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| Presented By Bank of America |
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| Axios AM |
| By Mike Allen · Oct 14, 2022 |
| Happy Friday. Smart Brevity™ count: 1,197 words ... 4½ minutes. Edited by Noah Bressner. 📈 The Axios BFD, our inaugural dealmaker summit, will be Wed., Oct. 26, in Manhattan. Hear from Mark Cuban, NYSE president Lynn Martin, ESPN chair James Pitaro and more. Want to attend? Request an invite. |
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| 1 big thing: Biden's big duck |
President Biden and Rep. Karen Bass (D-Calif.), a candidate for L.A. mayor, visit a taco shop in Westwood yesterday. Photo: Kevin Lamarque/Reuters 25 days before the election, President Biden is skipping the raucous rallies President Obama and President Trump headlined before their first midterms, as they crisscrossed the country making closing arguments. - Instead, he's flexing his executive authority with targeted trips on Air Force One and White House decrees to boost key demographic groups, Axios' Hans Nichols reports.
At a stop today in Irvine, Calif., Biden will sign an executive order directing HHS to look at ways to lower prescription drug costs, according to a White House official. - Then he'll fly to Portland, Ore., where he'll accuse Republicans of planning to gut Medicare.
Why it matters: The swing is a chance for him to recast yesterday's blistering headline of 8.2% inflation by highlighting what his Inflation Reduction Act will do to lower prescription drug costs. Between the lines: On the road, executive actions can be calibrated to a specific locality — or a key Senate race. - In Colorado on Wednesday, Biden declared the area surrounding Camp Hale a national monument, effectively preventing oil and gas drilling across some 436 square miles — and giving Sen. Michael Bennet (D-Colo.) a pre-election victory.
🧮 By the numbers: Biden has yet to headline any campaign rallies this month where he is in front of big audiences to make his closing argument. - By contrast, in October of 2018, President Trump held 15 rallies across the country, according to data compiled by Brendan Doherty, a U.S. Naval Academy professor.
- President Obama hosted 12 rallies in October 2010.
But last week, Biden pardoned anyone convicted of a federal marijuana charge, acceding to a key demand from younger voters. - In August, after previously claiming that he needed congressional authorization to act on student loan relief, he announced he would cancel up to $20,000 in student debt.
The bottom line: With his approval rating underwater, Biden isn't landing Air Force One in battlegrounds where he's underwater in the polls. - On a West Coast swing this week, he skipped Nevada and Arizona — two of the most competitive Senate races.
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| 2. 🏛️ Stunning images of leaders in hiding |
| Image: House Select Committee via AP Historic video of congressional leaders in a secure location — made by documentarian Alexandra Pelosi, Speaker Pelosi's daughter — was played during the House Jan. 6 committee's fall season-opener. - Above: Speaker Pelosi, then-Senate Minority Leader Chuck Schumer and House Majority Leader Steny Hoyer (D-Md.) talk into a phone to acting Defense Secretary Chris Miller.
Photo: House Select Committee via AP Alexandra Pelosi "was present to capture her mother during the historic day," the WashPost's Jacqueline Alemany tweeted. Photo: House Select Committee via AP |
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| 3. 🐊 Valet named as Mar-a-Lago witness |
| President-elect Trump arrives to speak to reporters at Mar-a-Lago on Dec. 28, 2016. Photo: Evan Vucci/AP A former Oval Office valet for President Trump — who then followed him to Mar-a-Lago — has been a key witness for the DOJ and FBI investigation, The Washington Post reports. - Walt Nauta, a Navy veteran, "moved boxes at the former president's request at a time when the government was seeking the return of classified material, including some highly sensitive items," according to the Post.
Information from Nauta offers "the most direct account to date" of Trump's actions before the FBI's Aug. 8 search. |
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| A message from Bank of America |
| Revitalizing a historic Houston neighborhood |
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| With leadership from the Fifth Ward Redevelopment Corporation, community residents are gaining access to affordable housing and experiencing the economic benefits of home ownership. Watch how Bank of America is supporting these efforts in the Lonestar State. |
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| 4. Dems' big flop on Big Tech |
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| Illustration: Aïda Amer/Axios |
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| Democrats talked a big game about reining in Big Tech. But after nearly two years of controlling the agenda in Washington, they've got little to show for it, Axios' Margaret Harding McGill reports. - Why it matters: With Democrats' House majority likely ticking down, pledges to tackle data surveillance, among other issues, haven't translated into new laws.
