as we think through the ftc and the many issues before the ftc. last month, we saw that the ftc went through some changes including when it recently voted on a partyline vote for structural change in its compulsory process these changes seem to be a clear attempt by the chair man by the biden harris administration to consolidate power in order to pursue the agenda. they need additional funding, staff and authority. some of the bills have been proposed today by the majority but if decisions are being made behind the scenes, unilaterally it makes it hard to justify such requests. i want to start with commissioner phillips. this process be at the discretion of one person and can you explain why it's important to have collaboration with experts and commissioners. >> use single processes all commissioners have until just weeks ago had the opportunity to look at what was going on and ask staff questions to try to make sure the resources we ask for are being used in it in a sound way. these are very costly would you briefly elaborate on it? >> i complete

the 21st century ftc, 21st century ftc act sponsored by representative castor and my own ftc autonomyct will provide the commission with additional enforcement tools, including warmaking, civil penalties and independent litigation authority. legislation from our colleagues, representative rush and mcnerney will give the commission authority over consumer protection violations by nonprofit organizations and telecommunications carriers. a few of the bills considered today will allow the ftc to more efficiently lease scans that target vulnerable groups. this includes bipartisan legislation from representatives rice and upton focusing on military veterans and service members and legislation from representative kelly with the task force to bolster communications from equity issues inform the public about scams targeted to other groups. representative mcnerney has legislation that will create the office of technology to provide technical assistance to the commission and every technology consideration. today these bills will forge a new path forward for the federal trade commission. i'm goin

i would like to highlight two proposals that are paramount to the ftc. first come it is imperative that congress enact hr 447 the t century act and then the standard rulemaking authority. this should not be a heavy left virtually every other agency has this power now that rulemaking would authorize to have clear and specific rules of what acts and practices are deceptive and unfair. doing so would provide the certainty that business many claims that once to enable to have binding enforceable norms that will deter violations and effective enforcements. and the ftc no longer has to rely on the archaic resources enforcement that it is today we bring the cases one by one and essentially with the ftc has to do with the scams from the beginning of 2019 we brought a lot of cases but didn't make much headway once the ftc promulgated a regulation using its authority under the telemarketing consumer fraud and abuse act we could chase out all of the bad actors. why? because they are always in violation of the new rule they were worried about redress and civil penal

ftc in a bipartisan manner. of course, agreed consider one of your colleagues suspected to be confirmed for another position, ftc may soon be in a two -- two split so you be even more imperative to proceed on a consensus bipartisan approach so chair, since the senate did not have the opportunity to ask you where you run the ftc, where do you commit to doing and a bipartisan fashion for you will coordinate with all commissioners and ventura they have the resources of the commission available to them on all pending business. please answer yes or no. >> certainly i think it's a fascinating moment for emerging bipartisan consensus especially around concerns related to concentration of economic power and i'm always keen to find areas with my colleagues. >> are committee has worked extensively in a bipartisan maer to protect consumers from fraud and scams. combating pandemic scams act was enacted at the beginning of the year thanks to our leadership here. chester's fraud and scam production act as well as representati

here is what an ftc official wrote to ceo, mark zuckerberg. i am disappointed by how your company has conducted itself, in this matter. had you honored your commitment to contact us, in advance, we would have pointed out that the consent decree does not bar facebook from creating exceptions for good-faith research and the public interest. we asked facebook to respond to that but facebook declined. laura was one of those researchers, who had her facebook access disabled. thanks for joining us, laura. so, start by telling us what you were researching, and why. >> hi. um, so really, the thrust of our work is trying to understand misinformation online. we try to understand how it -- how it spreads and how it can be stopped. >> so, why do you think facebook disabled your accounts? >> it's a little strange. facebook claims that they disabled our accounts because of our browser extension ad observer. they say that it violates their terms of service. obviously, the ftc somewhat disagrees, as do we, to be clear. but what's strange about all this is tha

