President Joe Biden’s proposed budget would give an 11% funding increase to the Federal Trade Commission (FTC) as well as a hefty boost to the Justice Department’s Antitrust Division, both of which filed major lawsuits against big tech companies last year.
The agencies, which review mergers to ensure they comply with antitrust law and other enforcement, have been at the center of a political storm, with progressives and some Republicans accusing them of being too lax, reported Reuters.
Under the Biden budget, released Friday, may 28, the FTC, which has about 1,140 people and also investigates companies accused of deceiving consumers, would see its staff increase to about 1,250 in the 2022 fiscal year, which begins on October 1.
The Biden budget for the next fiscal year envisions the agency spending US$389.8 million. That’s an increase from US$351 million this year, or about 11%.
Under Biden’s plan, the Justice Department’s Antitrust Division would see its budget increase from US$185 million to US$201 million, an increase of 8.6%.
The president’s budget is generally seen as a statement of intent in terms of policies. In addition to being at the center of a policy debate, the agencies filed major antitrust lawsuits last year. The Justice Department sued Alphabet’s Google while the FTC sued Facebook.
Featured News
NCAA and SEC Approve Historic $2.8 Billion Settlement in Antitrust Cases
May 23, 2024 by
CPI
Apple Defends 27% Fee in Compliance with Court Order, Phil Schiller Testifies
May 23, 2024 by
CPI
French Billionaire Xavier Niel Eyes $4 Billion Millicom Buyout
May 23, 2024 by
CPI
ITA-Lufthansa Merger Faces Scrutiny from European Commission
May 23, 2024 by
CPI
Google Explores Major Acquisition of HubSpot to Bolster Cloud
May 23, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Merger Guidelines Retrospective
May 21, 2024 by
CPI
Mergers of Complements
May 21, 2024 by
CPI
Personality Traits, Private Equity, and Merger Analysis
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Lessons in the Importance of Incipiency, Modern Economics, and Monopsony
May 21, 2024 by
CPI
The 2023 Merger Guidelines: Sharpening Merger Analysis
May 21, 2024 by
CPI