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Simington’s Video-Competition Proposal Would Double Down on an Outdated Framework - Truth on the Market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 Simington’s Video-Competition Proposal Would Double Down on an Outdated Framework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
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?
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
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
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
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’
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
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
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
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
Steel Mergers, Tariffs, and US Competitiveness - Truth on the Market
The Trump administration is reported to be taking a second look at the proposed acquisition of U.S. Steel by Japan’s largest steelmaker, Nippon Steel. Approval of this merger, which had been blocked in January by the Biden administration, could help enhance the efficiency and competitive vitality of a major player in the strategically important American ... Steel Mergers, Tariffs, and US Competitiveness
Network Effects in FTC v Meta - Truth on the Market
The Federal Trade Commission’s (FTC) ongoing antitrust case against Meta has brought network effects into the spotlight, as the agency’s complaint and opening statement both lean heavily on networks as a source of competitive harm. But the commission’s arguments fundamentally misunderstand how network effects interact with competition in digital markets. Far from being solely anticompetitive ... Network Effects in FTC v Meta
Trump Tariffs in a Broader Policy Context - Truth on the Market
The possible ramifications of President Donald Trump’s tariffs are drawing headlines. Tariffs are a linchpin in the expansive Trump “America First Trade Policy” that aims to reshape U.S. trade relations. Even more broadly, other Trump administration initiatives—including tax, energy, and regulatory policies—also will have a major impact on American economic performance. The economic case for implementing those ... Trump Tariffs in a Broader Policy Context
From A to Y: Antitrust Notes from the ABA and Y Combinator - Truth on the Market
April 4 marked the end of a notable week in global competition policy. The American Bar Association’s (ABA) Antitrust Section held its annual spring meeting, while Y Combinator hosted a virtual “Little Tech Competition Summit.” At the same time, Congress held two competition hearings, the U.S. Justice Department (DOJ) hosted an event on competition and ... From A to Y: Antitrust Notes from the ABA and Y Combinator
ICLE's Comments, Comments, Comments Re: Delete, Delete, Delete - Truth on the Market
For too long, the Federal Communications Commission (FCC) has operated under a regulatory framework rooted in the Communications Act of 1934, written in an era when rotary phones and radio broadcasts dominated. This simply doesn’t cut it in 2025. The communications world of today bears little resemblance to that of 1994, much less 1934. The ... ICLE’s Comments, Comments, Comments Re: Delete, Delete, Delete
Perspectives on Industrial Policy: An Interview with Reiko Aoki - Truth on the Market
Recently, we’ve seen renewed global interest in industrial policy. From your perspective, what are some of the key drivers behind this resurgence? And how does it differ from previous industrial-policy approaches, particularly in Japan? Today’s industrial policies are closely tied to security concerns. National security, in particular, has always required some form of government coordination, ... Perspectives on Industrial Policy: An Interview with Reiko Aoki
DOJ Task Force Takes Aim at Anticompetitive Regulations - Truth on the Market
A key pillar of the second Trump administration’s economic program is regulatory reform. The U.S. Justice Department’s (DOJ) newly launched Anticompetitive Regulations Task Force is a positive first step toward unraveling harmful anticompetitive federal and state regulations that slow economic growth and harm American families. The task force will, nevertheless, face serious challenges. An administration ... DOJ Task Force Takes Aim at Anticompetitive Regulations
Firing Independent Agency Leaders – Good Law, Sound Policy - Truth on the Market
President Donald Trump dismissed Alvaro Bedoya and Rebecca Slaughter last month as members of the Federal Trade Commission (FTC), citing his authority under Article II of the U.S. Constitution. The two former commissioners responded that the dismissals were illegal and that they would sue for reinstatement. It is likely that, after all the litigation dust ... Firing Independent Agency Leaders – Good Law, Sound Policy
The Android Auto Decision and the European Antitrust Paradox - Truth on the Market
The European Court of Justice’s (ECJ) Android Auto judgment, delivered in late February, could mark a radical shift in how courts interpret the European Union’s essential-facilities doctrine, as well as the legal standard applied to “refusal to deal” cases. My colleague Giuseppe Colangelo has a great working paper analyzing the decision and its potential consequences. ... The Android Auto Decision and the European Antitrust Paradox
Termination Tuesday: A Quasi-Comprehensive, Quasi-Definitive Discussion of the FTC and Humphrey’s Executor - Truth on the Market
Author’s Note: Sometimes “quasi” means “sort of” or, as Merriam-Webster’s would have it, “having some resemblance usually by possession of certain attributes.” And sometimes, “some resemblance” means “not very much.” On March 18, President Donald Trump fired—or purported to fire—the two Democratic members of the Federal Trade Commission (FTC): Alvaro Bedoya and Rebecca Slaughter. Bedoya ... Termination Tuesday: A Quasi-Comprehensive, Quasi-Definitive Discussion of the FTC and Humphrey’s Executor
Stop Saying a Value-Added Tax Is an Export Subsidy - Truth on the Market
In a recent Financial Times opinion piece, Jason Cummins (who holds a Ph.D. in economics from Columbia University) argued that the Trump administration should impose a 25% tariff on European goods to offset an “unfair advantage” from Europe’s value-added tax (VAT) system. According to Cummins, European exporters like BMW Group enjoy an “implicit subsidy” when they ... Stop Saying a Value-Added Tax Is an Export Subsidy
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
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
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