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When Theoretical Rigor Misses Reality: Why Interchange-Fee Caps Won’t Benefit Consumers - Truth on the Market
Interchange fees charged by payment networks have in recent years been one of the most heated and persistent battles in financial regulation. These fees—typically 1-3% of credit-card transaction value in the United States—are charges that banks impose on merchants for processing credit- and debit-card transactions. What started as an obscure technical detail has exploded into ... When Theoretical Rigor Misses Reality: Why Interchange-Fee Caps Won’t Benefit Consumers
Let Privacy Features Compete: A Competition Approach to Privacy Regulation - Truth on the Market
The digital economy has made consumer data a central consideration in all kinds of consumer transactions. The digital economy “runs on data,” so to speak, although claims that data is “the new oil” fall short of the mark. Various digital services employ data to improve ad targeting, search, and artificial intelligence. In some kinds of ... Let Privacy Features Compete: A Competition Approach to Privacy Regulation
Implementing the EU’s Digital Markets Act: The Seen and the Unseen - Truth on the Market
The focus of the European Commission’s recently published second annual enforcement report on the Digital Markets Act (DMA) was, as expected, on what has been achieved. The report celebrates the concrete, measurable steps the Commission has taken to rein in “gatekeeper” platforms: investigations launched, compliance workshops held, remedies imposed. These are the seen effects—the visible ... Implementing the EU’s Digital Markets Act: The Seen and the Unseen
Bartz v. Anthropic: Mapping Fair-Use Boundaries in the Age of Generative AI - Truth on the Market
In a nuanced decision that nonetheless could serve to shape the intersection of copyright law and artificial intelligence for the foreseeable future, Judge William Alsup of the U.S. District Court for the Northern District of California finds that “the purpose and character of using copyrighted works to train LLMs to generate new text was quintessentially ... Bartz v. Anthropic: Mapping Fair-Use Boundaries in the Age of Generative AI
The DOJ May Consider Dropping Its HPE-Juniper Networks Merger Challenge - Truth on the Market
The U.S. Justice Department’s (DOJ) challenge to HPE’s proposed acquisition of Juniper Networks signals a concerning trend in merger enforcement that could undermine American economic vitality in a crucial high-tech sector. While regulatory scrutiny of consolidations is vital, a blanket skepticism toward merger activity—particularly one that overlooks significant procompetitive benefits—risks stifling innovation and weakening the very ... The DOJ May Consider Dropping Its HPE-Juniper Networks Merger Challenge
The EU's GDPR 'Fix' Misses the Point Entirely - Truth on the Market
The European Union has just agreed to new procedural rules for enforcement of the General Data Protection Regulation (GDPR), touting faster investigation deadlines and streamlined cooperation between data-protection authorities. But celebrating 15-month investigation timelines as progress reveals just how far we’ve strayed from reasonable regulatory practice. This “steroids shot” for GDPR enforcement, as Politico calls ... The EU’s GDPR ‘Fix’ Misses the Point Entirely
The State of US Merger Policy and the Pending HPE/Juniper Trial - Truth on the Market
Now that the dust has settled on President Donald Trump’s antitrust appointments, we are witnessing greater clarity on the new administration’s priorities and focus. Despite the hand wringing over content moderation and tech-censorship inquiries, what may be missed are substantial changes that are happening in merger policy and enforcement. While not as headline grabbing as ... The State of US Merger Policy and the Pending HPE/Juniper Trial
The EU’s DMA Enforcement Against Meta Reveals a Dangerous Regulatory Philosophy - Truth on the Market
The European Commission’s just-published decision against Meta reveals a fundamental tension in EU digital regulation. In it, the Commission explicitly states it will pay no attention to the economic consequences of DMA enforcement on gatekeepers. This admission has profound implications not just for Meta, but also for other designated gatekeepers. It is a sign of ... The EU’s DMA Enforcement Against Meta Reveals a Dangerous Regulatory Philosophy
New State Merger-Review Laws Could Harm US Economy - Truth on the Market
Various states are ramping up their review of proposed mergers and acquisitions. Both Washington and Colorado have enacted new pre-merger notification statutes that will take effect this summer, and other states have introduced or are considering similar legislation. These changes could impose major new costs on potential merging parties and harm the U.S. economy. In ... New State Merger-Review Laws Could Harm US Economy
How Spain Is Politely Killing a Bank Merger - Truth on the Market