a lot of ways i think the ftc and facebook are talking past each other.he ftc is saying hey, don't make it our fault that you pulled access for these researchers. and facebook is saying you told us to create privacy rules and enforce them we are going to enforce them consistently i think the question is while the nyu is doing something meaningful, trying to track all the political ads on facebook in a facebook is not identifying itself why that's useful -- are they doing it in such a way that it does violate the rules do they need to figure out some way to do that within the structures that facebook has created? a complicated issue here obviously the folks at nyu want to do something atn the public interest the question is the means in which they are doing it. >> julia, something here doesn't add up facebook says nyu is violating its privacy rules. but nyu, marshal irwin, the chief security officer, in a blog post, said this system. theirs does not collect personal posts or information about your friends, and it does noit not compile a use profile on its

can the ftc or should the ftc do more to evaluate the anticompetitive behavior of the pbm's, or should this be given to someone else? mr. kades: thank you, senator. the ftc absolutely should look at pbm's. considering whether there is anticompetitive conduct in bringing cases where they can, i think it is important to remember that at the time, those who select consolidation occurred, when we look at where merger raw is, where the case that senator klobuchar talked about, the merger monopoly, and the court said not a problem, we look at other mergers the government is losing. it is not all clear the ftc is trying to stop those consolidations fate on what was before them would have been successful given how lenient the merger laws have become. that is not an excuse to not to try or look at them now but it is important to understand that part of the problems we are seeing, whether people -- pbm's or branded companies gaming the system, it is related to how we abandoned antitrust law. sen. blackburn: hindsight is always 20/20. let me ask each of you this. just a show of hands. how many of

we're looking at the four-page document now filed by the ftc moments ago. interesting item here is that the ftc seems to be suggesting that they have some confidential information they have filed under seal in the court and they want to give facebook some time to review that information in order to decide whether or not to oppose it being released in public we're working our way through this document in real time here, carl, but the important sentence i've seen so far is the ftc saying the first amended complaint includes certain information related to this anti-competitive conduct that facebook and/or third parties dig snated as designated as conl in the investigation the ftc must afford the providing partners to seek an appropriate protective or in camera order there is a temporary filing under seal of the unredacted first amendment complaint and pr provides an opportunity for the defendant to consider information disclosed. so we'll get to the bottom of what exactly this confidential information may be here, but this is the expected ftc filing in this on

ftc approved the lawsuit with a 3 3-2 margin facebook has until october 4 to respond a lot will dependn which case we move through scheduled to go to court in 2023 it may help explain why investors weren't reacting to this amazon has asked us to recuse themselves too >> watching these shares in the near term. >> morgan stanley likes these ideas. telling us which stocks those are. tech check just getting started. it's another day. and anything could happen. it could be the day you welcome 1,200 guests and all their devices. or it could be the day there's a cyberthreat. get ready for it all with an advanced network and managed services from comcast business. and get cybersecurity solutions that let you see everything on your network. plus an expert team looking ahead 24/7 to help prevent threats. every day in business is a big day. we'll keep you ready for what's next. comcast business powering possibilities. jerry is here! j! mate, how are ya!? it's so good to see you. good to see all of you, yeah! why is jerry so... popular? it's been like this ever since we started using workday. what

that's one president biden and named her as chairman of the ftc. then, she has already taken steps to beef up enforcement. she is warned companies proposing mergers that the ftc could investigate and challenge their deals, even after an initial review period expires. in this letter to senator warren, she said i believe antitrust agencies should more frequently consider opposing problematic deals outright. tom: we've got a major deal involving lockheed martin. is that at risk now as a result of this additional scrutiny from the ftc? bruce: yes, i think that's a fair conclusion. lockheed has proposed a $4.4 billion deal to purchase aerojet rocketdyne holdings. people see that as a real litmus test for how the administration is going to address antitrust. raytheon technologies has objected to the deal, in part because it would put one of its major suppliers in the hands of lockheed. senator warren has also warned of the harms if a deal like this goes forward. this letter does indicate that the biden administration may not allow this just to sail throu

