Paul Sancya / AP

Traditional carmakers and Silicon Valley startups told Congress on Tuesday why they're worried about policies that could limit the nascent market for self-driving cars:

  • They say regulations shouldn't tie them down to one type of technology. "We wouldn't want to see government taking steps specify specific technology or a specific solution," said Mike Ableson, a General Motors executive.
  • They want congressional action to be carefully calibrated. "We would not like Congress to engage in traditional rulemaking because that would stifle development," said Volvo's Anders Karrberg. Joseph Okpaku, of Lyft, warned of "even ... the most well intended law inadvertently precluding or restricting potential innovation to make this technology even safer."

Why it matters: The success self-driving car plays at Alphabet and Uber, not to mention Detroit's automakers, is intimately tied to policymakers' handling of the new technology. The Obama administration released the first-ever guidelines for autonomous cars last year.What's next: Companies developing self-driving cars may have concerns about certain type of federal action, but they still are supportive of moves that help them avoid a patchwork of state laws. Key lawmakers in both houses of Congress say they want to examine ways to encourage the development of self-driving technology.

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Markets swell as the economy shrinks

Illustration: Eniola Odetunde/Axios

The economy is sputtering, but the markets are thriving — a highly unusual event that shows how the coronavirus has thrown all bets off.

Why it matters: The disconnect adds to the wealth gap. The richest 10% of households — who own 84% of stocks — are getting richer, while millions of out-of-work Americans cross their fingers that pandemic unemployment benefits will be extended.

Updated 10 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 10,836,500 — Total deaths: 520,605 — Total recoveries — 5,723,808Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 2,735,554 — Total deaths: 128,684 — Total recoveries: 781,970 — Total tested: 33,462,181Map.
  3. Public health: The states where face coverings are mandatory Regeneron stops trial after drug fails to help patientsWhat we know about the coronavirus immune response — Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
  4. Business: Top business leaders urge the White House to develop mandatory mask guidelines.
  5. Politics: Herman Cain hospitalized for COVID-19 after attending Trump Tulsa rally — Biden downplays jobs number, rebukes Trump for ignoring health crisis.
  6. Economy: The economy may recover just quickly enough to kill political interest in more stimulus.
  7. States: Texas mandates face masks in public spaces Florida reports more than 10,000 new coronavirus cases, and its most-infected county issues curfew.
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Fauci: Coronavirus surges mark a "very disturbing week" in the U.S.

Fauci testifies to the Senate Health, Education, Labor and Pensions Committee on June 30. Photo: Al Drago/AFP via Getty Images

NIAID director Anthony Fauci told medical journal JAMA on Thursday that it has been a "very disturbing week" for the spread of the novel coronavirus in the U.S.

What's happening: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Caitlin Owens reports.