Alex Brandon / AP

Tad Lipsky, the acting director of the Federal Trade Commission's Bureau of Competition, has retired five months after being named to his position, the agency said Wednesday. Alan Devlin, the deputy director within the same bureau, also left to work at a private law firm.

Why it matters: The Bureau of Competition oversees mergers and acquisitions and is the FTC's antitrust muscle. The turnover won't help clear the FTC's full plate. However, Lipsky told Axios he had planned to retire from private practice in May but was asked to help with the agency's transition. "An honor to have served but glad to head out now as planned," he said.

Who's next: Markus Meier is the new acting director. Meier led the health care division within the Bureau of Competition and has spearheaded efforts against "pay-for-delay" settlements, in which brand-name drug companies pay generic drug companies to keep their lower-cost medicines off the market.

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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.

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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.