Rather than moving to formally block Banco Bilbao Vizcaya Argentaria’s (BBVA) proposed acquisition of Banco Sabadell, the Spanish government is signaling that it is prepared to attach such a broad set of conditions—justified in vague terms as serving the “public interest”—that the deal would likely collapse under its own weight. It’s a kind of regulatory ... How Spain Is Politely Killing a Bank Merger
Some Ups and Downs in the Realm of Consumer Protection - Truth on the Market
Consumer protection authority has long been a staple of the Federal Trade Commission’s (FTC) enforcement of the FTC Act, beginning with the 1938 Wheeler-Lea amendments to the agency’s establishing statute. And Congress drew an express connection between the FTC’s competition and consumer protection authorities with the introduction of Section 5(n) of the FTC Act, which ... Some Ups and Downs in the Realm of Consumer Protection
The Modern FTC and Distinguishing Humphrey’s Executor - Truth on the Market
President Donald Trump is off to a fast start in his second term in the White House. Along with a bevy of other consequential actions, the president has called into question the constitutionality of the Federal Trade Commission’s (FTC) independence. At first blush, the U.S. Supreme Court’s 1935 decision in Humphrey’s Executor v. United States ... The Modern FTC and Distinguishing Humphrey’s Executor
Still Haven’t Found What the Bundeskartellamt Is Looking For: Thoughts on the German Amazon Case - Truth on the Market
Germany’s Bundeskartellamt (Federal Cartel Office, or FCO) issued a preliminary legal assessment last week suggesting that Amazon had potentially infringed both European and national rules on abuse of dominance. At issue in the investigation is Amazon’s price-control mechanisms, also known as pricing filters. The filters rely on algorithms and statistical models, particularly dynamic price caps ... Still Haven’t Found What the Bundeskartellamt Is Looking For: Thoughts on the German Amazon Case
Warner Bros Discovery: We Have Another SpinCo - Truth on the Market
Warner Bros. Discovery announced yesterday it will split into two separate companies, following Comcast’s similar move to spin off its cable networks into a new entity called Versant. (Laugh all you want at Versant’s name, it’s better than Tronc or Monday.) To those who haven’t followed the sector’s challenges, the Warners and Comcast decisions might ... Warner Bros Discovery: We Have Another SpinCo
Simington’s Video-Competition Proposal Would Double Down on an Outdated Framework - Truth on the Market
Commissioner Nathan Simington of the Federal Communications Commission (FCC) recently penned an op-ed (together with Gavin Wax, his chief of staff) highlighting a fundamental problem in America’s media landscape: traditional broadcasters operate under strict regulatory constraints, while streaming platforms enjoy virtually unlimited freedom. Their solution? Expand FCC oversight to include streaming services as “multichannel video ... Simington’s Video-Competition Proposal Would Double Down on an Outdated Framework
A Hipster and a Hillbilly Walk into a Bar - Truth on the Market
A curious political convergence has been reshaping U.S. antitrust policy. Conservative populists have found common cause with the so-called “neo-Brandeisians” of the left—named for the late Supreme Court Justice Louis Brandeis—in seeking to challenge big business, particularly the tech giants. While both cohorts’ concerns about concentrated power deserve attention, their shared willingness to abandon the ... A Hipster and a Hillbilly Walk into a Bar
Google Antitrust Remedies Could Harm the US Economy and Consumers - Truth on the Market
Google and the U.S. Justice Department (DOJ) will make their closing arguments tomorrow in the Google Search remedies trial. Judicial adoption of the DOJ’s recommendations to “break up” Google, stemming from this and another DOJ lawsuit, could seriously undermine American innovation and competitiveness and harm, not help, American consumers. Background The DOJ sued Google in ... Google Antitrust Remedies Could Harm the US Economy and Consumers
California Leads the Charge in Systematically Dismantling US Federal Antitrust Law - Truth on the Market
The California Law Revision Commission (CLRC) is currently reviewing proposed amendments to the state’s antitrust statutes, particularly the Cartwright Act. As made clear in a recently published memo, a major goal of the effort is clearly to distance California from the perceived constraints of federal antitrust law that limit liability for single-firm conduct under Section ... California Leads the Charge in Systematically Dismantling US Federal Antitrust Law
Could the DOJ and FTC Reform Regulations that Harm Competition? - Truth on the Market
When many think about monopolies and unfair business practices, they typically picture large corporations squashing smaller rivals. But there’s another significant culprit restricting competition that gets far less attention: government regulations themselves. The Trump administration has in recent weeks taken the first steps toward reining in some of these regulations. The U.S. Justice Department (DOJ) ... Could the DOJ and FTC Reform Regulations that Harm Competition?
