Axios

In his eight years at the helm of America's central bank, Jerome Hayden Powell has guided the U.S. economy through extreme tumult and fought off unprecedented presidential efforts to undermine the Federal Reserve's independence.

• But that's not what I'll tell my now-young children about Powell once they're old enough to care about central bankers.

The big picture: It is Powell's approach to duty and public service that is his ultimate legacy as a leader and that will shape his place in history.

The CEOs of Meta, Alphabet, TikTok and Snap have been invited back to Capitol Hill for a broad oversight hearing in June, Axios has learned.

• Senate Judiciary Committee Chairman Chuck Grassley is planning a June 23 hearing titled "Examining Tech Industry Practices and the Implications for Users and Families: Is This Social Media's Big Tobacco Moment?" per committee spokesperson Hannah Akey.

Three major conflicts are shaping America's AI race against China in real time, with changing global dynamics shifting the terms week by week:

• The race with China on advancing AI models
• Conflicting federal vs. state laws in the U.S.
• European AI policy

Why it matters: All three factors are fraught with politics and delicate dynamics, and all will help determine whether the U.S. continues to lead the world in advanced AI.