Showing archive for: “Clayton Act”
Reducing Merger Uncertainty Could Help the American Economy
The second Trump administration has been signaling a move away from the Biden administration’s policy of actively discouraging mergers. This change in direction could benefit the U.S. economy. But some merger uncertainty remains, rooted in the administration’s decision to retain 2023 merger guidelines. Targeted revisions to those guidelines—or, at the very least, public pronouncements designed ... Reducing Merger Uncertainty Could Help the American Economy
M&A Enforcement Easing Under the Trump Administration
The federal antitrust agencies appear to be easing up on merger enforcement, ditching a Biden administration policy of discouraging mergers. This change in direction could promote enhanced American innovation and economic growth. M&A Economic Benefits Mergers and acquisitions (M&A) generate various major economic benefits: They reallocate badly managed commercial assets to higher-valued uses, raising business ... M&A Enforcement Easing Under the Trump Administration
Why Trump May Consolidate Federal Antitrust Enforcement
President-elect Donald Trump’s new “Department of Government Efficiency” has been tasked with providing advice and guidance on reducing government waste and restructuring federal agencies. One act of restructuring that may warrant consideration would involve consolidating all federal antitrust enforcement within the U.S. Justice Department (DOJ). There are strong arguments that this would reduce waste. In addition, ... Why Trump May Consolidate Federal Antitrust Enforcement
Antitrust at the Agencies: The Meat of the Matter Edition
The Federal Trade Commission (FTC) issued comments Sept. 11 in support of a proposed U.S. Department of Agriculture (USDA) rule that “seeks to clarify the scope of what constitutes unfair practices under the Packers and Stockyards Act (PSA), which assures fair competition and fair trade practices to protect farmers, ranchers, growers, and consumers.” In the ... Antitrust at the Agencies: The Meat of the Matter Edition
What Do We Do with Presumptions in Antitrust?
Winter was coming, as it does. We knew the agencies were going to issue new merger guidelines, and then they did. On Dec. 18, 2023, the Federal Trade Commission (FTC) and U.S. Justice Department (DOJ) jointly issued merger guidelines, supplanting 2023’s draft guidelines, the 2010 Horizontal Merger Guidelines, and the 2020 (partially withdrawn) Vertical Merger ... What Do We Do with Presumptions in Antitrust?
The Conundrum of Out-of-Market Effects in Merger Enforcement
Section 7 of the Clayton Act prohibits mergers that harm competition in “in any line” of commerce. And, indeed, the Supreme Court’s decisions in Philadelphia National Bank and Topco are often cited on behalf of the proposition that this means any single cognizable market, and that anticompetitive effects in one market cannot be offset by ... The Conundrum of Out-of-Market Effects in Merger Enforcement
Abandoning Antitrust Common Sense: The FTC’s New Normal?
This symposium wonders what exactly is “The FTC’s New Normal”? The short answer: scary. The current Federal Trade Commission (FTC) leadership is clear that old U.S. Supreme Court opinions, rather than more recent jurisprudence, are their lodestones for antitrust analysis. This is dramatically illustrated by the draft merger guidelines recently proposed by the FTC and ... Abandoning Antitrust Common Sense: The FTC’s New Normal?
Artificial Intelligence Meets Organic Folly
In a May 3 op-ed in The New York Times, Federal Trade Commission (FTC) Chair Lina Khan declares that “We Must Regulate A.I. Here’s How.” I’m concerned after reading it that I missed both the regulatory issue and the “here’s how” part, although she does tell us that “enforcers and regulators must be vigilant.” Indeed, ... Artificial Intelligence Meets Organic Folly
FTC Biweekly UMC Roundup – Mountain of Puffery Edition
Research still matters, so I recommend video from the Federal Trade Commission’s 15th Annual Microeconomics Conference, if you’ve not already seen it. It’s a valuable event, and it’s part of the FTC’s still important statutory-research mission. It also reminds me that the FTC’s excellent, if somewhat diminished, Bureau of Economics still has no director; Marta ... FTC Biweekly UMC Roundup – Mountain of Puffery Edition
FTC Biweekly UMC Roundup – 88 mph Edition
We’re back for another biweekly roundup – and what a biweekly it’s been! The JCPA rode, died, and rides again. Yet AICOA is AWOL. FTC Chair Lina Khan went to Congress and back to (Fordham) law school, making waves wherever she went. DOJ added to the agencies’ roster of recently lost cases. And the FTC ... FTC Biweekly UMC Roundup – 88 mph Edition
FTC UMC Roundup – A Quantum of Wonder Edition
Early August is an unpredictable time in the policy world. With Congress about to go on recess, one never knows if there will be a mad rush to get something done, or what that something may be. And it is, for many, a month of vacations and light schedules. Short staffing may delay work or ... FTC UMC Roundup – A Quantum of Wonder Edition
The Road to Antitrust’s Least Glorious Hour
Things are heating up in the antitrust world. There is considerable pressure to pass the American Innovation and Choice Online Act (AICOA) before the congressional recess in August—a short legislative window before members of Congress shift their focus almost entirely to campaigning for the mid-term elections. While it would not be impossible to advance the ... The Road to Antitrust’s Least Glorious Hour
