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Photo: Michael Kovac/Getty Images for CORE Gala

Former Sen. Barbara Boxer tells Axios she will deregister as a foreign agent for Hikvision, a Chinese surveillance firm accused of abetting the country’s mass internment of Uighur Muslims, after President-elect Joe Biden’s inaugural committee said it's refunding a donation from the California Democrat.

Driving the news: "My intent in agreeing to provide strategic advice to the company was based on my desire to help make them better in every way and preserve American jobs," Boxer said in a statement to Axios. "However, due to the intense response to my registration, I have determined that my continued involvement has become a negative distraction for the effort so I will be deregistering."

Go deeper.

Go deeper

Scoop: Biden inaugural returns cash from ex-senator-turned-foreign agent

Photo: Drew Angerer/Getty Images

President-elect Joe Biden’s inaugural committee will refund a donation from former Sen. Barbara Boxer after the California Democrat registered as a foreign agent for a Chinese surveillance firm accused of abetting the country’s mass internment of Uighur Muslims, officials tell Axios.

Why it matters: Boxer’s contribution was just $500, but the Biden team’s decision to return the money shows how the incoming administration will try to balance its sweeping ethics commitments with K Street efforts to enlist high-profile Democrats with an eye toward advancing clients' interests in Biden's Washington.

2021 economy boomed at fastest rate in 37 years

Source: Bureau of Economic Analysis

The U.S. economy surged ahead with a 6.9% annual growth rate in the final months of 2021 and achieved the strongest growth over an entire calendar year since 1984.

Driving the news: New GDP numbers from the Commerce Department show a remarkable acceleration in economic activity, much faster than the 5.3% growth rate analysts expected.

The Fed isn't the only problem investors are worried about

Illustration: Aïda Amer/Axios

The Federal Reserve will be raising rates, just as the economy is slowing. The markets hate that.

Why it matters: The ugly start to the stock trading year doesn't just reflect Fed-induced agita — investors are also worried about a growth slowdown.