the ftc, as you know, can bring cases internally, through an inadministrative process, where the ftcr. in that role, the chairman and her colleagues perform the function of being judges if you go to federal district court, the decision making is ultimately in the hands of the judge. and all of the for participation in this matter there's a strong chance they would force thiss issue in thei chance look for a possibility that they raise the issue and say you have to knock the whole thing out because she shouldn't have been in the ftc would have broadened this whole thing out >> defense merger activity was concerned. we've heard from the ftc on some of the deals out there because it has been such a robust pipeline this year merge at your own risk does this represent or set a new res pent in the new deals moving forward. just as importantly as some companies start to imply it, is it all legal >> within the bounds of existing rules. all of these always existed. what the chair has been doing is turning up the volume and saying these possibilities for challenge should be taken more seriousl

randy's of the -- brian deese of the national economic council asking the ftc to look at illegal conductrices, while the national security advisor jake sullivan urges opec+ to raise production. your inflation report is 50 minutes away. heard on radio, seen on tv, this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. it would be the biggest expansion in decades of federal efforts to reduce poverty, care for the elderly, and care for the environment. senate democrats passed a $3.5 trillion budget framework that opens the way for president biden's economic agenda. it also includes what democrats called the biggest middle-class tax cut ever. now they will be months of wrangling about those details in the plan. germany's chancellor angela merkel is increasing the pressure on residents to get vaccinated. the government will expand coronavirus testing requirements for nonvaccinated people, and by october, those desks no longer be free. merkel is trying to avoid another lot on that would more strain on the economy. in canada, lawyers for huawei's chief financial officer made a

that's true at the ftc, true at the doj. it's true in certain commerce department roles.ey agencies that on the people leading them yet in any permanent sort of way. there's no nominees for that. that's something i point to as really worth watching and when it comes to what gets done at the end of the day, that is going to matter. if you don't have people executing these agendas and out there, that will inherently slow down. with that said obviously a lot of different progressive rhetoric in this order i think that's attracting a lot of attention. a lot of democrats are pleased as he did administration comeuppance in so strong way on some of these issues. >> host: john, we will start with you. what's a topic and tech and telecom indications we have talked about yet that you want to bring up? >> guest: i think the debates around broadband over the consequential right now especially given, it's one of the few things really on the table that's probably maybe going to get done. you at least have the white house and key members of the senate from both parties talking about a b

and later the ftc refiled its antitrust case against facebook but barron's is the outlook for big techrprisingly bright, we begin as always with what we think the three most important things investors ought to be thinking about right now, stocks took a hit on taper plans: and afghanistan also waiting on the market, retail stocks rallied as shoppers headed back into stories and highflying kathy woods trading barbs with a short investor michael burry we will tell you is on the right side of the trade, my colleagues ben levisohn, carlson english and alex, despite the trade the market did in down slightly was a something the feds did? >> it actually was there was a lot of concerns about tapering and this is despite the fact that it was telegraphed the tapering starts soon and we got minutes from the meeting and we had to talk about tapering and it didn't bother the market at all. what it seems if you look at the taper tantrum from 2013 the market fell express and in the s&p finished more than 30% that year, the taper tantrum even if we were to get a real one really wasn't that bad it was a

and the ceo to explain why they took the rare step to disclose a deal despite opposition from the ftc. the stock is down sharply today. heading to break look at the stocks hitting 52-week highs they're holding up the markets back in a moment make fitness routine with pure protein. high protein. low sugar. tastes great! high protein. low sugar. so good. high protein. low sugar. mmm, birthday cake. pure protein bars and shakes. for every fitness routine. baaam. internet that doesn't miss a beat. pure protein bars and shakes. that's cute, but my internet streams to my ride. adorable, but does yours block malware? nope. -it crushes it. pshh, mine's so fast, no one can catch me. big whoop! mine gives me a 4k streaming box. -for free! that's because you all have the same internet. xfinity xfi. so powerful, it keeps one-upping itself. can your internet do that? and there you have it- woah. wireless on the most reliable network nationwide. wow. -big deal! ...we get unlimited for just 30 bucks. sweet, i get that too and mine has 5g included. that's cool, but ours save us serious clam-aroonies.

