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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 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 In the first week of his second term, President Donald Trump rescinded the Biden administration’s October 2023 executive order on AI; issued a new, less-regulatory AI executive order; and announced the $500 billion “Stargate”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
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
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)
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
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
US Biomedical Leadership Threatened by NIH Licensing Guidelines - Truth on the Market
New licensing guidelines issued by the National Institutes of Health (NIH) at the end of the Biden administration could undermine American innovation in the biomedical field—a sector in which the United States has long been the world leader. In a period of growing international competition, including threats from China, the Trump administration may want to ... US Biomedical Leadership Threatened by NIH Licensing Guidelines
Five Key Lessons from Abroad for the UK CMA’s Google Search Probe - Truth on the Market
In the first investigation conducted under the new ex-ante regulatory framework established by the Digital Markets, Competition and Consumers Act (DMCC), the United Kingdom’s Competition and Markets Authority (CMA) is seeking to ascertain whether Google has “strategic market status” (SMS) in the search and search-advertising-services markets. The CMA is also tasked with weighing whether ex-ante ... Five Key Lessons from Abroad for the UK CMA’s Google Search Probe
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
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
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?
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
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?
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
Trump 47 Trade Policy and Anticompetitive Market Distortions - Truth on the Market
President Donald Trump on Inauguration Day issued a “Memorandum on America First Trade Policy.” The AFTP memo directed executive departments and agencies to issue reports to him by April 1 on actions the new administration could take to address specific international trade problems. One major problem the memo highlighted is unfair foreign government practices that harm ... Trump 47 Trade Policy and Anticompetitive Market Distortions
Law & Order: Affordable Broadband Edition - Truth on the Market
New York State lawmakers decided in 2021 to take a swing at making internet service more affordable with the state’s Affordable Broadband Act (ABA). The law says that internet providers in New York must offer low-income subscribers two plans: A basic plan with at least 25 Mbps download speeds for no more than $15 a ... Law & Order: Affordable Broadband Edition
The Disruption Double Standard - Truth on the Market
A comment published in my local alt-weekly newspaper raised a provocative question: Funny, isn’t it, how when some tech billionaire “disrupts” an industry, bankrupting businesses and putting people out of work, it’s presented as a good thing, yet when the state “disrupts” an industry to cut back on fossil fuels pollution and other environmental damage, ... The Disruption Double Standard
The FTC’s Last-Ditch Effort to Revolutionize Antitrust - Truth on the Market
Lina Khan built her name arguing that modern antitrust enforcement was fundamentally broken. Her meteoric rise from law student to chair of the Federal Trade Commission (FTC) was fueled by calls to radically restructure how we think about competition. Under her leadership, the FTC spent four years failing to revolutionize antitrust, while succeeding on bread-and-butter ... The FTC’s Last-Ditch Effort to Revolutionize Antitrust
Last-Minute Biden Labor-Antitrust Initiatives May ‘Have No Future’ - Truth on the Market
The Federal Trade Commission (FTC) issued an unprecedented policy statement Jan. 14 titled “Exemption of Protected Labor Activity by Workers from Antitrust Liability,” which provides that the commission will not sue nonunionized workers who engage in certain potentially anticompetitive joint conduct. This statement could undermine competition and reduce consumer welfare, without providing any real benefits ... Last-Minute Biden Labor-Antitrust Initiatives May ‘Have No Future’
Restoring the Marketplace of Ideas: Examining the Executive Order on Ending Federal Censorship - Truth on the Market
President Donald Trump has issued a slew of executive orders (EOs) in his first week back in office. But one that caught my attention was the EO titled “Restoring Freedom of Speech and Ending Federal Censorship.” The EO places limits on what federal officials in the executive branch can do in relation to speech, including ... Restoring the Marketplace of Ideas: Examining the Executive Order on Ending Federal Censorship
The FTC’s Baffling Chinese Affair - Truth on the Market
In a column last Friday, I noted a spate of matters being rushed through the Federal Trade Commission (FTC) in the final weeks of Lina Khan’s tenure as chair. I was hardly the only one to notice (see the dissenting statements of Chairman Andrew Ferguson and Commissioner Melissa Holyoak on the FTC’s closed Jan. 16 ... The FTC’s Baffling Chinese Affair
Lina’s Lingering Legacy? - Truth on the Market
First and foremost, a belated Happy New Year, tout le monde. I have just flown home from France and boy are my arms fatigués. I was in Paris for meetings and, especially, for the International Center for Law & Economics’ (ICLE) conference (co-sponsored by European University Institute’s Department of Law, IE Law School Madrid, and ... Lina’s Lingering Legacy?
Trump Administration Has Opportunity to Chart a Better Course on AI - Truth on the Market
The lawsuit that the U.S. Justice Department (DOJ) filed last August against the real-estate software provider RealPage, as well as a report issued last month by the White House Council of Economic Advisers (CEA) claiming to find $3.8 billion in consumer harms in the rental-housing market arising from the use of algorithmic-pricing tools, both stand ... Trump Administration Has Opportunity to Chart a Better Course on AI
Supreme Court Decisions and Regulatory Reform - Truth on the Market
Three 2024 U.S. Supreme Court decisions issued in 2024 may over time substantially constrain federal agencies’ regulatory authority. The incoming Trump administration may wish to rely on those holdings in implementing its regulatory-reform strategy. Background In 2024, the Supreme Court rendered three decisions that could have major implications in limiting the scope of federal regulatory ... Supreme Court Decisions and Regulatory Reform
Net Neutrality Rule Goes Down, Other Regs May Follow - Truth on the Market
The 6th U.S. Circuit Court of Appeals on Jan. 2 struck down the Federal Communications Commission’s (FCC) so-called “net neutrality rule” that regulates internet broadband services. If not overturned, this holding will have major implications not just for the provision of those services, but for other intrusive regulatory schemes as well. The decision may be ... Net Neutrality Rule Goes Down, Other Regs May Follow
Will the Supreme Court Change Its Mind About Age Verification? - Truth on the Market
With Wednesday’s oral argument in Free Speech Coalition v. Paxton, the U.S. Supreme Court is now set to possibly reconsider its jurisprudence on online age verification. Reading the tea leaves is hard, but the oral arguments do seem to suggest that there is broad agreement that the 5th U.S. Circuit Court of Appeals got the ... Will the Supreme Court Change Its Mind About Age Verification?
