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Capital One/Discover Deal: Rumored Concerns Lack Substance - Truth on the Market
The proposed merger of Capital One Financial Corp. and Discover Financial Services Inc. would appear to be moving toward completion, as more than 99% of the companies’ shareholders voted last month to approve the $35.3 billion deal. According to at least one report, however, anonymous sources in the U.S. Justice Department (DOJ) suggest the agency ... Capital One/Discover Deal: Rumored Concerns Lack Substance
The FTC Firings Are About Something Bigger than Policy or Personnel - Truth on the Market
I practiced antitrust law for almost five decades. For most of that time, if someone asked what I did, I would have to explain what the word “antitrust” meant. Today, by contrast, antitrust is very much in the news, driven in the recent past by the aggressive actions and even more aggressive rhetoric of the ... The FTC Firings Are About Something Bigger than Policy or Personnel
Google and Apple Determinations Show How Little Users Matter Under the DMA - Truth on the Market
Following up the initial implementation of the EU’s Digital Markets Act (DMA), which included such “successes” as the first porn app on iOS and diverting revenues away from hotels to online intermediaries, last week’s European Commission determinations regarding Alphabet and Apple once again demonstrate that the direct interests of users—including their privacy and security—remain an ... Google and Apple Determinations Show How Little Users Matter Under the DMA
FTC Should Focus More Heavily on Fraudsters - Truth on the Market
The Federal Trade Commission’s (FTC) two-fold mission is “[p]rotecting the public from deceptive or unfair business practices [consumer protection] and from unfair methods of competition [antitrust] through law enforcement, advocacy, research, and education.” To maximize its benefits to the American public, the FTC should focus its consumer-protection enforcement on hardcore fraud. In light of resource ... FTC Should Focus More Heavily on Fraudsters
The View from Brazil: A TOTM Q&A with Gustavo Augusto Freitas de Lima - Truth on the Market
Gustavo, could you please tell us a bit about yourself and your professional background? I’m a law practitioner with a master’s degree in law and public policy, specializing in constitutional and administrative law. I served as a federal attorney and litigator before the Brazilian Supreme Court and was appointed by the attorney general as the ... The View from Brazil: A TOTM Q&A with Gustavo Augusto Freitas de Lima
Competition Confusion in the UK - Truth on the Market
UK Member of Parliament (former Conservative Party Cabinet Minister) Kit Malthouse published an essay in CapX earlier this month titled “We need a competition revolution.” I, of course, completely agree that competition is vitally important to any economy, and the UK has been struggling with productivity and growth challenges that may be linked to competition ... Competition Confusion in the UK
Rearranging Deck Chairs on the Titanic of Latin American Competition Policy - Truth on the Market
Competition authorities and policymakers around the world have devoted a growing proportion of their time and resources over the last decade to digital markets. Typically, this attention has been accompanied by vocal antipathy toward large digital platforms, as regulators and lawmakers invoke the need to “rein in digital monopolies” that allegedly cause a broad array ... Rearranging Deck Chairs on the Titanic of Latin American Competition Policy
What Changes Might, and Should, a New FTC Majority Bring? - Truth on the Market
The question on everyone’s mind—that is, for those in antitrust law and economics, the question on everyone’s mind that’s about antitrust—is this: Where do we go from here? As it happens, the International Center for Law & Economics (ICLE) recently hosted a panel discussion on precisely that question. ICLE’s Geoff Manne moderated an excellent discussion ... What Changes Might, and Should, a New FTC Majority Bring?
Prices Are Signals (and Politicians Keep Shooting the Messenger) - Truth on the Market
Back in November, I outlined eight economic insights that matter for policy. I promised to explain them one by one. It’s taken me months to get to that—not because I forgot, but because this concept is a central part of the book I’m working on. I wanted to make sure I had all the parts lined up, ... Prices Are Signals (and Politicians Keep Shooting the Messenger)
The Law & Economics of Online Age Verification and Parental Consent: Device-Filtering Edition - Truth on the Market
As patient observers continue to await the U.S. Supreme Court’s decision in Free Speech Coalition v. Paxton, which many hope will clarify the constitutionality of online age-verification regulations, the debate over how to best protect children online, given the strictures of the First Amendment, continues to evolve. While several states have attempted to impose age-verification ... The Law & Economics of Online Age Verification and Parental Consent: Device-Filtering Edition
Is Brazil’s Digital Markets Proposal Based on Genuine Consensus or Unproven Narrative? - Truth on the Market
A popular narrative has emerged in Brazil in recent years about the “genuine consensus” supporting the need for more stringent regulation of digital markets. This narrative has been fueled by a growing number of cases of alleged anticompetitive conduct by so-called “global mega-corporations,” including the Mercado Livre/Apple case and the more recent Meta/Apple case. The ... Is Brazil’s Digital Markets Proposal Based on Genuine Consensus or Unproven Narrative?
