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Trump shrinks Utah national monuments by millions of acres

Erica Pandey, author of @Work

Trump visits a food pantry in Utah. Photo: Evan Vucci / AP

President Trump signed two presidential proclamations Monday to scale back the Bears Ears and Grand Staircase-Escalante national monuments in Utah, opening federally-owned public lands for private development. The Bears Ears monument is shrinking from 1.5 million acres to 220,000 acres and the Grand Staircase-Escalante is going from 2 million acres to 1 million acres, per a pool report.

The backdrop: Trump's move received mixed reviews, with Utah Sens. Orrin Hatch and Mike Lee cheering alongside the audience at Trump's Salt Lake City rally and protestors opposing the decision in Utah and outside the White House.

More from Trump's speech:

  • He encouraged Utah's senior senator Orrin Hatch to run for re-election.
  • On Secretary of the Interior Ryan Zinke: "Does he know the interior? He knows it, he loves it. He loves seeing it and riding on it."

Go deeper

Dan Primack, author of Pro Rata
56 mins ago - Economy & Business

Trump blocks banks from limiting loans to gun and oil companies

Illustration: Sarah Grillo/Axios

Big banks are no longer allowed to reject business loan applicants because of the industry in which they operate, according to a new rule finalized on Thursday by the Trump administration.

Why it matters: Wall Street has curtailed its exposure to industries like guns, oil and private prisons, driven by both public and shareholder pressures. This new rule could reverse that trend.

Go deeper (1 min. read)Arrow
Ursula Perano
2 hours ago - Politics & Policy

Former FDA commissioner: "Reliable drug supply is absolutely critical"

Axios' Caitlin Owens and former FDA commissioner Mark McClellan. Photo courtesy of Axios Events

Having a reliable supply of pharmaceutical drugs throughout America will be "absolutely critical" to boosting affordability in health care during the Biden administration, former Food and Drug Administration (FDA) commissioner Mark McClellan said at a virtual Axios Event on Friday.

The big picture: McClellan, who served under President George W. Bush, says drugs having limited supply and limited competition leads to elevated pricing. He considers drug supply to be a national security and public health issue.

Go deeper (<1 min. read)Arrow
Felix Salmon, author of Capital
4 hours ago - Economy & Business

Americans are still spending money

Source: Census Bureau; Chart: Axios Visuals

Americans spent more money at stores and restaurants in 2020 than they did in 2019 — even in the face of a devastating global pandemic that shut down broad sectors of the economy.

Why it matters: The monthly retail sales report this morning came in well below expectations, and showed consumer spending falling on a seasonally-adjusted basis. Total expenditures were still higher in December 2020 than they were a year previously, however.

Go deeper (<1 min. read)Arrow