Meta’s Announcement: The Return of Online Free Speech? - Truth on the Market
In a video posted to Instagram earlier this week, Meta Platforms CEO Mark Zuckerberg announced “major changes” to Facebook and Instagram’s content-moderation policies and operations. Zuckerberg highlighted the importance of allowing private market actors to decide the best way to balance the speech interests of their users. As we move into a new administration, one ... Meta’s Announcement: The Return of Online Free Speech?
Congestion Pricing Reduces Driving. That Doesn't Make It a Good Idea. - Truth on the Market
The early data from New York City’s congestion-pricing experiment is rolling in. If you look at affected routes, you see a clear drop when the fee kicks in. For routes that are unaffected, we saw no change. So far, it seems the basic prediction from supply and demand holds true. When the price of driving into Manhattan is raised, ... Congestion Pricing Reduces Driving. That Doesn’t Make It a Good Idea.
NTIA’s BEAD Technology Guidance: In Search of a Bang for the Buck - Truth on the Market
Created as part of the Infrastructure Investment and Jobs Act that President Joe Biden signed into law in November 2021, the Broadband Equity, Access, and Deployment (BEAD) program is supposed to provide $42.45 billion to U.S. states, territories, and the District of Columbia to help with broadband planning, deployment, mapping, equity, and adoption—all overseen by ... NTIA’s BEAD Technology Guidance: In Search of a Bang for the Buck
Industrial Policy and Antitrust: A Crossroads of U.S. Competitiveness - Truth on the Market
Antitrust policy in the United States generally doesn’t experience immediate dramatic revision with each new administration, and it’s unlikely that this time will be different. With that said, I would hope that the new administration will take a close look at recent enforcement policy, particularly regarding “Big Tech,” where there’s a concerning trend toward what ... Industrial Policy and Antitrust: A Crossroads of U.S. Competitiveness
The T-Mobile/UScellular Transaction: Can a Merger Increase Competition? - Truth on the Market
Last year, T-Mobile announced its intention to enter into a transaction with UScellular. The deal would include acquiring UScellular’s wireless operations, including its wireless customers and stores, as well as select spectrum assets. In addition, T-Mobile would enter into a long-term agreement to lease space on more than 2,000 UScellular towers. Valued at $4.4 billion ... The T-Mobile/UScellular Transaction: Can a Merger Increase Competition?
Perspectives on Industrial Policy: An Interview with Alden Abbott - Truth on the Market
From a broad perspective, could you provide us with an overview of the current global trend toward the implementation of industrial policy? In your opinion, what are the primary drivers behind the shift? Industrial policy has long been present in various forms, often manifesting as ad-hoc interventions and subsidies that affect market processes. What we’re ... Perspectives on Industrial Policy: An Interview with Alden Abbott
Perspectives on Industrial Policy: An Interview with Peter Craddock - Truth on the Market
You had a recent post on LinkedIn that offered a critical analysis of the European Data Protection Board’s (EDPB) August 2024 consent-or-pay opinion, highlighting concerns about its effects on the freedom to conduct business. The decision was part of a larger context of developments in the European Union that, at least in the United States, ... Perspectives on Industrial Policy: An Interview with Peter Craddock
Launching a Conversation: Insights on Industrial Policy - Truth on the Market
We are excited to announce the launch of “Perspectives on Industrial Policy,” a new Truth on the Market symposium intended to gather insights from leading experts in economics, law, and public policy. This series aims to explore the promises and pitfalls of industrial policy at a time when it occupies a central role in political ... Launching a Conversation: Insights on Industrial Policy
Title I for All: Time to Modernize America’s Outdated Telecommunications Rules - Truth on the Market
The 6th U.S. Circuit Court of Appeals’ recent decision striking down the Federal Communications Commission’s (FCC) latest net-neutrality rules did more than just settle a decades-long debate about broadband regulation; it also exposed a fundamental flaw in the United States’ approach to communications policy. In a nutshell, the issue is that we treat traditional telephone ... Title I for All: Time to Modernize America’s Outdated Telecommunications Rules
Perspectives on Industrial Policy: An Interview with Scott Lincicome - Truth on the Market
From a broad perspective, could you provide us an overview of the current trends toward implementing industrial policy? It’s important to note that the United States has always had some level of industrial policy, which we define as targeted government interventions to correct perceived market failures in the manufacturing sector. Essentially, that the market isn’t ... Perspectives on Industrial Policy: An Interview with Scott Lincicome
AI Patent Policy Should Promote Economic Growth and Innovation - Truth on the Market
Artificial intelligence is “technology that enables computers and machines to simulate human learning, comprehension, problem solving, decision making, creativity and autonomy.” AI will play an increasingly important role in driving innovation and economic growth. Strong patent protection can incentivize AI-related inventions and the transmission of AI-specific technological improvements throughout the economy. Accordingly, the Trump administration may ... AI Patent Policy Should Promote Economic Growth and Innovation