Credit-Card Price Controls Are Counter Productive - Truth on the Market
U.S. Reps. Anna Paulina Luna (R-Fla.) and Alexandria Ocasio-Cortez (D-N.Y.) have introduced legislation that would cap credit-card interest rates at 10%, with the claim that it would help poorer Americans. Unfortunately, both economic theory and centuries of evidence demonstrate that the effect would be quite the opposite. When the government sets a ceiling on the ... Credit-Card Price Controls Are Counter Productive
US-UK Trade Agreement Has Big Pro-Growth Potential - Truth on the Market
A prospective trade deal between the United States and the United Kingdom could, if handled correctly, be a catalyst to spur global economic growth through enhanced trade and regulatory reform. This would require recognition by other major trading nations of the advantages of removing regulatory obstacles to trade liberalization. Background A Feb. 27 White House ... US-UK Trade Agreement Has Big Pro-Growth Potential
Digital Platforms Aren’t Telecoms and Their Regulations Shouldn’t Rhyme - Truth on the Market
Modern tech markets share several key economic characteristics with the telecommunications markets of the recent past, a new working paper from Georgetown Law’s Jonathan Nuechterlein and Howard Shelanski argues. And while telecom regulators have over the years sought to address these key issues of network effects, economies of scale, and switching costs through various interventions, ... Digital Platforms Aren’t Telecoms and Their Regulations Shouldn’t Rhyme
Lutnick’s BEAD Pivot: Progress Through Pragmatism - Truth on the Market
The U.S. Commerce Department plans to revamp the $42 billion Broadband Equity, Access, and Deployment (BEAD) program with a shift toward a more technology-neutral approach, Commerce Secretary Howard Lutnick announced yesterday, adding that his department is also exploring ways to cut the program’s red tape. Lutnick’s announcement follows criticisms of BEAD’s initial focus on fiber-optic ... Lutnick’s BEAD Pivot: Progress Through Pragmatism
Beyond Market Definition: Key Economic Concepts in FTC v Amazon - Truth on the Market
The Federal Trade Commission’s (FTC) antitrust suit against Amazon, originally filed in October 2023, is scheduled for trial in October 2026. While we’ve previously explored the market-definition questions at the center of this case, several other economic concepts will be equally important in determining whether Amazon has violated antitrust laws. Ahead of a scheduled March ... Beyond Market Definition: Key Economic Concepts in FTC v Amazon
Can Antitrust Promote Competitiveness? - Truth on the Market
The major Western industrialized nations have experienced dramatically slower economic growth in recent decades. This slowdown has been particularly pronounced in the EU, though the United States has suffered, as well. Regulatory, tax, trade, and energy policy reforms that reduce market distortions and provide incentives for investment, production, and innovation could substantially address this problem. Recalibrating antitrust law (called ... Can Antitrust Promote Competitiveness?
Media-Ownership Regulations in a Streaming World: Time to Change the Channel - Truth on the Market
Today’s media landscape bears little resemblance to the one that existed when most existing broadcast and cable regulations were created. While consumers increasingly access video content through streaming platforms subject to minimal oversight, legacy media providers continue to operate under restrictive regulatory frameworks designed for a bygone era. This regulatory asymmetry creates economic inefficiencies and ... Media-Ownership Regulations in a Streaming World: Time to Change the Channel
Avoiding Misguided Remedies in the Google Search Antitrust Case - Truth on the Market
In his August 2024 ruling in the Google Search antitrust litigation, U.S. District Court Judge Amit Mehta found that Google’s default-distribution agreements—through which the company paid Apple, Mozilla, and others to make Google the preloaded search engine—were exclusionary under Section 2 of the Sherman Act. The court’s rationale focused on “default bias” and scale effects; ... Avoiding Misguided Remedies in the Google Search Antitrust Case
