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National

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Elizabeth Holmes today continued testifying in her criminal fraud trial, after unexpectedly taking the stand in her own defense on Friday. 

The latest: The former Theranos CEO sought to undermine prosecutor claims that she lied to prospective investors about the blood testing company's work with drug makers.

Her basic message seems to be: I had at least some reason to believe what I was sharing was true, even if it wasn't actually true.

The stakes: Holmes, who once was the toast of Silicon Valley, could face up to 20 years in prison if convicted. 

The scene: Today's hearing was abbreviated after beginning late for undisclosed reasons, even though Holmes was at the San Jose, Calif. courthouse on time, and she'll still be on the stand when proceedings resume on Tuesday.

The bottom line: The defense is rolling some big dice by putting their client on the stand. Either they believe Holmes can come across as more credible than prosecution witnesses, thus winning over the jury, or they feel they have no other choice. 

Ex-Theranos CEO Elizabeth Holmes testifies in her own defense

The former Theranos CEO sought to undermine prosecutor claims that she lied to prospective investors.

Photo illustration: Aïda Amer. Photo: Taylor Hill/FilmMagic via Getty Images.

Theranos

Technology

Hill Leaders

Axios Hill Leaders

President Biden's nomination of Jerome Powell for a second term as chairman of the Federal Reserve shows Biden's willingness to stare down progressives to get his cherished Build Back Better legislation through the Senate and into law.

Why it matters: Inflation is threatening Biden’s $2 trillion social spending and climate package, and Biden wants to save his political capital with moderates for that fight.

Driving the news: Biden wasn’t willing to forsake Powell for a marginally more progressive candidate, like Fed governor Lael Brainard, simply to appease Sen. Elizabeth Warren (D-Mass.), who called Powell a “dangerous man” to his face in September.

Instead, Biden named Brainard vice chair.

The big picture: Powell and Brainard, colleagues on the Fed, appear not to have substantially different views on inflation and how quickly to remove stimulus from the economy.

Biden's move opts for continuity and an easy confirmation process over a symbolic fight that could have risked market turmoil.

What they are saying: Biden’s gambit appears to have worked, with important Senate Democrats, and Republicans, promising to confirm him. 

“I look forward to working with Powell to stand up to Wall Street and stand up for workers,” said Senate Banking Committee Chairman Sherrod Brown (D-Ohio).

After clearing his throat about Powell and inflation, Pat Toomey (R-Pa.), the ranking Republican on banking, got behind him: “I look forward to supporting his confirmation,” he said.

Former Treasury Secretary Larry Summers, a persistent Biden critic on inflation, was all praise today: “The institution is in good hands,” he tweeted.

The other side: Warren vowed to oppose Powell while promising to support Brainard. 

But her Powell criticism was muted, and she seemed more focused on fighting for a strong vice chair for bank supervision, which Biden didn’t fill today. 

“This position must be filled by a strong regulator with a proven track record of tough and effective enforcement — and it needs to be done quickly,” Warren said.

What we're watching: Biden hinted that progressives may be more pleased with his future Fed picks, promising that diversity would be a key factor in filling three other positions. 

“While Jay and Lael bring continuity and stability to the Fed, my additions will bring new perspectives and new voices,” he said.

Besides inflation, the Fed is confronting challenges traditionally outside its purview — from climate change to cryptocurrency regulation. Bloomberg News has deemed these “tricky economic problems” among the most complicated in the Fed’s 107-year history. 

Biden's Fed pick puts progressives on notice

The president is saving his political capital with moderates to push for passage of his Build Back Better plan.

Fed chair Jerome Powell walks to a podium with American flags in the background as President Biden watches

Powell and Biden. Photo: Alex Wong/Getty Images

Jerome Powell

Federal Reserve

2024 will be an election year like no other, as President Biden seeks re-election amid economic uncertainty, two wars and questions about his age. His likely foe, former President Trump, faces felony charges and vows revenge on his political enemies. Meanwhile, Americans generally are dissatisfied with those choices and are divided over immigration, race, education and more.

Politics & Policy

Top stories & latest news on the Federal Reserve, real-time data, plus the biggest shifts happening in the U.S. and global economy.

