if it was possible for fully vaccinated families to gather for Christmas without wearing face masks.
