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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.
 Kamala Harris and Tim Walz made their first campaign stop together after Harris chose the Minnesota governor as her running mate on Tuesday. Kyle Mazza/Anadolu—Getty Images 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
The Broadsheet is Fortune’s newsletter for and about the world’s most powerful women. Today’s edition was curated by Nina Ajemian. Subscribe here.
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- Keep calm. Claudia Sahm, former Federal Reserve economist known for the "Sahm rule" on recessions, said that the U.S. is “uncomfortably close” to being in a recession, although the country is not in one yet. “Calm is important at a moment like this,” she advises. Fortune
- Toxic culture. ICAP and Citigroup, with chief executive officer Jane Fraser, have been sued by an ICAP supervisor and Citigroup trader. Christine O’Reilly is alleging years of sexual harassment from Benjamin Waters, a trader for the bank. Waters (who isn't named as a defendant in the lawsuit), ICAP, and Citigroup all declined to comment. Bloomberg
- Listen to Li. Fei-Fei Li, the “godmother of AI,” argues in a new op-ed that California's AI bill, SB-1047, will harm the AI ecosystem. "AI policy must encourage innovation, set appropriate restrictions, and mitigate the implications of those restrictions,” she writes. Fortune
- End of an era. The world's longest-serving female leader has been an autocrat whose government oversaw extrajudicial killings and rigged elections, Bangladesh prime minister Sheikh Hasina. Hasina was toppled this week amid a growing protest movement; 300 people were killed over a three-week period of protests. Financial Times
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CBS News and Stations has expanded Adrienne Roark and Jennifer Mitchell’s roles. Roark will now be president of editorial and newsgathering. Mitchell will serve as president of stations and digital. Previously, Roark was president of content development and integration. Mitchell was president of CBS Stations (West Coast and Midwest).
Intrepid Travel appointed Payton Iheme to chief impact officer. Most recently, she was vice president and head of public policy at Bumble. She has also held senior roles at Facebook and in the U.S. Senate and the Obama administration.
Parity, a sponsorship platform for women in sports, appointed Mandy Anderson as vice president, sales. Most recently, she was senior vice president, client relationships for 4media group US.
Gelato added Aarthi Ramamurthy and Jessica Dannemann as board members. Currently, Ramamurthy is the chief technology officer and product officer at Rithium. Dannemann is chief partner officer at Optimizely.
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Cori Bush becomes second Squad member ousted in a primary Politico
Tessa Bailey just wants you to have a good time The Cut
What do we really know about the maternal-mortality crisis? The Atlantic
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