Economy

After a record economic expansion, the coronavirus pandemic sent the U.S. economy into a recession as unemployment soared to staggering heights. The country now faces urgent questions about how much stimulus is needed for reeling consumers and businesses, and what a recovery might look like.

Economy & Business

Jonathan Swan presses Rashida Tlaib on her support for abolishing federal prisons | Axios on HBO

On "Axios on HBO," Jonathan Swan challenged Rep. Rashida Tlaib (D-Mich.) on the sweep of a plan for closing federal prisons that she has endorsed, and is supported by some criminal-justice activists.

"[E]veryone's like, 'Oh my God, we're going to just release everybody.' That's not — ," Tlaib said. 

Swan interjected that the BREATHE Act "actually says: Release everyone" from federal prisons over 10 years.

Why it matters: While prison reform is a mainstream position within the Democratic Party, federal prison abolition — which Tlaib has advocated — is not. These law-and-order issues have come to the center of political contests throughout the country as crime rates have risen.

Swan asked to what extent Tlaib has wrestled with potential downsides to the reforms she backs — namely that the federal prison population contains dangerous criminals. 

Tlaib: "But did you see how many people are mentally ill that are in prison right now?"

Swan: "But there are, like, human traffickers."

Tlaib: "Oh, I know. ... Look at who's in prison now ... folks that are mentally ill, that have substance-abuse problems ... And obviously there's a process of looking at how can we get away from mass incarceration, and move towards care first." 

Rashida Tlaib warns of “corporate Dems” killing Biden bill

Rashida Tlaib calls filibuster an instrument of racism

"Axios on HBO": Swan challenges Tlaib on emptying federal prisons

These law-and-order issues have come to the center of political contests throughout the country.

Axios on HBO

Law enforcement officials have identified Darrell Brooks, 39, as the alleged driver of an SUV that plowed into a crowd gathered at a Christmas parade in Waukesha, Wisconsin, Sunday evening.

The big picture: Waukesha Police Chief Daniel Thompson said Monday that the driver killed five people and injured at least 48 others, adding that officials "are confident he acted alone" and there was no evidence of terrorism.

The police chief added that they believe Brooks had been involved in a "domestic disturbance" before allegedly driving his car through the crowd.

Thompson said Brooks left the scene of the domestic disturbance "just prior" to the arrival of police.

"Many people have self-transported to area hospitals" following the incident, the Waukesha Police Department said in a statement earlier Monday. Officials also confirmed that a person of interest had been taken into custody.

The Waukesha Police Department released the names of the five victims on Monday afternoon.

Details: In the past two years Brooks has been charged three times with reckless endangerment of others and has two open cases against him, the Milwaukee Journal Sentinel reported.

In the most recent case, opened on Nov. 5 for an alleged domestic violence offense, Brooks was charged with "resisting or obstructing an officer, second-degree recklessly endangering safety, disorderly conduct, bail jumping and battery," AP reported.

A woman told police that Brooks had run her "over with his vehicle" in a gas station parking lot, after he follower her there after a fight, causing her to be hospitalized, per the Journal Sentinel.

Brooks was released from jail after posting a $1,000 bond on Friday, the Journal Sentinel reported.

In a previous case from July 2020, Brooks was charged with "reckless endangering and illegal possession of a firearm," according to AP.

 Editor's note: This is a developing story. Please check back for updates.

Editor's note: This story has been corrected to say law enforcement officials identified Darrell Brooks, 39, as the suspected driver of the SUV.

Darrell Brooks identified as Waukesha parade crash suspect

Officials are investigating the possibility that the man had been fleeing from a crime at the time of the incident.

Police and emergency personnel in Waukesha, Wisconsin

Police and emergency personnel work at the scene of the crash on Nov. 21, in Waukesha, Wis. Photo: Jim Vondruska/Getty Images

Wisconsin

A New York state Assembly investigation released Monday found that former Gov. Andrew Cuomo "engaged in multiple instances of sexual harassment," substantiating allegations made in a report by the state attorney general earlier this year.

Driving the news: Assembly Speaker Carl Heastie commissioned the report in March to determine if there was evidence to support a potential impeachment of Cuomo.

Heastie enlisted the Assembly Judiciary Committee, which asked white-shoe law firm Davis Polk & Wardwell to conduct the investigation.