The View from Taiwan: A TOTM Q&A with Andy Chen - Truth on the Market
Andy, could you please tell us about your professional background? I am a law professor with an SJD degree from Northwestern University in the United States. My field of study is antitrust law and law & economics. From 2007-2010, I served as commissioner of the Taiwan Fair Trade Commission (TFTC). After that, I resumed my ... The View from Taiwan: A TOTM Q&A with Andy Chen
RIP RPA? - Truth on the Market
No, not quite. Frequent readers of my Truth on the Market posts (and I hope that the plural form is not self-delusion) may recall my March musings about “What Changes Might, and Should, a New FTC Majority Bring?” I wondered whether a new Federal Trade Commission (FTC) majority might drop, among other things, the rushed ... RIP RPA?
The Charter-Cox Merger Should Sail Through, But Will It? - Truth on the Market
Charter Communications Inc. and Cox Communications Inc. have announced a plan to merge in a $34.5 billion deal. The transaction would create the nation’s largest cable operator, surpassing Comcast, with approximately 38 million subscribers across 46 states. Predictably, the proposal triggered concerns about cable-industry consolidation. Yet the reflexive anxiety about “big cable getting bigger” misses ... The Charter-Cox Merger Should Sail Through, But Will It?
New US Trade Agreements Could Grow the Economy - Truth on the Market
The Trump administration earlier this month announced a new trade agreement between the United States and the United Kingdom. This initial pact should be a harbinger of additional “win-win” American trade deals with the UK and other countries. Such agreements, besides reducing tariffs, could emphasize the mutual elimination of anticompetitive market distortions (ACMDs). Eliminating ACMDs ... New US Trade Agreements Could Grow the Economy
Using Trade Policy to Counter Anti-Suit Injunctions and Strengthen Global Patent Enforcement - Truth on the Market
Patents are property rights that drive innovation, investment, and economic growth, which are especially critical in technology sectors that rely on global standards. Robust, enforceable patent protections have underpinned America’s technological leadership and economic prosperity by ensuring innovators are rewarded for their investments. These property rights are, however, increasingly threatened by strategic judicial actions from ... Using Trade Policy to Counter Anti-Suit Injunctions and Strengthen Global Patent Enforcement
Misreading Machines: How the Copyright Office's Report Undermines Generative AI - Truth on the Market
In a preview of its forthcoming report on copyright and artificial intelligence, the U.S. Copyright Office has unveiled a pre-publication draft of the report’s section on generative-AI training. The draft reflects a concerning tendency toward uncertainty and overreach, giving short shrift to the substantial arguments in favor of AI developers and deployers and notably discounting ... Misreading Machines: How the Copyright Office’s Report Undermines Generative AI
The Risks of Adopting Foreign Price Controls for Drugs - Truth on the Market
Recent reports indicate that President Donald Trump is urging House Republicans to adopt a “most favored nation” (MFN) policy for Medicaid drug purchasing, linking U.S. prices to the lowest rates paid by other countries. While the goal of reducing Medicaid costs is understandable—particularly amid growing concerns about drug affordability—relying on foreign pricing benchmarks would risk ... The Risks of Adopting Foreign Price Controls for Drugs
Justice Department Introduces ‘America First Antitrust’ Policy - Truth on the Market
Assistant U.S. Attorney General for Antitrust Gail Slater introduced what she called “America First Antitrust” in her first formal address as the U.S. Justice Department’s (DOJ) chief antitrust enforcer. Her remarks, delivered April 28 at Notre Dame Law School, argued that this policy centers on protecting individual liberty from both government and corporate tyranny. While details ... Justice Department Introduces ‘America First Antitrust’ Policy
The EU Is Determined to Tear Down Apple’s ‘Walled Garden’ - Truth on the Market
Last month’s decision by the European Commission fining Apple for breach of the Digital Markets Act’s (DMA) anti-steering provisions was just the latest in a series of EU attempts to open the iOS platform in order make it ostensibly more “fair” and “contestable.” But what it also made clear is that the Commission is no ... The EU Is Determined to Tear Down Apple’s ‘Walled Garden’
Antitrust Applies to Unions as Well as to Employers - Truth on the Market
The Trump administration has signaled its interest in applying antitrust law to protect workers from harm. Business conduct that distorts competition in labor markets is, indeed, covered by the antitrust laws, and various labor-related antitrust-enforcement initiatives have been undertaken in recent years. In contrast, labor-union collective bargaining to improve wages and conditions of employment is ... Antitrust Applies to Unions as Well as to Employers
Oregon’s Stone-Age Approach to Save Journalism - Truth on the Market
Oregon is the latest state to introduce legislation intended to save “digital journalism providers.” A bill working its way through the Legislative Assembly has attracted the support of mainstream media outlets, such as The Oregonian and Oregon Public Broadcasting. Even Fred Flintstone chimed in, begging the legislature to “Keep Cave News Alive.” Oregon Senate Bill ... Oregon’s Stone-Age Approach to Save Journalism
Trump Fisheries Order May Be a First Step Toward Global Reforms - Truth on the Market
The U.S. fisheries sector is the beneficiary of an April 17 executive order from President Donald Trump. The order’s implementation could result in reduced regulatory burdens and a procompetitive, economically efficient expansions of U.S. fisheries output. It might also inspire U.S. consideration of additional efforts to improve global fisheries management. The Fisheries Executive Order Overregulation ... Trump Fisheries Order May Be a First Step Toward Global Reforms
Back to the Future (of Competition Research and Advocacy) - Truth on the Market
The Federal Trade Commission (FTC) announced April 14 that it has “launched a public inquiry into the impact of federal regulations on competition, with the goal of identifying and reducing anticompetitive regulatory barriers.” A request for public comment (RPC) on the inquiry has also been published in the Federal Register. Bravo. The inquiry will not ... Back to the Future (of Competition Research and Advocacy)
When Do Rent Controls Help Renters? - Truth on the Market
Imagine you’re a renter in a city where housing costs are sky-high. When the city council passes a rent-control law capping rents below the market rate, it feels like a victory. Finally, some relief! Indeed, the first people to benefit are those lucky tenants whose rents are now frozen or reduced. But fast forward a ... When Do Rent Controls Help Renters?
