President Donald Trump’s second term presents a critical opportunity to correct the trajectory of
antitrust enforcement in the United States. During the Biden administration, antitrust policy drifted away from its foundational principle—the consumer welfare standard—toward a more punitive “big is bad” philosophy. Under this misguided approach, companies achieving significant market share face scrutiny, not because they harm consumers, but because of their sheer size. Visa’s current legal battles with the Department of Justice epitomize this shift, but similar overreach can be seen in cases involving LiveNation/Ticketmaster and the rent revenue management software RealPage. Attorney General-nominee Pam Bondi and Assistant Attorney General-nominee Gail Slater must seize the opportunity to restore antitrust enforcement to its roots, preserving competitive markets while avoiding policies that inadvertently harm consumers and stifle innovation.

The Visa Case