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FTC Chairwoman Edith Ramirez is stepping down next month, leaving the agency with one Republican Commissioner, Maureen Ohlhausen, and one Democratic Commissioner, Terrell McSweeny.

What it means: The agency won't be acting on major or controversial matters until Trump nominates new members of the panel. That gives the new administration significant power to reshape the agency, but it's unclear which way it will go.

Trump may choose a chairman with a populist stance, or he could go with a traditional pro-business Republican for the job. Joshua Wright, a former Republican FTC Commissioner who has in the past done work for Google, is a transition advisor to Trump and is rumored to be well-positioned for the job.

Go deeper

1 hour ago - Economy & Business

How Trump and Biden would steer the future of transportation

Illustration: Eniola Odetunde/Axios

President Donald Trump and Democratic challenger Joe Biden would likely steer automotive policy in different directions over the next four years, potentially changing the industry's road map to the future.

Why it matters: The auto industry is on the cusp of historic technological changes and the next president — as well as the next Congress — could have an extraordinary influence on how the future of transportation plays out.

Dan Primack, author of Pro Rata
2 hours ago - Economy & Business

IPOs keep rolling despite stock market volatility

Illustration: Aïda Amer/Axios

Stock market volatility is supposed to be kryptonite for IPOs, causing issuers to hide out in their private market caves.

Yes, but: This is 2020, when nothing matters.