President Trump speaks at GOP retreat in Philadelphia. (Pablo Martinez Monsivais/AP)

President Trump is planning to kill a program that would have encouraged startup company founders to immigrate to the United States, according to a draft executive order viewed by Axios.

What is the program: The International Entrepreneur Rule (IER) generally would make special immigration exceptions for foreign entrepreneurs who meet all of these requirements:

  • Formed new U.S. business within the past five years;
  • Has significant ownership and/or operational involvement in the business;
  • Has raised at least $250,000 in venture capital from U.S. investors (or grant equivalents) for the business.

Such so-called immigration "paroles" would last for 2.5 years, and can be extended if the entrepreneur can demonstrate business growth in terms of factors like job creation, revenue growth and additional investment. The Department of Homeland Security can revoke these paroles at any time. The rule was only passed two weeks ago (after years of work), and was slated to go into effect this July.

Isn't that called Startup Visa? No. Startup Visa is very similar in terms of intent, but that would be legislation that remains stuck in Congressional limbo (despite GOP sponsorship). IER was a workaround formulated by the Obama Administration, which also supported Startup Visa.

Trump plan: The proposed executive order (dated 1/23/17) would "immediately terminate all existing parole, guidance and programs... that circumvent statutory immigration policy." Axios has spoken with two professionals familiar with IER, and both agree this EO sets the stage for its termination.

Is it surprising? Not really, since the Obama Administration passed IER via executive order just days before Trump took office. On the other hand, the rule is explicitly tied to the creation of American jobs, which Trump has claimed to be his top priority.

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Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.