Market Definition in FTC v. Amazon: A Crucial Battleground - Truth on the Market
The Federal Trade Commission’s (FTC) antitrust suit against Amazon, originally filed in October 2023, is scheduled for trial in October 2026. In the meantime, the U.S. District Court for the Western District of Washington has scheduled a March 7 “economics day” hearing to focus on fundamental economic concepts that will shape the case—including the crucial ... Market Definition in FTC v. Amazon: A Crucial Battleground
Accountability Comes to the Independent Agencies - Truth on the Market
President Donald Trump took a significant step forward in consolidating his administration’s control over executive-branch policy by issuing a Feb. 18 executive order titled “Ensuring Accountability for All Agencies.” The accountability order extends direct presidential oversight beyond the “core” executive-branch departments to federal “independent agencies,” including multi-member commissions, such as the Securities and Exchange Commission ... Accountability Comes to the Independent Agencies
Examining the DOJ’s Challenge to Hewlett Packard Enterprise’s Acquisition of Juniper - Truth on the Market
Hewlett Packard Enterprise (HPE) proposed a $14 billion deal in early 2024 to acquire Juniper Networks. HPE, it should be noted, is not the Hewlett Packard (HP) of printer and ink fame, as it was spun off from the larger HP corporation in 2015. Instead, HPE is, like Juniper, involved in connectivity—specifically, wireless technology, including ... Examining the DOJ’s Challenge to Hewlett Packard Enterprise’s Acquisition of Juniper
The Only Thing Worse Than Tariffs Is Non-Tariffs - Truth on the Market
Well, you’ve gotta hand it to President Donald Trump. Trade policy is the topic du jour, with tariffs and tariff threats grabbing most of the headlines. When Trump announced 25% tariffs on steel and aluminum imports, my neighbor rushed out to replace her refrigerator, fearing rising prices. The small slice of the population with a ... The Only Thing Worse Than Tariffs Is Non-Tariffs
Stop Blaming Rising Egg Prices on Market Power - Truth on the Market
Egg prices are in the news again. Policy responses will likely follow. But not all policy responses make sense. Commissioner Alvaro Bedoya of the Federal Trade Commission (FTC) recently highlighted empty egg shelves and skyrocketing prices, calling for an investigation into potential market manipulation. While his concerns about the egg industry’s supply chain deserve attention, basic ... Stop Blaming Rising Egg Prices on Market Power
Antitrust at the Agencies: Private Anticompetitive Censorship Edition - Truth on the Market
A Feb. 20 press release from the Federal Trade Commission (FTC) announces “Federal Trade Commission Launches Inquiry on Tech Censorship.” That is, “a public inquiry to better understand how technology platforms deny or degrade users’ access to services based on the content of their speech or affiliations, and how this conduct may have violated the ... Antitrust at the Agencies: Private Anticompetitive Censorship Edition
The FTC Shouldn't Turn Back the Clock on Merger Analysis - Truth on the Market
In a recent memo to staff of the Federal Trade Commission (FTC), Chairman Andrew Ferguson explained that they should continue using the merger guidelines that the FTC and U.S. Justice Department Antitrust Division adopted jointly in 2023. Ferguson’s memo noted that “the clear lesson of history is that we should prize stability” in merger policy. ... The FTC Shouldn’t Turn Back the Clock on Merger Analysis
Are Trump’s Tariffs A Blessing in Disguise for Europe's Tech Sector? - Truth on the Market
Less than a month has passed since President Donald Trump’s inauguration, but it is already clear that tariffs will be central to his administration’s economic policy and geopolitical strategy. Following an initial round of tariff threats against Mexico and Canada, and hiked tariffs on China, Trump is setting his sights on new targets—the European Union ... Are Trump’s Tariffs A Blessing in Disguise for Europe’s Tech Sector?
