In a significant move to strengthen merger oversight and prevent excessive corporate power, New York Attorney General Letitia James has led two groups of attorneys general in supporting proposed revisions to the U.S. Department of Justice (DOJ) and the Federal Trade Commission’s (FTC) Merger Guidelines. These guidelines determine whether corporate mergers break antitrust laws.
Attorney General James emphasized how these revised guidelines can protect workers and consumers. In a letter she praised the DOJ and FTC for their efforts, saying the guidelines will help prevent anticompetitive mergers and ensure choices for consumers and job opportunities for workers.
The attorney general groups, made up of legal officials from different states like Arizona, California, Connecticut, Illinois, and Massachusetts, among others, stress the importance of these changes in reflecting today’s economic realities. They support the DOJ and FTC’s efforts to improve merger oversight and maintain fair competition as Congress intended.
Their comments focus on two main aspects of the revised guidelines. Firstly, they back making a broader range of mergers presumptively anticompetitive, meaning it will be harder for merging companies to defend themselves. This scrutiny aims to prevent harmful corporate dominance.
Related: FTC & DOJ Call For Updates For More Efficient Merger Review
Secondly, they support explicitly acknowledging antitrust laws that protect competition in labor markets. This is vital for safeguarding workers’ wages, especially in industries like healthcare and rural markets. The guidelines also stress evaluating how mergers affect workers’ benefits and conditions, not just their wages.
The attorney general groups also call for clearer language in parts of the guidelines and more detailed explanations of the legal standards the FTC and DOJ will use. This transparency is essential for everyone to understand the guidelines better.
Attorney General Rob Bonta of California has also played a significant role in supporting the revised Merger Guidelines. He led a coalition of 19 attorneys general in sending comments to the DOJ and FTC. Attorney General Bonta praised the Biden-Harris Administration for prioritizing competition and lowering consumer costs. He stressed the need to address excessive corporate power and promote fair competition.
Bonta’s coalition echoes the sentiments of Attorney General James’ group. They support making more mergers presumptively anticompetitive and raising the bar for merging companies to defend themselves. Both groups call for clearer language in the guidelines and appreciate the decision to address labor market issues explicitly.
For more information, you can read the comment letters submitted by Attorney General James’ coalition here and Attorney General Bonta’s coalition here.
Source: AG NY Gov
Featured News
Google and South Carolina Clash Over State Records Demand
May 8, 2024 by
CPI
Telefonica Germany Teams Up with Amazon Web Services to Migrate 5G Customers
May 8, 2024 by
CPI
Federal Judge Grants $7.4 Million Settlement in Pork Price-Fixing Case
May 8, 2024 by
CPI
Wilson Sonsini Bolsters Antitrust and Competition Practice with Key Partner Returns
May 8, 2024 by
CPI
EU to Scrutinize Telecom Italia’s Network Sale to KKR
May 8, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI