Photo: Saul Loeb/AFP/Getty Images

The Supreme Court announced today that it will decide whether the Consumer Financial Protection Bureau — the brainchild of Sen. Elizabeth Warren — is unconstitutional. It could hand down its ruling just weeks before Democrats' 2020 convention.

The big picture: The CFPB has a single director whom the president cannot fire at will. Critics say that's a violation of the president's constitutional powers. The court will have three options: uphold the CFPB's structure, rule that the director must be fireable (as Justice Brett Kavanaugh ruled previously), or throw out the CFPB altogether.

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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.

30 mins ago - Health

Moderna's vaccine spurred immune system response to coronavirus

Moderna's stock rose 16% after hours on this news. Photo: Jakub Porzycki/NurPhoto via Getty Images

Healthy volunteers who took Moderna's coronavirus vaccine candidate appeared to generate an immune system response to the virus, and there were "no trial-limiting safety concerns," according to a new study published in the New England Journal of Medicine.

Why it matters: The phase one trial is still small and does not definitively determine how effective the vaccine is. But Anthony Fauci of the National Institutes of Health, which is running the trial, told the Wall Street Journal that these data make it "pretty clear that this vaccine is capable of inducing quite good [levels] of neutralizing antibodies."

36 mins ago - World

Trump signs bill sanctioning China over Hong Kong security law

Photo: Win McNamee/Getty Images

President Trump announced Tuesday that he has signed a bill sanctioning Chinese officials in response to Beijing's national security law for Hong Kong, which dramatically curbs the city's political freedoms. He also signed an executive order ending preferential treatment for Hong Kong.

Why it matters: The bill, which will sanction both Chinese individuals interfering in Hong Kong's affairs and the banks that support them, has broad bipartisan support in Congress. Its passage into law is the latest escalation by the Trump administration against the Chinese Communist Party's efforts to strip Hong Kong of its autonomy.