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.