John C. Williams, incoming president and CEO of the Federal Reserve Bank of New York. Photo: Rob Kim / Getty Images

The Federal Reserve Bank of New York on Tuesday named John C. Williams as its next president and CEO. Williams is a Wall Street insider who has been serving as the head of the Federal Reserve Bank of San Francisco since 2011. The selection of Williams comes amid calls from Democrats and progressive groups who want more gender and racial diversity in the Fed’s top leadership.

What they're saying: Ohio Senator Sherrod Brown called Williams "a distinguished and respected economist," but argue that Federal Reserve System officials failed to show that "diversity is important." On the other hand, Sara Horowitz, chair of the New York Fed’s Board of Directors and co-chair of the search committee, said "a thorough process" was done and concluded that Williams "best fulfilled the criteria we’d identified as well as the feedback we’d received through our public outreach efforts.”

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How small businesses got stiffed by the coronavirus pandemic

Illustration: Aïda Amer/Axios

The story of American businesses in the coronavirus pandemic is a tale of two markets — one made up of tech firms and online retailers as winners awash in capital, and another of brick-and-mortar mom-and-pop shops that is collapsing.

Why it matters: The coronavirus pandemic has created an environment where losing industries like traditional retail and hospitality as well as a sizable portion of firms owned by women, immigrants and people of color are wiped out and may be gone for good.

Apple's antitrust fight turns Epic

Illustration: Aïda Amer/Axios

Millions of angry gamers may soon join the chorus of voices calling for an antitrust crackdown on Apple, as the iPhone giant faces a new lawsuit and PR blitz from Epic Games, maker of mega-hit Fortnite.

Why it matters: Apple is one of several Big Tech firms accused of violating the spirit, if not the letter, of antitrust law. A high-profile lawsuit could become a roadmap for either building a case against tech titans under existing antitrust laws or writing new ones better suited to the digital economy.

Survey: Fears grow about Social Security’s future

Data: AARP survey of 1,441 U.S. adults conducted July 14–27, 2020 a ±3.4% margin of error at the 95% confidence level; Chart: Naema Ahmed/Axios

Younger Americans are increasingly concerned that Social Security won't be enough to wholly fall back on once they retire, according to a survey conducted by AARP — in honor of today's 85th anniversary of the program — given first to Axios.

Why it matters: Young people's concerns about financial insecurity once they're on a restricted income are rising — and that generation is worried the program, which currently pays out to 65 million beneficiaries, won't be enough to sustain them.