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.

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Updated 8 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 9:30 p.m. ET: 20,004,254 — Total deaths: 733,929 — Total recoveries — 12,209,226Map.
  2. U.S.: Total confirmed cases as of 9:30 p.m. ET: 5,088,516 — Total deaths: 163,400 — Total recoveries: 1,670,755 — Total tests: 62,513,174Map.
  3. Politics: Trump claims he would have not called for Obama to resign over 160,000 virus deathsHouse will not hold votes until Sept. 14 unless stimulus deal is reached.
  4. Business: Richer Americans are more comfortable eating out.
  5. Public health: 5 states set single-day coronavirus case records last week — A dual coronavirus and flu threat is set to deliver a winter from hell.
  6. Sports: The cost of kids losing gym class — College football is on the brink.
  7. World: Europe's CDC recommends new restrictions amid "true resurgence in cases."

AOC to speak at Dem convention

Rep. Alexandria Ocasio-Cortez during an April a press conference in Queens, New York City. Photo: Scott Heins/Getty Images)

Rep. Alexandria Ocasio-Cortez will speak at the Democratic convention next week ahead of Sen. Bernie Sanders' appearance on the Tuesday night, CNN first reported and Axios has confirmed

Why it matters: Her involvement is a strategic decision to energize young progressives without tying former Vice President Joe Biden too closely or directly with her agenda.

1 hour ago - World

Protests in Belarus turn deadly following sham election

An arrest today in Minsk. Photo: Natalia Fedosenko/TASS via Getty

Protesters and security forces are clashing across Belarus tonight, with at least one person dead, hundreds injured and thousands arrested.

Why it matters: Sunday’s rigged presidential elections have yielded political uncertainty unlike any seen in Aleksander Lukashenko’s 26-year tenure. After claiming an implausible 80% of the vote, Lukashenko is using every tool in the authoritarian arsenal to maintain his grip on power.