AP Photo/Susan Walsh, File

As the most senior Republican Commissioner on the panel, Ajit Pai had been the front-runner for the chairmanship, and he had the support of key advisors on the Trump transition team.

What it means: Pai has said he wants to take a "weed-wacker" to regulation, and net neutrality is at the top of his list. He'll also likely roll back privacy regulations, loosen media ownership rules and take a relatively hands-off approach to merger reviews. Find a look at his stances on the issues here.

Good news for big telecom players: Pai's views on telecom policy largely align with those of major telecom providers such as AT&T, Verizon and Comcast, which have vocally opposed net neutrality rules and other regulation of broadband services. US Telecom, which represents many large providers, said in a statement that it shares the strategy "to erase the many regulatory barriers impeding the expansion" of communication networks.

Bad news for edge providers: Supporters and beneficiaries of net neutrality rules, such as web start-ups and larger players such as Netflix and Google, are worried Pai will take a draconian de-regulatory approach. Public Knowledge, a consumer interest group, quickly called out Pai's "history of attacking consumer protections," and urged him to focus on driving down prices and expanding choices.

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Fund managers start to board the stock bandwagon

Illustration: Aïda Amer/Axios

Asset managers at major U.S. investment firms are starting to get bullish with their clients, encouraging stock buying and trying not to get left behind right as the metrics on tech stocks rise back to highs not seen since the dot-com crash of 2000.

What's happening: Appetite for stocks is starting to return, but slowly as institutional money managers were overwhelmingly sitting on the sidelines in cash during April and May.

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China bans Cruz and Rubio over Xinjiang criticism

Photos: Graeme Jennings/Pool/Getty Images; Al Drago/Pool/Getty Images

China said Monday that it will ban entry to Sens. Marco Rubio (R-Fla.) and Ted Cruz (R-Texas) over their criticisms of human rights abuses in Xinjiang, the AP reports.

The big picture: The move seems to be retaliatory after the U.S. announced sanctions on four Chinese officials for human rights abuses against Uighur Muslims and other ethnic minorities in the region last week.

Roger Stone says he plans to campaign for Trump

Roger Stone appears yesterday outside his home in Fort Lauderdale. Photo: Johnny Louis/Getty Images

Roger Stone told Axios in a phone interview that he plans to write and speak for President Trump's re-election now that Stone "won't die in a squalid hellhole of corona-19 virus."

"I'm asthmatic," said Stone, 67. "Sending me to a prison where I could not be socially distanced ... would, I think, be a death sentence."