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

8 hours ago - Health

Fauci says if people won't wear masks, maybe it should be mandated

Anthony Fauci. Photo: Graeme Jennings- Pool/Getty Images

NIAID director Anthony Fauci told CNN on Friday evening that if "people are not wearing masks, then maybe we should be mandating it."

Why it matters: Fauci made the comments the same day the U.S. hit its highest daily COVID-19 case count since the pandemic began.

Harris to Black voters: Casting a ballot is about honoring your ancestors

Democratic vice presidential nominee Kamala Harris speaks at a "Get Out The Vote" rally at Morehouse College. Photo: Elijah Nouvelage/AFP via Getty Images

Sen. Kamala Harris appealed to Black voters in Georgia on Friday, urging them to "honor the ancestors" by casting ballots, and again calling President Trump a "racist."

Why it matters: The U.S. saw a significant decline in African-American voter turnout between 2012 and 2016, reaching its lowest point since 2000. Higher turnout among Black Americans this year could tip the balance in favor of Democrats in key battleground states, including Georgia.

Updated 9 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Fauci: Trump hasn't been to a COVID task force meeting in months.
  2. Sports: The youth sports exodus continues — Big Ten football is back.
  3. Health: U.S. hits highest daily COVID-19 case count since pandemic began —AstraZeneca to resume vaccine trial in U.S.How to help save 130,000 lives.
  4. Retail: Santa won't greet kids at Macy's this year.
  5. World: Spain and France exceed 1 million cases.

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