It’s been more than a month since Minneapolis Police Department employees killed George Floyd, and protests seeking landmark reform of American law enforcement haven’t let up. Newly released transcripts show that Floyd stated more than 20 times that he couldn’t breathe as he died at the hands of four now-fired officers. In New York, Attorney General Letitia James on Wednesday proposed sweeping changes to the New York City Police Department, employees of which beat and sometimes severely injured peaceful protestors during weeks of demonstrations that continue to this day. James also proposed reducing the authority of NYPD Commissioner Dermot Shea, who recently criticized banning chokeholds by cops. Meanwhile, a coalition of labor unions and racial justice groups plans a mass walkout on July 20 to protest systemic racism and police brutality. The planned “Strike for Black Lives” is expected to include tens of thousands of fast food, ride-share, nursing home and airport workers in more than 25 cities. —David E. Rovella

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Here are today’s top stories

When Barack Obama was elected U.S. president in 2008, the world was in the throes of a financial crisis that would color many of the priorities of his first term. Now, former Vice President Joe Biden is looking to 2021, calling for a moderate approach toward reviving the economy if he is elected president. His plan requires shelving—for now—some of the more ambitious proposals pushed by progressive Democrats before the coronavirus pandemic struck.

Facebook was central to Russia’s efforts to throw the 2016 presidential election. Now, a watchdog said the embattled social media giant is opening the door to voter suppression in the November election: The company failed in May to apply its voter suppression rules to President Donald Trump’s inaccurate posts about mail-in ballots, she said.

The U.S. Centers for Disease Control and Prevention has been harshly criticized for its role in defective, and later delayed, virus tests during the critical two-month period when the pathogen first spread across the country. Now, this agency tasked with safeguarding the health of Americans will revisit its guidelines for the coming school year, a move announced just hours after Trump criticized current CDC recommendations as too strict. Trump threatened to withhold federal aid from school systems that don’t send children back into classrooms despite the risk of infection. But New York Governor Andrew Cuomo sought to remind Trump that, just as with reopening businesses or lifting stay-at-home orders, the power over schools rests with states, not the White House. Three million Americans have now tested positive for the coronavirus, and 132,000 have died. Both numbers represent close to one-quarter of all infections and deaths worldwide. And infections continue to skyrocket as U.S. hospitals begin to overflow.

Britain’s finance minister unveiled a plan to stimulate spending that would cut taxes on property and dining out, while France’s new prime minister said he would back targeted restrictions to preserve the economy if a second wave of infections arrives. With new research pointing to a more contagious, more easily spread coronavirus than previously known, fear of resurgence in countries that have tamed its spread is growing.

Good news for your health insurance company: Second-quarter profits could prove to be the best ever as Americans fearful of the virus delay surgeries and doctor visits.

Bad news for most other businesses: With many states lifting restrictions earlier than advised and infection rates surging, new data show consumers may not be prepared to return to their pre-pandemic spending levels no matter how many bars, stores or theaters are open.

Earlier this year, it seemed that more people were dying from Covid-19 than is the case today. There could be an explanation for any extended lag from infection to death. But Max Nisen writes in Bloomberg Opinion that even if mortality rates are indeed falling, the result of the current infection explosion will still be very bad.

What you’ll need to know tomorrow

• What Wall Street will be looking for during the new earnings season.
• New Jersey is requiring you wear a mask among outdoor crowds.
• Mayor of hard-hit Miami calls for a national mask mandate.
• U.S. Supreme Court sides with Trump on contraception and religion.
• Business clothes are out, and so is Brooks Brothers.
• Businessweek: New York’s rental market is about to implode.
• Barry Diller says Google needs regulation.

What you’ll want to read in Bloomberg Pursuits

Stanford Is Slashing Its Varsity Sports Program

Stanford University, one of the richest colleges in America, is cutting 11 varsity sports teams at the end of the 2020-2021 academic year in an effort to “create fiscal stability.” Colleges across the U.S. have been making changes to their sports programs, including cutting teams, because of revenue losses from the economic impact of coronavirus. These are the Stanford varsity sports that will soon be no more.

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