Axios

America's biggest banks are having a rough week in President Trump's Washington.

Why it matters: The industry has had policy victories under Trump. But this week's historic fine against Bank of America and a regulatory report that raises new concerns about politically motivated "debanking" show the limits of Wall Street's influence with the administration.

The four-star general leading the military's high-stakes space missions sees critical gaps in the nation's arsenal to counter China's and Russia's emerging threats.

Why it matters: Gen. Stephen Whiting, head of U.S. Space Command, has seen orbital threats evolve rapidly during his 37-year military career. In an exclusive chat with Axios, he said the command needs more investment and capabilities.

• The ongoing war in Iran has revealed that U.S. adversaries are targeting ground-based radar systems to gain an advantage. Whiting said the same logic now applies to the nation's military assets orbiting Earth.

The Federal Trade Commission on Wednesday sent civil subpoenas to AI giants seeking documents about safety incidents that have spiraled into an industry crisis.

• The FTC sought documents from Anthropic and OpenAI in a probe focused on potential consumer protection violations, a person familiar told Axios.

Texas Democratic U.S. Senate candidate James Talarico made his case to voters for 90 minutes Wednesday night in a CNN and Jubilee town hall.

Why it matters: The event — often a dialogue with voters — amounted to free national airtime for Talarico amid an advertising blitz by his Republican opponent, Ken Paxton, who was invited but did not participate.

Republicans who haven't faced serious reelection fights in years are suddenly campaigning like they're running in swing districts.

Why it matters: Democrats are eyeing House districts so Republican that they weren't even on the party's radar at the start of the 2026 midterm election cycle.

Speaker Mike Johnson's sudden frank talk about his political future is upending the quiet maneuvering ahead of a post-election GOP leadership contest.

Why it matters: The race could become a three-way fight if Johnson follows former Speaker Nancy Pelosi's example and tries to stay in leadership if Republicans lose the majority.

ICE is rejecting a Government Accountability Office recommendation for technology that automatically activates body cameras when weapons are drawn and safeguards to ensure agents record arrests, searches and detentions when required.

Why it matters: The GAO warns that ICE risks losing crucial evidence on what happened during incidents involving force amid growing distrust over agent accountability in the wake of multiple fatal ICE shootings.

The rupture between President Trump and Ukrainian President Volodymyr Zelensky over last week's diesel deal deepened Wednesday after an Elon Musk-owned satellite system used by Ukraine unexpectedly restricted service — undercutting Ukraine's fight against Russia.

Why it matters: The Ukrainian military uses SpaceX's Starlink satellite communications system to control and operate its reconnaissance and intercept drones. When Starlink doesn't operate at full capacity, Ukraine's ability to gather intelligence, use interceptor drones and conduct long-range strikes against Russia is impeded.

The Trump administration is threatening emergency court action unless California officials investigate potential ineligible voters within 48 hours and set aside ballots from anyone whose citizenship they cannot verify, according to two letters sent to state officials from the Justice Department.

Why it matters: With voting already underway, President Trump's DOJ could delay ballots from eligible Californians mistakenly flagged as noncitizens and set up a court fight just three weeks before Election Day.

President Trump has directed his White House counsel to examine explosive allegations dropped on him Friday in the Oval Office:

• Former Trump attorney Alina Habba told the president that another one of his top advisers — former Kennedy Center leader Ric Grenell — failed to deposit a multimillion-dollar donation that her billionaire husband made to the center a year ago, according to four senior administration officials and three insiders briefed on the controversy.
• Grenell denied the accusations as "absurd" and a "lie."
• Habba and her husband, Turhan Mildon, declined to comment through a spokesperson.

Why it matters: The extraordinary row between the two top-tier presidential advisers and former allies provides a rare and acrimonious behind-the-scenes glimpse into the intersection of power, influence and money in Trump's Washington.