Good morning, Broadsheet readers! Former Federal Reserve economist Claudia Sahm says the U.S. isn't in a recession yet but is close, Citigroup and ICAP are facing a harassment lawsuit, and Kamala Harris chooses her VP.
- Veep to veep. As you surely know by now, Vice President Kamala Harris has chosen Minnesota Gov. Tim Walz as her VP pick on the Democratic ticket. The choice pairs Harris—who would be the first Black woman and first South Asian president—with a white male veep, as expected.
Beyond his identity, Walz is an interesting pick for Harris, who reportedly chose the 60-year-old from a field of final contenders including Pennsylvania Gov. Josh Shapiro. Here are a few things to know about Harris's new running mate:
—He's a former high school social studies teacher. While teaching, he also coached football and served as a faculty adviser for his school's gay-straight alliance starting in the 1990s.
—His wife, Gwen Walz, was also a teacher before championing criminal justice reform as Minnesota's first lady.
—Harris reportedly chose Walz in part because she admired his record as governor, a post he has held since 2019 after beginning his political career with an upset of a GOP incumbent in 2006. In Minnesota, he helped preserve access to reproductive health care, enacted gun safety reform, and introduced a new child tax credit and paid leave policy.
—He kicked off Democrats' new "weird" line of messaging about GOP rivals Donald Trump, JD Vance, and the Republican Party.
—The Walzes turned to IVF to conceive their two children—one named Hope for the hope the couple felt after an arduous fertility journey. Walz has been a vocal supporter of IVF and critic of Vance's stances on reproductive health.
—Plus, a bonus: a victory for the Harris-Walz ticket would mean Minnesota gets its first female governor; Lt. Gov. Peggy Flanagan would assume the post, and she'd also be the state's first Native American governor.
While President Joe Biden turned to Harris to balance his ticket in 2020 with a younger candidate who resonated with diverse voters, Harris in 2024 was tasked with the opposite (even though, at 59, she's been a public servant for decades). She and Walz are almost exactly the same age—and he has poked fun at his older look. "[I] supervised the lunchroom for 20 years. You do not leave that job with a full head of hair," he posted on X a few weeks ago.
Plus, Walz's Midwestern bona fides have helped reassure some Democrats who worried that Harris's California career would limit her resonance with heartland voters. Walz leaned into his Midwestern-ness in comparison to GOP VP candidate Vance at the Harris-Walz duo's first public appearance together yesterday.
There will surely be much more to come on the Harris-Walz ticket in the weeks ahead. Stay tuned as we cover this historic election.
Emma Hinchliffe
emma.hinchliffe@fortune.com
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