. >>> coming up, ftc takes aim at uber and revenue could double. no slowdown there. the ceo is up next stay with us. what happens when we welcome change? we can make emergency medicine possible at 40,000 feet. instead of burning our past for power, we can harness the energy of the tiny electron. we can create new ways to connect. rethinking how we communicate to be more inclusive than ever. with app, cloud and anywhere workspace solutions, vmware helps companies navigate change. faster. vmware. welcome change. >>> welcome back to "techcheck." we are approaching bottom of the hour i'm jon fortt with deirdre bosa and carl quintanilla in just a minute we'll talk to the ceo of fubo-tv that stock up big more than 10% after q2 results levels it hasn't seen in about six weeks as subscribers there continue to be higher. first, let's get a news update with rahel sullivan. rahel? >> good morning. what's happening at this hour. consumer prices rose last month at the slowest pace since february half percentage.increase along with forecasts used car prices edged up slightly after

, the ftc alleging that facebook has limited competition from other messaging tools.ake a listen. >> we definitely see a lot of opportunity for competition around us. but we are also honestly, especially in u.s., very small compared to, for example, imessage all we want is actually enable more competition when it comes down to operating systems and be able to compete with other messaging apps that are bigger than us on equal footing >> his comment about the size of apple's imessage builds on facebook's ongoing complaint against apple for enabling people to opt out of ad targeting. and when i asked about whether it would be even possible for the ftc to break up facebook and spin off messenger, he said they are compliant with the laws and just working to give consumers what they want in the future, he says what they want will be a bridge between the metaverse and our 2-d and 3-d worlds. >> people will spend more and more time in vr, but people also are going to spend more and more time communicating in 2-d. what is needed is bridge from 2-d to 3-d i should be able to be

and the ftc chair is signaling a pathway forward for bitcoin.id strict rules could provide investors with necessary protections. the ftc is morning that companies awaiting merchant -- awaiting emergency approvals may be in for a long wait. the government agency is processing the highest number of -- processing its highest number of cases. at the tokyo olympics, american gymnastics start simone biles made an emotional return to competition. she withdrew from earlier events . she now ties the record for most decorated u.s. gymnast. haidi: a big guest from tokyo on those olympic games coming right up. an exclusive conversation about how these unprecedented olympic games are going. coming up next, more views on china's possible crackdown on games after it decried the spiritual opium of games. this is bloomberg. ♪ >> there's been some concern about weather capitalism is at an end in china amid all these crackdowns. we don't think so. >> i think that we are in the middle of structural change. >> one thing investors don't like is uncertainty. >> i don'

>> the ftc provided some new details, really getting at that question. is facebook a monopoly? one was actually redacted. this is how much time facebook's active users are dominant in the market space. a lot of the lawsuit made some familiar claims about facebook's acquisitions of instagram and whatsapp. about facebook requiring third-party apps to connect to its platform to say they will not compete with facebook. these type of practices are under scrutiny. they came up in the lawsuit today. emily: facebook said there was no valid claim that facebook was a monopolist. that has not changed. it was reviewed and cleared years ago, and the platform policies were lawful. what i thought was interesting about this suit is the way they differentiated facebook from twitter using tiktok. the content generated is meant for a more public audience, where facebook is more targeted and personal. and therefore, facebook has a monopoly in that kind of a market. what does that say about lena conn that she came back with this so quickly? >> we know conn has been a leading advocate for a more pro

