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Facebook CEO Mark Zuckerberg. Photo: Artur Widak/NurPhoto via Getty Images

News that Facebook reached a $5 billion settlement with the Federal Trade Commission had critics fuming and Facebook shareholders breathing a sigh of relief.

Driving the news: The New York Times and the Wall Street Journal both reported on Friday afternoon that the FTC had voted 3-2 along party lines to approve a deal, with Democrats reportedly holding out for tougher conditions.

  • In after-hours trading on Friday, Facebook shares rallied. Shares opened down Monday morning.
  • The company's critics blasted the settlement for both the size of the fine and the apparent lack of tough new restraints on its conduct.
  • The Department of Justice still needs to sign off on the deal.

Capitol Hill Democrats and advocates of aggressive new privacy regulation panned the deal.

  • Sen. Richard Blumenthal (D-Conn.) called the $5 billion fine, the largest in FTC history, a "tap on the wrist" for the mammoth Facebook.
  • Presidential candidate Sen. Elizabeth Warren (D-Mass.) said the settlement was a "victory for Facebook."
  • Sen. Mark Warner (D-Va.) said that with "the FTC either unable or unwilling to put in place reasonable guardrails to ensure that user privacy and data are protected, it's time for Congress to act."

What we don't know: The exact terms of the settlement, which is expected to put restrictions of some kind on Facebook's behavior that go beyond just the financial penalty.

  • Both the FTC and Facebook declined to comment.

Background: It has been 475 days since the FTC confirmed that it was investigating the company, following revelations that a researcher associated with consultancy Cambridge Analytica had swept up Facebook user data.

  • Critics charged that Facebook had violated a previous 2012 settlement with the FTC that required it to take more care when it came to user privacy, allowing the agency to levy greater penalties.

The big picture: The FTC inquiry is far from the only regulatory probe facing the company.

Go deeper

35 mins ago - Politics & Policy

McConnell drops filibuster demand, paving way for power-sharing deal

Senate Majority Leader Chuck Schumer (R) and Minority Leader Mitch McConnell attend a joint session of Congress. Photo: Olivier Douliery/AFP via Getty Images

Senate Minority Leader Mitch McConnell has abandoned his demand that Democrats state, in writing, that they would not abandon the legislative filibuster.

Between the lines: McConnell was never going to agree to a 50-50 power sharing deal without putting up a fight over keeping the 60-vote threshold. But the minority leader ultimately caved after it became clear that delaying the organizing resolution was no longer feasible.

2 hours ago - Technology

Scoop: Google won't donate to members of Congress who voted against election results

Sen. Ted Cruz led the group of Republicans who opposed certifying the results. Photo: Stefani Reynolds/Pool/AFP via Getty Images

Google will not make contributions from its political action committee this cycle to any member of Congress who voted against certifying the results of the presidential election, following the deadly Capitol riot.

Why it matters: Several major businesses paused or pulled political donations following the events of Jan. 6, when pro-Trump rioters, riled up by former President Trump, stormed the Capitol on the day it was to certify the election results.

3 hours ago - Politics & Policy

Minority Mitch still setting Senate agenda

Illustration: Aïda Amer/Axios

Chuck Schumer may be majority leader, yet in many ways, Mitch McConnell is still running the Senate show — and his counterpart is about done with it.

Why it matters: McConnell rolled over Democrats unapologetically, and kept tight control over his fellow Republicans, while in the majority. But he's showing equal skill as minority leader, using political jiujitsu to convert a perceived weakness into strength.