Sen. Ted Cruz. Photo: Tasos Katopodis/Getty Images

Republican hawks are planning to introduce legislation later this month that would force President Trump to take a harder approach to Iran, out of fear that the president is "going soft" on them, Politico's Eliana Johnson reports.

The big picture: New sanctions are expected to be announced later today, and these Republicans "expect that Trump will disappoint them," Johnson writes. The legislation, which will reportedly be introduced by Sen. Ted Cruz (R-Texas) and cosponsored by Sens. Marco Rubio (R-Fla.) and Tom Cotton (R-Ark.), would pressure Trump into cutting off Iranian banks' access to the global banking network, Society for Worldwide Interbank Financial Telecommunication (SWIFT).

  • President Obama made a similar move years ago, but lifted the penalties as part of the Iran nuclear deal.
  • According to Johnson, the lawmakers want to push Trump to side with his national security adviser John Bolton, who says Friday's sanctions would be more effective if Iran's access to SWIFT is cut off, instead Treasury Secretary Steven Mnuchin, who argues that access is crucial to ensuring humanitarian aid gets to the country.

Yes, but: The legislation could be in jeopardy if Democrats win the House majority next week. Supporters of the measure are hopeful that pro-Israel lobbying group AIPAC will "pressure pro-Israel Democrats" into backing it, if that were to happen.

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Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.