Steve Helber/AP

The creation of the Consumer Financial Protection Bureau is arguably the Obama administration's biggest achievement next to Obamacare, and the Republican Party has a plan to take it down.

Rep. Jeb Hensarling, the Republican Financial Services Committee Chair, writes in the Wall Street Journal Thursday morning that Congress and the president could defund the CFPB through budget reconciliation— eliminating the ability of the Federal Reserve to fund the agency over the heads of Congress — and crippling the agency without having to overcome a Democratic filibuster in the Senate.

Why it matters: The Trump Administration wants to reform financial regulation, but has offered few specifics on the CFPB, which says it has returned $11.7 billion in ill-gotten gains to 27 million consumers from financial services companies since its inception in 2011. Picking such a public fight with an agency that fights for consumers against banks may not be wise politics, so another strategy would be to replace the current head Richard Cordray with a less zealous regulator. Republicans have called on Trump to fire Cordray now before the expiration of his appointment in 2018, though whether the president has the authority to do so is up for debate.

Go deeper

2 hours ago - World

U.S. policy shift will allow taxpayer funding for projects in West Bank settlements

Friedman (L) with Netanyahu. Photo: Menahem Kahana/AFP via Getty Images

The U.S. and Israel will announce tomorrow that they are expanding three agreements on scientific cooperation to include Israeli settlements in the West Bank, Israeli and U.S. officials tell me.

Why it matters: This is a substantial policy shift for the U.S., which did not previously allow its taxpayers' money to be spent in the Israeli settlements.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Obama: Trump is "jealous of COVID's media coverage" Axios-Ipsos poll: Federal response has only gotten worse.
  2. Health: Hospitals face a crush — 13 states set single-day case records last week.
  3. Business: Winter threat spurs new surge of startup activity.
  4. Media: Pandemic causes TV providers to lose the most subscribers ever.
  5. States: Nearly two dozen Minnesota cases traced to three Trump campaign events.
  6. World: Putin mandates face masks.

McConnell: Confirming Amy Coney Barrett will help GOP retain Senate

Photo: Samuel Corum/Getty Images

Senate Majority Leader Mitch McConnell (R-Ky.) expressed no regrets about Judge Amy Coney Barrett's controversial confirmation, telling Politico in an interview that he believes the decision to place her on the Supreme Court just a week before the election will help Republicans retain the Senate.

Why it matters: With a week to go until Election Day, many Republicans are concerned that President Trump's unpopularity could cost them the Senate. McConnell has long viewed the transformation of the federal judiciary through the confirmation of young conservative judges as his defining legacy.