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Rep. Yvette Clarke. Photo: Chuck Kennedy/Axios

The tax breaks extended to Amazon for its New York office expansion will be an economic "multiplier" but the company must be held accountable for bringing that to bear, Rep. Yvette Clarke (D-NY) said Wednesday at an Axios event.

Why it matters: The deal has drawn intense criticism from New York policymakers who say the billions in tax breaks Amazon will get to come to a Queens community aren't warranted.

Details:

  • Clarke said it was her "understanding" that the tax breaks "will have a multiplier effect that will bring even more into the economy."
  • “The challenge has been how we make it so," he said.
  • She said that fears of displacement among New Yorkers were founded in some instances and it was important that companies who reach deals with the city were held accountable for their promises.

What to watch: Amazon doesn't need City Council approval for its deal in New York, but lawmakers there can still keep the pressure on.

Go deeper

Dion Rabouin, author of Markets
32 mins ago - Economy & Business

How GameStop exposed the market

Illustration: Eniola Odetunde/Axios

Retail traders have found a cheat code for the stock market, and barring some major action from regulatory authorities or a massive turn in their favored companies, they're going to keep using it to score "tendies" and turn Wall Street on its head.

What's happening: The share prices of companies like GameStop are rocketing higher, based largely on the social media organizing of a 3-million strong group of Redditors who are eagerly piling into companies that big hedge funds are short selling, or betting will fall in price.

Caitlin Owens, author of Vitals
1 hour ago - Health

Who benefits from Biden's move to reopen ACA enrollment

Photo: Chip Somodevilla/Getty Images

Nearly 15 million Americans who are currently uninsured are eligible for coverage on the Affordable Care Act marketplaces, and more than half of them would qualify for subsidies, according to a new Kaiser Family Foundation brief.

Why it matters: President Biden is expected to announce today that he'll be reopening the marketplaces for a special enrollment period from Feb. 15 to May 15, but getting a significant number of people to sign up for coverage will likely require targeted outreach.

2 hours ago - Technology

Big Tech bolts politics

Illustration: Eniola Odetunde/Axios

Big Tech fed politics. Then it bled politics. Now it wants to be dead to politics. 

Why it matters: The social platforms that profited massively on politics and free speech suddenly want a way out — or at least a way to hide until the heat cools.