this is a huge test for the new ftc boss.s, one that looks at dominance. facebook had wanted her to recuse itself. the ftc denied that request and i doubt missed can't and her staff are hoping second time around is the child. ——ms khan. meanwhile, facebook is among the foreign tech giants pouring billions into building out internet access in africa. my colleague aaron heslehurst asked the firm's director of network investments for emerging markets, ibrahim ba, about the biggest challenge they face there. i think some of the biggest mistakes we have seen, i have seenin mistakes we have seen, i have seen in africa and some emerging markets, even before the service starts, before they know the benefits and the challenges of those services so i would encourage governments to take a light look and when something becomes a bit odd and start seeing some of the challenges and wait for its conception.— challenges and wait for its conce tion. . , . . conception. critics argue that companies — conception. critics argue that companies li

the child tax credit stepping in to address the supply chain challenges, my competition orders, the ftc investigation on price gouging, these are some of the immediate steps we are taking to put more money into the pockets and make that money go further. we also need to do more, bring down the costs squeezing families month after month and year after year. we need to make this economy work better for working families in the long run. these challenges were with us long before the pandemic and before i took office. as we recover from this crisis, now is the moment to put in place a long-term plan to build back america better, a plan that will increase opportunities with better jobs and higher wages, a plan that will lower the everyday costs that strain our budgets in our nation's families today and long into the future. it starts with making investments we know will make the economy more productive and lead to more growth over the long-run. bringing down the cost, everyday costs, that have been taking a bigger and bigger right out of middle-class families' income, the expenses that keep p

the child tax credit stepping in to address the supply chain challenges, my competition orders, the ftc investigation on price gouging, these are some of the immediate steps we are taking to put more money into the pockets and make that money go further. we also need to do more, bring down the costs squeezing families month after month and year after year. we need to make this economy work better for working families in the long run. these challenges were with us long before the pandemic and before i took office. as we recover from this crisis, now is the moment to put in place a long-term plan to build back america better, a plan that will increase opportunities with better jobs and higher wages, a plan that will lower the everyday costs that strain our budgets in our nation's families today and long into the future. it starts with making investments we know will make the economy more productive and lead to more growth over the long-run. bringing down the cost, everyday costs, that have been taking a bigger and bigger right out of middle-class families' income, the expenses that keep p

the facebook antitrust case refiled by the ftc.egulatory overhang for the big tech companies not going anywhere anytime soon. the question is, how much of a drag could be for its business? but right now, we know the antitrust case was refiled by the ftc. facebook is now down by about 0.2%. coming up, copper, iron or sinking on growth fears and -- iron ore sinking on growth fears and china regulation. this is very much weighing on european markets, despite the fact that you have u.s. equities now flipping positive, the nasdaq up 0.5%, the s&p up 0.1%. you have a stronger dollar to the highs of the session, all weighing on the commodity price. that is why you are seeing the underperformance in europe versus strengthen the u.s. i also wonder if there is some u.s. exceptionalism happening there as we head into the european close. ♪ in business, it's never just another day. it's the big sale, or the big presentation. the day where everything goes right. or the one where nothing does. with comcast business you get the network that can de

white house is urging the ftc to look into quote the blame for rising gas prices. people are asking where's the proof of that? joining us tennessee's mark green oil analyst phil quinn iowa's marionette miller makes "washington examiner" amcorrespondent byron york jason chaffetz and d.a. official. house speaker nancy pelosi now doing maximum damage alienating moderate democrats in her party. she's vowing they will not get their infrastructure vote this month unless the senate verse passes the huge $3.5 trillion spending package or this is a collision course produces what's driving it. polls in history show the party in charge is going to lose control over congress next year plus this bombshell admission away and 80 atop w.h.o. official he now warns an expected wuhan lab worker is a quote probable scenario for the pandemics origin in china and also this there's not one but two wuhan labs that should be investigated. ve says china pressured him intopi stopping in china producs school year begins with a fight between parents and school boards breaking out over curricul

