Outgoing FTC Official Predicts Continued Bipartisan Antitrust Enforcement

The United States Federal Trade Commission (FTC) is poised to maintain its vigorous stance on blocking anticompetitive mergers, with bipartisan backing anticipated even under a potential Trump administration, according to Henry Liu, the outgoing director of the FTC’s Bureau of Competition. Liu, who served as the agency’s antitrust chief for the past 18 months, stepped down on January 20 after spearheading a string of successful enforcement actions.

During his tenure, the FTC won every merger case it brought to court, with one still awaiting resolution in a Texas federal court. As reported by Financial Times, Liu noted that all seven cases filed during his leadership were supported by the agency’s five commissioners across party lines. Of these cases, five were won at trial, while the remaining two deals were abandoned by the companies involved.

“Antitrust enforcement has a lot of unanimous, bipartisan support, and that in many respects won’t change,” Liu stated in an interview before his departure, underscoring the broad consensus among commissioners on these issues.

Evolving Antitrust Standards

Liu highlighted significant changes in how antitrust officials evaluate competitive harm arising from mergers. “The days are gone where the agencies were just narrowly focused on horizontal 3-to-2 or 2-to-1 mergers. We’re taking a hard look at vertical mergers, potential competition theories, and the functional availability of remedies,” he explained, per Financial Times. These shifts reflect a broader interpretation of what constitutes competitive harm and how it can be addressed, signaling a more aggressive approach to enforcement.

Related: Lina Khan to Step Down as FTC Chair in the Coming Weeks

Under Liu’s leadership, the FTC’s antitrust efforts gained momentum, a marked contrast to earlier setbacks, including losses in major merger challenges involving Meta Platforms Inc. and Microsoft Corp. before Liu joined the agency. The Biden administration, guided by FTC Chair Lina Khan, has prioritized stronger antitrust enforcement, drawing both praise and criticism. Business groups and some conservatives have expressed concerns over what they view as an overly aggressive approach, hoping for a potential Trump administration to adopt a more lenient stance.

Bipartisan Continuity Likely

Despite the criticism, Liu suggested that hopes for a softer approach might be unfounded. According to Financial Times, Liu emphasized that bipartisan support has been a hallmark of recent FTC cases, indicating that antitrust enforcement is unlikely to undergo significant shifts regardless of political leadership. A majority vote from the agency’s commissioners is required for the FTC to initiate lawsuits, further reinforcing the need for cross-party agreement in decision-making.

Source: Financial Times