This bill requires social media companies to obtain verifiable parental consent before allowing children under 16 years old to create or maintain accounts on their platforms. If a child does get parental approval, the social media company must set up a parent-supervised account that provides parents with tools to monitor and control their child's activity, including managing privacy settings, time limits, direct messages, purchases, and who can contact the child. The Federal Trade Commission will establish regulations defining acceptable methods for age verification, obtaining parental consent, and setting minimum requirements for parent-supervised accounts. Social media companies that violate this law will face enforcement by the FTC and state attorneys general, who can seek injunctions, damages, and other remedies. The bill does not specify any new federal funding and applies immediately once enacted.