Lawmakers already have a packed schedule for the lame-duck session — after midterms, and before the new Congress — to fund the government and consider proposals on marriage equality and election reform. - That leaves little time for tech policy bills — even those with some bipartisan support, such as antitrust and privacy measures.
What happened: High-profile bills that would heap new regulations on the tech industry have advanced, but they've yet to cross the finish line: - Antitrust: The House Judiciary Committee passed a package of bills that would alter how Amazon, Apple, Google and Meta operate after a marathon markup in June 2021, and the Senate Judiciary Committee passed some similar measures earlier this year. But despite a pressure campaign from supporters for a Senate floor vote before the summer recess, the most ambitious antitrust proposals have stalled.
- Privacy: Democratic and Republican leaders of the House Energy and Commerce Committee authored a federal privacy bill that passed out of their committee by a bipartisan vote in July. But Speaker Pelosi voiced reservations about the potential of the American Data and Privacy Protection Act to impinge on California's privacy law.
- Children's online safety — Revelations from Facebook whistleblower Frances Haugen spurred hearings + legislation aimed at forcing companies to better protect the interests of children online. The Kids Online Safety Act from Sens. Richard Blumenthal (D-Conn.) and Marsha Blackburn (R-Tenn.) advanced from the Senate Commerce Committee in July. But neither has companion legislation in the House.
The bottom line: Tech regulation lost out to COVID, the economy and the climate-health-tax package for much of this Congress. 🔮 What's next: If Republicans win control, their natural antipathy toward new market restrictions could prove to be an even bigger barrier to tech regulation. |
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| 5. Mortgages hit 20-year high |
 Data: FactSet. Chart: Axios Markets Mortgage rates are at their highest point since April 2002, Matt Phillips writes for Axios Markets. - Why it matters: The recent surge in rates has slammed the brakes on activity in the residential real estate sector.
🧮 By the numbers: The average rate on a 30-year fixed rate mortgage hit 6.92%, according to Freddie Mac. Just a year ago it hovered around 3%. - In October 2021, the principal and interest payment on the median-priced American home was about $1,500 a month, according to Matt's tinkering on Bankrate's mortgage calculator.
- Now: It's nearly $2,400 a month — almost $900 more.
👀 What we're watching: Plunging housing affordability could become a contentious political issue. The bottom line: The Fed's rate increase regimen is designed to slow the economy. It's working — and the housing slump is well underway. |
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| 6. 🇰🇵 Charted: North Korea's test spree |
 Data: CSIS Missile Threat, Axios. Chart: Jacque Schrag/Axios North Korea says it tested two long-range cruise missiles this week that could carry tactical nuclear weapons. - What to watch: We're still waiting on North Korea's seventh nuclear test, which U.S. and South Korean officials believe could happen at virtually any time, Dave Lawler writes for Axios World.
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| 7. 💬 Euphemism of the week |
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| 8. 🎥 1 screen thing: New Netflix tier |
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| Illustration: Brendan Lynch/Axios |
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| After years of avoiding them, Netflix said yesterday it finally plans to debut a cheaper tier with ads in 12 countries, Axios' Tim Baysinger and Sara Fischer report. - The new plan will start on Nov. 3 in the U.S. and cost $6.99 a month.
Why it matters: The new service will launch roughly a month ahead of Disney's ad-supported tier — and for $1 less per month. - The catch: A very small minority of content — "in the 5-10% range" — won't be available on the service at its debut due to licensing restrictions.
Keep reading. |
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| A message from Bank of America |
| Economic progress in Houston's Fifth Ward |
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| Organizations like Fifth Ward Community Redevelopment Corporation are critical to developing spaces for people to live, work and play. Read about Bank's commitment to partnering with innovative leaders like Fifth Ward CRC to help communities find solutions to society's biggest challenges. |
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