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.

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Trump's new TikTok threat

Photo illustration: Aïda Amer/Axios. Photo: Jim Watson/AFP via Getty Images

President Trump said twice Monday that the U.S. Treasury would need to get a portion of the sale price of TikTok, as a condition of regulatory approval.

Why it matters: This is akin to extortion — the sort of thing you'd expect to hear on a wiretap, not from the White House in front of reporters.

Ford names James Farley as new CEO amid ongoing turnaround effort

James Hackett, left, is retiring as Ford CEO. Jim Farley, right, takes over Oct. 1. Photo: Ford

Ford announced Tuesday that James Farley will take over as its next CEO, replacing James Hackett, 65, who is retiring after three years in the job.

Why it matters: It leaves Farley to complete the company's ongoing turnaround effort. The transition will be that much harder as the industry tries to navigate the coronavirus-induced economic slowdown which shuttered Ford plants for two months on the eve of some of its most important vehicle launches.

Updated 3 hours ago - Politics & Policy

Watch the full "Axios on HBO" interview with President Trump

In this episode of “Axios on HBO”, President Trump discusses his handling of the coronavirus pandemic, the upcoming election and much more with National Political Correspondent Jonathan Swan.

The interview was filmed on Tuesday, July 28 and aired Monday, Aug. 3 on HBO.