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Facebook CEO Mark Zuckerberg at the F8 Developer Conference in April. Photo: Justin Sullivan/Getty Images

While Facebook's privacy settlement with the Federal Trade Commission includes a record $5 billion fine, its most important provisions lie in new restrictions it places on the company's practices.

Why it matters: The settlement's effectiveness will lie in whether these terms end up protecting consumers — yet policymakers on both sides of the aisle are already saying they don't go far enough.

Details: The settlement takes steps the FTC's Republican majority hopes will be enough to stop another Cambridge Analytica-style privacy disaster.

  • Facebook will not be allowed to use user phone numbers, when they are provided for security features like two-factor authentication, to target advertising or share them with third parties.
  • Facebook has to take steps to protect the security of user passwords.
  • Facebook has to notify and obtain consent from users when creating a template for facial recognition based on their faces.
  • Facebook has to appoint a "Chief Privacy Offer for Product" to oversee a newly-required privacy protection program. (The company announced Wednesday that that position would be filled by Michel Protti, who was previously vice president of product marketing on partnerships.)
  • Facebook has to publicly disclose when the data of 500 or more users has been exposed in a way that violates its terms.
  • CEO Mark Zuckerberg will be required to sign off on quarterly compliance reports.

Yes, but: Many policymakers said Wednesday that the agency hadn't been aggressive enough. They note that Facebook's core business of selling targeted ads remained effectively intact, and maintain that the deal gives Facebook a pass by immunizing it from future action related to "all consumer-protection claims known by the FTC prior to June 12, 2019."

The bigger picture: Facebook isn't done with the FTC yet.

  • The agency is now investigating the company for possible antitrust violations, Facebook revealed Wednesday afternoon that it learned last month.
  • Those concerns wouldn't be covered by the release from liability the company secured in the privacy settlement.

Go deeper

Updated 2 hours ago - Sports

Swimmer Chase Kalisz first American to win Tokyo Olympics gold medal

Chase Kalisz of Team United States celebrates after winning the Men's 400m Individual Medley Final on day two of the Tokyo 2020 Olympic Games at Tokyo Aquatics Centre in Tokyo, Japan. Photo: Al Bello/Getty Images

Swimmer Chase Kalisz has become the first Team United States Olympian to win gold at the Tokyo Games.

The big picture: The Rio 2016 silver medalist's winning time in the men's 400 meters Individual Medley Final was 4 minutes 9.42 seconds. His teammate Jay Litherland took silver, .86 seconds behind him. Moments later, Kieran Smith grabbed a third medal for the U.S. when he won bronze in the 400-meter freestyle.

Go deeper: Full Axios coverage

Editor's note: This article has been updated with new details throughout.

3 hours ago - Sports

Gymnast Suni Lee to make historic debut at Olympics

USA's Sunisa Lee performs at the FIG Artistic Gymnastics World Championships in Stuttgart, Germany, on Oct. 13, 2019. Photo: Lionel Bonaventure/AFP via Getty Images

When Sunisa "Suni" Lee steps up to the mat at the Tokyo Olympics, she'll be thinking of her father's pep talks even as he watches from thousands of miles away.

The big picture: The 18-year-old made history this year when she became the first Hmong American to be named to a U.S. Olympic team. Even more special was her dad's presence in the crowd at the Olympic trials — it was only the second time he watched her compete in person since a 2019 accident paralyzed him from the chest down.

DOJ won't investigate nursing home deaths in N.Y. and 2 other states

People who've lost loved ones due to COVID-19 while they were in New York nursing homes attend a March protest and vigil in New York City. As of this month, Photo: Spencer Platt/Getty Images

The Department of Justice has decided not to launch a civil rights investigation into whether policies in New York, Pennsylvania and Michigan contributed to pandemic deaths in nursing homes, according to a letter sent to Republicans.

Why it matters: The Trump DOJ requested data from the three states plus New Jersey last August "amid still-unanswered questions about whether some states, especially New York, inadvertently worsened the pandemic death toll by requiring nursing homes to accept residents previously hospitalized for COVID-19," per AP.