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Tom Barrack speaking at a symposium in Tokyo in March 2019. Photo: Kiyoshi Ota/Bloomberg via Getty Images

Real estate investor Tom Barrack paid a federal court a bond of $250 million to get out of jail on Friday while awaiting trial after he was arrested and charged with acting as an unregistered foreign agent for the United Arab Emirates earlier this week, AP reports.

Driving the news: A federal judge also ordered Barrack, a longtime ally of former President Trump and chair of his inaugural committee, to wear a GPS monitoring bracelet at all times and barred him from transferring funds overseas.

The Department of Justice in court filings called Barrack a flight risk because of his vast wealth and asked that he be held in custody as he's transferred to New York for his arraignment in federal court in Brooklyn on Monday, according to CNN.

  • The filings also alleged that Barrack has connections with seniors leaders of the UAE and Saudi Arabia, two countries that do not have extradition treaties with the United States.
  • The federal judge restricted his travel to parts of Southern California and New York.

The big picture: The Justice Department said Barrack and his accomplices attempted to advance the interests of the UAE by influencing the foreign policy positions of Trump's campaign in 2016 and, subsequently, the positions of the U.S. government in the incoming administration.

Go deeper: Trump confidante Tom Barrack's fall from grace

Go deeper

Updated Aug 20, 2021 - Politics & Policy

DOJ asks Supreme Court for last minute stay over Trump's "Remain in Mexico" program

Attorney General Merrick Garland. Photo: Samuel Corum/Bloomberg via Getty Images

The Biden administration is asking the U.S. Supreme Court to suspend a lower court's order that would force the administration to reinstate one of President Trump's border policies, which left tens of thousands of migrants to await asylum hearings in Mexico.

Why it matters: Ending the controversial Migrant Protection Protocols (MPP) policy was one of President Biden’s campaign promises, and he suspended the program on his first day in office. The administration has now brought thousands of impacted migrants into the United States — some of whom waited years in Mexico.

The debt ceiling stare down

Illustration: Aïda Amer/Axios

Congress is fast approaching its deadline to raise the debt ceiling or risk defaulting on the nation's debt, and, as of now, there's no serious plan to stave off what many members are calling the worst-case scenario.

Why it matters: The U.S. has never defaulted on its debt. If Congress doesn't take "extraordinary measures" to finance the government, it would "likely cause irreparable damage to the U.S. economy and global financial markets," Treasury Secretary Janet Yellen warned last week.

1 hour ago - Politics & Policy

White House fights for extra IRS funding

Illustration: Sarah Grillo/Axios

The Biden administration is aggressively defending its plan to invest $80 billion in the IRS to bring in an estimated $700 billion in new revenue, a memo obtained by Axios shows.

Why it matters: President Biden and his team view tax enforcement as one of the most politically palatable ways to help pay for their new spending plans, from universal preschool to free community college — especially in light of Republican criticism.