The FTC and DOJ must convince a skeptical judiciary to adopt the so-called merger guidelines.
Unionized grocery store workers rally to oppose the proposed merger between Kroger and Albertsons outside a Ralph’s supermarket in Los Angeles on April 13, 2023. | Frederic J. Brown/AFP/Getty ImagesPresident Joe Biden’s efforts to slow a tide of corporate mergers is getting a boost Wednesday through an elaborate plan his top antitrust enforcers say will preserve competition.
Both the DOJ and the FTC have already begun implementing the guidance issued Wednesday, according to officials who spoke on a separate briefing by the agencies. The administration’s legal philosophy is grounded in an inherent skepticism toward mergers and aims to prevent an array of potential harms beyond high prices, such as reduced innovation, anemic labor markets, and weakened supply chains.
The DOJ’s efforts under Kanter have had more success, blocking a joint venture between JetBlue and American Airlines. And the new guidelines also cement another legal tactic deployed by the agency: that the potential harm to workers from mergers is a legitimate reason to slow corporate consolidation.
Still, the new proposal is an indicator that both the DOJ and FTC are taking their lumps and pressing ahead.Tim Wu, who previously advised Biden on competition policy until early this year,the guidelines are critical to the administration “institutionalizing” its progressive competition policy agenda.
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