The report found "overwhelming evidence" that Cuomo "engaged in sexual harassment."

The report also found that Cu0mo "utilized the time of multiple state employees" to write a book while coordinating the COVID-19 pandemic response. The book contract guaranteed him $5.2 million in royalty advances, with the potential for more if the book did well, the report says.

The report also concluded that Cuomo's office altered reports on COVID-19 nursing home deaths to "combat criticisms" about his handling of the pandemic.

What they're saying: “I [want] to acknowledge everyone who participated in all of the investigations for their cooperation, particularly the brave women who stepped forward," Heastie said in a statement. 

"The former governor’s conduct — as shown in this report — is extremely disturbing and is indicative of someone who is not fit for office," New York Judiciary Committee Chair Charles Lavine said in the statement.

The other side: "The Assembly report is hypocritical, revisionist and damns themselves as the Assemble effectively forces employees to volunteer on their political partisan campaigns as standard practice," Cuomo spokesperson Rich Azzopardi said in a statement.

Editor's note: This article has been updated with a statement from Cuomo's spokesperson.

New York Assembly Cuomo report

"Overwhelming evidence" Cuomo engaged in misconduct

The report was commissioned to determine if there was evidence to support a potential impeachment of Cuomo.

Gov. Andrew Cuomo. Photo: Lev Radin/Pacific Press/LightRocket via Getty Images

Andrew Cuomo

More than 90% of the 3.5 million federal workers received at least one dose of a coronavirus vaccine by Monday, the deadline set by President Biden in September, a senior administration official told Axios.

Why it matters: The official said the administration hopes that private businesses can use the federal government's worker vaccine mandate as an example to implement their own requirements for workers.

The Occupational Safety and Health Administration issued a rule on Nov. 4 that would require large companies to mandate COVID vaccines for employees or impose weekly testing or face federal fines, but that mandate has been placed on hold after being challenged by multiple states in court.

What they're saying: "These numbers make one thing perfectly clear: vaccination requirements work," the administration official said in a statement.

"We have done this with the largest workforce in the United States, with more than 3.5 million covered employees across the country and around the world in diverse roles. And we have done this without disruptions to critical services people depend on," the official added.

The big picture: 95% of federal workers have received at least one vaccination dose or have a pending exemption or extension request.

Biden signed an executive order on Sept. 9 that required all federal workers to get vaccinated within 75 days. The order did not give workers the option to get regularly tested instead, though it did offer medical or religious exemptions.

What's next: The official said the Office of Management and Budget will release a chart Wednesday that will summarize agency compliance rates.

Go deeper: Health groups urge businesses to voluntarily implement Biden's vaccine rule

More than 90% of federal workers got COVID shot before deadline

"These numbers make one thing perfectly clear: vaccination requirements work," an official said.

A heath care worker preparing a dose of coronavirus vaccine in Oklahoma City, Oklahoma, on Nov. 17.

A health care worker preparing a dose of coronavirus vaccine in Oklahoma City, Okla., on Nov. 17. Photo: Nick Oxford/Bloomberg via Getty Images

Federal workforce

Coronavirus

The U.S. health system faces critical questions about cost, access and equity. Technological advances and new discoveries about diseases like cancer and Alzheimer’s are transforming patient care and reshaping public health.

Health

The longstanding feud between Tesla CEO Elon Musk and JPMorgan Chase chairman and CEO Jamie Dimon has bubbled up over a breach of contract lawsuit, the Wall Street Journal reported Monday.

Mogul feud: Musk v Dimon

Efforts by Dimon and Musk to reconcile have not succeeded.

Axios

Monday's top stories

Ex-Theranos CEO Elizabeth Holmes testifies in her own defense

Biden's Fed pick puts progressives on notice

"Axios on HBO": Swan challenges Tlaib on emptying federal prisons

Darrell Brooks identified as Waukesha parade crash suspect

"Overwhelming evidence" Cuomo engaged in misconduct

More than 90% of federal workers got COVID shot before deadline

Mogul feud: Musk v Dimon

Biden taps Jerome Powell for another term at the Fed

China's Peng Shuai scandal is far from over

Turkey crunch: Plenty of birds, shortage of sides

Multiple fatalities after SUV plows into Christmas parade in Wisconsin