Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Reps. Bobby Rush (L) and Tim Walberg. Photos: Alex Wong/Getty Images; Bill Clark/CQ Roll Call.

House lawmakers are introducing a bipartisan bill Thursday to update a long-standing children's online privacy law so that parents could force companies to delete personal information collected about their kids.

Driving the news: The "Preventing Real Online Threats Endangering Children Today Act" is sponsored by Republican Rep. Tim Walberg of Michigan and Democratic Rep. Bobby Rush of Illinois.

  • The legislation would also require parental consent before companies can collect personal data like names, addresses and selfies from children under 16 years old. That's up from 13 years old under the 1998 Children's Online Privacy Protection Act.
  • And it would add precise geolocation and biometric information as new categories of personal information to be protected.

The big picture: There's a broad effort underway to modernize COPPA, which requires the Federal Trade Commission to enforce regulations surrounding the use of children's data online.

  • The FTC launched a review of COPPA last year to consider potential updates.
  • Sens. Ed Markey (D-Mass.) and Josh Hawley (R-Mo.) introduced legislation in March to add privacy protections for children under 16 and ban targeted ads to kids.
  • YouTube rolled out changes this month limiting data collection and advertising on children's videos after a $170 million settlement to resolve an FTC investigation into alleged COPPA violations.
  • TikTok also had to pay a multimillion-dollar FTC fine last year to settle claims that Musical.ly (a karaoke app that was acquired and integrated by TikTok's parent company in 2017) illegally collected personal data from children.

Go deeper

Trump nominee Christopher Waller confirmed to Fed board

Christopher Waller at a Senate Banking hearing earlier this year. (Photo: Sarah Silbiger/Getty Images)

The Senate voted 48-47 on Thursday to confirm Trump nominee Christopher Waller to the Federal Reserve Board of Governors — filling one of the two vacant slots on the influential economic body.

Why it matters: It's one of the last marks left on the Fed board by Trump, who has nominated five of its six members.

42 mins ago - Economy & Business

Boeing gets huge 737 Max order from Ryanair, boosting hope for quick rebound

Ryanair low cost airline Boeing 737-800 aircraft as seen over the runway. Photo by Nik Oiko/SOPA Images/LightRocket via Getty Images

Dublin-based Ryanair said it would add 75 more planes to an existing order for Boeing's 737 Max airplanes, a giant vote of confidence as Boeing seeks to revive sales of its best-selling plane after a 20-month safety ban following two fatal crashes.

The big picture: Ryanair's big order, on the heels of breakthrough vaccine news, is also a promising sign that the devastated airline industry might recover from the global pandemic sooner than expected.

Ben Geman, author of Generate
47 mins ago - Energy & Environment

Trump sets auction for Arctic refuge drilling rights before Biden takes office

Photo: Win McNamee/Getty Images

The Interior Department on Thursday said it will auction oil drilling leases in Alaska's Arctic National Wildlife Refuge in early January.

Why it matters: The procedural step would make it harder for President-elect Joe Biden to thwart drilling in the region, even though any actual development is years away.