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Photo: Mark Wilson/Getty Images

The White House released a statement Wednesday suggesting it would veto the SHIELD Act (Stopping Harmful Interference in Elections for a Lasting Democracy) passed by the House, which would require federal campaigns to report foreign election influence.

The big picture: The White House argues that the SHIELD Act would "result in significant over reporting to the FBI and FEC, leading to fruitless inquiries and wasted time and resources." It acknowledged the importance of limiting foreign election interference, but argued that the bill would "produce harmful unintended consequences without achieving that goal."

  • Special counsel Robert Mueller testified in July that many countries are working to replicate Russia's interference in the 2016 elections and that "they expect to do it during the next campaign." The bipartisan Senate Intelligence Committee provided further evidence this month that the Kremlin sought to tilt the 2016 presidential election in President Trump's favor.
  • In the second volume of its report, the committee recommended that the Trump administration "reinforce with the public the danger of attempted foreign interference in the 2020 election." Trump has ridiculed the idea that Russia interfered in the 2016 presidential election as recently as August.

Go deeper: Trump calls on foreign power to interfere in U.S. election for third time

Go deeper

Ina Fried, author of Login
23 mins ago - Economy & Business

The pandemic isn't slowing tech

Illustration: Eniola Odetunde/Axios

Thursday's deluge of Big Tech earnings reports showed one thing pretty clearly: COVID-19 may be bad in all sorts of ways, but it's not slowing down the largest tech companies. If anything, it's helping some companies, like Amazon and Apple.

Yes, but: With the pandemic once again worsening in the U.S. and Europe, it's not clear how long the tech industry's winning streak can last.

Texas early voting surpasses 2016's total turnout

Early voting in Austin earlier this month. Photo: Sergio Flores/Getty Images

Texas' early and mail-in voting totals for the 2020 election have surpassed the state's total voter turnout in 2016, with 9,009,850 ballots already cast compared to 8,969,226 in the last presidential cycle.

Why it matters: The state's 38 Electoral College votes are in play — and could deliver a knockout blow for Joe Biden over President Trump — despite the fact that it hasn't backed a Democrat for president since 1976.

Wall Street braces for more turbulence ahead of Election Day

Illustration: Eniola Odetunde/Axios

Wall Street is digging in for a potentially rocky period as Election Day gets closer.

Why it matters: Investors are facing a "three-headed monster," Brian Belski, chief investment strategist at BMO Capital Markets, tells Axios — a worsening pandemic, an economic stimulus package in limbo, and an imminent election.