Welcome to the Karata podcast, a podcast that takes 10 minutes to get you smarter on the collision of tech, business, and politics.

Filling in for Dan Premack, I'm Kim Hart. On today's show, Tesla's soaring growth and the top destinations for those who are moving.

But first, we look at how the overhaul of an obscure banking law is dividing Wall Street,

Congress, and community activists.

The Community Reinvestment Act became law in 1977 as a way to address redlining and

banks' refusal to lend money to people in areas they deemed, quote-unquote, risky.

Per Axios reporter Courtney Brown, the law mandates that banks can't just take deposits from lower to people in areas they deemed quote unquote risky. Per Axios reporter Courtney Brown, the law mandates that banks can't just take deposits

from lower to middle income communities, they have to put money back into those neighborhoods

by way of home loans and other types of investment.

But in the decade since the law was passed, it has come under scrutiny and many agree it needs

overhauls.

However, the proposed changes from the Office of the Comptroller of the currency are being pushed by the office's head, Joseph Otting, a Trump appointee

who was the CEO of One West Bank. One West Bank was founded by Stephen Manuchin.

Complicating matters and motivations, both Manuchin and Odding have said their personal experience

in banking is motivating their desire to see the law changed. In 15 seconds,

we'll go deeper on this with Axios Marcus reporter Courtney Brown. But first, this.

Axios chief technology correspondent, Enah Freed, shares breaking news and analysis on the

most consequential companies and players in tech from the Valley to D.C. Subscribe to get smarter

faster at signup.axios.com.

And now, back to the pro rata podcast.

Joining us now from New York is Axios Markets reporter Courtney Brown.

Thanks for chatting with us, Courtney.

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