Promoting Competition, Not Regulation, Is Key to US AI Leadership - Truth on the Market
Artificial intelligence is commanding headlines. In the first week of his second term, President Donald Trump rescinded the Biden administration’s October 2023 executive order on AI; issued a new, less-regulatory AI executive order; and announced the $500 billion “Stargate” joint venture on AI infrastructure, involving Oracle, OpenAI, and Softbank. That same week, the Chinese AI ... Promoting Competition, Not Regulation, Is Key to US AI Leadership
Title I for All: The Wall Street Journal Pushes for Broadcast Deregulation - Truth on the Market
In a recent editorial, the Wall Street Journal took President Donald Trump to task over threats to yank CBS’ broadcast license on grounds that 60 Minutes’ editing of a 2024 interview with Kamala Harris amounted to “election fraud.” The Federal Communications Commission (FCC) has opened a docket, including an invitation for public comment, to investigate ... Title I for All: The Wall Street Journal Pushes for Broadcast Deregulation
The FTC Should Consider Ditching Antitrust Cases that Harm American Consumers - Truth on the Market
At the tail end of the Biden administration, the Federal Trade Commission (FTC) authorized two Robinson-Patman Act (RPA) lawsuits—one each dealing with liquor and soft-drink distribution discounts—that, if pursued, are likely to harm American consumers while wasting scarce government prosecutorial resources. The new FTC leadership may wish to consider withdrawing these cases and deemphasizing the ... The FTC Should Consider Ditching Antitrust Cases that Harm American Consumers
Chaos Kills Coordination - Truth on the Market
Policy chaos doesn’t just make headlines; it fundamentally disrupts economic calculation and prosperity. Like a stone thrown into still water, chaos ripples through the economy in ways that are hard to see but that can be profoundly destructive to prosperity and growth. Its effects also ripple outward: freezing investment, distorting prices, and disrupting the calculations ... Chaos Kills Coordination
The Credit Card Anti-Competition Act - Truth on the Market
In 2022, and then again in 2023, Sens. Richard Durbin (D-Ill.) and Roger Marshall (R-Kan.) introduced legislation that would have required U.S. issuers of most Visa- and Mastercard-branded credit cards to include a second network on their cards, and to allow merchants to route transactions on a network other than the primary network branded on ... The Credit Card Anti-Competition Act
The Paradox of Google Search Remedies - Truth on the Market
The U.S. Justice Department (DOJ) won its antitrust case against Google last year, establishing that the company illegally maintained its monopoly in “general search” and “general search text advertising” markets through exclusive default contracts. Now comes the hard part: crafting effective remedies. I’m on record as saying the question of remedies would be difficult in ... The Paradox of Google Search Remedies
Parsing Brazil’s ‘More Flexible’ Approach to Digital Markets - Truth on the Market
Following an extensive consultation period, Brazil’s Ministério da Fazenda (Ministry of Finance) last October unveiled its final digital-platform report. Given the public stances previously taken by Brazil’s would-be digital regulators—the antitrust agency Conselho Administrativo de Defesa Econômica (CADE) and the telecommunications regulator Agência Nacional de Telecomunicações (Anatel)—it was likely inevitable that the report would endorse ... Parsing Brazil’s ‘More Flexible’ Approach to Digital Markets
AI Training Is Not Fair (According to One Court) - Truth on the Market
The concept of transformative use has emerged as a pivotal issue in fair-use analysis, particularly in cases that involve training data for artificial intelligence (AI). At its core, the transformative-use inquiry asks whether the new work repurposes original material to serve a markedly different function or market than that of the copyrighted work. In this ... AI Training Is Not Fair (According to One Court)
DeepSeek Shows Why Regulators May Be Getting AI Wrong - Truth on the Market
For more than a year, competition regulators around the globe have been unified in issuing a clarion call that artificial intelligence (AI) risks becoming dominated by just a handful of firms. International competition agencies issued a joint statement in December warning that AI could entrench “market power” and reduce competition. Andreas Mundt, president of Germany’s ... DeepSeek Shows Why Regulators May Be Getting AI Wrong
Video Competition in 2025: It’s Literally on Heebee - Truth on the Market
If you’re of a certain age, you remember the old days of watching TV. Over the antenna, you could get the three major networks, PBS and, in larger markets, perhaps some independent channels—some of which would begin airing programming from the new Fox network in 1986. If you made enough money, you could get a ... Video Competition in 2025: It’s Literally on Heebee
The DMA's Challenge to User Safety: Lessons from Apple's Porn App Controversy - Truth on the Market
A recent controversy over pornographic apps being downloaded to iPhones in the European Union illustrates a fundamental tension in the EU’s Digital Markets Act (DMA): the conflict between mandated openness and established user-safety expectations. While the DMA aims to promote competition and user choice, the recent case of the pornographic-video app Hot Tub, distributed to ... The DMA’s Challenge to User Safety: Lessons from Apple’s Porn App Controversy
Can You Actually Keep Kids Off Social Media Without Age Verification? - Truth on the Market
Children’s online safety is back on the agenda with the U.S. Senate Commerce Committee’s recent markup of the Kids Off Social Media Act (KOSMA). That bill would make social-media platforms liable for allowing kids under age 13 to create or maintain a profile. But it’s worth considering whether KOSMA could possibly be effective if kids ... Can You Actually Keep Kids Off Social Media Without Age Verification?
Out with the Old Rules and in with...Something? - Truth on the Market
Pleading (in) the Fifth (Circuit) Way back in late January, I wrote a piece called “Lina’s Lingering Legacy?” Lina Khan—at that time, Commissioner Khan, and the week before that, Chair Khan—had not yet left the Federal Trade Commission (FTC) building. But she had been replaced as chair by presidential fiat (as per Section 1 of ... Out with the Old Rules and in with…Something?