(L-R)Marc Schildkraut and Carl Hittinger of Baker Hostetler. Courtesy photos Don't Wait Up for the Biden Antitrust Revolution
We focus here on the order's recommendations to the Antitrust Division of the Department of Justice and the Federal Trade Commission in particular because the FTC has had a Biden-selected chair for a considerable time. The new head of the Antitrust Division, Jonathan Kanter, just arrived this November.
November 24, 2021 at 12:55 PM
10 minute read
On July 9, President Joe Biden issued an executive order on Promoting Competition in the American Economy. According to the fact sheet that accompanied the order, in over 75% of U.S. industries concentration is higher than 20 years ago. Markups have tripled. Advertised wages have decreased by as much as 17%. Higher prices and lower wages cost the median American household $5,000 per year. The rate of new business formation has fallen almost 50% since the 1970s. Productivity growth has slowed. Business innovation has declined. Income wealth and racial inequality has widened. To remedy the situation, the executive order proposes a raft of initiatives at more than a dozen agencies to foster more competition across the economy. We focus here on the order's recommendations to the Antitrust Division of the Department of Justice and the Federal Trade Commission in particular because the FTC has had a Biden-selected chair for a considerable time. The new head of the Antitrust Division, Jonathan Kanter, just arrived this November.
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