FTC hearing reveals cracks in Biden’s antitrust promotion

Federal Trade Commission US Updates

Federal Trade Commission members have criticized both U.S. President Joe Biden and the new regulator’s democratic leader for promoting a greater role in cracking down on corporate power. did.

A statement from Noah Phillips, one of the two Republicans of the Committee of Five, provokes tensions caused by the Biden administration’s plans to revolutionize the way US competition policy is implemented. It was exposed.

“In the past few weeks, the Commission has repeatedly changed policy direction without giving the public the right to actual notice and hearing, as well as guidance from the public and the business community without serious consideration. We have removed it, “said Philips. “We can do better.”

In the past few weeks, senior Democrats have overturned decades of consensus on competition regulation and created a blueprint for how FTC and the U.S. Department of Justice federal regulators can easily challenge the corporate power that is concentrated in large corporations. I presented it.

Biden signed Executive order Earlier this month, he gave the FTC considerable authority to establish his vision. The president urged the Commission to develop a series of new rules. This includes blocking companies from moving employees to rivals and prohibiting large pharmaceutical companies from paying generic manufacturers to stay out of a particular market for a period of time.

Some legal experts warn that if the FTC rushes to enact new rules, the FTC risks exceeding its legal authority. This is a concern shared by Mr. Phillips.

“many [the president’s order] It will replace the power of consumer-led markets with government-supervised regulation, which is the opposite of competition, “Phillips said. “And many of them seem to be based on permissions that we simply don’t have.”

The Commission’s new Democratic Chairman and prominent Big Tech critic Lina Khan has opened the Commission’s meeting to give the Commission broader authority to pursue businesses in an unfair competitive manner. We have launched our own reforms to the regulatory system, including giving.

The decision to open the meeting evoked a particularly strong reaction from the two Republicans. They say they feel less likely to discuss sensitive decisions with their Democratic counterparts.

Separately statement Overall, the Commission complained about the restrictions it faces when tracking companies such as Facebook in past behavior.

FTC complaints against Facebook Dismissed last month, And the judge criticized the Commission’s decision to pursue a social media company over the long-term acquisition of Instagram and WhatsApp. If the FTC decides to continue the proceedings in federal court, it must file an amended complaint by August 19.

Separately, on Wednesday, a group of state prosecutors, led by Letitia James in New York, announced that they were appealing the same judge’s decision to dismiss the proceedings against Facebook.

Additional report by Hannah Murphy

FTC hearing reveals cracks in Biden’s antitrust promotion

Source link FTC hearing reveals cracks in Biden’s antitrust promotion

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