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Dodd-Frank is not choking off lending, Fed Chair Janet Yellen told the Senate Banking Committee. That's counter to what Trump said about the law needing to be rolled back because "I have so many people, friends of mine, who have nice businesses who can't borrow money," due to the law.

At the behest of Elizabeth Warren, Yellen contradicted this impression, saying that " we have seen healthy growth in actual lending in the economy," since the passage of Dodd-Frank, and that overall lending has surpassed its 2008 peak.

Why this matters: the Trump administration wants to dismantle Dodd-Frank and likes to use how it's depressed useful financial activity, like lending, as a reason. That' why Trump brought it up recently. The claim doesn't hold water.

From earlier here's Yellen's opening statement: Janet Yellen bullish on the U.S. economy

Go deeper

The rebellion against Silicon Valley (the place)

Photo illustration: Sarah Grillo/Axios. Smith Collection/Gado via Getty Images

Silicon Valley may be a "state of mind," but it's also very much a real enclave in Northern California. Now, a growing faction of the tech industry is boycotting it.

Why it matters: The Bay Area is facing for the first time the prospect of losing its crown as the top destination for tech workers and startups — which could have an economic impact on the region and force it to reckon with its local issues.

Erica Pandey, author of @Work
1 hour ago - Economy & Business

Telework's tax mess

Illustration: Annelise Capossela/Axios

As teleworkers flit from city to city, they're creating a huge tax mess.

Why it matters: Our tax laws aren't built for telecommuting, and this new way of working could have dire implications for city and state budgets.

Wanted: New media bosses, everywhere

Illustration: Sarah Grillo/Axios

The Washington Post, Los Angeles Times, Reuters, HuffPost and Wired are all looking for new editors. Soon, The New York Times will be too.

Why it matters: The new hires will reflect a new generation — one that's addicted to technology, demands accountability and expects diversity to be a priority.

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