white house is now urging the ftc to look into quote, illegal activity as to blame for rising gas pricespeople are asking though where is the proof of that? joining us tonight tennessee's mark green oil analyst phil flynn, liz peek, iowa's mariannette miller-meeks, "washington examiner" correspondent byron york, jason chaffetz, former dhs top official laura reis. this story, house speaker nancy pelosi now doing maximum damage, alienating moderate democrats in her party. she is basically vowing they will not get their infrastructure vote this month unless the senate first passes the huge 3 1/2 trillion dollar spending package. this is a collision course. this is what is driving it. polls and history shows the party in charge is poised to lose control over congress next year. plus this bombshell admission, a 180. a top official led the probe into the pandemic in china. he warn as infected wuhan lab worker is quote, a probable scenario for the pandemic origin in china. also this there is not one but two wuhan labs that should be investigated. he also says china pressured him stopping diggin

chair warren: i understand the ftc has now said cryptocurrencies scams have skyrocketed. and they say that in the five months between october 2020 and march 2021, just in that five month period, nearly 7000 people lost more than $80 million. and that is nearly a 1000% on the same period a year earlier. this just happens in brazen crypto-cons. so we're seeing egregious fraud cases, but also manipulation in the market. scams, pump and dump tactics. so, professor menand, are there steps policy makers and regulators can take today to limit the harm to investors and consumers in the cryptocurrency market? prof. menand: yes, i think so. we are going to need more funding for regulation. congress should increase appropriations for the ftc and chairman giancarlo, so they can keep up with all the new quarantines being launched. it was spoke about, the race between cops and robbers, as it were. we need to fund the cops or they are going to lose the race. they should also have additional authority over crypto exchanges. banking agencies should not allow government-backed banks to war

that deal is reportedly also being investigated by the ftc for anti-competitive behavior. there is a pattern here where every discussion, every deal, every m&a deal, every working partnership just gets the eyes of regulators now. >> yeah, and, carl, you said it yesterday, we're starting to get a sense of what lina con's ftc is going to looklike not just about big tech, but in this case, it is interesting to think about instacart. we spent a lot of time talking about the company, talking to the company, and it has been such a success story, even amid amazon entering the grocery space. it seemed to get a boost from other grocers. those exclusive contracts are coming up. so instacart may be looking for scale, and the information reporting that instacart initiated talks with both doordash and uber. it makes you wonder what their finances are going to look like when we do finally get that s-1. we talked a lot about their advertising model in business and how that probably provides better margins, but it is bread and butter is still grocery delivery we know this has become a muc

snap the qr code there for the ftc's recommendations. side note, while you're fighting that bill, your credit report should be updated to show you're disputing it. look for that. you can do this. guess how our five-year-old dental dispute ended? we won. after e-mails and letters, we made sure they cleaned up our credit report. you can do all that, too. >> always very helpful. thank you, chris. >>> jeff ranieri here is a super summer forecast. >> exactly. the super on the emphasis on the east bay, as we're going to see more 90s, close 100. we're going to start off with a very active weather pattern. there is a lot happening out here. we have an area of high pressure off to the north produce extremely unusual heat toward portland and seattle. temperatures right near 100. a little bit of that moving down, and then this area of low pressure to the south is pulling up warmer air, even a thunderstorm. our thunderstorm chances right now look low from this, but we will be watching out for dry lightning. the better bet is humidity. we have these

these issues top off talking about the privacy implications there and executive order directed the ftc to look at the rules around the data and surveillance and what that would mean. that's going to be something to watch and if we are thinking a little more globally the biden administration has been very focused on kind of the transatlantic data flows. to have a clear standard you see the debates moving but it's interesting. i think everyone thought if there was any time for a federal privacy laws to come together, it would have been a year or two ago. we are still here. >> host: it was about a year ago we started really talking about 5g. haven't heard much about it recently. where are we on that? >> guest: it's an interesting one. i think the debate has centered around to some of the security implications. the foreign companies are large telecom hardware providers operating out of china. the u.s. has long accused them of having different vulnerabilities and connections to the chinese government. that's made it a much more important geopolitical issue so the big point of interest is to