Trump Trade Talks Plus Deregulation Could Spur Faster Economic Growth - Truth on the Market
Recent headlines about short-term swings in tariffs and stock-market volatility make good journalistic copy, but they ignore a much bigger story. Possible deregulatory improvements and reductions in international trade barriers have the potential to usher in a period of faster economic growth that could benefit all Americans. Two recent initiatives instituted by President Donald Trump ... Trump Trade Talks Plus Deregulation Could Spur Faster Economic Growth
A First Take on the European Commission's DMA Decision Against Meta - Truth on the Market
The European Commission issued a significant noncompliance decision earlier today, finding the “consent or pay” model that Meta implemented from March 2024 to November 2024 for its Facebook and Instagram services breached key obligations imposed on designated gatekeepers under the Digital Markets Act (DMA). Accompanied by a €200 million fine, the decision concluded that Meta’s ... A First Take on the European Commission’s DMA Decision Against Meta
New York’s Failed Economic Case for Price-Gouging Enforcement - Truth on the Market
A major winter storm across northern New York State in January 1998 snapped power lines and left thousands without electricity, as temperatures plunged. In the small town of Chazy, just south of the Canadian border, a local hardware store stepped up. Chazy Hardware had just one generator on hand, but it managed to locate 54 ... New York’s Failed Economic Case for Price-Gouging Enforcement
President Trump Takes Aim at Anticompetitive Regulatory Barriers - Truth on the Market
Anticompetitive regulatory distortions are a major drag on the U.S. economy. President Donald Trump’s April 9 “Executive Order on Reducing Anti-Competitive Regulatory Barriers” has the potential to drive dramatic U.S. economic growth. Implementation of the executive order may be expected to face legal challenges and opposition from special interests who benefit from the status quo. A substantial ... President Trump Takes Aim at Anticompetitive Regulatory Barriers
American Industrial Policy Should Start with No More Self-Inflicted Tax Wounds - Truth on the Market
U.S. industrial-policy efforts frequently undermine themselves through counterproductive tax regulations, creating a paradox that hinders genuine investment and economic growth. Policymakers have committed substantial resources and political capital toward reshoring domestic manufacturing, upgrading national infrastructure, and enhancing American economic competitiveness. Indeed, these goals have been central to the Trump administration’s stated economic priorities. Yet despite ... American Industrial Policy Should Start with No More Self-Inflicted Tax Wounds
The FTC’s Zombie Antitrust Action Against Meta Continues to Lurch Forward - Truth on the Market
FTC v. Meta Platforms Inc. has gone to court, and trial is just underway in the U.S. District Court for the District of Columbia. The Federal Trade Commission (FTC) alleges that Meta is currently, in 2025, engaged in monopolization in violation of Section 2 of the Sherman Antitrust Act by dint of having acquired Instagram ... The FTC’s Zombie Antitrust Action Against Meta Continues to Lurch Forward
Card-Fee Bills Would Benefit Big-Box Retailers but Harm Small Merchants - Truth on the Market
Texas’ House and Senate are considering legislation to regulate payment-card transactions, with bills that proponents claim would save millions of dollars for merchants and consumers. The evidence, however, suggests that the benefits would accrue mostly to big-box stores, while smaller merchants and consumers will both suffer. H.B. 4061 and S.B. 2056 would prohibit card-issuing banks ... Card-Fee Bills Would Benefit Big-Box Retailers but Harm Small Merchants