By Axios | Created at 2024-10-18 08:47:43 | Updated at 2024-10-18 10:16:00
1 hour ago
If Vice President Kamala Harris wins the White House, one of her first fights may be over the future of Federal Trade Commission chair Lina Khan.
Why it matters: FTC chairs aren't usually well-known outside the Beltway, but Khan has become a trustbusting hero to progressive Democrats and even some MAGA Republicans like JD Vance.
- She's also roused the ire of business leaders, including notable Harris supporters like Reid Hoffman and Mark Cuban.
What to know: Khan's three-year term expired in late September, but she can remain in the job as acting chair until or if she's replaced.
- To get another official term, she'd need to be renominated and confirmed by the Senate.
The big picture: Khan has a much broader view of antitrust law than did her predecessors, taking things like labor competition into account when deciding to challenge a potential merger.
- She's lost several large cases, such as a challenge to Microsoft's acquisition of videogame maker Activision, but also has several wins (e.g., Nvidia/Arm) and incompletes (e.g., Amazon).
- Perhaps most importantly, Khan's hawkishness has scared off potential acquisitions, including by Big Tech, as companies don't want to risk the time and cost of litigation.
Zoom in: Harris would have to choose sides within her own coalition, and hasn't yet signaled which one she'd pick.
- "Anyone goes near Lina Khan and there will be an out and out brawl," Rep. Alexandria Ocasio-Cortez (D-N.Y.) tweeted. "And that is a promise."
- Sen. Bernie Sanders (D-Vt.) added: "Mark Cuban is wrong.Lina Khan is the best FTC Chair in modern history."
For his part, Cuban believes that Khan is "hurting more than she's helping," despite what he sees as her admirable efforts in areas like pharmacy benefits.
- Meanwhile, the president of venture capital's largest trade group recently said that the "FTC's fixation on M&A is continuing to disrupt the entrepreneurial ecosystem."