and later the ftc refiled its antitrust case against facebook

we have learned the ftc have not issued a single enforcement against any air purifying companies sincee pandemic. how can you tell a difference between products that's delivering clean air and those that's just hot air? >> there is an entire industry to give you the power to find out >> if we have the potential to monitor the air we breathe everywhere, why would we not be? >> reporter: it can also send realtime health warnings right to your phone. technology behind air quality has its critics. studies questioned their accuracies and more when they under estimate the amount of pollution in the air. using more precise sensors like what you find in a lab would make the devices too expensive with the average consumers. >> do you think air quality monitors in building would become smoke detectors? >> reporter: when you walk into a billing it is expected that there is a display of the air. >> reporter: indoor air quality monitors are not required in buildings but could be one day. a lack of rules and regulations are adding to the confusion over which devices actually work. it could be a whil

i filed a complaint, as you mentioned, with the ftc.s. many. they will neither confirm nor deny they opened an investigation. they will not tell us if they opened an investigation. but if they find any violations they'll do a press release and do an enforcement action. so, jonathan, i encourage everyone to the ftc website or e-mail me. i've made a template. file it, e-mail me. let's fight back against fox's lies. the despicableness about january 6th is different than covid-19. it was to protect the consumers. they're violating it. the spirit of it. let's file an action and fight back. >> well, you know, dean, to your point and the despicableness happening on fox. i think it's having an impact. take a look at this poll. a majority of trump voters view january 6th as patriotic and defending freedom. as you see it at the bottom, how would you describe what happened at the capitol under patriotism? 51% said it's patriotism. 55% said it was defending freedom. to sophia's point, that's proof there that, yeah, indeed there are two americas. >>

today the ftc filed a more detailed case as it claimed facebook is a monopoly.he lawsuit claims the company illegally bought or crushed competitors. in a statement facebook says its acquisitions of instagram and whatsapp were cleared years ago and are lawful. >>> okay. as kids head back to school it means homework for parents. >> yeah, i'm slammed. we're talking about getting all those school supplies. our consumer team wants to help you save money. here's chris chmura. >> reporter: sending the kids back to class will cost the typical family $848.90 according to the national retail federation. that's $59 more expensive than it was a year ago. our team whipped up a few ways to save money on back to school supplies. first check your invebtry, open the junk drawer and empty your closets. see what you have left over from the past school year. and use it. so you aren't buying supplies you don't need. that's especially important right now because some school supplies have been in short supply. if you have to buy new items and find empty shelves, don't give up. just lo

psaki: well, i would also note that -- that our nec director, i should say, sent a letter to the ftcs well, encouraging them to consider looking at available tools to monitor the u.s. gasoline market. as you know, what we've seen, this isn't the first time this has happened. but even as oil prices go down, gas prices take a longer time to come down. now, gas prices are still aligned with where they were back in 2018. but we know this is going to be -- and they often go up in the summer; we've seen that trend over and over again. but this is a long-term issue, and we want to send a clear message that we are going to take steps, whether they are using the bully pulpit or otherwise, to make sure we are going after anti-competitive behavior. >> right. but that is a different question than increasing production. you're asking opec to increase production. is there anything the u.s. -- the u.s. producers can do to increase production or that you, as the administration, would consider doing to make u.s. -- more u.s. oil? ms. psaki: well, that wasn't an ask we made. the point we have made in

the ftc has filed a revised suit against facebook. the social network has the strategy to buy or very rivals. it asks the court to unwind the acquisitions of instagram. a federal judge dismissed the landmark case filed by the sec. global news 24 hours a day on air, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. >> the country was put into a covid-19 lockdown and we will be speaking on the plans going forward. coming up next, we have markets. this is bloomberg. ♪ >> here is a quick check of the latest headlines. resolving the debt problems and stop spreading false information. the issue a joint statement developers bonds and shares lower. this includes stakes and units to endorse the cash front. the private equity firm says close to $3 billion for a small operator. the commitment for commercial management brings the total fundraising side to about $6 billion. the company was seeking to raise half of that amount ahead of the ipo later this year. a worsening chip shortage is forcing a 40